FirstEnergy (NYSE:FE) Releases Earnings Results, Misses Estimates By $0.06 EPS

FirstEnergy (NYSE:FE) issued its quarterly earnings results on Tuesday. The utilities provider reported $0.85 earnings per share for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.06), Briefing.com reports. The company had revenue of $3.73 billion during the quarter, compared to analysts’ expectations of $3.96 billion. FirstEnergy had a return on equity of 12.12% and a net margin of 6.61%. The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.88 EPS. FirstEnergy updated its FY24 guidance to $2.61-2.71 EPS and its FY 2024 guidance to 2.610-2.710 EPS.

FirstEnergy Stock Down 1.5 %

Shares of FirstEnergy stock opened at $42.20 on Thursday. The company has a quick ratio of 0.43, a current ratio of 0.51 and a debt-to-equity ratio of 1.52. The stock has a 50 day moving average price of $43.67 and a two-hundred day moving average price of $41.05. The stock has a market capitalization of $24.30 billion, a P/E ratio of 29.93, a PEG ratio of 2.28 and a beta of 0.50. FirstEnergy has a 12-month low of $34.92 and a 12-month high of $44.97.

FirstEnergy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Thursday, November 7th will be issued a dividend of $0.425 per share. This represents a $1.70 dividend on an annualized basis and a dividend yield of 4.03%. The ex-dividend date is Thursday, November 7th. FirstEnergy’s dividend payout ratio is 120.57%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on FE. Wells Fargo & Company increased their price objective on FirstEnergy from $42.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 1st. JPMorgan Chase & Co. raised their price target on shares of FirstEnergy from $45.00 to $46.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Argus upgraded shares of FirstEnergy from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research note on Friday, September 20th. Bank of America lifted their target price on shares of FirstEnergy from $42.00 to $43.00 and gave the company an “underperform” rating in a research note on Thursday, August 29th. Finally, Jefferies Financial Group initiated coverage on shares of FirstEnergy in a research note on Monday, October 14th. They issued a “hold” rating and a $46.00 price target on the stock. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $46.00.

FirstEnergy Company Profile

FirstEnergy Corp., through its subsidiaries, generates, transmits, and distributes electricity in the United States. It operates through Regulated Distribution and Regulated Transmission segments. The company owns and operates coal-fired, nuclear, hydroelectric, wind, and solar power generating facilities.