FirstEnergy (NYSE:FE) Releases FY 2024 Earnings Guidance

FirstEnergy (NYSE:FE) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 2.610-2.710 for the period, compared to the consensus earnings per share estimate of 2.700. The company issued revenue guidance of -. FirstEnergy also updated its FY24 guidance to $2.61-2.71 EPS.

FirstEnergy Trading Down 2.0 %

FE stock traded down $0.86 during trading on Tuesday, reaching $42.82. 3,853,211 shares of the stock traded hands, compared to its average volume of 2,921,404. The firm has a market capitalization of $24.66 billion, a PE ratio of 30.37, a P/E/G ratio of 2.28 and a beta of 0.50. The company has a debt-to-equity ratio of 1.52, a current ratio of 0.51 and a quick ratio of 0.43. The business’s 50 day moving average price is $43.69 and its 200-day moving average price is $41.04. FirstEnergy has a 52-week low of $34.92 and a 52-week high of $44.97.

FirstEnergy (NYSE:FE) last posted its earnings results on Tuesday, July 30th. The utilities provider reported $0.56 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.56. The firm had revenue of $3.28 billion during the quarter, compared to the consensus estimate of $3.47 billion. FirstEnergy had a net margin of 6.61% and a return on equity of 12.12%. During the same quarter in the prior year, the company earned $0.47 EPS. As a group, sell-side analysts forecast that FirstEnergy will post 2.7 earnings per share for the current year.

FirstEnergy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Thursday, November 7th will be paid a $0.425 dividend. This represents a $1.70 dividend on an annualized basis and a dividend yield of 3.97%. The ex-dividend date is Thursday, November 7th. FirstEnergy’s dividend payout ratio is presently 120.57%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Wells Fargo & Company increased their price target on FirstEnergy from $42.00 to $45.00 and gave the company an “equal weight” rating in a report on Thursday, August 1st. Bank of America raised their target price on FirstEnergy from $42.00 to $43.00 and gave the company an “underperform” rating in a report on Thursday, August 29th. Scotiabank increased their price objective on shares of FirstEnergy from $40.00 to $45.00 and gave the company a “sector perform” rating in a research report on Tuesday, August 20th. Jefferies Financial Group assumed coverage on shares of FirstEnergy in a research report on Monday, October 14th. They set a “hold” rating and a $46.00 target price on the stock. Finally, KeyCorp upped their target price on shares of FirstEnergy from $47.00 to $48.00 and gave the company an “overweight” rating in a research note on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, FirstEnergy presently has a consensus rating of “Hold” and a consensus price target 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.