FirstEnergy (NYSE:FE) Issues Earnings Results, Misses Expectations By $0.05 EPS

FirstEnergy (NYSE:FE) announced its quarterly earnings data on Tuesday. The utilities provider reported $0.85 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.90 by ($0.05), Briefing.com reports. The firm had revenue of $3.73 billion during the quarter, compared to the consensus estimate of $3.96 billion. FirstEnergy had a return on equity of 11.38% and a net margin of 6.64%. The firm’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same period in the previous year, the business earned $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 0.8 %

FirstEnergy stock opened at $41.82 on Friday. FirstEnergy has a twelve month low of $34.92 and a twelve month high of $44.97. The stock’s fifty day simple moving average is $43.65 and its 200-day simple moving average is $41.05. The firm has a market capitalization of $24.10 billion, a P/E ratio of 26.98, a P/E/G ratio of 2.26 and a beta of 0.50. The company has a current ratio of 0.56, a quick ratio of 0.43 and a debt-to-equity ratio of 1.58.

FirstEnergy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Sunday, December 1st. Investors of record on Thursday, November 7th will be issued a $0.425 dividend. The ex-dividend date is Thursday, November 7th. This represents a $1.70 annualized dividend and a yield of 4.07%. FirstEnergy’s dividend payout ratio (DPR) is presently 109.68%.

Analyst Ratings Changes

A number of brokerages recently issued reports on FE. Barclays boosted their price objective on FirstEnergy from $40.00 to $46.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Bank of America upped their price target on shares of FirstEnergy from $42.00 to $43.00 and gave the stock an “underperform” rating in a report on Thursday, August 29th. Argus upgraded shares of FirstEnergy from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a report on Friday, September 20th. Scotiabank raised their target price on shares of FirstEnergy from $40.00 to $45.00 and gave the stock a “sector perform” rating in a research report on Tuesday, August 20th. Finally, Jefferies Financial Group started coverage on FirstEnergy in a report on Monday, October 14th. They issued a “hold” rating and a $46.00 price target for the company. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock 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.