FirstEnergy Corp. Expected to Post Q2 2024 Earnings of $0.54 Per Share (NYSE:FE)

FirstEnergy Corp. (NYSE:FE) – Equities research analysts at KeyCorp issued their Q2 2024 EPS estimates for shares of FirstEnergy in a report issued on Sunday, July 21st. KeyCorp analyst S. Karp forecasts that the utilities provider will post earnings per share of $0.54 for the quarter. The consensus estimate for FirstEnergy’s current full-year earnings is $2.69 per share. KeyCorp also issued estimates for FirstEnergy’s Q3 2024 earnings at $0.87 EPS, Q4 2024 earnings at $0.75 EPS and FY2028 earnings at $3.54 EPS.

FirstEnergy (NYSE:FE) last announced its earnings results on Thursday, April 25th. The utilities provider reported $0.55 EPS for the quarter, topping the consensus estimate of $0.53 by $0.02. The business had revenue of $3.29 billion during the quarter, compared to the consensus estimate of $3.36 billion. FirstEnergy had a net margin of 8.22% and a return on equity of 12.45%.

Several other brokerages also recently commented on FE. Morgan Stanley reduced their target price on shares of FirstEnergy from $46.00 to $44.00 and set an “overweight” rating for the company in a report on Monday, June 24th. StockNews.com raised shares of FirstEnergy from a “sell” rating to a “hold” rating in a report on Monday, April 29th. The Goldman Sachs Group began coverage on shares of FirstEnergy in a report on Wednesday, April 10th. They issued a “buy” rating and a $45.00 price objective for the company. Scotiabank cut their price objective on shares of FirstEnergy from $41.00 to $40.00 and set a “sector perform” rating for the company in a report on Monday, April 22nd. Finally, Bank of America boosted their price objective on shares of FirstEnergy from $30.00 to $35.00 and gave the company an “underperform” rating in a report on Tuesday, April 23rd. One analyst has rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, FirstEnergy currently has a consensus rating of “Hold” and an average price target of $40.55.

FirstEnergy Stock Performance

Shares of FE stock opened at $40.45 on Wednesday. The company has a market capitalization of $23.28 billion, a price-to-earnings ratio of 23.25, a PEG ratio of 2.53 and a beta of 0.49. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.56 and a current ratio of 0.65. The company has a 50-day simple moving average of $39.06 and a 200 day simple moving average of $38.26. FirstEnergy has a 52 week low of $32.18 and a 52 week high of $41.05.

FirstEnergy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Sunday, September 1st. Stockholders of record on Wednesday, August 7th will be given a $0.425 dividend. This represents a $1.70 annualized dividend and a dividend yield of 4.20%. The ex-dividend date of this dividend is Wednesday, August 7th. FirstEnergy’s payout ratio is presently 97.70%.

Hedge Funds Weigh In On FirstEnergy

Institutional investors have recently added to or reduced their stakes in the stock. Beacon Pointe Advisors LLC increased its position in FirstEnergy by 1.0% during the 4th quarter. Beacon Pointe Advisors LLC now owns 37,050 shares of the utilities provider’s stock worth $1,358,000 after purchasing an additional 376 shares in the last quarter. Duality Advisers LP acquired a new position in FirstEnergy during the 4th quarter worth approximately $1,644,000. Van ECK Associates Corp grew its holdings in FirstEnergy by 41.4% during the 1st quarter. Van ECK Associates Corp now owns 187,964 shares of the utilities provider’s stock worth $7,259,000 after acquiring an additional 54,990 shares during the last quarter. Lumbard & Kellner LLC bought a new stake in FirstEnergy during the 4th quarter worth approximately $2,418,000. Finally, Lord Abbett & CO. LLC grew its holdings in FirstEnergy by 5.3% during the 1st quarter. Lord Abbett & CO. LLC now owns 1,335,364 shares of the utilities provider’s stock worth $51,572,000 after acquiring an additional 67,469 shares during the last quarter. 89.41% of the stock is currently owned by institutional investors and hedge funds.

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.