FirstEnergy (NYSE:FE) Issues FY24 Earnings Guidance

FirstEnergy (NYSE:FE) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $2.61-2.71 for the period, compared to the consensus EPS estimate of $2.70.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. JPMorgan Chase & Co. lifted their price objective on shares of FirstEnergy from $45.00 to $46.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. Barclays upped their price objective on shares of FirstEnergy from $40.00 to $46.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. KeyCorp raised their target price on FirstEnergy from $47.00 to $48.00 and gave the company an “overweight” rating in a research note on Tuesday, October 22nd. Jefferies Financial Group assumed coverage on FirstEnergy in a research note on Monday, October 14th. They set a “hold” rating and a $46.00 price target on the stock. Finally, Morgan Stanley increased their target price on FirstEnergy from $48.00 to $51.00 and gave the stock an “overweight” rating in a report on Wednesday, September 25th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $46.00.

FirstEnergy Stock Down 1.9 %

FE traded down $0.85 during mid-day trading on Tuesday, reaching $42.83. 3,853,011 shares of the stock were exchanged, compared to its average volume of 2,921,404. FirstEnergy has a 1 year low of $34.92 and a 1 year high of $44.97. The company has a debt-to-equity ratio of 1.52, a quick ratio of 0.43 and a current ratio of 0.51. The stock has a market capitalization of $24.67 billion, a PE ratio of 30.58, a price-to-earnings-growth ratio of 2.28 and a beta of 0.50. The company has a 50 day moving average price of $43.70 and a two-hundred day moving average price of $41.00.

FirstEnergy (NYSE:FE) last released its quarterly earnings results on Tuesday, July 30th. The utilities provider reported $0.56 earnings per share for the quarter, hitting the consensus estimate of $0.56. The business had revenue of $3.28 billion for the quarter, compared to analysts’ expectations of $3.47 billion. FirstEnergy had a net margin of 6.61% and a return on equity of 12.12%. During the same period in the previous year, the company earned $0.47 earnings per share. As a group, research analysts anticipate that FirstEnergy will post 2.7 EPS 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. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $1.70 dividend on an annualized basis and a dividend yield of 3.97%. FirstEnergy’s payout ratio is presently 120.57%.

About FirstEnergy

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.