FirstEnergy (NYSE:FE) Issues Quarterly Earnings Results, Misses Expectations By $0.06 EPS

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

FirstEnergy Price Performance

Shares of FE stock traded down $0.66 on Wednesday, reaching $42.17. The company had a trading volume of 3,102,583 shares, compared to its average volume of 2,922,270. The business’s 50-day moving average is $43.69 and its 200 day moving average is $41.04. FirstEnergy has a one year low of $34.92 and a one year high of $44.97. 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 market capitalization of $24.29 billion, a PE ratio of 29.99, a price-to-earnings-growth ratio of 2.28 and a beta of 0.50.

FirstEnergy Announces Dividend

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

Analysts Set New Price Targets

Several equities analysts recently commented on FE shares. Scotiabank upped their price target on shares of FirstEnergy from $40.00 to $45.00 and gave the company a “sector perform” rating in a research note on Tuesday, August 20th. Morgan Stanley raised their target price on shares of FirstEnergy from $48.00 to $51.00 and gave the stock an “overweight” rating in a report on Wednesday, September 25th. KeyCorp boosted their price target on FirstEnergy from $47.00 to $48.00 and gave the company an “overweight” rating in a research note on Tuesday, October 22nd. JPMorgan Chase & Co. raised their price objective on FirstEnergy from $45.00 to $46.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. Finally, Wells Fargo & Company upped their target price on FirstEnergy from $42.00 to $45.00 and gave the company an “equal weight” rating in a research report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company 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.