FirstEnergy (NYSE:FE) Posts Earnings Results, Misses Estimates By $0.05 EPS

FirstEnergy (NYSE:FE) announced its quarterly earnings results on Tuesday. The utilities provider reported $0.85 EPS for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.05), Briefing.com reports. The business had revenue of $3.73 billion during the quarter, compared to analysts’ expectations of $3.96 billion. FirstEnergy had a return on equity of 11.38% and a net margin of 6.64%. The business’s revenue was up 6.9% compared to the same quarter last year. 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 Performance

Shares of FirstEnergy stock opened at $41.82 on Friday. FirstEnergy has a 1 year low of $34.92 and a 1 year high of $44.97. The firm’s 50-day moving average is $43.65 and its 200 day moving average is $41.05. The stock has a market cap of $24.10 billion, a price-to-earnings ratio of 26.98, a PEG ratio of 2.26 and a beta of 0.50. The company has a debt-to-equity ratio of 1.58, a current ratio of 0.56 and a quick ratio of 0.43.

FirstEnergy Announces Dividend

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

Analysts Set New Price Targets

Several brokerages recently issued reports on FE. 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 price target on the stock. Morgan Stanley upped 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. Barclays raised their target price on FirstEnergy from $40.00 to $46.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. JPMorgan Chase & Co. upped their price target on FirstEnergy from $45.00 to $46.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. Finally, KeyCorp increased their price objective on FirstEnergy from $47.00 to $48.00 and gave the stock an “overweight” rating in a report on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $46.00.

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.