FirstEnergy (NYSE:FE) Issues FY24 Earnings Guidance

FirstEnergy (NYSE:FE) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $2.61-2.81 for the period, compared to the consensus earnings per share estimate of $2.70. FirstEnergy also updated its FY 2024 guidance to 2.610-2.810 EPS.

FirstEnergy Trading Down 1.0 %

Shares of FE stock traded down $0.41 during mid-day trading on Friday, reaching $42.31. The company’s stock had a trading volume of 1,980,445 shares, compared to its average volume of 2,969,203. The company’s 50 day simple moving average is $39.25 and its 200-day simple moving average is $38.38. The company has a quick ratio of 0.56, a current ratio of 0.65 and a debt-to-equity ratio of 1.59. FirstEnergy has a 12-month low of $32.18 and a 12-month high of $43.65. The firm has a market capitalization of $24.37 billion, a PE ratio of 24.55, a price-to-earnings-growth ratio of 2.64 and a beta of 0.49.

FirstEnergy (NYSE:FE) last issued its quarterly earnings data on Tuesday, July 30th. The utilities provider reported $0.56 EPS for the quarter, hitting analysts’ consensus estimates of $0.56. FirstEnergy had a return on equity of 12.61% and a net margin of 6.61%. The company had revenue of $3.28 billion for the quarter, compared to analysts’ expectations of $3.47 billion. During the same quarter in the previous year, the firm posted $0.47 earnings per share. On average, research analysts predict that FirstEnergy will post 2.7 EPS for the current fiscal year.

FirstEnergy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, September 1st. Shareholders of record on Wednesday, August 7th will be given a $0.425 dividend. This represents a $1.70 annualized dividend and a yield of 4.02%. The ex-dividend date is Wednesday, August 7th. FirstEnergy’s dividend payout ratio (DPR) is 97.70%.

Analysts Set New Price Targets

FE has been the subject of a number of research analyst reports. Scotiabank lowered their price target on FirstEnergy from $41.00 to $40.00 and set a sector perform rating for the company in a report on Monday, April 22nd. Wells Fargo & Company raised their price objective on shares of FirstEnergy from $42.00 to $45.00 and gave the company an equal weight rating in a research note on Thursday. Mizuho increased their price target on FirstEnergy from $38.00 to $41.00 and gave the company a neutral rating in a research note on Monday, June 3rd. StockNews.com raised FirstEnergy from a sell rating to a hold rating in a research note on Monday, April 29th. Finally, Morgan Stanley dropped their target price on FirstEnergy from $46.00 to $44.00 and set an overweight rating on the stock in a research report on Monday, June 24th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of Hold and a consensus target price of $40.92.

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.