FirstEnergy (NYSE:FE) Updates FY 2024 Earnings Guidance

FirstEnergy (NYSE:FE) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 2.610-2.710 for the period, compared to the consensus earnings per share estimate of 2.700. The company issued revenue guidance of -. FirstEnergy also updated its FY24 guidance to $2.61-2.71 EPS.

Analyst Upgrades and Downgrades

Several research analysts recently commented on FE shares. Wells Fargo & Company lifted their target price on shares of FirstEnergy from $42.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 1st. Bank of America lifted their target price on shares of FirstEnergy from $42.00 to $43.00 and gave the stock an “underperform” rating in a research note on Thursday, August 29th. Scotiabank lifted their target price on shares of FirstEnergy from $40.00 to $45.00 and gave the stock a “sector perform” rating in a research note on Tuesday, August 20th. Jefferies Financial Group initiated coverage on shares of FirstEnergy in a research note on Monday, October 14th. They issued a “hold” rating and a $46.00 target price on the stock. Finally, Seaport Res Ptn downgraded shares of FirstEnergy from a “strong-buy” rating to a “hold” rating in a research report on Thursday. 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 stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $46.00.

FirstEnergy Stock Performance

FirstEnergy stock traded down $0.20 during midday trading on Friday, hitting $41.63. The stock had a trading volume of 2,095,956 shares, compared to its average volume of 2,936,891. The firm’s fifty day moving average is $43.65 and its two-hundred day moving average is $41.05. The company has a market capitalization of $23.99 billion, a PE ratio of 26.96, a P/E/G ratio of 2.26 and a beta of 0.50. FirstEnergy has a 52-week low of $34.92 and a 52-week high of $44.97. The company has a current ratio of 0.56, a quick ratio of 0.43 and a debt-to-equity ratio of 1.58.

FirstEnergy (NYSE:FE) last issued its quarterly earnings results on Tuesday, October 29th. The utilities provider reported $0.85 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.05). FirstEnergy had a return on equity of 11.38% and a net margin of 6.64%. The company had revenue of $3.73 billion during the quarter, compared to the consensus estimate of $3.96 billion. During the same quarter in the prior year, the business earned $0.88 earnings per share. The firm’s quarterly revenue was up 6.9% compared to the same quarter last year. On average, research analysts forecast that FirstEnergy will post 2.7 EPS for the current year.

FirstEnergy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Thursday, November 7th will be paid 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 4.08%. FirstEnergy’s dividend payout ratio is currently 109.68%.

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.