FirstEnergy (NYSE:FE) Posts Quarterly Earnings Results, Misses Estimates By $0.06 EPS

FirstEnergy (NYSE:FE) released 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. The firm had revenue of $3.73 billion during the quarter, compared to the consensus estimate of $3.96 billion. FirstEnergy had a net margin of 6.61% and a return on equity of 12.12%. FirstEnergy’s quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the company 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 Down 1.9 %

NYSE FE traded down $0.83 during trading hours on Wednesday, hitting $42.00. 3,272,990 shares of the company traded hands, compared to its average volume of 2,923,081. The stock has a market capitalization of $24.19 billion, a price-to-earnings ratio of 29.99, a P/E/G ratio of 2.28 and a beta of 0.50. FirstEnergy has a twelve month low of $34.92 and a twelve month high of $44.97. The business’s 50-day moving average is $43.69 and its 200-day moving average is $41.04. The company has a debt-to-equity ratio of 1.52, a quick ratio of 0.43 and a current ratio of 0.51.

FirstEnergy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Sunday, December 1st. Investors of record on Thursday, November 7th will be issued a dividend of $0.425 per share. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $1.70 annualized dividend and a yield of 4.05%. FirstEnergy’s payout ratio is presently 120.57%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on FE shares. Wells Fargo & Company raised their price target on FirstEnergy from $42.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 1st. Jefferies Financial Group initiated coverage on shares of FirstEnergy in a report on Monday, October 14th. They set a “hold” rating and a $46.00 target price on the stock. Argus upgraded shares of FirstEnergy from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a report on Friday, September 20th. Morgan Stanley raised their price objective on shares of FirstEnergy from $48.00 to $51.00 and gave the stock an “overweight” rating in a report on Wednesday, September 25th. Finally, KeyCorp upped their target price on shares of FirstEnergy from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 22nd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average 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.