Analysts Anticipate FirstEnergy Corp. (NYSE:FE) Will Post Quarterly Sales of $2.57 Billion

Wall Street analysts predict that FirstEnergy Corp. (NYSE:FE) will report $2.57 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have made estimates for FirstEnergy’s earnings. FirstEnergy posted sales of $2.52 billion during the same quarter last year, which suggests a positive year over year growth rate of 2%. The firm is scheduled to announce its next quarterly earnings report on Tuesday, July 28th.

According to Zacks, analysts expect that FirstEnergy will report full year sales of $11.10 billion for the current financial year, with estimates ranging from $10.84 billion to $11.30 billion. For the next year, analysts expect that the company will post sales of $11.54 billion, with estimates ranging from $11.05 billion to $11.95 billion. Zacks’ sales calculations are an average based on a survey of research firms that cover FirstEnergy.

FirstEnergy (NYSE:FE) last released its earnings results on Thursday, April 23rd. The utilities provider reported $0.66 EPS for the quarter, topping the Zacks’ consensus estimate of $0.63 by $0.03. FirstEnergy had a return on equity of 19.57% and a net margin of 6.13%. The firm had revenue of $2.70 billion during the quarter, compared to the consensus estimate of $2.87 billion. During the same quarter in the previous year, the company posted $0.67 earnings per share. The company’s revenue was down 6.9% compared to the same quarter last year.

Several brokerages recently weighed in on FE. UBS Group lifted their price target on FirstEnergy from $48.00 to $52.00 and gave the company a “buy” rating in a research report on Friday, June 5th. Barclays reduced their price target on FirstEnergy from $54.00 to $42.00 and set an “overweight” rating for the company in a research report on Thursday, March 26th. Seaport Global Securities began coverage on FirstEnergy in a research report on Wednesday, May 20th. They set a “buy” rating and a $47.00 price target for the company. Argus upgraded FirstEnergy from a “hold” rating to a “buy” rating and set a $44.00 price target for the company in a research report on Monday, March 16th. Finally, Morgan Stanley lifted their price target on FirstEnergy from $45.00 to $46.00 and gave the company an “overweight” rating in a research report on Wednesday, June 17th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the stock. FirstEnergy currently has an average rating of “Buy” and an average target price of $48.17.

Shares of FirstEnergy stock traded up $1.14 on Monday, reaching $37.99. 3,265,566 shares of the stock were exchanged, compared to its average volume of 4,220,056. The business has a 50 day moving average price of $40.61 and a two-hundred day moving average price of $44.54. The company has a quick ratio of 0.46, a current ratio of 0.54 and a debt-to-equity ratio of 3.06. The firm has a market capitalization of $19.96 billion, a price-to-earnings ratio of 30.39 and a beta of 0.46. FirstEnergy has a twelve month low of $32.00 and a twelve month high of $52.51.

Several institutional investors have recently bought and sold shares of the company. BlackRock Inc. boosted its stake in shares of FirstEnergy by 3.1% in the first quarter. BlackRock Inc. now owns 57,725,818 shares of the utilities provider’s stock worth $2,313,073,000 after acquiring an additional 1,762,662 shares during the last quarter. State Street Corp boosted its stake in shares of FirstEnergy by 0.8% in the first quarter. State Street Corp now owns 39,937,203 shares of the utilities provider’s stock worth $1,600,284,000 after acquiring an additional 297,321 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in FirstEnergy by 2.1% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 30,704,290 shares of the utilities provider’s stock worth $1,492,229,000 after buying an additional 620,424 shares during the last quarter. Pictet Asset Management Ltd. boosted its stake in FirstEnergy by 86.8% during the first quarter. Pictet Asset Management Ltd. now owns 10,344,390 shares of the utilities provider’s stock worth $414,500,000 after buying an additional 4,806,716 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its stake in FirstEnergy by 6.9% during the fourth quarter. Renaissance Technologies LLC now owns 10,268,300 shares of the utilities provider’s stock worth $499,039,000 after buying an additional 665,200 shares during the last quarter. Institutional investors and hedge funds own 84.53% of the company’s stock.

FirstEnergy Company Profile

FirstEnergy Corp., through its subsidiaries, generates, transmits, and distributes electricity in the United States. The company operates through Regulated Distribution and Regulated Transmission segments. It owns and operates coal-fired, nuclear, hydroelectric, natural gas, wind, and solar power generating facilities.

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