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 (EPS) guidance of $2.61-2.81 for the period, compared to the consensus estimate of $2.70. FirstEnergy also updated its FY 2024 guidance to 2.610-2.810 EPS.

FirstEnergy Price Performance

NYSE:FE traded down $0.46 during trading hours on Friday, hitting $42.26. 2,313,261 shares of the stock traded hands, compared to its average volume of 2,970,703. 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 1 year low of $32.18 and a 1 year high of $43.65. The company has a market cap of $24.34 billion, a price-to-earnings ratio of 24.55, a price-to-earnings-growth ratio of 2.64 and a beta of 0.49. The stock has a 50 day moving average price of $39.25 and a 200 day moving average price of $38.38.

FirstEnergy (NYSE:FE) last issued its quarterly earnings results on Tuesday, July 30th. The utilities provider reported $0.56 earnings per share for the quarter, meeting the consensus estimate of $0.56. The business had revenue of $3.28 billion for the quarter, compared to the consensus estimate of $3.47 billion. FirstEnergy had a net margin of 6.61% and a return on equity of 12.61%. During the same quarter in the previous year, the firm earned $0.47 earnings per share. Sell-side analysts forecast that FirstEnergy will post 2.7 EPS for the current fiscal year.

FirstEnergy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Sunday, September 1st. Investors of record on Wednesday, August 7th will be issued a $0.425 dividend. This represents a $1.70 dividend on an annualized basis and a dividend yield of 4.02%. The ex-dividend date is Wednesday, August 7th. FirstEnergy’s payout ratio is 97.70%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on FE shares. The Goldman Sachs Group started coverage on FirstEnergy in a report on Wednesday, April 10th. They issued a buy rating and a $45.00 price target on the stock. Scotiabank reduced their target price on shares of FirstEnergy from $41.00 to $40.00 and set a sector perform rating for the company in a report on Monday, April 22nd. Barclays raised their price target on shares of FirstEnergy from $39.00 to $40.00 and gave the company an equal weight rating in a report on Tuesday, July 9th. Wells Fargo & Company boosted their price objective on shares of FirstEnergy from $42.00 to $45.00 and gave the stock an equal weight rating in a research note on Thursday. Finally, Morgan Stanley decreased their target price on shares of FirstEnergy from $46.00 to $44.00 and set an overweight rating for the company in a research report on Monday, June 24th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Hold and a consensus price target of $40.92.

FirstEnergy Company Profile

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.