FirstEnergy (NYSE:FE) Posts Earnings Results, Misses Estimates By $0.05 EPS

FirstEnergy (NYSE:FE) released its earnings results on Tuesday. The utilities provider reported $0.85 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.05), Briefing.com reports. FirstEnergy had a net margin of 6.64% and a return on equity of 11.38%. The firm had revenue of $3.73 billion during the quarter, compared to analysts’ expectations of $3.96 billion. During the same quarter last year, the company posted $0.88 earnings per share. FirstEnergy’s revenue for the quarter was up 6.9% on a year-over-year basis. FirstEnergy updated its FY24 guidance to $2.61-2.71 EPS and its FY 2024 guidance to 2.610-2.710 EPS.

FirstEnergy Stock Performance

FE opened at $41.82 on Friday. FirstEnergy has a 1 year low of $34.92 and a 1 year high of $44.97. The company has a debt-to-equity ratio of 1.58, a current ratio of 0.56 and a quick ratio of 0.43. The business’s 50-day moving average price is $43.65 and its two-hundred day moving average price is $41.05. The company has a market capitalization of $24.10 billion, a price-to-earnings ratio of 26.98, a P/E/G ratio of 2.26 and a beta of 0.50.

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 given a dividend of $0.425 per share. The ex-dividend date is Thursday, November 7th. This represents a $1.70 dividend on an annualized basis and a dividend yield of 4.07%. FirstEnergy’s dividend payout ratio is 109.68%.

Analysts Set New Price Targets

A number of research analysts have commented on FE shares. Seaport Res Ptn cut FirstEnergy from a “strong-buy” rating to a “hold” rating in a research note on Thursday. JPMorgan Chase & Co. lifted their price target on FirstEnergy from $45.00 to $46.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. Scotiabank raised their price target on shares of FirstEnergy from $40.00 to $45.00 and gave the stock a “sector perform” rating in a research report on Tuesday, August 20th. KeyCorp upped their target price on FirstEnergy from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Tuesday, October 22nd. Finally, Argus raised FirstEnergy from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a report on Friday, September 20th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $46.00.

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.