FirstEnergy (NYSE:FE) Updates FY24 Earnings Guidance

FirstEnergy (NYSE:FE) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $2.61-2.71 for the period, compared to the consensus EPS estimate of $2.70.

Analyst Ratings Changes

A number of analysts have recently issued reports on FE shares. Barclays lifted their price target on FirstEnergy from $40.00 to $46.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Jefferies Financial Group began coverage on shares of FirstEnergy in a research note on Monday, October 14th. They issued a “hold” rating and a $46.00 price target on the stock. JPMorgan Chase & Co. upped their price objective on shares of FirstEnergy from $45.00 to $46.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. Argus raised shares of FirstEnergy from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research note on Friday, September 20th. Finally, Bank of America increased their price target on FirstEnergy from $42.00 to $43.00 and gave the company an “underperform” rating in a report on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $46.00.

FirstEnergy Stock Down 1.8 %

NYSE FE traded down $0.80 during trading on Tuesday, reaching $42.88. 1,971,387 shares of the company’s stock were exchanged, compared to its average volume of 2,912,401. FirstEnergy has a 1 year low of $34.92 and a 1 year high of $44.97. The stock has a market cap of $24.70 billion, a P/E ratio of 30.58, a price-to-earnings-growth ratio of 2.28 and a beta of 0.50. The company has a debt-to-equity ratio of 1.52, a quick ratio of 0.43 and a current ratio of 0.51. The company has a 50 day moving average price of $43.70 and a two-hundred day moving average price of $41.00.

FirstEnergy (NYSE:FE) last issued its earnings results on Tuesday, July 30th. The utilities provider reported $0.56 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.56. FirstEnergy had a net margin of 6.61% and a return on equity of 12.12%. The business had revenue of $3.28 billion during the quarter, compared to analysts’ expectations of $3.47 billion. During the same quarter in the prior year, the business posted $0.47 EPS. On average, equities research analysts anticipate that FirstEnergy will post 2.7 EPS for the current fiscal year.

FirstEnergy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Thursday, November 7th will be issued a $0.425 dividend. This represents a $1.70 annualized dividend and a dividend yield of 3.96%. The ex-dividend date is Thursday, November 7th. FirstEnergy’s payout ratio is currently 120.57%.

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.