FirstEnergy (NYSE:FE) Issues FY 2024 Earnings Guidance

FirstEnergy (NYSE:FE) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided EPS guidance of 2.610-2.810 for the period, compared to the consensus EPS estimate of 2.690. The company issued revenue guidance of -. FirstEnergy also updated its FY24 guidance to $2.61-2.81 EPS.

FirstEnergy Stock Up 0.7 %

Shares of NYSE:FE traded up $0.28 during midday trading on Tuesday, reaching $41.80. 3,957,671 shares of the company were exchanged, compared to its average volume of 2,962,592. 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 fifty-two week low of $32.18 and a fifty-two week high of $41.90. The stock has a fifty day simple moving average of $39.14 and a two-hundred day simple moving average of $38.32. The firm has a market cap of $24.06 billion, a PE ratio of 24.02, a P/E/G ratio of 2.58 and a beta of 0.49.

FirstEnergy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Sunday, September 1st. Shareholders of record on Wednesday, August 7th will be paid a $0.425 dividend. The ex-dividend date of this dividend is Wednesday, August 7th. This represents a $1.70 annualized dividend and a yield of 4.07%. FirstEnergy’s payout ratio is currently 97.70%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on FE. StockNews.com upgraded shares of FirstEnergy from a sell rating to a hold rating in a research note on Monday, April 29th. Mizuho lifted their price objective on shares of FirstEnergy from $38.00 to $41.00 and gave the company a neutral rating in a research report on Monday, June 3rd. Bank of America lifted their price objective on shares of FirstEnergy from $30.00 to $35.00 and gave the company an underperform rating in a research report on Tuesday, April 23rd. Morgan Stanley decreased their price objective 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. Finally, Barclays lifted their price objective on shares of FirstEnergy from $39.00 to $40.00 and gave the company an equal weight rating in a research report on Tuesday, July 9th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, FirstEnergy has a consensus rating of Hold and an average target price of $40.55.

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.