FirstEnergy (NYSE:FE) Issues FY 2024 Earnings Guidance

FirstEnergy (NYSE:FEGet Free Report) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 2.610-2.710 for the period, compared to the consensus estimate of 2.700. The company issued revenue guidance of -. FirstEnergy also updated its FY24 guidance to $2.61-2.71 EPS.

FirstEnergy Price Performance

NYSE FE traded down $0.63 on Wednesday, reaching $42.20. The company had a trading volume of 5,933,472 shares, compared to its average volume of 2,935,750. The firm’s 50 day moving average price is $43.67 and its 200 day moving average price is $41.05. FirstEnergy has a 12 month low of $34.92 and a 12 month high of $44.97. The stock has a market capitalization of $24.30 billion, a PE ratio of 29.93, a price-to-earnings-growth ratio of 2.28 and a beta of 0.50. The company has a quick ratio of 0.43, a current ratio of 0.51 and a debt-to-equity ratio of 1.52.

FirstEnergy (NYSE:FEGet Free Report) last posted its earnings results on Tuesday, October 29th. The utilities provider reported $0.85 EPS for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.06). The firm had revenue of $3.73 billion during the quarter, compared to analysts’ expectations of $3.96 billion. FirstEnergy had a return on equity of 12.12% and a net margin of 6.61%. FirstEnergy’s quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.88 earnings per share. As a group, equities analysts predict that FirstEnergy will post 2.7 earnings per share for the current year.

FirstEnergy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Sunday, December 1st. Investors of record on Thursday, November 7th will be issued a $0.425 dividend. This represents a $1.70 dividend on an annualized basis and a dividend yield of 4.03%. The ex-dividend date is Thursday, November 7th. FirstEnergy’s dividend payout ratio (DPR) is presently 120.57%.

Analyst Upgrades and Downgrades

Several research firms have commented on FE. Bank of America increased their price objective on shares of FirstEnergy from $42.00 to $43.00 and gave the company an “underperform” rating in a research report on Thursday, August 29th. KeyCorp boosted their price objective on FirstEnergy from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 22nd. Jefferies Financial Group assumed coverage on FirstEnergy in a research note on Monday, October 14th. They issued a “hold” rating and a $46.00 price objective for the company. Scotiabank boosted their target price on FirstEnergy from $40.00 to $45.00 and gave the company a “sector perform” rating in a research report on Tuesday, August 20th. Finally, Morgan Stanley raised their price target on FirstEnergy from $48.00 to $51.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 25th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, FirstEnergy has an average rating of “Hold” and a consensus target price of $46.00.

Read Our Latest Report on FE

About FirstEnergy

(Get Free Report)

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.

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Earnings History and Estimates for FirstEnergy (NYSE:FE)

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