FY2024 EPS Estimates for FirstEnergy Lowered by Analyst

FirstEnergy Corp. (NYSE:FE) – Investment analysts at Zacks Research reduced their FY2024 earnings per share (EPS) estimates for shares of FirstEnergy in a report released on Tuesday, November 19th. Zacks Research analyst R. Department now forecasts that the utilities provider will earn $2.66 per share for the year, down from their previous forecast of $2.70. The consensus estimate for FirstEnergy’s current full-year earnings is $2.69 per share. Zacks Research also issued estimates for FirstEnergy’s Q1 2025 earnings at $0.61 EPS, Q4 2025 earnings at $0.78 EPS and FY2025 earnings at $2.90 EPS.

FirstEnergy (NYSE:FE) last released its earnings results on Tuesday, October 29th. The utilities provider reported $0.85 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.05). FirstEnergy had a net margin of 6.64% and a return on equity of 11.38%. The company had revenue of $3.73 billion during the quarter, compared to analyst estimates of $3.96 billion. During the same period in the previous year, the firm posted $0.88 EPS. The company’s revenue for the quarter was up 6.9% on a year-over-year basis.

Several other brokerages also recently weighed in on FE. Barclays lifted their target price on shares of FirstEnergy from $40.00 to $46.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Jefferies Financial Group started coverage on FirstEnergy in a report on Monday, October 14th. They issued a “hold” rating and a $46.00 price objective on the stock. JPMorgan Chase & Co. increased their target price on FirstEnergy from $45.00 to $46.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. Morgan Stanley decreased their price target on FirstEnergy from $52.00 to $50.00 and set an “overweight” rating on the stock in a research note on Friday. Finally, Bank of America increased their price objective on FirstEnergy from $42.00 to $43.00 and gave the stock an “underperform” rating in a research report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $45.91.

FirstEnergy Stock Performance

Shares of FE opened at $41.80 on Thursday. The stock has a market capitalization of $24.09 billion, a P/E ratio of 26.97, a P/E/G ratio of 2.24 and a beta of 0.51. The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.46 and a current ratio of 0.56. FirstEnergy has a 1 year low of $35.41 and a 1 year high of $44.97. The company’s fifty day moving average is $42.87 and its two-hundred day moving average is $41.42.

Hedge Funds Weigh In On FirstEnergy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. ST Germain D J Co. Inc. raised its holdings in shares of FirstEnergy by 1,138.9% in the second quarter. ST Germain D J Co. Inc. now owns 669 shares of the utilities provider’s stock worth $26,000 after acquiring an additional 615 shares during the last quarter. Livelsberger Financial Advisory purchased a new stake in FirstEnergy during the 3rd quarter worth about $26,000. True Wealth Design LLC raised its stake in FirstEnergy by 4,571.4% in the 3rd quarter. True Wealth Design LLC now owns 654 shares of the utilities provider’s stock valued at $29,000 after purchasing an additional 640 shares during the last quarter. Strategic Investment Solutions Inc. IL purchased a new position in FirstEnergy in the 2nd quarter valued at about $32,000. Finally, Western Pacific Wealth Management LP acquired a new stake in shares of FirstEnergy during the 1st quarter worth about $36,000. Institutional investors and hedge funds own 89.41% of the company’s stock.

FirstEnergy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Investors of record on Thursday, November 7th will be paid a $0.425 dividend. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $1.70 dividend on an annualized basis and a yield of 4.07%. FirstEnergy’s payout ratio is 109.68%.

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.