FirstEnergy (NYSE:FE) Updates Q2 2024 Earnings Guidance

FirstEnergy (NYSE:FE) updated its second quarter 2024 earnings guidance on Thursday. The company provided EPS guidance of 0.500-0.600 for the period, compared to the consensus EPS estimate of 0.540. The company issued revenue guidance of -. FirstEnergy also updated its FY 2024 guidance to 2.610-2.810 EPS.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. StockNews.com cut shares of FirstEnergy from a hold rating to a sell rating in a report on Monday, February 12th. KeyCorp raised their price target on shares of FirstEnergy from $41.00 to $43.00 and gave the stock an overweight rating in a report on Thursday, January 4th. The Goldman Sachs Group assumed coverage on shares of FirstEnergy in a report on Wednesday, April 10th. They issued a buy rating and a $45.00 price target for the company. Scotiabank decreased their price target on shares of FirstEnergy from $41.00 to $40.00 and set a sector perform rating for the company in a report on Monday, April 22nd. Finally, Bank of America raised their target price on shares of FirstEnergy from $30.00 to $35.00 and gave the stock an underperform rating in a report on Tuesday, April 23rd. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, FirstEnergy has an average rating of Hold and an average price target of $39.80.

FirstEnergy Stock Performance

FE stock traded down $0.44 during midday trading on Friday, hitting $38.13. 5,476,310 shares of the stock traded hands, compared to its average volume of 2,560,779. The firm has a market cap of $21.94 billion, a P/E ratio of 21.91 and a beta of 0.48. The company has a debt-to-equity ratio of 2.10, a current ratio of 0.48 and a quick ratio of 0.38. The stock’s fifty day simple moving average is $37.83 and its 200-day simple moving average is $37.13. FirstEnergy has a 1-year low of $32.18 and a 1-year high of $41.15.

FirstEnergy (NYSE:FE) last released its quarterly earnings results on Thursday, April 25th. The utilities provider reported $0.55 EPS for the quarter, beating the consensus estimate of $0.53 by $0.02. FirstEnergy had a net margin of 8.22% and a return on equity of 13.21%. The company had revenue of $3.29 billion for the quarter, compared to analyst estimates of $3.36 billion. On average, analysts expect that FirstEnergy will post 2.68 earnings per share for the current year.

FirstEnergy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Saturday, June 1st. Stockholders of record on Tuesday, May 7th will be given a $0.425 dividend. This is a positive change from FirstEnergy’s previous quarterly dividend of $0.41. The ex-dividend date is Monday, May 6th. This represents a $1.70 annualized dividend and a dividend yield of 4.46%. FirstEnergy’s dividend payout ratio (DPR) is 94.25%.

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.