FirstEnergy Corp. Forecasted to Earn Q2 2024 Earnings of $0.54 Per Share (NYSE:FE)

FirstEnergy Corp. (NYSE:FE) – KeyCorp issued their Q2 2024 earnings per share (EPS) estimates for FirstEnergy in a report issued on Sunday, July 21st. KeyCorp analyst S. Karp expects that the utilities provider will post earnings per share of $0.54 for the quarter. The consensus estimate for FirstEnergy’s current full-year earnings is $2.69 per share. KeyCorp also issued estimates for FirstEnergy’s Q3 2024 earnings at $0.87 EPS, Q4 2024 earnings at $0.75 EPS and FY2028 earnings at $3.54 EPS.

FirstEnergy (NYSE:FE) last posted its earnings results on Thursday, April 25th. The utilities provider reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.02. The company had revenue of $3.29 billion during the quarter, compared to analysts’ expectations of $3.36 billion. FirstEnergy had a return on equity of 12.45% and a net margin of 8.22%.

A number of other brokerages have also recently weighed in on FE. Mizuho lifted their price objective on FirstEnergy from $38.00 to $41.00 and gave the company a “neutral” rating in a research note on Monday, June 3rd. StockNews.com raised FirstEnergy from a “sell” rating to a “hold” rating in a research note on Monday, April 29th. Morgan Stanley lowered their target price on FirstEnergy from $46.00 to $44.00 and set an “overweight” rating for the company in a research note on Monday, June 24th. Barclays boosted their target price on FirstEnergy from $39.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 9th. Finally, Bank of America lifted their price target on FirstEnergy from $30.00 to $35.00 and gave the stock an “underperform” rating in a report on Tuesday, April 23rd. One analyst has rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $40.55.

FirstEnergy Price Performance

FE stock opened at $40.45 on Wednesday. The business has a fifty day moving average of $39.06 and a two-hundred day moving average of $38.26. The company has a quick ratio of 0.56, a current ratio of 0.65 and a debt-to-equity ratio of 1.59. The stock has a market cap of $23.28 billion, a price-to-earnings ratio of 23.25, a price-to-earnings-growth ratio of 2.53 and a beta of 0.49. FirstEnergy has a 52-week low of $32.18 and a 52-week high of $41.05.

FirstEnergy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, September 1st. Shareholders of record on Wednesday, August 7th will be paid a dividend of $0.425 per share. This represents a $1.70 annualized dividend and a yield of 4.20%. The ex-dividend date is Wednesday, August 7th. FirstEnergy’s dividend payout ratio is presently 97.70%.

Institutional Trading of FirstEnergy

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Sachetta LLC acquired a new position in FirstEnergy during the 4th quarter worth approximately $25,000. FinTrust Capital Advisors LLC increased its position in FirstEnergy by 1,150.9% during the 1st quarter. FinTrust Capital Advisors LLC now owns 663 shares of the utilities provider’s stock worth $26,000 after purchasing an additional 610 shares during the period. ST Germain D J Co. Inc. increased its position in FirstEnergy by 1,138.9% during the 2nd quarter. ST Germain D J Co. Inc. now owns 669 shares of the utilities provider’s stock worth $26,000 after purchasing an additional 615 shares during the period. Scarborough Advisors LLC acquired a new position in FirstEnergy during the 4th quarter worth approximately $31,000. Finally, Blue Trust Inc. increased its position in FirstEnergy by 327.3% during the 4th quarter. Blue Trust Inc. now owns 1,034 shares of the utilities provider’s stock worth $35,000 after purchasing an additional 792 shares during the period. 89.41% of the stock is owned by hedge funds and other institutional investors.

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.