FirstEnergy (NYSE:FE) Announces Quarterly Earnings Results, Misses Expectations By $0.05 EPS

FirstEnergy (NYSE:FE) posted its earnings results on Tuesday. The utilities provider reported $0.85 EPS for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.05), Briefing.com reports. The company had revenue of $3.73 billion during the quarter, compared to analyst estimates of $3.96 billion. FirstEnergy had a net margin of 6.64% and a return on equity of 11.38%. The company’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.88 EPS. FirstEnergy updated its FY24 guidance to $2.61-2.71 EPS and its FY 2024 guidance to 2.610-2.710 EPS.

FirstEnergy Price Performance

NYSE FE traded down $0.07 on Friday, reaching $41.76. 829,776 shares of the stock traded hands, compared to its average volume of 2,930,918. FirstEnergy has a 12 month low of $34.92 and a 12 month high of $44.97. The company has a quick ratio of 0.43, a current ratio of 0.56 and a debt-to-equity ratio of 1.58. The firm’s fifty day simple moving average is $43.65 and its 200 day simple moving average is $41.05. The company has a market cap of $24.07 billion, a price-to-earnings ratio of 26.96, a P/E/G ratio of 2.26 and a beta of 0.50.

FirstEnergy Announces Dividend

The company 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 dividend of $0.425 per share. The ex-dividend date is Thursday, November 7th. This represents a $1.70 annualized dividend and a yield of 4.07%. FirstEnergy’s payout ratio is 109.68%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on FE. Seaport Res Ptn cut FirstEnergy from a “strong-buy” rating to a “hold” rating in a research note on Thursday. Barclays upped their price target on shares of FirstEnergy from $40.00 to $46.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Argus upgraded FirstEnergy from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a report on Friday, September 20th. Wells Fargo & Company lifted their price objective on FirstEnergy from $42.00 to $45.00 and gave the stock an “equal weight” rating in a report on Thursday, August 1st. Finally, Bank of America upped their target price on FirstEnergy from $42.00 to $43.00 and gave the company an “underperform” rating in a report on Thursday, August 29th. One analyst has rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $46.00.

FirstEnergy Company Profile

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.