FirstEnergy (NYSE:FE) Issues Q2 2024 Earnings Guidance

FirstEnergy (NYSE:FE) issued an update on its second quarter 2024 earnings guidance on Thursday morning. 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.

FirstEnergy Price Performance

Shares of NYSE FE traded up $0.28 during midday trading on Thursday, reaching $38.58. 3,289,719 shares of the stock traded hands, compared to its average volume of 3,346,997. 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 has a market capitalization of $22.20 billion, a PE ratio of 21.16 and a beta of 0.48. FirstEnergy has a one year low of $32.18 and a one year high of $41.15. The company’s 50 day moving average is $37.79 and its 200 day moving average is $37.08.

FirstEnergy (NYSE:FE) last released its earnings results on Friday, February 9th. The utilities provider reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.02. FirstEnergy had a return on equity of 13.52% and a net margin of 8.56%. The business had revenue of $3.20 billion for the quarter, compared to analyst estimates of $3.10 billion. During the same quarter last year, the firm posted $0.50 earnings per share. The business’s revenue was up .0% compared to the same quarter last year. On average, equities research analysts anticipate that FirstEnergy will post 2.66 earnings per share for the current year.

FirstEnergy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Saturday, June 1st. Stockholders of record on Tuesday, May 7th will be paid a dividend of $0.425 per share. The ex-dividend date is Monday, May 6th. This represents a $1.70 annualized dividend and a dividend yield of 4.41%. This is a positive change from FirstEnergy’s previous quarterly dividend of $0.41. FirstEnergy’s dividend payout ratio (DPR) is currently 90.61%.

Analyst Ratings Changes

Several equities analysts have recently commented on FE shares. StockNews.com lowered FirstEnergy from a hold rating to a sell rating in a research note on Monday, February 12th. Bank of America lifted their target price on FirstEnergy from $30.00 to $35.00 and gave the company an underperform rating in a research note on Tuesday. KeyCorp lifted their target price on FirstEnergy from $41.00 to $43.00 and gave the company an overweight rating in a research note on Thursday, January 4th. The Goldman Sachs Group started coverage on FirstEnergy in a research note on Wednesday, April 10th. They issued a buy rating and a $45.00 target price on the stock. Finally, Scotiabank cut their target price on FirstEnergy from $41.00 to $40.00 and set a sector perform rating on the stock in a research note on Monday. Two analysts have rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, FirstEnergy has a consensus rating of Hold and a consensus target price of $39.80.

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.