FirstEnergy (NYSE:FE) Issues Q2 2024 Earnings Guidance

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

Wall Street Analysts Forecast Growth

Several research firms have commented on FE. KeyCorp upped their price objective on shares of FirstEnergy from $41.00 to $43.00 and gave the company an overweight rating in a report on Thursday, January 4th. StockNews.com downgraded shares of FirstEnergy from a hold rating to a sell rating in a report on Monday, February 12th. The Goldman Sachs Group began coverage on shares of FirstEnergy in a report on Wednesday, April 10th. They set a buy rating and a $45.00 price objective on the stock. Bank of America upped their price objective on shares of FirstEnergy from $30.00 to $35.00 and gave the company an underperform rating in a report on Tuesday. Finally, Scotiabank dropped their price objective on shares of FirstEnergy from $41.00 to $40.00 and set a sector perform rating on the stock in a report on Monday. Two analysts have rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of Hold and a consensus price target of $39.80.

FirstEnergy Price Performance

Shares of FirstEnergy stock traded up $0.28 on Thursday, reaching $38.58. The stock had a trading volume of 3,289,719 shares, compared to its average volume of 3,346,997. The business’s 50 day moving average is $37.79 and its two-hundred day moving average is $37.08. The company has a market cap of $22.20 billion, a P/E ratio of 21.16 and a beta of 0.48. The company has a current ratio of 0.48, a quick ratio of 0.38 and a debt-to-equity ratio of 2.10. FirstEnergy has a 1 year low of $32.18 and a 1 year high of $41.15.

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

FirstEnergy Increases Dividend

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

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.