Analysts Set Expectations for FirstEnergy FY2024 Earnings

FirstEnergy Corp. (NYSE:FE) – Equities researchers at Zacks Research reduced their FY2024 earnings per share (EPS) estimates for shares of FirstEnergy in a research note issued on Tuesday, November 19th. Zacks Research analyst R. Department now forecasts that the utilities provider will post earnings per share of $2.66 for the year, down from their previous estimate of $2.70. The consensus estimate for FirstEnergy’s current full-year earnings is $2.69 per share. Zacks Research also issued estimates for FirstEnergy’s Q1 2025 earnings at $0.61 EPS, Q4 2025 earnings at $0.78 EPS and FY2025 earnings at $2.90 EPS.

Other analysts also recently issued research reports about the company. Jefferies Financial Group began coverage on FirstEnergy in a research note on Monday, October 14th. They issued a “hold” rating and a $46.00 price objective on the stock. Scotiabank lifted their price objective on FirstEnergy from $40.00 to $45.00 and gave the stock a “sector perform” rating in a research note on Tuesday, August 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 research note on Thursday, August 1st. Barclays lifted their price objective on FirstEnergy from $40.00 to $46.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Finally, JPMorgan Chase & Co. lifted their target price on FirstEnergy from $45.00 to $46.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $46.00.

FirstEnergy Stock Performance

NYSE:FE opened at $42.13 on Thursday. The company has a debt-to-equity ratio of 1.58, a current ratio of 0.56 and a quick ratio of 0.46. FirstEnergy has a 1 year low of $35.41 and a 1 year high of $44.97. The stock’s 50 day simple moving average is $42.93 and its two-hundred day simple moving average is $41.40. The company has a market cap of $24.28 billion, a price-to-earnings ratio of 27.18, a PEG ratio of 2.24 and a beta of 0.51.

FirstEnergy (NYSE:FE) last issued its earnings results on Tuesday, October 29th. The utilities provider reported $0.85 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.90 by ($0.05). The business had revenue of $3.73 billion for the quarter, compared to the consensus estimate of $3.96 billion. FirstEnergy had a net margin of 6.64% and a return on equity of 11.38%. The firm’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period last year, the business posted $0.88 EPS.

FirstEnergy Announces Dividend

The firm also recently disclosed 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. This represents a $1.70 dividend on an annualized basis and a yield of 4.04%. The ex-dividend date of this dividend is Thursday, November 7th. FirstEnergy’s payout ratio is currently 109.68%.

Hedge Funds Weigh In On FirstEnergy

Large investors have recently bought and sold shares of the business. Livelsberger Financial Advisory bought a new stake in FirstEnergy during the 3rd quarter valued at $26,000. True Wealth Design LLC raised its position in FirstEnergy by 4,571.4% during the 3rd quarter. True Wealth Design LLC now owns 654 shares of the utilities provider’s stock valued at $29,000 after purchasing an additional 640 shares in the last quarter. ST Germain D J Co. Inc. raised 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 valued at $26,000 after purchasing an additional 615 shares in the last quarter. Strategic Investment Solutions Inc. IL bought a new stake in FirstEnergy during the 2nd quarter valued at $32,000. Finally, Quarry LP raised its position in FirstEnergy by 59.1% during the 3rd quarter. Quarry LP now owns 861 shares of the utilities provider’s stock valued at $38,000 after purchasing an additional 320 shares in the last quarter. Hedge funds and other institutional investors own 89.41% of the company’s stock.

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.