Scotiabank Forecasts FirstEnergy's FY2024 Earnings (NYSE:FE)

FirstEnergy Corp. (NYSE:FE - Free Report) - Stock analysts at Scotiabank cut their FY2024 earnings per share estimates for FirstEnergy in a research report issued to clients and investors on Wednesday, January 8th. Scotiabank analyst A. Weisel now anticipates that the utilities provider will post earnings per share of $2.67 for the year, down from their previous estimate of $2.70. Scotiabank currently has a "Sector Outperform" rating and a $50.00 price target on the stock. The consensus estimate for FirstEnergy's current full-year earnings is $2.68 per share. Scotiabank also issued estimates for FirstEnergy's FY2026 earnings at $3.07 EPS.

A number of other equities research analysts also recently commented on the company. Barclays boosted their target price on FirstEnergy from $40.00 to $46.00 and gave the stock an "equal weight" rating in a research report on Monday, October 7th. Jefferies Financial Group initiated coverage on FirstEnergy in a report on Monday, October 14th. They set a "hold" rating and a $46.00 price objective on the stock. JPMorgan Chase & Co. raised their target price on shares of FirstEnergy from $45.00 to $46.00 and gave the company a "neutral" rating in a report on Friday, October 18th. Morgan Stanley reduced their price target on shares of FirstEnergy from $52.00 to $50.00 and set an "overweight" rating on the stock in a research report on Friday, November 22nd. Finally, KeyCorp lowered their price objective on shares of FirstEnergy from $48.00 to $47.00 and set an "overweight" rating for the company in a research report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $46.27.

FirstEnergy Price Performance

FE stock traded down $1.02 during mid-day trading on Friday, hitting $38.75. The company had a trading volume of 4,248,442 shares, compared to its average volume of 2,622,407. The company has a market capitalization of $22.33 billion, a price-to-earnings ratio of 25.00, a P/E/G ratio of 2.18 and a beta of 0.52. The company has a 50-day moving average price of $40.74 and a 200 day moving average price of $41.70. The company has a quick ratio of 0.46, a current ratio of 0.56 and a debt-to-equity ratio of 1.58. FirstEnergy has a 12-month low of $35.41 and a 12-month high of $44.97.

FirstEnergy (NYSE:FE - Get Free Report) last released its quarterly earnings data 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). FirstEnergy had a net margin of 6.64% and a return on equity of 11.38%. The company had revenue of $3.73 billion for the quarter, compared to the consensus estimate of $3.96 billion. During the same quarter in the previous year, the business earned $0.88 EPS. The company's quarterly revenue was up 6.9% on a year-over-year basis.

Institutional Investors Weigh In On FirstEnergy

A number of institutional investors and hedge funds have recently modified their holdings of FE. Private Advisor Group LLC raised its stake in shares of FirstEnergy by 4.1% during the second quarter. Private Advisor Group LLC now owns 23,189 shares of the utilities provider's stock valued at $887,000 after acquiring an additional 911 shares in the last quarter. Acadian Asset Management LLC purchased a new stake in shares of FirstEnergy in the 2nd quarter worth $596,000. Ashton Thomas Private Wealth LLC bought a new position in shares of FirstEnergy during the 2nd quarter worth $38,000. Wedbush Securities Inc. grew its position in shares of FirstEnergy by 5.7% during the 2nd quarter. Wedbush Securities Inc. now owns 6,062 shares of the utilities provider's stock worth $232,000 after buying an additional 327 shares in the last quarter. Finally, Choreo LLC purchased a new position in shares of FirstEnergy during the second quarter valued at $430,000. 89.41% of the stock is owned by institutional investors.

FirstEnergy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Saturday, March 1st. Investors of record on Friday, February 7th will be given a $0.425 dividend. This represents a $1.70 dividend on an annualized basis and a yield of 4.39%. The ex-dividend date is Friday, February 7th. FirstEnergy's dividend payout ratio (DPR) is currently 109.68%.

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.