FirstEnergy FY2024 EPS Forecast Reduced by Seaport Res Ptn

FirstEnergy Corp. (NYSE:FE) – Investment analysts at Seaport Res Ptn reduced their FY2024 earnings per share (EPS) estimates for shares of FirstEnergy in a note issued to investors on Thursday, October 31st. Seaport Res Ptn analyst A. Storozynski now expects that the utilities provider will post earnings of $2.67 per share for the year, down from their previous forecast of $2.71. Seaport Res Ptn has a “Hold” rating on the stock. The consensus estimate for FirstEnergy’s current full-year earnings is $2.70 per share. Seaport Res Ptn also issued estimates for FirstEnergy’s FY2025 earnings at $2.90 EPS and FY2026 earnings at $3.11 EPS.

A number of other brokerages have also recently weighed in on FE. 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 for the company. Bank of America upped their price target on shares of FirstEnergy from $42.00 to $43.00 and gave the company an “underperform” rating in a research report on Thursday, August 29th. JPMorgan Chase & Co. raised their price objective on shares of FirstEnergy from $45.00 to $46.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Scotiabank upped their target price on shares of FirstEnergy from $40.00 to $45.00 and gave the company a “sector perform” rating in a report on Tuesday, August 20th. Finally, KeyCorp raised their price target on FirstEnergy from $47.00 to $48.00 and gave the stock an “overweight” rating in a report on Tuesday, October 22nd. One analyst has rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $46.00.

FirstEnergy Price Performance

Shares of NYSE:FE opened at $41.73 on Friday. FirstEnergy has a 12 month low of $34.92 and a 12 month high of $44.97. The firm has a market capitalization of $24.05 billion, a P/E ratio of 26.92, a P/E/G ratio of 2.26 and a beta of 0.50. The company has a debt-to-equity ratio of 1.58, a current ratio of 0.56 and a quick ratio of 0.43. The company’s fifty day moving average price is $43.62 and its 200 day moving average price is $41.08.

FirstEnergy (NYSE:FE) last posted its earnings results on Tuesday, October 29th. The utilities provider reported $0.85 earnings per share 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 analysts’ expectations of $3.96 billion. FirstEnergy had a return on equity of 11.38% and a net margin of 6.64%. FirstEnergy’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.88 EPS.

FirstEnergy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Thursday, November 7th will be issued a $0.425 dividend. This represents a $1.70 dividend on an annualized basis and a yield of 4.07%. The ex-dividend date is Thursday, November 7th. FirstEnergy’s dividend payout ratio is presently 109.68%.

Hedge Funds Weigh In On FirstEnergy

A number of large investors have recently modified their holdings of FE. FinTrust Capital Advisors LLC boosted its stake in shares of FirstEnergy by 1,150.9% in the first quarter. FinTrust Capital Advisors LLC now owns 663 shares of the utilities provider’s stock valued at $26,000 after buying an additional 610 shares in the last quarter. ST Germain D J Co. Inc. lifted its holdings in FirstEnergy by 1,138.9% in the second quarter. ST Germain D J Co. Inc. now owns 669 shares of the utilities provider’s stock valued at $26,000 after acquiring an additional 615 shares during the period. Livelsberger Financial Advisory acquired a new stake in FirstEnergy in the third quarter valued at $26,000. Strategic Investment Solutions Inc. IL purchased a new stake in FirstEnergy during the second quarter worth about $32,000. Finally, Western Pacific Wealth Management LP purchased a new position in FirstEnergy in the first quarter valued at about $36,000. 89.41% of the stock is owned by hedge funds and other institutional investors.

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.