FirstEnergy (NYSE:FE) Updates FY 2024 Earnings Guidance

FirstEnergy (NYSE:FEGet Free Report) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 0.480-0.580 for the period, compared to the consensus earnings per share estimate of 0.680. The company issued revenue guidance of -. FirstEnergy also updated its FY24 guidance to $2.61 to $2.81 EPS.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. JPMorgan Chase & Co. decreased their price target on FirstEnergy from $42.00 to $39.00 and set a neutral rating for the company in a report on Thursday, October 12th. Morgan Stanley reduced their price objective on FirstEnergy from $44.00 to $42.00 and set an overweight rating for the company in a research note on Wednesday, October 25th. StockNews.com upgraded FirstEnergy from a sell rating to a hold rating in a research report on Monday, October 30th. Finally, KeyCorp upped their target price on FirstEnergy from $41.00 to $43.00 and gave the company an overweight rating in a report on Thursday, January 4th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, FirstEnergy presently has an average rating of Hold and an average target price of $39.67.

Read Our Latest Report on FE

FirstEnergy Stock Performance

Shares of NYSE:FE traded down $0.04 on Thursday, reaching $35.79. 4,550,160 shares of the company’s stock were exchanged, compared to its average volume of 4,022,961. FirstEnergy has a fifty-two week low of $32.18 and a fifty-two week high of $41.99. The business’s 50-day moving average is $37.09 and its two-hundred day moving average is $36.55. The company has a quick ratio of 0.43, a current ratio of 0.53 and a debt-to-equity ratio of 2.09. The firm has a market capitalization of $20.54 billion, a price-to-earnings ratio of 44.79 and a beta of 0.49.

FirstEnergy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 1st. Investors of record on Wednesday, February 7th will be given a $0.41 dividend. The ex-dividend date is Tuesday, February 6th. This represents a $1.64 annualized dividend and a yield of 4.58%. FirstEnergy’s dividend payout ratio is presently 205.00%.

Insider Activity at FirstEnergy

In related news, SVP Christine Walker sold 12,500 shares of the business’s stock in a transaction that occurred on Monday, November 27th. The shares were sold at an average price of $37.58, for a total value of $469,750.00. Following the sale, the senior vice president now directly owns 36,959 shares in the company, valued at approximately $1,388,919.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.08% of the stock is currently owned by insiders.

Institutional Trading of FirstEnergy

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in shares of FirstEnergy by 7.0% in the first quarter. Vanguard Group Inc. now owns 68,214,574 shares of the utilities provider’s stock worth $3,128,322,000 after acquiring an additional 4,443,050 shares in the last quarter. Deutsche Bank AG lifted its position in FirstEnergy by 122.5% in the 1st quarter. Deutsche Bank AG now owns 1,989,571 shares of the utilities provider’s stock worth $79,702,000 after buying an additional 1,095,445 shares in the last quarter. ClearBridge Investments Ltd boosted its stake in shares of FirstEnergy by 58.1% during the 1st quarter. ClearBridge Investments Ltd now owns 2,543,588 shares of the utilities provider’s stock valued at $116,649,000 after buying an additional 934,346 shares during the period. Royal Bank of Canada grew its holdings in shares of FirstEnergy by 24.5% during the 2nd quarter. Royal Bank of Canada now owns 3,784,760 shares of the utilities provider’s stock valued at $147,153,000 after acquiring an additional 744,674 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in shares of FirstEnergy by 79.7% in the second quarter. Goldman Sachs Group Inc. now owns 1,286,165 shares of the utilities provider’s stock worth $50,006,000 after acquiring an additional 570,435 shares during the last quarter. 82.34% of the stock is currently owned by institutional investors.

About FirstEnergy

(Get Free Report)

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.

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Earnings History and Estimates for FirstEnergy (NYSE:FE)

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