Analysts Set Expectations for FirstEnergy Corp.’s FY2023 Earnings (NYSE:FE)

FirstEnergy Corp. (NYSE:FE) – Stock analysts at KeyCorp raised their FY2023 earnings estimates for shares of FirstEnergy in a research report issued to clients and investors on Monday, February 10th. KeyCorp analyst S. Karp now forecasts that the utilities provider will post earnings of $3.03 per share for the year, up from their prior estimate of $2.99. KeyCorp has a “Overweight” rating and a $54.00 price objective on the stock. KeyCorp also issued estimates for FirstEnergy’s FY2024 earnings at $3.21 EPS.

Several other brokerages have also recently commented on FE. Bank of America cut FirstEnergy from a “buy” rating to a “neutral” rating in a research report on Thursday, October 24th. They noted that the move was a valuation call. Mizuho raised FirstEnergy from a “neutral” rating to a “buy” rating and increased their price target for the company from $47.00 to $53.00 in a research report on Monday, November 25th. Citigroup increased their price target on FirstEnergy from $49.00 to $50.00 and gave the company a “neutral” rating in a research report on Thursday, January 16th. UBS Group reissued a “buy” rating and set a $53.00 price target (up from $52.00) on shares of FirstEnergy in a research report on Monday, November 25th. Finally, Morgan Stanley increased their price target on FirstEnergy from $48.00 to $51.00 and gave the company an “equal weight” rating in a research report on Monday, December 16th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company. FirstEnergy presently has a consensus rating of “Hold” and an average target price of $50.50.

Shares of NYSE FE opened at $51.98 on Wednesday. The stock has a 50 day moving average price of $49.48 and a 200 day moving average price of $47.60. FirstEnergy has a 52 week low of $38.64 and a 52 week high of $52.26. The company has a debt-to-equity ratio of 2.67, a quick ratio of 0.56 and a current ratio of 0.62. The stock has a market capitalization of $27.75 billion, a PE ratio of 30.58, a price-to-earnings-growth ratio of 3.44 and a beta of 0.20.

FirstEnergy (NYSE:FE) last issued its quarterly earnings results on Friday, February 7th. The utilities provider reported $0.55 EPS for the quarter, beating the consensus estimate of $0.48 by $0.07. FirstEnergy had a return on equity of 19.45% and a net margin of 8.26%. The firm had revenue of $2.67 billion during the quarter, compared to analysts’ expectations of $2.74 billion. During the same period in the prior year, the firm posted $0.50 earnings per share.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Retirement Systems of Alabama lifted its position in shares of FirstEnergy by 0.4% in the third quarter. Retirement Systems of Alabama now owns 236,469 shares of the utilities provider’s stock valued at $11,405,000 after buying an additional 1,023 shares during the last quarter. Global Retirement Partners LLC increased its stake in shares of FirstEnergy by 20.1% during the third quarter. Global Retirement Partners LLC now owns 12,046 shares of the utilities provider’s stock worth $581,000 after purchasing an additional 2,019 shares during the period. AE Wealth Management LLC increased its stake in shares of FirstEnergy by 7.9% during the third quarter. AE Wealth Management LLC now owns 13,390 shares of the utilities provider’s stock worth $646,000 after purchasing an additional 977 shares during the period. National Pension Service increased its stake in shares of FirstEnergy by 4.9% during the third quarter. National Pension Service now owns 691,998 shares of the utilities provider’s stock worth $33,375,000 after purchasing an additional 32,258 shares during the period. Finally, IFP Advisors Inc increased its stake in shares of FirstEnergy by 12.9% during the fourth quarter. IFP Advisors Inc now owns 6,158 shares of the utilities provider’s stock worth $296,000 after purchasing an additional 702 shares during the period. 88.87% of the stock is owned by institutional investors.

FirstEnergy Company Profile

FirstEnergy Corp., through its subsidiaries, generates, transmits, and distributes electricity in the United States. The company operates through Regulated Distribution and Regulated Transmission segments. It owns and operates coal-fired, nuclear, hydroelectric, natural gas, wind, and solar power generating facilities.

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