Seaport Res Ptn Cuts Earnings Estimates for FirstEnergy

FirstEnergy Corp. (NYSE:FE) – Equities research analysts at Seaport Res Ptn lowered their FY2024 EPS estimates for shares of FirstEnergy in a report issued on Thursday, October 31st. Seaport Res Ptn analyst A. Storozynski now expects that the utilities provider will post earnings per share of $2.67 for the year, down from their prior forecast of $2.71. Seaport Res Ptn currently 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.

FirstEnergy (NYSE:FE) last released its quarterly 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 company 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%. The business’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.88 EPS.

Other equities analysts also recently issued reports about the company. KeyCorp raised their price objective on FirstEnergy from $47.00 to $48.00 and gave the stock an “overweight” rating in a report on Tuesday, October 22nd. Jefferies Financial Group initiated coverage on shares of FirstEnergy in a report on Monday, October 14th. They issued a “hold” rating and a $46.00 price target on the stock. Scotiabank boosted their price objective on shares of 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 raised their target price on shares of FirstEnergy from $42.00 to $45.00 and gave the company an “equal weight” rating in a research note on Thursday, August 1st. Finally, Barclays lifted their target price on shares of FirstEnergy from $40.00 to $46.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. One equities research 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 MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $46.00.

FirstEnergy Trading Down 0.2 %

NYSE FE opened at $41.73 on Friday. The company has a market cap 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 50-day moving average of $43.62 and a 200-day moving average of $41.08. FirstEnergy has a 12 month low of $34.92 and a 12 month high of $44.97. The company has a debt-to-equity ratio of 1.58, a current ratio of 0.56 and a quick ratio of 0.43.

FirstEnergy Announces Dividend

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

Institutional Investors Weigh In On FirstEnergy

Institutional investors have recently made changes to their positions in the company. Balanced Wealth Group LLC increased its position in FirstEnergy by 0.9% in the third quarter. Balanced Wealth Group LLC now owns 26,741 shares of the utilities provider’s stock worth $1,186,000 after buying an additional 241 shares during the period. Sachetta LLC increased its stake in shares of FirstEnergy by 36.0% in the second quarter. Sachetta LLC now owns 929 shares of the utilities provider’s stock valued at $39,000 after purchasing an additional 246 shares during the period. Commonwealth Financial Services LLC increased its stake in shares of FirstEnergy by 4.4% in the second quarter. Commonwealth Financial Services LLC now owns 5,869 shares of the utilities provider’s stock valued at $226,000 after purchasing an additional 249 shares during the period. Richardson Financial Services Inc. raised its holdings in shares of FirstEnergy by 6.2% during the first quarter. Richardson Financial Services Inc. now owns 4,995 shares of the utilities provider’s stock valued at $193,000 after buying an additional 290 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund boosted its position in shares of FirstEnergy by 0.7% during the second quarter. Oregon Public Employees Retirement Fund now owns 44,441 shares of the utilities provider’s stock worth $1,701,000 after buying an additional 310 shares during the period. 89.41% of the stock is currently owned by 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.