Q3 2024 EPS Estimates for FirstEnergy Corp. (NYSE:FE) Increased by Zacks Research

FirstEnergy Corp. (NYSE:FE) – Equities research analysts at Zacks Research increased their Q3 2024 earnings estimates for FirstEnergy in a report released on Tuesday, October 1st. Zacks Research analyst R. Department now expects that the utilities provider will post earnings per share of $0.90 for the quarter, up from their previous forecast of $0.88. The consensus estimate for FirstEnergy’s current full-year earnings is $2.70 per share. Zacks Research also issued estimates for FirstEnergy’s FY2024 earnings at $2.71 EPS, Q1 2025 earnings at $0.64 EPS, Q2 2025 earnings at $0.60 EPS and Q4 2025 earnings at $0.74 EPS.

Several other research analysts have also commented on FE. Barclays boosted their price objective on shares of FirstEnergy from $39.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 9th. Argus raised FirstEnergy from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research report on Friday, September 20th. KeyCorp raised their price objective on FirstEnergy from $46.00 to $47.00 and gave the stock an “overweight” rating in a research report on Monday. Bank of America upped their target price on FirstEnergy from $42.00 to $43.00 and gave the company an “underperform” rating in a research report on Thursday, August 29th. Finally, Scotiabank raised their price target on FirstEnergy from $40.00 to $45.00 and gave the stock a “sector perform” rating in a report on Tuesday, August 20th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $44.55.

FirstEnergy Stock Performance

Shares of FirstEnergy stock opened at $44.05 on Thursday. The company has a market capitalization of $25.37 billion, a PE ratio of 25.32, a P/E/G ratio of 2.32 and a beta of 0.50. The company has a 50-day simple moving average of $43.21 and a two-hundred day simple moving average of $40.33. FirstEnergy has a one year low of $32.18 and a one year high of $44.97. The company has a debt-to-equity ratio of 1.52, a quick ratio of 0.43 and a current ratio of 0.51.

FirstEnergy (NYSE:FE) last announced its quarterly earnings results on Tuesday, July 30th. The utilities provider reported $0.56 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.56. The business had revenue of $3.28 billion for the quarter, compared to the consensus estimate of $3.47 billion. FirstEnergy had a return on equity of 12.12% and a net margin of 6.61%. During the same period last year, the business posted $0.47 EPS.

FirstEnergy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Investors of record on Thursday, November 7th will be issued a $0.425 dividend. The ex-dividend date is Thursday, November 7th. This represents a $1.70 annualized dividend and a yield of 3.86%. FirstEnergy’s dividend payout ratio (DPR) is presently 97.70%.

Hedge Funds Weigh In On FirstEnergy

A number of institutional investors have recently bought and sold shares of the business. Capital World Investors increased its stake in shares of FirstEnergy by 14.3% in the first quarter. Capital World Investors now owns 77,928,914 shares of the utilities provider’s stock worth $3,009,615,000 after acquiring an additional 9,773,785 shares during the period. 1832 Asset Management L.P. grew its position in FirstEnergy by 20.6% during the 4th quarter. 1832 Asset Management L.P. now owns 3,454,376 shares of the utilities provider’s stock worth $126,637,000 after purchasing an additional 590,815 shares during the period. UniSuper Management Pty Ltd raised its stake in shares of FirstEnergy by 63.4% during the 1st quarter. UniSuper Management Pty Ltd now owns 1,328,210 shares of the utilities provider’s stock valued at $51,295,000 after buying an additional 515,458 shares during the last quarter. Point72 Asset Management L.P. acquired a new position in shares of FirstEnergy in the 2nd quarter valued at about $14,933,000. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in shares of FirstEnergy in the first quarter worth about $12,631,000. 89.41% of the stock is owned by hedge funds and other institutional investors.

About FirstEnergy

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.