FirstEnergy Corp. (NYSE:FE – Free Report) – Zacks Research cut their Q3 2023 EPS estimates for shares of FirstEnergy in a research report issued on Tuesday, September 12th. Zacks Research analyst T. Sarawagi now forecasts that the utilities provider will post earnings per share of $0.87 for the quarter, down from their previous estimate of $0.90. The consensus estimate for FirstEnergy’s current full-year earnings is $2.53 per share. Zacks Research also issued estimates for FirstEnergy’s FY2023 earnings at $2.52 EPS and Q3 2024 earnings at $0.87 EPS.
Several other research analysts also recently commented on FE. Royal Bank of Canada reduced their price target on shares of FirstEnergy from $44.00 to $41.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 6th. StockNews.com downgraded shares of FirstEnergy from a “hold” rating to a “sell” rating in a research report on Monday, August 28th. Morgan Stanley cut their price objective on shares of FirstEnergy from $46.00 to $43.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 23rd. UBS Group downgraded shares of FirstEnergy from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $45.00 to $40.00 in a research report on Monday, August 7th. Finally, Barclays initiated coverage on shares of FirstEnergy in a research note on Wednesday, August 23rd. They issued an “equal weight” rating and a $37.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, FirstEnergy currently has a consensus rating of “Hold” and an average target price of $41.40.
FirstEnergy Trading Up 2.0 %
FE stock opened at $36.89 on Friday. The company has a market capitalization of $21.15 billion, a PE ratio of 46.70, a P/E/G ratio of 2.22 and a beta of 0.45. FirstEnergy has a 12 month low of $34.69 and a 12 month high of $43.31. The firm’s 50-day moving average is $37.35 and its 200 day moving average is $38.59. The company has a debt-to-equity ratio of 2.07, a current ratio of 0.60 and a quick ratio of 0.49.
FirstEnergy (NYSE:FE – Get Free Report) last released its earnings results on Tuesday, August 1st. The utilities provider reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.01. The firm had revenue of $3.01 billion during the quarter, compared to analyst estimates of $2.89 billion. FirstEnergy had a net margin of 3.55% and a return on equity of 12.41%.
Institutional Investors Weigh In On FirstEnergy
Hedge funds have recently modified their holdings of the business. Vanguard Group Inc. increased its position in FirstEnergy by 7.0% during the first quarter. Vanguard Group Inc. now owns 68,214,574 shares of the utilities provider’s stock worth $3,128,322,000 after purchasing an additional 4,443,050 shares during the last quarter. Capital World Investors increased its position in FirstEnergy by 45.0% during the second quarter. Capital World Investors now owns 43,450,863 shares of the utilities provider’s stock worth $1,689,370,000 after purchasing an additional 13,484,251 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in FirstEnergy by 41.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 19,698,278 shares of the utilities provider’s stock worth $826,146,000 after purchasing an additional 5,820,540 shares during the last quarter. Ameriprise Financial Inc. increased its position in FirstEnergy by 13.2% during the first quarter. Ameriprise Financial Inc. now owns 11,744,900 shares of the utilities provider’s stock worth $470,512,000 after purchasing an additional 1,373,826 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in FirstEnergy by 2.7% during the first quarter. Geode Capital Management LLC now owns 11,526,479 shares of the utilities provider’s stock worth $460,739,000 after purchasing an additional 300,442 shares during the last quarter. 82.34% of the stock is currently owned by institutional investors and hedge funds.
FirstEnergy Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Monday, August 7th were given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 4.23%. The ex-dividend date was Friday, August 4th. FirstEnergy’s dividend payout ratio is presently 197.47%.
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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