Scotiabank Forecasts FirstEnergy’s FY2024 Earnings (NYSE:FE)

FirstEnergy Corp. (NYSE:FE) – Stock analysts at Scotiabank cut their FY2024 earnings estimates for FirstEnergy in a research note issued to investors on Wednesday, January 8th. Scotiabank analyst A. Weisel now forecasts that the utilities provider will post earnings of $2.67 per share for the year, down from their prior forecast of $2.70. Scotiabank currently has a “Sector Outperform” rating and a $50.00 target price on the stock. The consensus estimate for FirstEnergy’s current full-year earnings is $2.68 per share. Scotiabank also issued estimates for FirstEnergy’s FY2026 earnings at $3.07 EPS.

FE has been the topic of a number of other reports. Argus upgraded shares of FirstEnergy from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Friday, September 20th. JPMorgan Chase & Co. upped their target price on shares of FirstEnergy from $45.00 to $46.00 and gave the company a “neutral” rating in a report on Friday, October 18th. KeyCorp reduced their price target on FirstEnergy from $48.00 to $47.00 and set an “overweight” rating for the company in a report on Wednesday, December 4th. Barclays upped their price objective on FirstEnergy from $40.00 to $46.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Finally, Jefferies Financial Group began coverage on FirstEnergy in a research note on Monday, October 14th. They set a “hold” rating and a $46.00 target price for the company. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, FirstEnergy currently has an average rating of “Hold” and a consensus target price of $46.27.

FirstEnergy Stock Up 1.3 %

NYSE:FE opened at $39.81 on Friday. The firm has a market capitalization of $22.94 billion, a price-to-earnings ratio of 25.68, a price-to-earnings-growth ratio of 2.18 and a beta of 0.52. The company has a quick ratio of 0.46, a current ratio of 0.56 and a debt-to-equity ratio of 1.58. FirstEnergy has a twelve month low of $35.41 and a twelve month high of $44.97. The stock’s 50 day moving average price is $40.80 and its two-hundred day moving average price is $41.70.

FirstEnergy (NYSE:FE) last announced its quarterly earnings data 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). FirstEnergy had a net margin of 6.64% and a return on equity of 11.38%. The company had revenue of $3.73 billion during the quarter, compared to the consensus estimate of $3.96 billion. During the same quarter in the previous year, the business earned $0.88 EPS. FirstEnergy’s revenue was up 6.9% on a year-over-year basis.

Institutional Investors Weigh In On FirstEnergy

A number of hedge funds and other institutional investors have recently modified their holdings of FE. Livelsberger Financial Advisory bought a new position in FirstEnergy during the third quarter worth about $26,000. True Wealth Design LLC grew its position in shares of FirstEnergy by 4,571.4% during the 3rd quarter. True Wealth Design LLC now owns 654 shares of the utilities provider’s stock worth $29,000 after purchasing an additional 640 shares in the last quarter. Strategic Investment Solutions Inc. IL bought a new position in shares of FirstEnergy during the second quarter worth approximately $32,000. Ashton Thomas Private Wealth LLC acquired a new stake in shares of FirstEnergy in the second quarter valued at approximately $38,000. Finally, Quarry LP boosted its stake in shares of FirstEnergy by 59.1% in the third quarter. Quarry LP now owns 861 shares of the utilities provider’s stock valued at $38,000 after buying an additional 320 shares during the period. Institutional investors and hedge funds own 89.41% of the company’s stock.

FirstEnergy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Saturday, March 1st. Shareholders of record on Friday, February 7th will be given a dividend of $0.425 per share. This represents a $1.70 annualized dividend and a yield of 4.27%. The ex-dividend date is Friday, February 7th. FirstEnergy’s payout ratio is 109.68%.

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.