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

FirstEnergy Corp. (NYSE:FE) – Scotiabank lowered their FY2024 earnings estimates for shares of FirstEnergy in a note issued to investors on Wednesday, January 8th. Scotiabank analyst A. Weisel now anticipates that the utilities provider will post earnings per share of $2.67 for the year, down from their previous estimate of $2.70. Scotiabank has a “Sector Outperform” rating and a $50.00 price objective 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.

FirstEnergy (NYSE:FE) last issued its quarterly earnings data on Tuesday, October 29th. The utilities provider reported $0.85 EPS for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.05). The company had revenue of $3.73 billion for the quarter, compared to analyst estimates of $3.96 billion. FirstEnergy had a return on equity of 11.38% and a net margin of 6.64%. The company’s revenue was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.88 earnings per share.

FE has been the topic of a number of other research reports. KeyCorp dropped their target price on FirstEnergy from $48.00 to $47.00 and set an “overweight” rating on the stock in a research report on Wednesday, December 4th. Barclays lifted their price objective 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. Jefferies Financial Group assumed coverage on shares of FirstEnergy in a report on Monday, October 14th. They set a “hold” rating and a $46.00 target price for the company. Morgan Stanley decreased their target price on shares of FirstEnergy from $52.00 to $50.00 and set an “overweight” rating for the company in a research report on Friday, November 22nd. Finally, Argus raised shares of 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. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, FirstEnergy currently has an average rating of “Hold” and a consensus target price of $46.27.

FirstEnergy Stock Performance

Shares of FirstEnergy stock opened at $38.75 on Friday. The company has a debt-to-equity ratio of 1.58, a current ratio of 0.56 and a quick ratio of 0.46. The firm has a market cap of $22.33 billion, a price-to-earnings ratio of 25.00, a price-to-earnings-growth ratio of 2.18 and a beta of 0.52. The stock’s 50-day moving average is $40.74 and its 200-day moving average is $41.70. FirstEnergy has a one year low of $35.41 and a one year high of $44.97.

FirstEnergy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, March 1st. Shareholders of record on Friday, February 7th will be paid a $0.425 dividend. The ex-dividend date is Friday, February 7th. This represents a $1.70 annualized dividend and a yield of 4.39%. FirstEnergy’s dividend payout ratio is 109.68%.

Institutional Investors Weigh In On FirstEnergy

Large investors have recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. increased its holdings in shares of FirstEnergy by 1,417.3% in the third quarter. Assenagon Asset Management S.A. now owns 743,303 shares of the utilities provider’s stock valued at $32,965,000 after purchasing an additional 694,313 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in FirstEnergy by 5.3% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 9,098,472 shares of the utilities provider’s stock valued at $403,517,000 after buying an additional 457,231 shares during the last quarter. Point72 Asset Management L.P. bought a new position in FirstEnergy in the 2nd quarter valued at about $14,933,000. International Assets Investment Management LLC raised its holdings in FirstEnergy by 4,445.0% in the 3rd quarter. International Assets Investment Management LLC now owns 219,434 shares of the utilities provider’s stock valued at $9,732,000 after acquiring an additional 214,606 shares during the period. Finally, 1832 Asset Management L.P. lifted its position in FirstEnergy by 7.6% during the second quarter. 1832 Asset Management L.P. now owns 2,725,050 shares of the utilities provider’s stock worth $104,288,000 after acquiring an additional 193,540 shares during the last quarter. Institutional investors own 89.41% of the company’s stock.

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.