Scotiabank Brokers Reduce Earnings Estimates for FirstEnergy

FirstEnergy Corp. (NYSE:FEFree Report) – Research analysts at Scotiabank lowered their FY2024 earnings estimates for shares of FirstEnergy in a report released 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 forecast 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.

Other research analysts also recently issued research reports about the company. JPMorgan Chase & Co. boosted their target price on FirstEnergy from $45.00 to $46.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. Jefferies Financial Group assumed coverage on shares of FirstEnergy in a research report on Monday, October 14th. They set a “hold” rating and a $46.00 price objective for the company. KeyCorp cut their target price on shares of FirstEnergy from $48.00 to $47.00 and set an “overweight” rating on the stock in a research report on Wednesday, December 4th. Seaport Res Ptn downgraded shares of FirstEnergy from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 31st. Finally, Barclays raised their price objective on FirstEnergy from $40.00 to $46.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, FirstEnergy presently has a consensus rating of “Hold” and a consensus target price of $46.27.

View Our Latest Report on FE

FirstEnergy Price Performance

FirstEnergy stock opened at $39.81 on Friday. The stock has a fifty day moving average of $40.80 and a 200-day moving average of $41.70. The stock has a market capitalization of $22.94 billion, a P/E ratio of 25.68, a price-to-earnings-growth ratio of 2.18 and a beta of 0.52. The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.46 and a current ratio of 0.56. FirstEnergy has a 52 week low of $35.41 and a 52 week high of $44.97.

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

Institutional Investors Weigh In On FirstEnergy

A number of institutional investors have recently modified their holdings of FE. Assenagon Asset Management S.A. lifted its stake in 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 buying an additional 694,313 shares during the period. Allspring Global Investments Holdings LLC lifted its position in shares of FirstEnergy by 5.3% during 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 acquiring an additional 457,231 shares during the period. Point72 Asset Management L.P. bought a new position in FirstEnergy during the second quarter worth $14,933,000. International Assets Investment Management LLC grew its holdings in FirstEnergy by 4,445.0% in the third quarter. International Assets Investment Management LLC now owns 219,434 shares of the utilities provider’s stock worth $9,732,000 after purchasing an additional 214,606 shares during the period. Finally, 1832 Asset Management L.P. increased its stake in FirstEnergy by 7.6% in the second quarter. 1832 Asset Management L.P. now owns 2,725,050 shares of the utilities provider’s stock valued at $104,288,000 after purchasing an additional 193,540 shares in the last quarter. 89.41% of the stock is owned by institutional investors.

FirstEnergy Announces Dividend

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

FirstEnergy Company Profile

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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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Earnings History and Estimates for FirstEnergy (NYSE:FE)

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