FirstEnergy (NYSE:FE) Releases Quarterly Earnings Results, Hits Expectations

FirstEnergy (NYSE:FE) issued its quarterly earnings results on Tuesday. The utilities provider reported $0.53 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.53, FiscalAI reports. FirstEnergy had a return on equity of 11.15% and a net margin of 9.19%.

FirstEnergy Stock Performance

NYSE FE traded down $0.72 during trading on Tuesday, reaching $49.38. 6,094,159 shares of the company’s stock were exchanged, compared to its average volume of 4,994,871. The company has a debt-to-equity ratio of 1.80, a current ratio of 0.75 and a quick ratio of 0.64. The stock has a market capitalization of $28.53 billion, a P/E ratio of 21.56, a PEG ratio of 2.86 and a beta of 0.64. FirstEnergy has a fifty-two week low of $37.58 and a fifty-two week high of $50.44. The business has a 50 day moving average price of $45.97 and a 200-day moving average price of $45.42.

FirstEnergy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Thursday, May 7th will be issued a dividend of $0.465 per share. The ex-dividend date is Thursday, May 7th. This is an increase from FirstEnergy’s previous quarterly dividend of $0.45. This represents a $1.86 dividend on an annualized basis and a yield of 3.8%. FirstEnergy’s dividend payout ratio is 81.22%.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Scotiabank upped their target price on shares of FirstEnergy from $49.00 to $51.00 and gave the company a “sector outperform” rating in a research report on Friday, October 24th. Wolfe Research upgraded FirstEnergy from a “peer perform” rating to an “outperform” rating and set a $50.00 price objective for the company in a report on Tuesday, January 27th. Jefferies Financial Group raised their target price on FirstEnergy from $45.00 to $47.00 and gave the stock a “hold” rating in a report on Tuesday, October 21st. Mizuho boosted their target price on FirstEnergy from $45.00 to $50.00 and gave the stock a “neutral” rating in a research report on Friday, October 24th. Finally, UBS Group cut their price target on shares of FirstEnergy from $49.00 to $46.00 and set a “neutral” rating on the stock in a research report on Wednesday, December 17th. Nine equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $48.85.

Hedge Funds Weigh In On FirstEnergy

Several large investors have recently modified their holdings of the stock. State of Wyoming bought a new stake in shares of FirstEnergy during the 2nd quarter worth about $25,000. WFA of San Diego LLC bought a new stake in shares of FirstEnergy during the second quarter worth approximately $46,000. Headlands Technologies LLC bought a new stake in shares of FirstEnergy during the second quarter worth approximately $55,000. MUFG Securities EMEA plc acquired a new position in shares of FirstEnergy in the second quarter valued at approximately $61,000. Finally, Colonial Trust Co SC increased its stake in shares of FirstEnergy by 29.9% during the fourth quarter. Colonial Trust Co SC now owns 1,383 shares of the utilities provider’s stock worth $62,000 after purchasing an additional 318 shares during the period. 89.41% of the stock is owned by institutional investors.

About FirstEnergy

FirstEnergy Corp. (NYSE: FE) is a U.S.-based electric utility holding company headquartered in Akron, Ohio. The company’s primary business is the delivery of electricity through its regulated transmission and distribution utilities, serving residential, commercial and industrial customers across parts of the Midwest and Mid‑Atlantic. FirstEnergy’s service territory includes states such as Ohio, Pennsylvania, New Jersey, Maryland and West Virginia, and it operates primarily within the PJM regional transmission organization.

FirstEnergy’s core activities center on owning and operating electric distribution networks and transmission systems, maintaining and upgrading grid infrastructure, managing storm response and restoration, and offering customer programs that include energy efficiency and reliability services.