FirstEnergy (NYSE:FE) Issues Quarterly Earnings Results

FirstEnergy (NYSE:FE) issued its earnings results on Tuesday. The utilities provider reported $0.50 EPS for the quarter, meeting the consensus estimate of $0.50, FiscalAI reports. FirstEnergy had a net margin of 6.86% and a return on equity of 10.66%. The company had revenue of $3.68 billion during the quarter, compared to analysts’ expectations of $3.51 billion. During the same quarter in the previous year, the company posted $0.52 EPS.

FirstEnergy Stock Performance

FE traded up $0.50 on Wednesday, reaching $50.15. The company had a trading volume of 578,957 shares, compared to its average volume of 4,736,997. The stock has a market cap of $29.01 billion, a P/E ratio of 27.19, a P/E/G ratio of 2.36 and a beta of 0.47. The company has a debt-to-equity ratio of 1.87, a quick ratio of 0.42 and a current ratio of 0.52. FirstEnergy has a fifty-two week low of $41.64 and a fifty-two week high of $52.34. The company’s fifty day moving average is $47.41 and its 200 day moving average is $48.19.

FirstEnergy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 7th will be issued a dividend of $0.465 per share. The ex-dividend date of this dividend is Friday, August 7th. This represents a $1.86 annualized dividend and a dividend yield of 3.7%. FirstEnergy’s payout ratio is presently 101.09%.

Wall Street Analyst Weigh In

Several brokerages have commented on FE. Wolfe Research downgraded shares of FirstEnergy from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 4th. Morgan Stanley reissued an “overweight” rating on shares of FirstEnergy in a report on Wednesday, July 22nd. Weiss Ratings cut shares of FirstEnergy from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, June 17th. TD Cowen raised shares of FirstEnergy from a “hold” rating to a “buy” rating and cut their price target for the company from $56.00 to $53.00 in a research note on Friday, May 15th. Finally, Wells Fargo & Company reaffirmed an “overweight” rating and issued a $55.00 price objective on shares of FirstEnergy in a research report on Tuesday, April 21st. Seven research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, FirstEnergy currently has a consensus rating of “Moderate Buy” and an average target price of $52.92.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in FE. Brighton Jones LLC acquired a new position in shares of FirstEnergy during the 4th quarter worth approximately $256,000. Jump Financial LLC acquired a new position in shares of FirstEnergy in the 4th quarter valued at approximately $223,000. WINTON GROUP Ltd bought a new stake in shares of FirstEnergy during the 4th quarter worth approximately $219,000. Graham Capital Management L.P. acquired a new stake in shares of FirstEnergy during the 4th quarter worth approximately $214,000. Finally, Boothbay Fund Management LLC bought a new position in shares of FirstEnergy in the second quarter worth about $209,000. Institutional investors own 89.41% of the company’s stock.

FirstEnergy Company Profile

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.