FirstEnergy (NYSE:FE – Get Rating) updated its third quarter 2022 earnings guidance on Thursday. The company provided EPS guidance of $0.70-$0.80 for the period, compared to the consensus EPS estimate of $0.80. The company issued revenue guidance of -. FirstEnergy also updated its FY 2022 guidance to $2.30-$2.50 EPS.
Wall Street Analysts Forecast Growth
Several analysts recently weighed in on FE shares. Bank of America downgraded FirstEnergy from a buy rating to a neutral rating and decreased their target price for the company from $52.00 to $44.00 in a research note on Monday, May 16th. Barclays reduced their price objective on FirstEnergy from $49.00 to $41.00 and set an equal weight rating for the company in a research report on Monday, July 18th. Mizuho cut their target price on FirstEnergy from $41.00 to $40.00 and set a neutral rating for the company in a research report on Tuesday, June 7th. KeyCorp dropped their price target on FirstEnergy from $51.00 to $47.00 and set an overweight rating for the company in a report on Tuesday, July 19th. Finally, Credit Suisse Group began coverage on FirstEnergy in a report on Monday, April 25th. They set an outperform rating and a $51.00 price target for the company. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus target price of $45.25.
FirstEnergy Stock Performance
NYSE FE traded up $0.96 during trading on Friday, reaching $41.10. 4,607,641 shares of the company’s stock were exchanged, compared to its average volume of 4,107,684. The business has a 50 day moving average price of $39.19 and a 200-day moving average price of $41.92. The stock has a market capitalization of $23.47 billion, a P/E ratio of 16.71, a PEG ratio of 2.56 and a beta of 0.43. The company has a debt-to-equity ratio of 2.48, a current ratio of 0.52 and a quick ratio of 0.45. FirstEnergy has a fifty-two week low of $35.32 and a fifty-two week high of $48.85.
FirstEnergy Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 1st. Investors of record on Friday, August 5th will be paid a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 3.80%. The ex-dividend date of this dividend is Thursday, August 4th. FirstEnergy’s dividend payout ratio (DPR) is presently 63.41%.
Institutional Trading of FirstEnergy
Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of FirstEnergy by 7.0% in the first quarter. Vanguard Group Inc. now owns 68,214,574 shares of the utilities provider’s stock worth $3,128,322,000 after acquiring an additional 4,443,050 shares during the period. ClearBridge Investments Ltd increased its holdings in shares of FirstEnergy by 58.1% during the first quarter. ClearBridge Investments Ltd now owns 2,543,588 shares of the utilities provider’s stock valued at $116,649,000 after acquiring an additional 934,346 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of FirstEnergy by 7.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 3,095,848 shares of the utilities provider’s stock valued at $141,976,000 after acquiring an additional 210,690 shares in the last quarter. Allianz Asset Management GmbH increased its holdings in shares of FirstEnergy by 51.0% during the first quarter. Allianz Asset Management GmbH now owns 618,302 shares of the utilities provider’s stock valued at $28,355,000 after acquiring an additional 208,803 shares in the last quarter. Finally, Ensign Peak Advisors Inc grew its holdings in FirstEnergy by 35.1% during the first quarter. Ensign Peak Advisors Inc now owns 703,611 shares of the utilities provider’s stock worth $32,268,000 after buying an additional 182,985 shares in the last quarter. 87.78% of the stock is owned by institutional investors and hedge funds.
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, natural gas, wind, and solar power generating facilities.
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