FirstEnergy (NYSE:FE) Updates Q3 2022 Earnings Guidance

FirstEnergy (NYSE:FEGet 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 (NYSE:FEGet Rating) last posted its quarterly earnings data on Tuesday, July 26th. The utilities provider reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.01. FirstEnergy had a return on equity of 16.50% and a net margin of 11.78%. During the same quarter in the previous year, the business posted $0.59 EPS. Sell-side analysts forecast that FirstEnergy will post 2.4 earnings per share for the current fiscal year.

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.

About FirstEnergy

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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, natural gas, wind, and solar power generating facilities.

See Also

Earnings History and Estimates for FirstEnergy (NYSE:FE)

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