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 Analyst Weigh In
A number of equities analysts have recently weighed in on the stock. Credit Suisse Group assumed coverage on shares of FirstEnergy in a research report on Monday, April 25th. They issued an outperform rating and a $51.00 price objective for the company. Bank of America lowered shares of FirstEnergy from a buy rating to a neutral rating and cut their price objective for the company from $52.00 to $44.00 in a research report on Monday, May 16th. KeyCorp cut their price objective on shares of FirstEnergy from $51.00 to $47.00 and set an overweight rating for the company in a research report on Tuesday, July 19th. Wells Fargo & Company cut their price objective on shares of FirstEnergy from $49.00 to $44.00 and set an equal weight rating for the company in a research report on Thursday. Finally, Barclays dropped their price target on shares of FirstEnergy from $49.00 to $41.00 and set an equal weight rating for the company in a research report on Monday, July 18th. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, FirstEnergy currently has an average rating of Moderate Buy and an average price target of $45.25.
FirstEnergy Trading Up 2.4 %
Shares of FirstEnergy stock traded up $0.96 during trading hours on Friday, hitting $41.10. The company’s stock had a trading volume of 4,607,641 shares, compared to its average volume of 4,107,684. FirstEnergy has a 1-year low of $35.32 and a 1-year high of $48.85. The business has a fifty day moving average of $39.19 and a 200 day moving average of $41.92. The company has a market capitalization of $23.47 billion, a PE ratio of 16.71, a P/E/G ratio of 2.56 and a beta of 0.43. The company has a quick ratio of 0.45, a current ratio of 0.52 and a debt-to-equity ratio of 2.48.
FirstEnergy Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 1st. Stockholders of record on Friday, August 5th will be paid a $0.39 dividend. The ex-dividend date is Thursday, August 4th. This represents a $1.56 annualized dividend and a dividend yield of 3.80%. FirstEnergy’s dividend payout ratio (DPR) is presently 63.41%.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently made changes to their positions in the company. Achmea Investment Management B.V. boosted its stake in FirstEnergy by 145.1% during the 1st quarter. Achmea Investment Management B.V. now owns 1,708 shares of the utilities provider’s stock valued at $78,000 after acquiring an additional 1,011 shares during the last quarter. Sequoia Financial Advisors LLC bought a new position in FirstEnergy during the 1st quarter valued at $204,000. First Commonwealth Financial Corp PA bought a new position in FirstEnergy during the 1st quarter valued at $213,000. Fund Management at Engine No. 1 LLC bought a new position in FirstEnergy during the 1st quarter valued at $221,000. Finally, IHT Wealth Management LLC bought a new position in FirstEnergy during the 1st quarter valued at $275,000. 87.78% of the stock is currently owned by hedge funds and other institutional investors.
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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