FirstEnergy (NYSE:FE) Releases Earnings Results, Beats Estimates By $0.08 EPS

Key Points

• FirstEnergy reported quarterly EPS of $0.98, beating analyst expectations of $0.90 by $0.08. Revenue was reported at $55 million, versus analyst estimates of $4.24 billion.
• Shares rose 0.3% to $46.30 during Tuesday trading. The company declared a quarterly dividend of $0.465 per share, equivalent to an annualized $1.86 payout and a 4.0% yield.
• Analysts maintain a generally positive view, with eight Buy ratings and four Holds. FirstEnergy has a consensus rating of Moderate Buy and an average price target of $50.77.

FirstEnergy (NYSE:FE - Get Free Report) posted its quarterly earnings results on Tuesday. The utilities provider reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.90 by $0.08, FiscalAI reports. The firm had revenue of $55.00 million for the quarter, compared to analyst estimates of $4.24 billion. FirstEnergy had a return on equity of 10.51% and a net margin of 6.86%.

FirstEnergy Stock Up 0.3%

Shares of FE traded up $0.12 during midday trading on Tuesday, reaching $46.30. 3,932,493 shares of the stock were exchanged, compared to its average volume of 4,647,007. The company has a market cap of $26.79 billion, a price-to-earnings ratio of 24.63, a P/E/G ratio of 2.71 and a beta of 0.43. The company has a quick ratio of 0.45, a current ratio of 0.54 and a debt-to-equity ratio of 1.88. FirstEnergy has a 12-month low of $42.67 and a 12-month high of $52.34. The firm has a 50 day simple moving average of $45.50 and a 200-day simple moving average of $47.45.

FirstEnergy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Friday, November 6th will be paid a dividend of $0.4650 per share. The ex-dividend date of this dividend is Friday, November 6th. This represents a $1.86 dividend on an annualized basis and a dividend yield of 4.0%. FirstEnergy's dividend payout ratio (DPR) is 98.94%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. BMO Capital Markets began coverage on FirstEnergy in a research note on Monday. They set an "outperform" rating and a $50.00 target price on the stock. Morgan Stanley upped their target price on FirstEnergy from $49.00 to $50.00 and gave the company an "overweight" rating in a report on Wednesday, October 21st. Mizuho set a $47.00 price target on shares of FirstEnergy in a research report on Monday, October 12th. Barclays reduced their price target on shares of FirstEnergy from $54.00 to $49.00 and set an "overweight" rating for the company in a research report on Monday, October 12th. Finally, Weiss Ratings restated a "buy (b-)" rating on shares of FirstEnergy in a report on Monday, September 14th. Eight research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $50.77.

About FirstEnergy

FirstEnergy Corp. NYSE: FE is an electric utility company focused on the transmission and distribution of electricity. Through its regulated utility subsidiaries, the company delivers power to residential, commercial and industrial customers and maintains the poles, lines, substations and other infrastructure that support electric service.

FirstEnergy's distribution operations serve customers across parts of Ohio, Pennsylvania, New Jersey, West Virginia and Maryland. Its utility companies include Ohio Edison, The Illuminating Company, Toledo Edison, Jersey Central Power & Light, Met-Ed, Penelec, Penn Power, West Penn Power, Mon Power and The Potomac Edison Company.

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