Brokerages Expect FirstEnergy Corp. (NYSE:FE) Will Announce Quarterly Sales of $2.87 Billion

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Wall Street brokerages expect that FirstEnergy Corp. (NYSE:FE) will post sales of $2.87 billion for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for FirstEnergy’s earnings, with the highest sales estimate coming in at $3.04 billion and the lowest estimate coming in at $2.71 billion. FirstEnergy posted sales of $3.06 billion during the same quarter last year, which would suggest a negative year over year growth rate of 6.2%. The business is scheduled to report its next quarterly earnings results on Thursday, October 24th.

According to Zacks, analysts expect that FirstEnergy will report full year sales of $11.14 billion for the current year, with estimates ranging from $10.68 billion to $11.39 billion. For the next financial year, analysts expect that the business will report sales of $11.31 billion, with estimates ranging from $10.62 billion to $11.69 billion. Zacks Investment Research’s sales averages are an average based on a survey of analysts that follow FirstEnergy.

FirstEnergy (NYSE:FE) last released its earnings results on Tuesday, July 23rd. The utilities provider reported $0.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.01. The business had revenue of $2.60 billion for the quarter, compared to the consensus estimate of $2.66 billion. FirstEnergy had a return on equity of 20.29% and a net margin of 2.79%. FirstEnergy’s quarterly revenue was down 3.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.62 earnings per share.

A number of equities analysts have weighed in on the company. ValuEngine downgraded FirstEnergy from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. TheStreet downgraded FirstEnergy from a “b” rating to a “f” rating in a research report on Thursday, July 18th. Mizuho downgraded FirstEnergy from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $48.00 to $48.50 in a research report on Friday, September 20th. Zacks Investment Research downgraded FirstEnergy from a “hold” rating to a “sell” rating and set a $45.00 price target on the stock. in a research report on Tuesday, July 2nd. Finally, Citigroup set a $49.00 price target on FirstEnergy and gave the stock a “hold” rating in a research report on Thursday, October 10th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $46.36.

Several institutional investors have recently bought and sold shares of FE. Nuveen Asset Management LLC grew its position in shares of FirstEnergy by 2,004.3% in the second quarter. Nuveen Asset Management LLC now owns 14,658,518 shares of the utilities provider’s stock valued at $627,531,000 after purchasing an additional 13,961,923 shares during the last quarter. Magellan Asset Management Ltd grew its position in shares of FirstEnergy by 880.7% in the second quarter. Magellan Asset Management Ltd now owns 4,139,429 shares of the utilities provider’s stock valued at $177,209,000 after purchasing an additional 3,717,332 shares during the last quarter. Reaves W H & Co. Inc. acquired a new position in shares of FirstEnergy in the second quarter valued at approximately $43,975,000. Vanguard Group Inc. grew its position in shares of FirstEnergy by 1.2% in the second quarter. Vanguard Group Inc. now owns 65,113,979 shares of the utilities provider’s stock valued at $2,787,529,000 after purchasing an additional 783,467 shares during the last quarter. Finally, Duff & Phelps Investment Management Co. acquired a new position in shares of FirstEnergy in the second quarter valued at approximately $29,539,000. 94.18% of the stock is currently owned by institutional investors.

NYSE FE traded up $0.39 during trading on Tuesday, reaching $48.50. 192,781 shares of the company’s stock were exchanged, compared to its average volume of 3,628,310. The business has a 50 day moving average price of $47.46 and a 200-day moving average price of $43.98. The stock has a market capitalization of $25.70 billion, a P/E ratio of 18.66, a PEG ratio of 3.18 and a beta of 0.21. The company has a debt-to-equity ratio of 2.63, a current ratio of 0.60 and a quick ratio of 0.53. FirstEnergy has a fifty-two week low of $35.33 and a fifty-two week high of $49.07.

The firm also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Thursday, November 7th will be given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 3.13%. The ex-dividend date of this dividend is Wednesday, November 6th. FirstEnergy’s dividend payout ratio (DPR) is presently 58.69%.

About FirstEnergy

FirstEnergy Corp., through its subsidiaries, generates, transmits, and distributes electricity in the United States. The company operates through Regulated Distribution and Regulated Transmission segments. It owns and operates coal-fired, nuclear, hydroelectric, natural gas, wind, and solar power generating facilities.

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