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%.
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.
Featured Article: Convertible Shares
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for FirstEnergy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for FirstEnergy and related companies with MarketBeat.com's FREE daily email newsletter.