FirstEnergy (NYSE:FE) Issues Earnings Results

FirstEnergy (NYSE:FE) announced its earnings results on Tuesday. The utilities provider reported $0.50 earnings per share for the quarter, meeting the consensus estimate of $0.50, FiscalAI reports. FirstEnergy had a return on equity of 10.66% and a net margin of 6.86%.

FirstEnergy Stock Performance

Shares of NYSE:FE traded up $0.39 during trading on Tuesday, reaching $49.71. 6,061,109 shares of the company’s stock traded hands, compared to its average volume of 4,768,857. The stock has a market capitalization of $28.75 billion, a P/E ratio of 27.02, a price-to-earnings-growth ratio of 2.39 and a beta of 0.47. FirstEnergy has a 12 month low of $41.30 and a 12 month high of $52.34. The company has a 50 day moving average of $47.31 and a 200-day moving average of $48.16. The company has a debt-to-equity ratio of 1.87, a current ratio of 0.52 and a quick ratio of 0.42.

FirstEnergy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 7th will be given a dividend of $0.465 per share. This represents a $1.86 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date of this dividend is Friday, August 7th. FirstEnergy’s dividend payout ratio is currently 101.09%.

Analyst Upgrades and Downgrades

FE has been the subject of a number of analyst reports. New Street Research set a $52.00 price target on FirstEnergy in a report on Tuesday, April 21st. Wells Fargo & Company restated an “overweight” rating and set a $55.00 price objective on shares of FirstEnergy in a report on Tuesday, April 21st. TD Cowen raised FirstEnergy from a “hold” rating to a “buy” rating and cut their target price for the company from $56.00 to $53.00 in a research report on Friday, May 15th. Morgan Stanley reissued an “overweight” rating on shares of FirstEnergy in a report on Wednesday, July 22nd. Finally, Wolfe Research downgraded FirstEnergy from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 4th. Seven equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $52.92.

Hedge Funds Weigh In On FirstEnergy

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. State of Wyoming acquired a new stake in shares of FirstEnergy during the 2nd quarter worth approximately $25,000. DV Equities LLC acquired a new position in FirstEnergy during the 4th quarter valued at approximately $33,000. Summit Securities Group LLC boosted its position in FirstEnergy by 148.0% during the 4th quarter. Summit Securities Group LLC now owns 771 shares of the utilities provider’s stock valued at $35,000 after purchasing an additional 2,376 shares during the period. WFA of San Diego LLC bought a new position in FirstEnergy during the 2nd quarter worth $46,000. Finally, Headlands Technologies LLC bought a new position in FirstEnergy during the 2nd quarter worth $55,000. 89.41% of the stock is currently owned by institutional investors and hedge funds.

About FirstEnergy

FirstEnergy Corp. (NYSE: FE) is a U.S.-based electric utility holding company headquartered in Akron, Ohio. The company’s primary business is the delivery of electricity through its regulated transmission and distribution utilities, serving residential, commercial and industrial customers across parts of the Midwest and Mid‑Atlantic. FirstEnergy’s service territory includes states such as Ohio, Pennsylvania, New Jersey, Maryland and West Virginia, and it operates primarily within the PJM regional transmission organization.

FirstEnergy’s core activities center on owning and operating electric distribution networks and transmission systems, maintaining and upgrading grid infrastructure, managing storm response and restoration, and offering customer programs that include energy efficiency and reliability services.