KeyCorp Analysts Lower Earnings Estimates for FirstEnergy Corp. (NYSE:FE)

FirstEnergy Corp. (NYSE:FE – Free Report) – Research analysts at KeyCorp dropped their Q2 2023 earnings estimates for shares of FirstEnergy in a research report issued on Tuesday, July 18th. KeyCorp analyst S. Karp now anticipates that the utilities provider will post earnings of $0.44 per share for the quarter, down from their previous estimate of $0.49. The consensus estimate for FirstEnergy’s current full-year earnings is $2.51 per share. KeyCorp also issued estimates for FirstEnergy’s Q3 2023 earnings at $0.93 EPS, Q4 2023 earnings at $0.60 EPS and FY2023 earnings at $2.56 EPS.

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FirstEnergy (NYSE:FE – Get Free Report) last announced its quarterly earnings data on Friday, April 28th. The utilities provider reported $0.60 earnings per share for the quarter, missing the consensus estimate of $0.61 by ($0.01). FirstEnergy had a net margin of 3.23% and a return on equity of 12.60%. The firm had revenue of $3.20 billion during the quarter, compared to the consensus estimate of $3.04 billion. During the same period in the prior year, the firm earned $0.60 earnings per share. The firm’s quarterly revenue was up 6.7% compared to the same quarter last year.

A number of other equities analysts also recently commented on the stock. Morgan Stanley lifted their price objective on shares of FirstEnergy from $44.00 to $48.00 and gave the stock an “overweight” rating in a report on Thursday, April 20th. Bank of America lifted their price target on shares of FirstEnergy from $38.00 to $39.00 and gave the company an “underperform” rating in a report on Friday, April 14th. Mizuho dropped their price objective on shares of FirstEnergy from $42.00 to $40.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 28th. StockNews.com began coverage on shares of FirstEnergy in a report on Thursday, May 18th. They issued a “hold” rating on the stock. Finally, Guggenheim lowered their target price on FirstEnergy from $46.00 to $44.00 in a report on Friday, July 7th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $43.00.

FirstEnergy Price Performance

Shares of NYSE FE opened at $39.67 on Thursday. The company has a current ratio of 0.68, a quick ratio of 0.55 and a debt-to-equity ratio of 2.06. The company has a market capitalization of $22.72 billion, a price-to-earnings ratio of 55.87, a price-to-earnings-growth ratio of 2.42 and a beta of 0.45. FirstEnergy has a twelve month low of $35.60 and a twelve month high of $43.31. The business has a 50 day simple moving average of $38.56 and a 200-day simple moving average of $39.79.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of FE. Fund Management at Engine No. 1 LLC acquired a new position in shares of FirstEnergy during the fourth quarter worth approximately $251,000. Quadrant Capital Group LLC boosted its position in FirstEnergy by 101.3% during the 4th quarter. Quadrant Capital Group LLC now owns 4,558 shares of the utilities provider’s stock worth $191,000 after acquiring an additional 2,294 shares during the period. Raymond James Financial Services Advisors Inc. grew its stake in shares of FirstEnergy by 33.2% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 114,548 shares of the utilities provider’s stock worth $4,804,000 after purchasing an additional 28,544 shares in the last quarter. Becker Capital Management Inc. increased its holdings in shares of FirstEnergy by 0.7% during the fourth quarter. Becker Capital Management Inc. now owns 747,761 shares of the utilities provider’s stock valued at $31,361,000 after purchasing an additional 5,541 shares during the period. Finally, State of Michigan Retirement System raised its stake in shares of FirstEnergy by 1.0% during the first quarter. State of Michigan Retirement System now owns 149,144 shares of the utilities provider’s stock valued at $5,975,000 after purchasing an additional 1,500 shares in the last quarter. 85.35% of the stock is owned by institutional investors and hedge funds.

About FirstEnergy

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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, wind, and solar power generating facilities.

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