Zacks: Analysts Anticipate FirstEnergy Corp. (NYSE:FE) Will Post Quarterly Sales of $2.86 Billion

Wall Street brokerages expect FirstEnergy Corp. (NYSE:FE) to announce sales of $2.86 billion for the current fiscal quarter, according to Zacks. Two analysts have made estimates for FirstEnergy’s earnings, with the lowest sales estimate coming in at $2.69 billion and the highest estimate coming in at $3.04 billion. FirstEnergy posted sales of $3.06 billion during the same quarter last year, which suggests a negative year-over-year growth rate of 6.5%. The company is expected to issue its next quarterly earnings report on Thursday, October 24th.

On average, analysts expect that FirstEnergy will report full-year sales of $11.14 billion for the current financial year, with estimates ranging from $10.67 billion to $11.39 billion. For the next financial year, analysts forecast that the firm will post sales of $11.32 billion, with estimates ranging from $10.64 billion to $11.69 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that follow FirstEnergy.

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

A number of equities analysts recently weighed in on the stock. Zacks Investment Research downgraded shares of FirstEnergy from a “hold” rating to a “sell” rating and set a $45.00 price target on the stock. in a report on Tuesday, July 2nd. TheStreet downgraded shares of FirstEnergy from a “b” rating to a “f” rating in a report on Thursday, July 18th. Mizuho downgraded shares of 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 report on Friday, September 20th. Finally, KeyCorp reaffirmed an “overweight” rating and set a $46.00 price objective on shares of FirstEnergy in a report on Wednesday, June 5th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company’s stock. FirstEnergy has an average rating of “Buy” and an average price target of $44.64.

Shares of NYSE:FE traded up $0.38 during midday trading on Friday, reaching $48.83. The company had a trading volume of 3,709,571 shares, compared to its average volume of 4,253,168. The company’s 50 day moving average price is $45.96 and its 200 day moving average price is $43.25. The company has a current ratio of 0.60, a quick ratio of 0.53 and a debt-to-equity ratio of 2.63. The stock has a market cap of $25.59 billion, a P/E ratio of 18.85, a P/E/G ratio of 3.16 and a beta of 0.21. FirstEnergy has a 52-week low of $35.33 and a 52-week high of $48.88.

The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Thursday, November 7th will be issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 3.11%. The ex-dividend date is Wednesday, November 6th. FirstEnergy’s dividend payout ratio (DPR) is presently 58.69%.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FE. Pearl River Capital LLC purchased a new stake in shares of FirstEnergy during the second quarter valued at approximately $25,000. Clean Yield Group raised its stake in FirstEnergy by 1,184.0% in the second quarter. Clean Yield Group now owns 642 shares of the utilities provider’s stock valued at $27,000 after buying an additional 592 shares during the last quarter. Horan Securities Inc. acquired a new position in shares of FirstEnergy in the second quarter valued at about $28,000. Meeder Asset Management Inc. increased its holdings in shares of FirstEnergy by 805.3% in the second quarter. Meeder Asset Management Inc. now owns 679 shares of the utilities provider’s stock valued at $29,000 after purchasing an additional 604 shares during the period. Finally, Zions Bancorporation N.A. acquired a new position in shares of FirstEnergy in the first quarter valued at about $30,000. 94.12% of the stock is currently owned by institutional investors and hedge funds.

FirstEnergy Company Profile

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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