Zacks: Analysts Anticipate FirstEnergy Corp. (NYSE:FE) Will Post Quarterly Sales of $2.57 Billion

Analysts predict that FirstEnergy Corp. (NYSE:FE) will announce $2.57 billion in sales for the current quarter, according to Zacks. Two analysts have provided estimates for FirstEnergy’s earnings. FirstEnergy reported sales of $2.52 billion during the same quarter last year, which would suggest a positive year-over-year growth rate of 2%. The firm is scheduled to report its next quarterly earnings results on Tuesday, July 28th.

According to Zacks, analysts expect that FirstEnergy will report full year sales of $11.10 billion for the current year, with estimates ranging from $10.84 billion to $11.30 billion. For the next year, analysts forecast that the company will post sales of $11.54 billion, with estimates ranging from $11.05 billion to $11.95 billion. Zacks’ sales calculations are an average based on a survey of research analysts that follow FirstEnergy.

FirstEnergy (NYSE:FE) last issued its earnings results on Thursday, April 23rd. The utilities provider reported $0.66 EPS for the quarter, beating the consensus estimate of $0.63 by $0.03. The company had revenue of $2.70 billion during the quarter, compared to analysts’ expectations of $2.87 billion. FirstEnergy had a net margin of 6.13% and a return on equity of 19.57%. The business’s revenue for the quarter was down 6.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.67 EPS.

A number of research firms recently issued reports on FE. Seaport Global Securities began coverage on shares of FirstEnergy in a research report on Wednesday, May 20th. They set a “buy” rating and a $47.00 price objective for the company. Wells Fargo & Co lowered their price objective on shares of FirstEnergy from $59.00 to $50.00 in a research report on Monday, April 27th. UBS Group upped their price objective on shares of FirstEnergy from $48.00 to $52.00 and gave the stock a “buy” rating in a research report on Friday, June 5th. Barclays reduced their target price on shares of FirstEnergy from $54.00 to $42.00 and set an “overweight” rating on the stock in a report on Thursday, March 26th. Finally, Bank of America raised shares of FirstEnergy from a “neutral” rating to a “buy” rating and set a $47.00 target price on the stock in a report on Tuesday, March 10th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $48.17.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. State Street Corp boosted its position in shares of FirstEnergy by 0.6% in the first quarter. State Street Corp now owns 39,894,203 shares of the utilities provider’s stock valued at $1,598,561,000 after acquiring an additional 254,321 shares during the period. Optimal Asset Management Inc. boosted its position in shares of FirstEnergy by 176.2% in the first quarter. Optimal Asset Management Inc. now owns 141,481 shares of the utilities provider’s stock valued at $5,669,000 after acquiring an additional 90,258 shares during the period. National Pension Service boosted its position in shares of FirstEnergy by 1.5% in the first quarter. National Pension Service now owns 752,762 shares of the utilities provider’s stock valued at $30,163,000 after acquiring an additional 11,137 shares during the period. 1832 Asset Management L.P. boosted its position in shares of FirstEnergy by 3.2% in the first quarter. 1832 Asset Management L.P. now owns 73,916 shares of the utilities provider’s stock valued at $2,960,000 after acquiring an additional 2,265 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its position in shares of FirstEnergy by 16.8% in the first quarter. The Manufacturers Life Insurance Company now owns 1,245,883 shares of the utilities provider’s stock valued at $49,923,000 after acquiring an additional 178,885 shares during the period. Hedge funds and other institutional investors own 84.53% of the company’s stock.

Shares of NYSE:FE traded up $1.14 during midday trading on Monday, hitting $37.99. The stock had a trading volume of 3,265,566 shares, compared to its average volume of 4,220,056. The company’s 50-day moving average price is $40.61 and its 200-day moving average price is $44.54. The company has a market capitalization of $19.96 billion, a P/E ratio of 30.39 and a beta of 0.46. FirstEnergy has a fifty-two week low of $32.00 and a fifty-two week high of $52.51. The company has a quick ratio of 0.46, a current ratio of 0.54 and a debt-to-equity ratio of 3.06.

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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