FirstEnergy Stock (NYSE:FE), Trade Ideas

FirstEnergy

FirstEnergy is an investor-owned holding company with 10 regulated distribution utilities across six mid-Atlantic and Midwestern states. FirstEnergy also owns and operates one of the nation's largest electric transmission systems.

Earnings

Earnings Beats

News

Markets

Trading Ideas

FirstEnergy (NYSE: FE) reported first-quarter 2024 operating earnings of 55 cents per share, which surpassed the Zacks Consensus Estimate of 53 cents by 3.8%. However, the bottom line decreased 8.3% from the year-ago quarter&#39;s figure of 60 cents.

FirstEnergy Q1 Earnings Beat Estimates, Revenues Lag

Analyst Color

Upgrades

Downgrades

Price Target

Reiteration

Analyst Ratings

Following the recent volatility in the utilities space, KeyBanc Capital Markets analysts changed ratings and forecasts on several stocks, including some that were considered value stocks.

11 Utility Stocks Get New Ratings, Forecasts After Recent Volatility: &#39;Higher Quality ... Low Valuation&#39;

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Jim Cramer Says This 13% Yielding Stock Is A Trap — Here Are 3 Dividend Plays That Could Be More Reliable

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<p><strong>FirstEnergy's</strong> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FE#NYSE">FE</a>) short percent of float has risen 3.79% since its last report. The company recently reported that it has <strong>12.11 million shares sold short</strong>, which is 2.74% of all regular shares that are available for trading. Based on its trading volume, <strong>it would take traders 4.23 days to cover their short positions on average.</strong></p>
<h3>Why Short Interest Matters</h3>
<p>Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.</p>
<p>Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.</p>
<p><strong>See Also:</strong> <a href="https://www.benzinga.com/short-interest"><strong>List of the most shorted stocks</strong></a></p>
<h3>FirstEnergy Short Interest Graph (3 Months)</h3>
<p><img src="https://www.benzinga.com/files/images/story/2024/1715275811_0.png" alt="short_fig" /></p>
<p>As you can see from the chart above the percentage of shares that are sold short for FirstEnergy has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.</p>
<h3>Comparing FirstEnergy's Short Interest Against Its Peers</h3>
<p>Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.</p>
<p>According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, FirstEnergy's peer group average for short interest as a percentage of float is 2.10%, which means the company has <strong>more</strong> short interest than most of its peers.</p>
<p>Did you know that increasing short interest can actually be <strong>bullish</strong> for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/"><strong>This post by Benzinga Money explains how you can profit from it.</strong></a></p>
<p><em>This article was generated by Benzinga's automated content engine and was reviewed by an editor.</em></p>


Short Sellers

Short Ideas

Looking Into FirstEnergy's Recent Short Interest

<p><strong>FirstEnergy</strong> (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fe#NYSE">FE</a>) reported first-quarter 2024 operating earnings of 55 cents per share, which surpassed the Zacks Consensus Estimate of 53 cents by 3.8%. However, the bottom line decreased 8.3% from the year-ago quarter&#39;s figure of 60 cents.</p>
<h3>Total Revenues</h3>
<p>Operating revenues of $3.29 billion missed the Zacks Consensus Estimate of $3.36 billion by 2.04%. The top line, however, increased 1.8% from $3.23 billion recorded in the year-ago quarter.</p>
<h3>&nbsp;</h3>
<div class="chart_embed">
<h3>FirstEnergy Corporation Price, Consensus and EPS Surprise <a href="https://www.zacks.com/stock/chart/FE/price-consensus-eps-surprise-chart?icid=chart-FE-price-consensus-eps-surprise-chart"> <img alt="FirstEnergy Corporation Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/94/1714122526.png" style="height:282px; width:615px" title="" /> </a></h3>
<p>FirstEnergy Corporation price-consensus-eps-surprise-chart | FirstEnergy Corporation Quote</p>
</div>
<h3>Segmental Performance</h3>
<p><strong>Distribution: </strong>Earnings from this segment totaled $1.77 billion, down 2.8% from the prior-year quarter&#39;s level. The decline can be attributed to higher planned operating expenses during 2024.<br />
<strong>Integrated:</strong> Earnings from this segment amounted to $1.09 billion, up 6.5% from the prior-year quarter&#39;s reported actuals. The improvement was primarily due to the approval of recent base rate cases in Maryland, New Jersey and West Virginia, investments in formula rate capital programs, and higher weather-related demand.<br />
<strong>Stand-Alone Transmission:</strong> Earnings from this segment totaled $438 million, up 9.5% from the prior-year quarter&#39;s figure. The first-quarter results were driven by the rate base growth in formula rates from its capital investment program.<br />
<strong>Corporate/Other: </strong>The loss from this segment amounted to $13 million compared with a loss of $14 million in the year-ago quarter.</p>
<h3>Highlights of the Release</h3>
<p>Total operating expenses were $2.65 billion, up 1.1% from the year-ago quarter&#39;s level of $2.62 billion.<br />
The company reported an interest expense of $305 million, up 16% from the prior-year quarter&#39;s level of $263 million.<br />
Total distribution deliveries for the first quarter increased 1.5% from that recorded in the year-ago period. Usage increased 1% among residential customers. While industrial sales increased 3% year over year, sales were essentially flat in the commercial sector.</p>
<h3>Financial Highlights</h3>
<p>As of Apr 22, 2024, FE reported available liquidity of $4.73 billion, including cash and cash equivalents of $110 million.<br />
Long-term debt and other long-term obligations as of Mar 31, 2024, totaled $21.65 billion compared with $22.89 billion as of Dec 31, 2023.<br />
Net cash used for operating activities for the first three months of 2024 totaled $40 million compared with $112 million in the year-ago period.</p>
<h3>Guidance</h3>
<p>FirstEnergy expects 2024 earnings per share in the range of $2.61-$2.81, which indicates a 7% increase over the 2023 guidance midpoint, driven by robust regulated growth. The Zacks Consensus Estimate for the same is pegged at $2.67, lower than $2.71, the midpoint of the company&#39;s guided range.<br />
FirstEnergy reaffirmed its long-term annual operating EPS growth rate of 6-8%. FE continues with its capital investment plan of $26 billion for the 2024-2028 period.</p>
<h3>Zacks Rank</h3>
<p>FirstEnergy currently has a Zacks Rank #3 (Hold).</p>
<h3>Upcoming Releases</h3>
<p><strong>WEC Energy Group</strong> (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/wec#NYSE">WEC</a>) is scheduled to report first-quarter results on May 1, before market open. The Zacks Consensus Estimate for first-quarter earnings is pegged at $1.92 per share.<br />
WEC&#39;s long-term (three to five years) earnings growth rate is 5.9%. It delivered an average earnings surprise of 4.9% in the last four quarters.<br />
<strong>Pinnacle West Capital </strong>(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pnw#NYSE">PNW</a>) is scheduled to report first-quarter results on May 2, before market open. The Zacks Consensus Estimate for first-quarter earnings is pegged at 3 cents per share.<br />
PNW&#39;s long-term earnings growth rate is 7.6%. The Zacks Consensus Estimate for 2024 earnings is pegged at $4.76 per share.<br />
<strong>NRG Energy</strong> (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nrg#NYSE">NRG</a>) is scheduled to report first-quarter results on May 7, before market open. The Zacks Consensus Estimate for first-quarter earnings is pegged at 51 cents per share.<br />
The Zacks Consensus Estimate for 2024 earnings is pinned at $5.36 per share. NRG delivered an average earnings surprise of 6.4% in the last four quarters.</p>
<p><a href="https://www.zacks.com/stock/news/2263047/firstenergy-fe-q1-earnings-beat-estimates-revenues-lag?cid=CS-BENZ-FT-analyst_blog|earnings_article-2263047">To read this article on Zacks.com click here.</a></p>


Guidance

FirstEnergy Affirmed FY24 Adj. EPS $2.61-$2.81 Vs $2.68 Est.

<p>FirstEnergy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FE#NYSE">FE</a>) reported quarterly earnings of $0.55 per share which missed the analyst consensus estimate of $0.56 by 1.79 percent. This is a 8.33 percent decrease over earnings of $0.60 per share from the same period last year.  The company reported quarterly sales of $3.287 billion which beat the analyst consensus estimate of $3.222 billion by 2.01 percent.  This is a 1.73 percent increase over sales of $3.231 billion the same period last year.</p>


Earnings Misses

FirstEnergy Q1 2024 Adj EPS $0.55 Misses $0.56 Estimate, Sales $3.287B Beat $3.222B Estimate

<p>B of A Securities  analyst Julien Dumoulin-Smith   maintains FirstEnergy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FE#NYSE">FE</a>) with a Underperform and raises the price target from $30 to $35.</p>


B of A Securities Maintains Underperform on FirstEnergy, Raises Price Target to $35

<p>Scotiabank  analyst Andrew Weisel   maintains FirstEnergy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FE#NYSE">FE</a>) with a Sector Perform and lowers the price target from $41 to $40.</p>


Scotiabank Maintains Sector Perform on FirstEnergy, Lowers Price Target to $40

<p><strong>FirstEnergy's</strong> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FE#NYSE">FE</a>) short percent of float has risen 5.18% since its last report. The company recently reported that it has <strong>11.63 million shares sold short</strong>, which is 2.64% of all regular shares that are available for trading. Based on its trading volume, <strong>it would take traders 4.72 days to cover their short positions on average.</strong></p>
<h3>Why Short Interest Matters</h3>
<p>Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.</p>
<p>Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.</p>
<p><strong>See Also:</strong> <a href="https://www.benzinga.com/short-interest"><strong>List of the most shorted stocks</strong></a></p>
<h3>FirstEnergy Short Interest Graph (3 Months)</h3>
<p><img src="https://www.benzinga.com/files/images/story/2024/1713288625_0.png" alt="short_fig" /></p>
<p>As you can see from the chart above the percentage of shares that are sold short for FirstEnergy has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.</p>
<h3>Comparing FirstEnergy's Short Interest Against Its Peers</h3>
<p>Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.</p>
<p>According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, FirstEnergy's peer group average for short interest as a percentage of float is 2.44%, which means the company has <strong>more</strong> short interest than most of its peers.</p>
<p>Did you know that increasing short interest can actually be <strong>bullish</strong> for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/"><strong>This post by Benzinga Money explains how you can profit from it.</strong></a></p>
<p><em>This article was generated by Benzinga's automated content engine and was reviewed by an editor.</em></p>


Peering Into FirstEnergy's Recent Short Interest

<p><i><strong>Agreement with key stakeholders expands customer deployment of smart meter technology</strong></i></p>
<p>AKRON, Ohio, April 15, 2024 /PRNewswire/ -- FirstEnergy Corp.'s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FE#NYSE">FE</a>) Ohio electric companies – Ohio Edison, The Illuminating Company and Toledo Edison – have reached a settlement on their Grid Modernization (Grid Mod) II plan that will expand the deployment of smart meters to an additional 1.4 million customers in Ohio.</p>
<p><a href="https://mma.prnewswire.com/media/543843/FirstEnergy_Logo.html"><img src="https://mma.prnewswire.com/media/543843/FirstEnergy_Logo.jpg" alt="FirstEnergy Corp. Logo (PRNewsfoto/FirstEnergy Corp.)" /></a></p>
<p>If approved by the Public Utilities Commission of Ohio (PUCO), the four-year, $421 million plan will build upon system upgrades completed as part of the companies' Grid Mod I plan approved in 2019, including installation of approximately 706,000 smart meters across Ohio along with the necessary supporting communications infrastructure and data management system.</p>
<p><i><strong>Read the full settlement on the PUCO's website at </strong></i><a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4141109-1&amp;h=3195013335&amp;u=https%3A%2F%2Fdis.puc.state.oh.us%2FViewImage.aspx%3FCMID%3DA1001001A24D12B65036D02059&amp;a=https%3A%2F%2Fdis.puc.state.oh.us%2FViewImage.aspx%3FCMID%3DA1001001A24D12B65036D02059"><i><strong>https://dis.puc.state.oh.us/ViewImage.aspx?CMID=A1001001A24D12B65036D02059</strong></i></a><i><strong>.</strong></i></p>
<p>Parties to the settlement include the Citizens Utility Board of Ohio, Environmental Law &amp; Policy Center, Interstate Gas Supply, LLC., The Kroger Co., Northeast Ohio Public Energy Council, Ohio Energy Group, Ohio Energy Leadership Council, Ohio Environmental Council, The Ohio Manufacturers' Association Energy Group, Retail Energy Supply Association and Walmart Inc.</p>
<p><strong>Patricia Mullin, Acting President of FirstEnergy's Ohio Operations:</strong>&nbsp;"At the heart of it all, smart meters are about empowering our customers to make informed decisions about their energy usage and costs. With accurate and detailed billing information each month, customers can now take control of their energy costs. We look forward to further modernizing our electric system by building on what we completed under Grid Mod I."</p>
<p>In the future, smart meter benefits also will include the ability to detect and locate outages more quickly and provide more accurate and timely storm restoration information.</p>
<p>The proposed settlement will also enhance the customer experience by giving them more control over their energy use, including allotting $3 million per year for a Smart Thermostat Rebate program that will allow eligible residential customers to receive up to $100 per qualified smart thermostat. Low income customers who are at or below 300% of the federal poverty level will be eligible for a rebate of up to $150 for the purchase of a new, qualifying smart thermostat.</p>
<p>If approved by the PUCO, a typical FirstEnergy Ohio utility residential customer using 750 kilowatt-hours of electricity per month on average could expect to see an increase of about $1.50 per month for the length of the Grid Mod II plan. Customers will also receive a small, one-time credit for costs associated with a previously approved grid modernization pilot program.</p>


Legal

FirstEnergy Announces Settlement Reached In Ohio Utilities' Grid Modernization Plan That Will Expand The Deployment Of Smart Meters To An Additional 1.4M Customers In Ohio

<p>Goldman Sachs  analyst Carly Davenport   initiates coverage on FirstEnergy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FE#NYSE">FE</a>) with a Buy rating and announces Price Target of $45.</p>


Initiation

Goldman Sachs Initiates Coverage On FirstEnergy with Buy Rating, Announces Price Target of $45

<p><strong>FirstEnergy</strong> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FE#NYSE">FE</a>) reported its Q4 earnings results on Thursday, February 8, 2024 at 04:20 PM.</p>
<p>Here's what investors need to know about the announcement.</p>
<h3>Earnings</h3>
<p>FirstEnergy beat estimated earnings by 5.08%, reporting an EPS of $0.62 versus an estimate of $0.59.</p>
<p>Revenue was down $31.00 million from the same period last year.</p>
<h3>Past Earnings Performance</h3>
<p>Last quarter the company beat on EPS by $0.02 which was followed by a 2.58% drop in the share price the next day.</p>
<p>Here's a look at FirstEnergy's past performance:</p>
<p>
<table>
<thead>
<tr>
<th><strong>Quarter</strong></th>
<th><strong>Q3 2023</strong></th>
<th><strong>Q2 2023</strong></th>
<th><strong>Q1 2023</strong></th>
<th><strong>Q4 2022</strong></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>EPS Estimate</strong></td>
<td>0.86</td>
<td>0.46</td>
<td>0.61</td>
<td>0.52</td>
</tr>
<tr>
<td><strong>EPS Actual</strong></td>
<td>0.88</td>
<td>0.47</td>
<td>0.60</td>
<td>0.50</td>
</tr>
<tr>
<td><strong>Revenue Estimate</strong></td>
<td>3.55B</td>
<td>2.89B</td>
<td>3.05B</td>
<td>2.54B</td>
</tr>
<tr>
<td><strong>Revenue Actual</strong></td>
<td>3.49B</td>
<td>3.01B</td>
<td>3.23B</td>
<td>3.18B</td>
</tr>
</tbody>
</table>
</p>
<p>To track all earnings releases for FirstEnergy <a href="https://www.benzinga.com/quote/FE/earnings">visit their earnings calendar here.</a> </p>
<p>This article was generated by Benzinga's automated content engine and reviewed by an editor.</p>


Recap: FirstEnergy Q4 Earnings

FirstEnergy Sees 2024 EPS $2.61 to $2.81 vs $2.68 Est.

<p>FirstEnergy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FE#NYSE">FE</a>) reported quarterly earnings of $0.62 per share which beat the analyst consensus estimate of $0.59 by 5.08 percent.  The company reported quarterly sales of $3.20 billion which beat the analyst consensus estimate of $3.13 billion by 2.08 percent.  This is a 0.72 percent increase over sales of $3.18 billion the same period last year.</p>


FirstEnergy Q4 2023 Adj EPS $0.62 Beats $0.59 Estimate, Sales $3.2B Beat $3.13B Estimate

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Earnings Scheduled For February 8, 2024

<p><strong>FirstEnergy</strong> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FE#NYSE">FE</a>) is set to give its latest quarterly earnings report on Thursday, 2024-02-08. Here's what investors need to know before the announcement.</p>
<p>Analysts estimate that FirstEnergy will report an <strong>earnings per share</strong> (EPS) of $0.59. </p>
<p>FirstEnergy bulls will hope to hear the company announce they've not only beaten that estimate, but also to provide positive guidance, or forecasted growth, for the next quarter.</p>
<p>New investors should note that it is sometimes not an earnings beat or miss that most affects the price of a stock, but the guidance (or forecast).</p>
<h3>Historical Earnings Performance</h3>
<p>Last quarter the company beat EPS by $0.02, which was followed by a 2.58% drop in the share price the next day.</p>
<p>Here's a look at FirstEnergy's past performance and the resulting price change:</p>
<p>
<table>
<thead>
<tr>
<th><strong>Quarter</strong></th>
<th><strong>Q3 2023</strong></th>
<th><strong>Q2 2023</strong></th>
<th><strong>Q1 2023</strong></th>
<th><strong>Q4 2022</strong></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>EPS Estimate</strong></td>
<td>0.86</td>
<td>0.46</td>
<td>0.61</td>
<td>0.52</td>
</tr>
<tr>
<td><strong>EPS Actual</strong></td>
<td>0.88</td>
<td>0.47</td>
<td>0.60</td>
<td>0.50</td>
</tr>
<tr>
<td><strong>Price Change %</strong></td>
<td>-2.58%</td>
<td>-0.95%</td>
<td>-3.21%</td>
<td>-0.54%</td>
</tr>
</tbody>
</table>
</p>
<p><img src="https://www.benzinga.com/files/images/story/2024/1707321729_0.png" alt="eps graph" /></p>
<h3>Stock Performance</h3>
<p>Shares of FirstEnergy were trading at $35.81 as of February 06. Over the last 52-week period, shares are down 9.22%.  Given that these returns are generally negative, long-term shareholders are likely unhappy going into this earnings release. </p>
<p><a href="https://www.benzinga.com/quote/FE/earnings"><strong>To track all earnings releases for FirstEnergy visit their earnings calendar on our site.</strong></a></p>
<p><em>This article was generated by Benzinga's automated content engine and reviewed by an editor.</em></p>


FirstEnergy Earnings Preview

<p>Keybanc  analyst Sophie Karp   maintains FirstEnergy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FE#NYSE">FE</a>) with a Overweight and raises the price target from $41 to $43.</p>
