Black Friday is Now! Don’t miss out on up to 60% OFF InvestingProCLAIM SALE

FirstEnergy stock dips amid broader market downturn

EditorHari Govind
Published 06/12/2023, 03:48
© Pavlo Gonchar / SOPA Images/Sipa via Reuters Connect
US500
-
DJI
-
D
-
SO
-
FE
-
NEE
-

NEW YORK - Shares of FirstEnergy Corp. (NYSE:FE) edged lower today, closing at $37.05, a slight decline of 0.32%. The move came as the broader market faced losses, with the S&P 500 Index falling to 4,567.18 and the Dow Jones Industrial Average dropping to 36,124.56.

The Ohio-based utility company's stock is currently trading below its previous year's high by $6.26, which was $43.31 on January 17th. In comparison to its industry peers, FirstEnergy's performance has shown some variance; while competitors NextEra Energy (NYSE:NEE) and Southern Co (NYSE:SO). experienced declines in their stock values, Dominion Energy (NYSE:D) saw a modest increase.

Today's trading volume for FirstEnergy was noted to be lower than 50-day average at 3.3 million shares. The company's stock movement is part of a larger pattern affecting the utility sector and reflects broader market trends.

Investors often look to utility stocks like FirstEnergy for their stability and consistent dividends, but the sector is not immune to market fluctuations. As the market continues to respond to various economic pressures, utility companies may see their stock prices impacted accordingly.

InvestingPro Insights

Amidst the broader market's fluctuations, FirstEnergy Corp. presents a mixed bag of financial metrics and expectations. With a market capitalization of $21.26 billion, the company operates with a significant debt burden, an InvestingPro Tip that could be of interest to cautious investors. Despite this, analysts remain optimistic about the company's profitability, predicting net income growth this year and maintaining profitability over the last twelve months.

FirstEnergy's current P/E Ratio stands at 40.45, which may suggest it is trading at a high earnings multiple—a key point for those evaluating the stock's value. The company's revenue growth has slowed down to a modest 0.35% in the most recent quarter, yet it has maintained a solid dividend yield of 4.43%, underscoring its appeal to income-focused investors.

For subscribers interested in a deeper dive into FirstEnergy's financial health, InvestingPro offers additional insights. Currently, there are more InvestingPro Tips available, which can be accessed by visiting https://www.investing.com/pro/FE. Moreover, for those looking to enhance their investment strategies, InvestingPro subscription is now on a special Cyber Monday sale, offering discounts of up to 60%. Use the coupon code sfy23 to get an additional 10% off a 2-year InvestingPro+ subscription and unlock the full potential of financial analysis.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2024 - Fusion Media Limited. All Rights Reserved.