Why FirstEnergy Stock Is Surging Today
Shares of FirstEnergy (NYSE: FE) rallied more than 10% by 2:30 p.m. EST on Thursday. Powering the utility stock's surge was its fourth-quarter results, 2021 outlook, and the revelation that Carl Icahn might be buying a stake in the company.
FirstEnergy reported rather lackluster Q4 results. It only generated $0.32 per share of operating earnings, which missed the analysts' consensus estimate by $0.16 per share. As a result, the company's full-year results came in at $2.39 per share, below 2019's level of $2.58 per share. The primary issue weighing on the company's earnings was the proactive steps it took to resolve the regulatory issues facing its Ohio utilities following last year's bribery scandal, which cost it $0.15 per share in Q4. On top of that, lower weather-related energy usage and higher costs also impacted its Q4 results.
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Source Fool.com
