Jefferies Group LLC reaffirmed their hold rating on shares of FirstEnergy Corporation (NYSE:FE) in a report issued on Monday, July 31st. Jefferies Group LLC currently has a $33.00 price objective on the utilities provider’s stock, up from their prior price objective of $31.00. Jefferies Group also issued estimates for FirstEnergy Corporation’s Q3 2017 earnings at $0.85 EPS and Q4 2017 earnings at $0.56 EPS.
Several other equities analysts have also issued reports on the company. Deutsche Bank AG reiterated a hold rating and issued a $34.00 price objective (up from $31.00) on shares of FirstEnergy Corporation in a research report on Monday, July 31st. BidaskClub raised FirstEnergy Corporation from a sell rating to a hold rating in a research report on Monday, July 24th. Citigroup Inc. reduced their price target on FirstEnergy Corporation from $32.00 to $31.00 and set a neutral rating for the company in a research report on Wednesday, July 19th. Tudor Pickering raised FirstEnergy Corporation from a trim rating to a hold rating in a research report on Friday, July 14th. Finally, Morgan Stanley reaffirmed an overweight rating on shares of FirstEnergy Corporation in a research report on Tuesday, July 11th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and five have assigned a buy rating to the stock. FirstEnergy Corporation has a consensus rating of Hold and a consensus target price of $33.80.
Shares of FirstEnergy Corporation (FE) opened at 32.83 on Monday. The company’s 50 day moving average is $31.10 and its 200 day moving average is $30.46. The firm’s market capitalization is $14.59 billion. FirstEnergy Corporation has a 12-month low of $27.93 and a 12-month high of $34.96.
FirstEnergy Corporation (NYSE:FE) last issued its quarterly earnings data on Thursday, July 27th. The utilities provider reported $0.61 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.61. FirstEnergy Corporation had a positive return on equity of 15.41% and a negative net margin of 35.59%. The business had revenue of $3.30 billion during the quarter, compared to analyst estimates of $3.38 billion. During the same period in the previous year, the firm earned $0.56 EPS. FirstEnergy Corporation’s quarterly revenue was down 3.0% compared to the same quarter last year. On average, analysts forecast that FirstEnergy Corporation will post $2.82 earnings per share for the current year.
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The business also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Monday, August 7th will be issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 4.39%. The ex-dividend date is Thursday, August 3rd. FirstEnergy Corporation’s dividend payout ratio (DPR) is currently -12.31%.
Several hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. raised its stake in FirstEnergy Corporation by 4,036.6% in the first quarter. BlackRock Inc. now owns 38,676,251 shares of the utilities provider’s stock valued at $1,230,678,000 after buying an additional 37,741,283 shares during the period. Vanguard Group Inc. raised its stake in FirstEnergy Corporation by 23.4% in the second quarter. Vanguard Group Inc. now owns 44,375,170 shares of the utilities provider’s stock valued at $1,293,979,000 after buying an additional 8,409,439 shares during the period. Bank of New York Mellon Corp raised its stake in FirstEnergy Corporation by 90.8% in the first quarter. Bank of New York Mellon Corp now owns 10,801,367 shares of the utilities provider’s stock valued at $343,698,000 after buying an additional 5,141,450 shares during the period. Prudential Financial Inc. raised its stake in FirstEnergy Corporation by 73.2% in the first quarter. Prudential Financial Inc. now owns 5,096,548 shares of the utilities provider’s stock valued at $162,172,000 after buying an additional 2,154,657 shares during the period. Finally, Bank of America Corp DE raised its stake in FirstEnergy Corporation by 54.8% in the first quarter. Bank of America Corp DE now owns 4,423,238 shares of the utilities provider’s stock valued at $140,747,000 after buying an additional 1,566,627 shares during the period. 78.75% of the stock is currently owned by institutional investors.
FirstEnergy Corporation Company Profile
FirstEnergy Corp. is a holding company. The Company is engaged in holding, directly or indirectly, all of the outstanding equity of its principal subsidiaries. Its segments include Regulated Distribution, Regulated Transmission, Competitive Energy Services (CES) and Corporate/Other. As of December 31, 2016, the Regulated Distribution segment distributed electricity through the Company’s 10 utility operating companies, serving approximately six million customers, and purchased power for its provider of last resort (POLR), standard offer service (SOS), standard offer service (SSO) and default service requirements in Ohio, Pennsylvania, New Jersey and Maryland.
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