FirstEnergy Corp. (FE) Price Target Cut to $36.00 by Analysts at Royal Bank Of Canada
FirstEnergy Corp. (NYSE:FE) had its price target reduced by analysts at Royal Bank Of Canada from $38.00 to $36.00 in a report issued on Thursday. The firm presently has a “sector perform” rating on the stock. Royal Bank Of Canada’s price objective suggests a potential upside of 14.80% from the stock’s current price.
Several other research analysts also recently commented on the stock. RBC Capital Markets reaffirmed a “hold” rating and issued a $36.00 target price on shares of FirstEnergy Corp. in a research note on Thursday. Barclays PLC upgraded shares of FirstEnergy Corp. from an “equal weight” rating to an “overweight” rating in a report on Thursday. Jefferies Group reiterated a “hold” rating and issued a $36.00 price target on shares of FirstEnergy Corp. in a report on Tuesday, August 16th. Bank of America Corp. upgraded shares of FirstEnergy Corp. from a “neutral” rating to a “buy” rating and cut their price target for the company from $41.00 to $40.00 in a report on Monday, August 8th. Finally, Morgan Stanley upgraded shares of FirstEnergy Corp. from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $38.00 to $41.00 in a report on Monday, August 8th. They noted that the move was a valuation call. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $36.03.
Shares of FirstEnergy Corp. (NYSE:FE) opened at 31.36 on Thursday. The stock has a 50 day moving average of $32.85 and a 200 day moving average of $33.85. The stock’s market cap is $13.33 billion. FirstEnergy Corp. has a one year low of $28.89 and a one year high of $36.60.
FirstEnergy Corp. (NYSE:FE) last issued its earnings results on Thursday, July 28th. The company reported $0.56 EPS for the quarter, topping the consensus estimate of $0.54 by $0.02. FirstEnergy Corp. had a negative net margin of 3.96% and a positive return on equity of 10.05%. During the same period in the prior year, the business earned $0.53 EPS. On average, analysts forecast that FirstEnergy Corp. will post $2.54 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 1st. Shareholders of record on Monday, November 7th will be given a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 4.59%. The ex-dividend date is Thursday, November 3rd. FirstEnergy Corp.’s dividend payout ratio (DPR) is -103.60%.
A number of institutional investors have recently modified their holdings of FE. State Street Corp raised its position in shares of FirstEnergy Corp. by 0.6% in the second quarter. State Street Corp now owns 33,057,350 shares of the company’s stock worth $1,154,024,000 after buying an additional 190,218 shares during the period. Vanguard Group Inc. raised its position in shares of FirstEnergy Corp. by 3.8% in the second quarter. Vanguard Group Inc. now owns 31,770,623 shares of the company’s stock worth $1,109,112,000 after buying an additional 1,160,545 shares during the period. BlackRock Institutional Trust Company N.A. raised its position in shares of FirstEnergy Corp. by 2.0% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 11,253,971 shares of the company’s stock worth $392,876,000 after buying an additional 216,273 shares during the period. BlackRock Fund Advisors raised its position in shares of FirstEnergy Corp. by 5.8% in the second quarter. BlackRock Fund Advisors now owns 10,622,822 shares of the company’s stock worth $370,843,000 after buying an additional 583,660 shares during the period. Finally, LSV Asset Management raised its position in shares of FirstEnergy Corp. by 2.2% in the second quarter. LSV Asset Management now owns 10,467,966 shares of the company’s stock worth $365,436,000 after buying an additional 226,226 shares during the period. 75.93% of the stock is owned by institutional investors and hedge funds.
About FirstEnergy Corp.
FirstEnergy Corp. is a holding company. The Company operates through three segments: Regulated Distribution, Regulated Transmission and Competitive Energy Services (CES). The Regulated Distribution segment distributes electricity through its approximately 10 utility operating companies. The Regulated Transmission segment transmits electricity through transmission facilities.
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