Investors Sell Shares of FirstEnergy Corp. (FE) on Strength on Analyst Downgrade
Investors sold shares of FirstEnergy Corp. (NYSE:FE) on strength during trading on Thursday after Royal Bank Of Canada lowered their price target on the stock from $38.00 to $36.00. $64.23 million flowed into the stock on the tick-up and $110.46 million flowed out of the stock on the tick-down, for a money net flow of $46.23 million out of the stock. Of all companies tracked, FirstEnergy Corp. had the 0th highest net out-flow for the day. FirstEnergy Corp. traded up $0.14 for the day and closed at $31.36
FE has been the topic of a number of other reports. Bank of America Corp. upgraded shares of FirstEnergy Corp. from a “neutral” rating to a “buy” rating and reduced their target price for the stock from $41.00 to $40.00 in a report on Monday, August 8th. Jefferies Group boosted their target price on shares of FirstEnergy Corp. from $35.00 to $36.00 and gave the stock a “hold” rating in a report on Thursday, July 7th. Barclays PLC set a $36.00 target price on shares of FirstEnergy Corp. and gave the stock a “hold” rating in a report on Saturday, September 17th. RBC Capital Markets restated a “hold” rating and issued a $36.00 target price on shares of FirstEnergy Corp. in a report on Thursday. Finally, Morgan Stanley upgraded shares of FirstEnergy Corp. from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $38.00 to $41.00 in a report on Monday, August 8th. They noted that the move was a valuation call. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $36.10.
Several large investors have recently made changes to their positions in the company. Ngam Advisors L.P. boosted its stake in shares of FirstEnergy Corp. by 48.6% in the first quarter. Ngam Advisors L.P. now owns 15,257 shares of the company’s stock valued at $549,000 after buying an additional 4,993 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of FirstEnergy Corp. by 132.2% in the first quarter. JPMorgan Chase & Co. now owns 1,211,812 shares of the company’s stock valued at $43,589,000 after buying an additional 689,925 shares during the last quarter. NN Investment Partners Holdings N.V. acquired a new stake in shares of FirstEnergy Corp. during the first quarter valued at $1,516,000. M&T Bank Corp boosted its stake in shares of FirstEnergy Corp. by 224.6% in the first quarter. M&T Bank Corp now owns 21,646 shares of the company’s stock valued at $778,000 after buying an additional 14,977 shares during the last quarter. Finally, ING Groep NV boosted its stake in shares of FirstEnergy Corp. by 97.1% in the first quarter. ING Groep NV now owns 32,840 shares of the company’s stock valued at $1,182,000 after buying an additional 16,182 shares during the last quarter. 75.93% of the stock is owned by hedge funds and other institutional investors.
The firm’s market capitalization is $13.42 billion. The firm has a 50 day moving average of $32.81 and a 200 day moving average of $33.83.
FirstEnergy Corp. (NYSE:FE) last released its quarterly earnings data on Thursday, July 28th. The company reported $0.56 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 quarter in the previous year, the company earned $0.53 earnings per share. Equities analysts expect that FirstEnergy Corp. will post $2.54 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Monday, November 7th will be given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 4.56%. The ex-dividend date is Thursday, November 3rd. FirstEnergy Corp.’s payout ratio is currently -103.60%.
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.
Receive News & Stock Ratings for FirstEnergy Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for FirstEnergy Corp. and related stocks with our FREE daily email newsletter.