FirstEnergy Corp. (FE) Upgraded to Buy by Evercore ISI
FirstEnergy Corp. (NYSE:FE) was upgraded by equities research analysts at Evercore ISI from a “hold” rating to a “buy” rating in a research report issued on Tuesday.
FE has been the subject of several other research reports. Jefferies Group set a $36.00 price target on shares of FirstEnergy Corp. and gave the stock a “hold” rating in a research report on Wednesday, October 12th. Citigroup Inc. increased their price objective on shares of FirstEnergy Corp. from $28.00 to $31.00 and gave the company a “sell” rating in a report on Wednesday, July 20th. Barclays PLC upgraded shares of FirstEnergy Corp. from an “equal weight” rating to an “overweight” rating and set a $37.00 price objective for the company in a report on Thursday, October 13th. Royal Bank Of Canada cut their price objective on shares of FirstEnergy Corp. from $38.00 to $36.00 and set a “sector perform” rating for the company in a report on Thursday, October 13th. Finally, RBC Capital Markets reiterated a “hold” rating and issued a $36.00 price objective (down previously from $38.00) on shares of FirstEnergy Corp. in a report on Thursday, October 13th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and eight have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $36.10.
FirstEnergy Corp. (NYSE:FE) opened at 32.23 on Tuesday. FirstEnergy Corp. has a 12 month low of $28.89 and a 12 month high of $36.60. The firm’s 50 day moving average price is $32.77 and its 200 day moving average price is $33.74. The stock’s market cap is $13.70 billion.
FirstEnergy Corp. (NYSE:FE) last released its quarterly earnings results on Thursday, July 28th. The company reported $0.56 earnings per share 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 quarter in the prior year, the firm posted $0.53 earnings per share. On average, equities research analysts predict that FirstEnergy Corp. will post $2.54 EPS for the current fiscal 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 issued a dividend of $0.36 per share. The ex-dividend date is Thursday, November 3rd. This represents a $1.44 dividend on an annualized basis and a yield of 4.47%. FirstEnergy Corp.’s dividend payout ratio (DPR) is presently -103.60%.
A number of large investors have recently added to or reduced their stakes in FE. State Street Corp raised its stake in 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 stake in 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 stake in 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 stake in 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 stake in 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. Institutional investors own 75.86% of the company’s stock.
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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