FirstEnergy Corp. (FE) Upgraded to “Neutral” at Citigroup Inc.
Citigroup Inc. upgraded shares of FirstEnergy Corp. (NYSE:FE) from a sell rating to a neutral rating in a report issued on Tuesday morning. Citigroup Inc. currently has $31.00 target price on the stock, up from their prior target price of $29.00.
FE has been the subject of several other reports. Jefferies Group set a $36.00 target price on shares of FirstEnergy Corp. and gave the stock a hold rating in a report on Wednesday, October 12th. Barclays PLC upgraded FirstEnergy Corp. from an equal weight rating to an overweight rating and set a $37.00 price target for the company in a research note on Thursday, October 13th. Royal Bank Of Canada dropped their price target on FirstEnergy Corp. from $38.00 to $36.00 and set a sector perform rating for the company in a research note on Thursday, October 13th. RBC Capital Markets restated a hold rating and issued a $36.00 price target (down from $38.00) on shares of FirstEnergy Corp. in a research note on Thursday, October 13th. Finally, Morgan Stanley upgraded FirstEnergy Corp. from an equal weight rating to an overweight rating and upped their price target for the stock from $38.00 to $41.00 in a research note on Monday, August 8th. They noted that the move was a valuation call. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and eight have assigned a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus price target of $35.97.
FirstEnergy Corp. (NYSE:FE) opened at 32.69 on Tuesday. The firm’s 50 day moving average is $32.78 and its 200 day moving average is $33.72. FirstEnergy Corp. has a 1-year low of $28.89 and a 1-year high of $36.60. The stock’s market capitalization is $13.90 billion.
FirstEnergy Corp. (NYSE:FE) last released its quarterly earnings results on Thursday, July 28th. The company reported $0.56 EPS for the quarter, beating 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 last year, the company posted $0.53 earnings per share. On average, equities research analysts anticipate that FirstEnergy Corp. will post $2.54 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 1st. Shareholders of record on Monday, November 7th will be issued a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 4.34%. The ex-dividend date is Thursday, November 3rd. FirstEnergy Corp.’s dividend payout ratio is presently -103.60%.
Several large investors have recently added to or reduced their stakes in FE. Adage Capital Partners GP L.L.C. increased its stake in FirstEnergy Corp. by 5.5% in the first quarter. Adage Capital Partners GP L.L.C. now owns 2,140,851 shares of the company’s stock worth $77,006,000 after buying an additional 110,916 shares during the period. Credit Agricole S A increased its stake in FirstEnergy Corp. by 45.0% in the first quarter. Credit Agricole S A now owns 347,906 shares of the company’s stock worth $12,514,000 after buying an additional 107,893 shares during the period. Quadrature Capital Ltd purchased a new stake in FirstEnergy Corp. during the first quarter worth approximately $596,000. Acadian Asset Management LLC increased its stake in FirstEnergy Corp. by 324.8% in the second quarter. Acadian Asset Management LLC now owns 28,054 shares of the company’s stock worth $980,000 after buying an additional 21,450 shares during the period. Finally, Geode Capital Management LLC increased its stake in FirstEnergy Corp. by 6.3% in the first quarter. Geode Capital Management LLC now owns 3,704,869 shares of the company’s stock worth $133,012,000 after buying an additional 219,805 shares during the period. 75.86% of the stock is owned by hedge funds and other institutional investors.
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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