FirstEnergy Corp. (FE) Price Target Cut to $36.00 by Analysts at Royal Bank Of Canada
FirstEnergy Corp. (NYSE:FE) had its price objective cut by research analysts at Royal Bank Of Canada from $38.00 to $36.00 in a research report issued on Thursday. The brokerage currently has a “sector perform” rating on the stock. Royal Bank Of Canada’s price objective points to a potential upside of 14.80% from the company’s previous close.
Other equities analysts have also issued research reports about the company. Bank of America Corp. upgraded 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 research note on Monday, August 8th. Jefferies Group raised their price objective on FirstEnergy Corp. from $35.00 to $36.00 and gave the company a “hold” rating in a research report on Thursday, July 7th. Barclays PLC set a $36.00 price objective on FirstEnergy Corp. and gave the company a “hold” rating in a research report on Saturday, September 17th. RBC Capital Markets reaffirmed a “hold” rating and set a $36.00 price objective on shares of FirstEnergy Corp. in a research report on Thursday. Finally, Morgan Stanley raised FirstEnergy Corp. from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $38.00 to $41.00 in a research report on Monday, August 8th. They noted that the move was a valuation call. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $36.03.
FirstEnergy Corp. (NYSE:FE) opened at 31.36 on Thursday. The firm has a 50-day moving average price of $32.85 and a 200-day moving average price of $33.85. FirstEnergy Corp. has a 12 month low of $28.89 and a 12 month high of $36.60. The stock’s market cap is $13.33 billion.
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FirstEnergy Corp. (NYSE:FE) last announced its quarterly earnings results on Thursday, July 28th. The company reported $0.56 EPS for the quarter, beating the consensus estimate of $0.54 by $0.02. FirstEnergy Corp. had a positive return on equity of 10.05% and a negative net margin of 3.96%. During the same quarter last year, the company earned $0.53 EPS. Equities research analysts expect that FirstEnergy Corp. will post $2.54 earnings per share for the current fiscal year.
The business also recently declared 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 4.59%. The ex-dividend date is Thursday, November 3rd. FirstEnergy Corp.’s dividend payout ratio is currently -103.60%.
A number of hedge funds and other institutional investors have recently made changes to their positions in FE. Adage Capital Partners GP L.L.C. boosted its position in shares of 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 valued at $77,006,000 after buying an additional 110,916 shares in the last quarter. Credit Agricole S A boosted its position in shares of FirstEnergy Corp. by 45.0% in the first quarter. Credit Agricole S A now owns 347,906 shares of the company’s stock valued at $12,514,000 after buying an additional 107,893 shares in the last quarter. Quadrature Capital Ltd bought a new position in shares of FirstEnergy Corp. during the first quarter valued at $596,000. Acadian Asset Management LLC boosted its position in shares of FirstEnergy Corp. by 324.8% in the second quarter. Acadian Asset Management LLC now owns 28,054 shares of the company’s stock valued at $980,000 after buying an additional 21,450 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of FirstEnergy Corp. by 6.3% in the first quarter. Geode Capital Management LLC now owns 3,704,869 shares of the company’s stock valued at $133,012,000 after buying an additional 219,805 shares in the last quarter. Institutional investors own 75.93% 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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