Citigroup Inc. Upgrades FirstEnergy Corp. (FE) to Neutral
FirstEnergy Corp. (NYSE:FE) was upgraded by equities research analysts at Citigroup Inc. from a “sell” rating to a “neutral” rating in a report issued on Tuesday.
Other research 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 dropped their price target for the stock from $41.00 to $40.00 in a research report on Monday, August 8th. Jefferies Group lifted their price target on FirstEnergy Corp. from $35.00 to $36.00 and gave the stock a “hold” rating in a research report on Thursday, July 7th. RBC Capital Markets reiterated a “hold” rating and issued a $36.00 price target (down previously from $38.00) on shares of FirstEnergy Corp. in a research report on Thursday, October 13th. Barclays PLC set a $36.00 target price on FirstEnergy Corp. and gave the company a “hold” rating in a research report on Saturday, September 17th. Finally, Morgan Stanley upgraded FirstEnergy Corp. from an “equal weight” rating to an “overweight” rating and boosted their target price 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. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $36.10.
Shares of FirstEnergy Corp. (NYSE:FE) opened at 32.23 on Tuesday. FirstEnergy Corp. has a 1-year low of $28.89 and a 1-year high of $36.60. The company has a 50 day moving average price of $32.77 and a 200 day moving average price of $33.74. The stock’s market cap is $13.70 billion.
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FirstEnergy Corp. (NYSE:FE) last released its quarterly earnings results on Thursday, July 28th. The company reported $0.56 EPS for the quarter, topping the Thomson Reuters’ 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 period last year, the company earned $0.53 earnings per share. On average, equities analysts anticipate that FirstEnergy Corp. will post $2.54 EPS for the current year.
The company 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 4.47%. The ex-dividend date is Thursday, November 3rd. FirstEnergy Corp.’s dividend payout ratio is currently -103.60%.
A number of institutional investors have recently added to or reduced their stakes in FE. Signature Estate & Investment Advisors LLC purchased a new position in FirstEnergy Corp. during the second quarter valued at about $126,000. FUKOKU MUTUAL LIFE INSURANCE Co raised its stake in shares of FirstEnergy Corp. by 19.4% in the second quarter. FUKOKU MUTUAL LIFE INSURANCE Co now owns 3,700 shares of the company’s stock worth $129,000 after buying an additional 600 shares during the period. Assetmark Inc. raised its stake in shares of FirstEnergy Corp. by 1,112.0% in the second quarter. Assetmark Inc. now owns 4,048 shares of the company’s stock worth $141,000 after buying an additional 3,714 shares during the period. Checchi Capital Advisers LLC raised its stake in shares of FirstEnergy Corp. by 6.6% in the second quarter. Checchi Capital Advisers LLC now owns 4,569 shares of the company’s stock worth $160,000 after buying an additional 281 shares during the period. Finally, City Holding Co. raised its stake in shares of FirstEnergy Corp. by 19.2% in the second quarter. City Holding Co. now owns 4,861 shares of the company’s stock worth $170,000 after buying an additional 782 shares during the period. 75.86% of the stock is currently owned by institutional investors and hedge funds.
FirstEnergy Corp. Company Profile
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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