Morgan Stanley Trims FirstEnergy Corp. (FE) Target Price to $39.00
FirstEnergy Corp. (NYSE:FE) had its target price reduced by stock analysts at Morgan Stanley from $40.00 to $39.00 in a research report issued to clients and investors on Monday. The brokerage currently has an “overweight” rating on the utilities provider’s stock. Morgan Stanley’s price objective indicates a potential upside of 34.21% from the stock’s previous close.
Several other brokerages have also recently weighed in on FE. Vetr cut shares of FirstEnergy Corp. from a “strong-buy” rating to a “buy” rating and set a $36.00 price target for the company. in a research report on Monday, February 27th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $32.00 price target on shares of FirstEnergy Corp. in a research report on Friday, March 31st. Goldman Sachs Group Inc raised shares of FirstEnergy Corp. from a “neutral” rating to a “buy” rating and set a $34.00 price target for the company in a research report on Thursday, March 23rd. They noted that the move was a valuation call. Wells Fargo & Co cut shares of FirstEnergy Corp. from an “outperform” rating to a “market perform” rating in a research report on Tuesday, January 10th. Finally, Mizuho reaffirmed a “neutral” rating and issued a $31.25 price target on shares of FirstEnergy Corp. in a research report on Wednesday, April 19th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have issued a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $34.60.
Shares of FirstEnergy Corp. (NYSE:FE) traded down 1.015% during trading on Monday, hitting $28.765. 6,277,465 shares of the company’s stock were exchanged. The stock’s market cap is $12.76 billion. The firm has a 50-day moving average price of $30.91 and a 200-day moving average price of $31.30. FirstEnergy Corp. has a one year low of $28.21 and a one year high of $36.60.
FirstEnergy Corp. (NYSE:FE) last announced its quarterly earnings results on Thursday, April 27th. The utilities provider reported $0.78 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.07. FirstEnergy Corp. had a negative net margin of 4.12% and a positive return on equity of 10.06%. The firm had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.64 billion. During the same quarter in the prior year, the company earned $0.80 EPS. The company’s revenue was down 7.7% compared to the same quarter last year. Equities research analysts expect that FirstEnergy Corp. will post $2.80 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 1st. Investors of record on Friday, May 5th will be paid a dividend of $0.36 per share. The ex-dividend date of this dividend is Wednesday, May 3rd. This represents a $1.44 annualized dividend and a dividend yield of 4.96%. FirstEnergy Corp.’s dividend payout ratio (DPR) is presently -100.70%.
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Several hedge funds and other institutional investors have recently bought and sold shares of FE. United Asset Strategies Inc. purchased a new position in FirstEnergy Corp. during the third quarter valued at approximately $3,104,000. Flippin Bruce & Porter Inc. raised its position in shares of FirstEnergy Corp. by 4.9% in the third quarter. Flippin Bruce & Porter Inc. now owns 223,920 shares of the utilities provider’s stock worth $7,407,000 after buying an additional 10,446 shares during the last quarter. Point View Wealth Management Inc. raised its position in shares of FirstEnergy Corp. by 1.5% in the third quarter. Point View Wealth Management Inc. now owns 45,483 shares of the utilities provider’s stock worth $1,505,000 after buying an additional 667 shares during the last quarter. NewSquare Capital LLC raised its position in shares of FirstEnergy Corp. by 6.1% in the third quarter. NewSquare Capital LLC now owns 18,847 shares of the utilities provider’s stock worth $623,000 after buying an additional 1,086 shares during the last quarter. Finally, Investment Partners Ltd. OH ADV bought a new position in shares of FirstEnergy Corp. during the third quarter worth about $273,000. Hedge funds and other institutional investors own 74.16% of the company’s stock.
FirstEnergy Corp. Company Profile
FirstEnergy Corp. is a holding company. The Company is engaged in holding, directly or indirectly, all of the outstanding equity of its principal subsidiaries. Its segments include Regulated Distribution, Regulated Transmission, Competitive Energy Services (CES) and Corporate/Other. As of December 31, 2016, the Regulated Distribution segment distributed electricity through the Company’s 10 utility operating companies, serving approximately six million customers, and purchased power for its provider of last resort (POLR), standard offer service (SOS), standard offer service (SSO) and default service requirements in Ohio, Pennsylvania, New Jersey and Maryland.
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