KeyCorp Analysts Increase Earnings Estimates for FirstEnergy Corporation (FE)
FirstEnergy Corporation (NYSE:FE) – Analysts at KeyCorp upped their FY2017 earnings per share (EPS) estimates for FirstEnergy Corporation in a research report issued on Sunday. KeyCorp analyst P. Ridzon now forecasts that the utilities provider will earn $3.05 per share for the year, up from their previous estimate of $2.85. KeyCorp has a “Hold” rating on the stock. KeyCorp also issued estimates for FirstEnergy Corporation’s Q4 2017 earnings at $0.71 EPS and FY2018 earnings at $2.60 EPS.
FirstEnergy Corporation (NYSE:FE) last released its quarterly earnings data on Thursday, October 26th. The utilities provider reported $0.97 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.86 by $0.11. The firm had revenue of $3.70 billion during the quarter, compared to analysts’ expectations of $3.72 billion. FirstEnergy Corporation had a positive return on equity of 19.29% and a negative net margin of 35.99%. During the same quarter in the prior year, the business posted $0.90 earnings per share.
Several other brokerages also recently weighed in on FE. Zacks Investment Research downgraded FirstEnergy Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, September 12th. Evercore ISI raised FirstEnergy Corporation from an “in-line” rating to an “outperform” rating and lifted their target price for the company from $30.00 to $35.00 in a research note on Monday, August 14th. Deutsche Bank AG reaffirmed a “hold” rating and set a $34.00 target price (up previously from $31.00) on shares of FirstEnergy Corporation in a research note on Monday, July 31st. Bank of America Corporation began coverage on FirstEnergy Corporation in a research note on Tuesday, October 24th. They set a “neutral” rating and a $34.00 target price on the stock. Finally, Morgan Stanley lifted their target price on FirstEnergy Corporation from $39.00 to $40.00 and gave the company an “overweight” rating in a research note on Friday, September 8th. Thirteen research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $34.39.
FirstEnergy Corporation (FE) opened at 32.67 on Tuesday. The firm has a 50-day moving average price of $31.58 and a 200 day moving average price of $30.72. The stock’s market cap is $14.52 billion. FirstEnergy Corporation has a 52-week low of $27.93 and a 52-week high of $34.83.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Washington Trust Bank raised its stake in shares of FirstEnergy Corporation by 0.3% in the 2nd quarter. Washington Trust Bank now owns 13,570 shares of the utilities provider’s stock worth $396,000 after buying an additional 36 shares in the last quarter. Sandy Spring Bank raised its position in shares of FirstEnergy Corporation by 1.3% during the second quarter. Sandy Spring Bank now owns 5,141 shares of the utilities provider’s stock worth $150,000 after purchasing an additional 66 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in shares of FirstEnergy Corporation by 0.4% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 32,967 shares of the utilities provider’s stock worth $961,000 after purchasing an additional 145 shares during the period. Sentry Investment Management LLC raised its position in shares of FirstEnergy Corporation by 0.5% during the second quarter. Sentry Investment Management LLC now owns 35,060 shares of the utilities provider’s stock worth $1,022,000 after purchasing an additional 185 shares during the period. Finally, Norinchukin Bank The raised its position in shares of FirstEnergy Corporation by 0.7% during the second quarter. Norinchukin Bank The now owns 36,293 shares of the utilities provider’s stock worth $1,058,000 after purchasing an additional 240 shares during the period. 80.06% of the stock is currently owned by institutional investors.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Tuesday, November 7th will be paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 4.41%. The ex-dividend date of this dividend is Monday, November 6th. FirstEnergy Corporation’s dividend payout ratio is presently -12.31%.
FirstEnergy Corporation 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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