Wall Street brokerages expect that FirstEnergy Corp. (NYSE:FE) will announce sales of $3.49 billion for the current fiscal quarter, according to Zacks Investment Research. Two analysts have issued estimates for FirstEnergy’s earnings, with estimates ranging from $3.44 billion to $3.53 billion. FirstEnergy reported sales of $3.38 billion during the same quarter last year, which would suggest a positive year-over-year growth rate of 3.3%. The business is expected to announce its next earnings results after the market closes on Tuesday, February 20th.
On average, analysts expect that FirstEnergy will report full-year sales of $3.49 billion for the current financial year, with estimates ranging from $13.81 billion to $14.10 billion. For the next financial year, analysts forecast that the company will report sales of $12.78 billion per share, with estimates ranging from $11.56 billion to $13.71 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that follow FirstEnergy.
Several equities analysts have weighed in on FE shares. Deutsche Bank raised FirstEnergy from a “hold” rating to a “buy” rating in a research note on Tuesday, October 17th. Citigroup increased their target price on FirstEnergy from $31.00 to $34.00 and gave the company a “neutral” rating in a research note on Tuesday, October 17th. KeyCorp reissued a “hold” rating on shares of FirstEnergy in a research note on Friday, October 20th. Bank of America started coverage on FirstEnergy in a research note on Tuesday, October 24th. They issued a “neutral” rating and a $34.00 target price on the stock. Finally, Mizuho reissued a “hold” rating and issued a $30.50 target price on shares of FirstEnergy in a research note on Tuesday, October 24th. Nine analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $35.67.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 1st. Stockholders of record on Wednesday, February 7th will be given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 4.57%. The ex-dividend date is Tuesday, February 6th. FirstEnergy’s dividend payout ratio is currently -12.23%.
Several large investors have recently bought and sold shares of the stock. BlackRock Inc. grew its holdings in shares of FirstEnergy by 2.8% during the fourth quarter. BlackRock Inc. now owns 52,723,417 shares of the utilities provider’s stock worth $1,614,390,000 after buying an additional 1,431,172 shares in the last quarter. LSV Asset Management grew its holdings in shares of FirstEnergy by 3.7% during the fourth quarter. LSV Asset Management now owns 15,371,131 shares of the utilities provider’s stock worth $470,664,000 after buying an additional 549,221 shares in the last quarter. APG Asset Management N.V. grew its holdings in shares of FirstEnergy by 91.7% during the fourth quarter. APG Asset Management N.V. now owns 3,795,477 shares of the utilities provider’s stock worth $96,783,000 after buying an additional 1,816,000 shares in the last quarter. American Century Companies Inc. grew its holdings in shares of FirstEnergy by 1.0% during the fourth quarter. American Century Companies Inc. now owns 3,177,433 shares of the utilities provider’s stock worth $97,293,000 after buying an additional 32,646 shares in the last quarter. Finally, Legal & General Group Plc grew its holdings in shares of FirstEnergy by 5.4% during the third quarter. Legal & General Group Plc now owns 2,866,589 shares of the utilities provider’s stock worth $88,362,000 after buying an additional 147,342 shares in the last quarter. Institutional investors and hedge funds own 83.24% of the company’s stock.
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FirstEnergy 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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