FirstEnergy Corp. (FE) Bonds Trading 3% Lower
An issue of FirstEnergy Corp. (NYSE:FE) debt fell 3% as a percentage of its face value during trading on Monday. The debt issue has a 6.05% coupon and will mature on August 15, 2021. The debt is now trading at $78.00 and was trading at $80.00 last week. Price changes in a company’s debt in credit markets often predict parallel changes in its share price.
Several research analysts have recently weighed in on FE shares. Jefferies Group restated a “hold” rating and issued a $36.00 price target on shares of FirstEnergy Corp. in a research note on Tuesday, August 16th. Citigroup Inc. lifted their price objective on FirstEnergy Corp. from $28.00 to $31.00 and gave the stock a “sell” rating in a report on Wednesday, July 20th. Bank of America Corp. reaffirmed a “buy” rating and issued a $37.00 price objective on shares of FirstEnergy Corp. in a report on Tuesday, May 24th. Morgan Stanley raised FirstEnergy Corp. from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $38.00 to $41.00 in a report on Monday, August 8th. They noted that the move was a valuation call. Finally, Goldman Sachs Group Inc. lowered FirstEnergy Corp. from a “neutral” rating to a “sell” rating and cut their price objective for the stock from $36.00 to $31.00 in a report on Tuesday, July 26th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $35.82.
FirstEnergy Corp. (NYSE:FE) opened at 33.74 on Tuesday. FirstEnergy Corp. has a 1-year low of $28.89 and a 1-year high of $36.60. The company’s market cap is $14.35 billion. The stock has a 50 day moving average price of $32.90 and a 200-day moving average price of $34.17.
FirstEnergy Corp. (NYSE:FE) last issued its earnings results on Thursday, July 28th. The company reported $0.56 earnings per share (EPS) for the quarter, topping the Zacks’ 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 business posted $0.53 earnings per share. On average, equities research analysts forecast that FirstEnergy Corp. will post $2.55 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 1st. Investors of record on Friday, August 5th were paid a $0.36 dividend. The ex-dividend date of this dividend was Wednesday, August 3rd. This represents a $1.44 dividend on an annualized basis and a yield of 4.27%. FirstEnergy Corp.’s dividend payout ratio (DPR) is -103.60%.
A number of institutional investors have recently modified their holdings of FE. Aperio Group LLC raised its position in shares of FirstEnergy Corp. by 17.3% in the first quarter. Aperio Group LLC now owns 114,601 shares of the company’s stock worth $4,122,000 after buying an additional 16,880 shares during the period. Commonwealth Equity Services Inc raised its position in shares of FirstEnergy Corp. by 9.6% in the first quarter. Commonwealth Equity Services Inc now owns 80,751 shares of the company’s stock worth $2,905,000 after buying an additional 7,091 shares during the period. Investment Centers of America Inc. purchased a new position in shares of FirstEnergy Corp. during the first quarter worth about $337,000. PGGM Investments raised its position in shares of FirstEnergy Corp. by 4.0% in the first quarter. PGGM Investments now owns 637,881 shares of the company’s stock worth $22,945,000 after buying an additional 24,259 shares during the period. Finally, Raymond James Trust N.A. raised its position in shares of FirstEnergy Corp. by 22.3% in the first quarter. Raymond James Trust N.A. now owns 10,191 shares of the company’s stock worth $366,000 after buying an additional 1,855 shares during the period. Institutional investors own 77.07% of the company’s stock.
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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