FirstEnergy Corp. (FE) Bonds Trading 3% Lower
An issue of FirstEnergy Corp. (NYSE:FE) debt fell 3% against 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 one week ago. Price changes in a company’s debt in credit markets often anticipate parallel changes in its stock price.
A number of brokerages recently issued reports on FE. Goldman Sachs Group Inc. lowered FirstEnergy Corp. from a “neutral” rating to a “sell” rating and reduced their target price for the stock from $36.00 to $31.00 in a research note on Tuesday, July 26th. Citigroup Inc. lifted their price objective on FirstEnergy Corp. from $28.00 to $31.00 and gave the company a “sell” rating in a research note on Wednesday, July 20th. Jefferies Group lifted their price objective on FirstEnergy Corp. from $35.00 to $36.00 and gave the company a “hold” rating in a research note on Thursday, July 7th. Barclays PLC set a $36.00 price objective on FirstEnergy Corp. and gave the company a “hold” rating in a research note on Saturday. Finally, Bank of America Corp. upgraded FirstEnergy Corp. from a “neutral” rating to a “buy” rating and reduced their price objective for the company from $41.00 to $40.00 in a research note on Monday, August 8th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $35.82.
Shares of FirstEnergy Corp. (NYSE:FE) opened at 33.74 on Tuesday. The company has a 50-day moving average price of $32.90 and a 200 day moving average price of $34.17. FirstEnergy Corp. has a 12-month low of $28.89 and a 12-month high of $36.60. The firm’s market capitalization is $14.35 billion.
FirstEnergy Corp. (NYSE:FE) last announced its earnings results on Thursday, July 28th. The company reported $0.56 EPS for the quarter, beating analysts’ consensus estimates of $0.54 by $0.02. FirstEnergy Corp. had a negative net margin of 3.96% and a positive return on equity of 10.05%. During the same period in the previous year, the business earned $0.53 earnings per share. On average, equities analysts expect that FirstEnergy Corp. will post $2.55 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 1st. Stockholders of record on Friday, August 5th were issued 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 dividend yield of 4.27%. FirstEnergy Corp.’s payout ratio is -103.60%.
Several large investors have recently made changes to their positions in FE. Signature Estate & Investment Advisors LLC acquired a new stake in shares of FirstEnergy Corp. during the second quarter worth approximately $126,000. FUKOKU MUTUAL LIFE INSURANCE Co boosted 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 last quarter. Assetmark Inc. boosted 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 last quarter. Checchi Capital Advisers LLC boosted 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 last quarter. Finally, City Holding Co. boosted 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 last quarter. 77.07% of the stock is 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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