FirstEnergy Corp. (FE) Reaches New 52-Week High at $36.59
Shares of FirstEnergy Corp. (NYSE:FE) hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $36.59 and last traded at $36.57, with a volume of 2,924,080 shares changing hands. The stock had previously closed at $35.96.
A number of research firms have weighed in on FE. Royal Bank Of Canada cut shares of FirstEnergy Corp. from an “outperform” rating to a “sector perform” rating and set a $33.00 target price on the stock. in a report on Thursday, April 28th. Barclays PLC cut shares of FirstEnergy Corp. from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $39.00 to $33.00 in a report on Saturday, April 23rd. Morgan Stanley reissued a “hold” rating on shares of FirstEnergy Corp. in a report on Sunday, May 8th. Deutsche Bank AG cut their target price on shares of FirstEnergy Corp. from $39.00 to $37.00 and set a “hold” rating on the stock in a report on Monday, April 25th. Finally, Zacks Investment Research cut shares of FirstEnergy Corp. from a “hold” rating to a “sell” rating in a report on Tuesday, May 3rd. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and five have assigned a buy rating to the company’s stock. FirstEnergy Corp. currently has an average rating of “Hold” and an average target price of $35.18.
The stock has a 50-day moving average of $34.60 and a 200-day moving average of $33.96. The company has a market cap of $15.51 billion and a P/E ratio of 22.66.
FirstEnergy Corp. (NYSE:FE) last released its quarterly earnings data on Tuesday, April 26th. The company reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.75 by $0.05. The company earned $3.90 billion during the quarter, compared to the consensus estimate of $3.86 billion. The business’s revenue was up .0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.62 EPS. Analysts forecast that FirstEnergy Corp. will post $2.66 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 1st. Shareholders of record on Friday, August 5th will be issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 4.00%. The ex-dividend date is Wednesday, August 3rd.
Other institutional investors recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of FirstEnergy Corp. by 6.2% in the fourth quarter. Vanguard Group Inc. now owns 29,495,851 shares of the company’s stock worth $935,903,000 after buying an additional 1,730,869 shares during the period. Jennison Associates LLC increased its stake in FirstEnergy Corp. by 0.9% in the fourth quarter. Jennison Associates LLC now owns 8,870,872 shares of the company’s stock valued at $281,473,000 after buying an additional 82,089 shares during the period. Boston Partners increased its stake in FirstEnergy Corp. by 67.2% in the fourth quarter. Boston Partners now owns 2,604,737 shares of the company’s stock valued at $82,648,000 after buying an additional 1,046,991 shares during the period. Principal Financial Group Inc. increased its stake in FirstEnergy Corp. by 4.9% in the fourth quarter. Principal Financial Group Inc. now owns 2,437,458 shares of the company’s stock valued at $77,340,000 after buying an additional 113,772 shares during the period. Finally, Mizuho Trust & Banking Co. Ltd. increased its stake in FirstEnergy Corp. by 0.7% in the fourth quarter. Mizuho Trust & Banking Co. Ltd. now owns 641,592 shares of the company’s stock valued at $20,717,000 after buying an additional 4,681 shares during the period.
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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