KeyCorp Weighs in on FirstEnergy Corporation’s FY2017 Earnings (FE)
FirstEnergy Corporation (NYSE:FE) – KeyCorp upped their FY2017 earnings estimates for FirstEnergy Corporation in a note issued to investors on Sunday. KeyCorp analyst P. Ridzon now forecasts that the utilities provider will earn $3.05 per share for the year, up from their prior estimate of $2.85. KeyCorp currently 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 earnings results on Thursday, October 26th. The utilities provider reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.11. The business had revenue of $3.70 billion for the quarter, compared to analyst estimates of $3.72 billion. FirstEnergy Corporation had a negative net margin of 35.99% and a positive return on equity of 19.29%. During the same quarter in the previous year, the business earned $0.90 earnings per share.
A number of other equities research analysts have also issued reports on FE. Bank of America Corporation assumed coverage on shares of FirstEnergy Corporation in a report on Tuesday, October 24th. They issued a “neutral” rating and a $34.00 price target on the stock. Mizuho reaffirmed a “hold” rating and issued a $30.50 target price on shares of FirstEnergy Corporation in a research report on Tuesday, October 24th. Zacks Investment Research cut shares of FirstEnergy Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, August 8th. ValuEngine raised shares of FirstEnergy Corporation from a “hold” rating to a “buy” rating in a research report on Monday, August 7th. Finally, Citigroup Inc. raised their target price on shares of FirstEnergy Corporation from $31.00 to $34.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 17th. Thirteen analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $34.39.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in FirstEnergy Corporation by 23.4% during the 2nd quarter. Vanguard Group Inc. now owns 44,375,170 shares of the utilities provider’s stock valued at $1,293,979,000 after acquiring an additional 8,409,439 shares during the period. BlackRock Inc. lifted its position in FirstEnergy Corporation by 13.9% during the 2nd quarter. BlackRock Inc. now owns 44,045,492 shares of the utilities provider’s stock valued at $1,284,363,000 after acquiring an additional 5,369,241 shares during the period. LSV Asset Management lifted its position in FirstEnergy Corporation by 2.7% during the 2nd quarter. LSV Asset Management now owns 14,438,631 shares of the utilities provider’s stock valued at $421,030,000 after acquiring an additional 385,978 shares during the period. Bank of New York Mellon Corp lifted its position in FirstEnergy Corporation by 6.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 11,546,862 shares of the utilities provider’s stock valued at $336,706,000 after acquiring an additional 745,495 shares during the period. Finally, Thompson Siegel & Walmsley LLC lifted its position in FirstEnergy Corporation by 23.3% during the 2nd quarter. Thompson Siegel & Walmsley LLC now owns 6,071,635 shares of the utilities provider’s stock valued at $177,049,000 after acquiring an additional 1,148,955 shares during the period. 80.06% of the stock is owned by institutional investors.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Tuesday, November 7th will be given a dividend of $0.36 per share. The ex-dividend date of this dividend is Monday, November 6th. This represents a $1.44 dividend on an annualized basis and a yield of 4.37%. FirstEnergy Corporation’s dividend payout ratio (DPR) is currently -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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