FirstEnergy Corporation (NYSE:FE) announced its quarterly earnings results on Thursday, July 27th. The utilities provider reported $0.61 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.61, Bloomberg Earnings reports. FirstEnergy Corporation had a positive return on equity of 15.41% and a negative net margin of 35.59%. The business had revenue of $3.30 billion during the quarter, compared to the consensus estimate of $3.38 billion. During the same quarter last year, the firm posted $0.56 EPS. The company’s quarterly revenue was down 3.0% on a year-over-year basis. FirstEnergy Corporation updated its Q3 guidance to $0.75-0.90 EPS and its FY17 guidance to $2.70-3.00 EPS.
FirstEnergy Corporation (NYSE:FE) traded up 0.1648% on Wednesday, hitting $32.7539. The stock had a trading volume of 132,297 shares. The firm’s market capitalization is $14.55 billion. FirstEnergy Corporation has a 1-year low of $27.93 and a 1-year high of $34.96. The stock’s 50-day moving average is $30.80 and its 200 day moving average is $30.41.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Monday, August 7th will be paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 4.40%. The ex-dividend date is Thursday, August 3rd. FirstEnergy Corporation’s payout ratio is presently -12.31%.
A number of hedge funds and other institutional investors have recently made changes to their positions in FE. Thrivent Financial for Lutherans boosted its stake in shares of FirstEnergy Corporation by 7.3% in the fourth quarter. Thrivent Financial for Lutherans now owns 15,338 shares of the utilities provider’s stock valued at $475,000 after buying an additional 1,040 shares during the period. UBS Asset Management Americas Inc. boosted its stake in shares of FirstEnergy Corporation by 18.3% in the fourth quarter. UBS Asset Management Americas Inc. now owns 1,569,047 shares of the utilities provider’s stock valued at $48,593,000 after buying an additional 242,727 shares during the period. Teachers Advisors LLC raised its stake in shares of FirstEnergy Corporation by 3.3% in the fourth quarter. Teachers Advisors LLC now owns 1,745,872 shares of the utilities provider’s stock valued at $54,070,000 after buying an additional 55,530 shares in the last quarter. Kentucky Retirement Systems acquired a new stake in shares of FirstEnergy Corporation during the fourth quarter valued at approximately $957,000. Finally, Kentucky Retirement Systems Insurance Trust Fund acquired a new stake in shares of FirstEnergy Corporation during the fourth quarter valued at approximately $427,000. 78.75% of the stock is currently owned by institutional investors.
A number of equities research analysts have recently weighed in on FE shares. Zacks Investment Research downgraded FirstEnergy Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, August 8th. Deutsche Bank AG reaffirmed a “hold” rating and issued a $34.00 price target (up previously from $31.00) on shares of FirstEnergy Corporation in a research note on Monday, July 31st. Barclays PLC reaffirmed an “overweight” rating and issued a $37.00 price target (up previously from $36.00) on shares of FirstEnergy Corporation in a research note on Monday, June 19th. J P Morgan Chase & Co cut FirstEnergy Corporation from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $36.00 to $32.00 in a research report on Monday, May 1st. Finally, Morgan Stanley set a $38.00 price target on FirstEnergy Corporation and gave the stock a “buy” rating in a report on Tuesday, July 4th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and five have given a buy rating to the stock. FirstEnergy Corporation currently has an average rating of “Hold” and an average price target of $33.80.
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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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