Investors sold shares of FirstEnergy Corp. (NYSE:FE) on strength during trading hours on Thursday after Royal Bank Of Canada lowered their price target on the stock from $38.00 to $36.00. $64.23 million flowed into the stock on the tick-up and $110.46 million flowed out of the stock on the tick-down, for a money net flow of $46.23 million out of the stock. Of all stocks tracked, FirstEnergy Corp. had the 0th highest net out-flow for the day. FirstEnergy Corp. traded up $0.14 for the day and closed at $31.36
FE has been the topic of a number of other reports. Citigroup Inc. upped their price objective on shares of 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 reaffirmed a “hold” rating and issued a $36.00 price objective on shares of FirstEnergy Corp. in a research note on Tuesday, August 16th. Barclays PLC raised shares of FirstEnergy Corp. from an “equal weight” rating to an “overweight” rating and set a $37.00 price objective on the stock in a research note on Thursday. RBC Capital Markets reaffirmed a “hold” rating and issued a $36.00 price objective (down from $38.00) on shares of FirstEnergy Corp. in a research note on Thursday. Finally, Morgan Stanley raised shares of FirstEnergy Corp. from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $38.00 to $41.00 in a research note on Monday, August 8th. They noted that the move was a valuation call. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $36.10.
Several hedge funds have recently made changes to their positions in the stock. AQR Capital Management LLC increased its stake in shares of FirstEnergy Corp. by 138.4% in the second quarter. AQR Capital Management LLC now owns 9,383,869 shares of the company’s stock valued at $327,591,000 after buying an additional 5,447,191 shares in the last quarter. Old Mutual Global Investors UK Ltd. increased its stake in shares of FirstEnergy Corp. by 216.2% in the second quarter. Old Mutual Global Investors UK Ltd. now owns 3,365,286 shares of the company’s stock valued at $117,482,000 after buying an additional 2,300,984 shares in the last quarter. Franklin Resources Inc. increased its stake in shares of FirstEnergy Corp. by 96.3% in the second quarter. Franklin Resources Inc. now owns 4,485,500 shares of the company’s stock valued at $156,589,000 after buying an additional 2,200,000 shares in the last quarter. State Street Corp increased its stake in shares of FirstEnergy Corp. by 5.9% in the first quarter. State Street Corp now owns 32,867,132 shares of the company’s stock valued at $1,182,229,000 after buying an additional 1,831,146 shares in the last quarter. Finally, Highbridge Capital Management LLC purchased a new stake in shares of FirstEnergy Corp. during the second quarter valued at approximately $42,845,000. Institutional investors own 75.93% of the company’s stock.
The company’s 50 day moving average is $32.77 and its 200 day moving average is $33.80. The stock’s market capitalization is $13.40 billion.
FirstEnergy Corp. (NYSE:FE) last issued its earnings results on Thursday, July 28th. The company reported $0.56 EPS for the quarter, topping the consensus estimate 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 prior year, the business earned $0.53 EPS. Analysts expect that FirstEnergy Corp. will post $2.54 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 1st. Shareholders of record on Monday, November 7th will be given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 4.57%. The ex-dividend date is Thursday, November 3rd. FirstEnergy Corp.’s payout ratio is currently -103.60%.
About FirstEnergy Corp.
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.
Receive News & Ratings for FirstEnergy Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for FirstEnergy Corp. and related companies with MarketBeat.com's FREE daily email newsletter.