Guggenheim upgraded shares of FirstEnergy (NYSE:FE – Get Rating) from a neutral rating to a buy rating in a report published on Monday morning, MarketBeat Ratings reports. They currently have $46.00 price objective on the utilities provider’s stock, up from their previous price objective of $34.00.
FE has been the subject of several other reports. Wells Fargo & Company upped their target price on FirstEnergy to $45.00 in a report on Wednesday, December 14th. Morgan Stanley increased their price objective on FirstEnergy from $45.00 to $47.00 and gave the stock an overweight rating in a report on Thursday, December 15th. Bank of America lowered FirstEnergy from a neutral rating to an underperform rating and decreased their price objective for the stock from $41.00 to $38.00 in a report on Monday. StockNews.com started coverage on FirstEnergy in a report on Wednesday, October 12th. They issued a hold rating for the company. Finally, KeyCorp decreased their price objective on FirstEnergy from $47.00 to $44.00 and set an overweight rating for the company in a report on Thursday, October 20th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of Hold and a consensus price target of $44.13.
FirstEnergy Trading Down 2.5 %
Shares of NYSE FE opened at $41.14 on Monday. The stock’s 50 day moving average price is $41.30 and its two-hundred day moving average price is $39.71. FirstEnergy has a 52-week low of $35.32 and a 52-week high of $48.85. The stock has a market capitalization of $23.52 billion, a P/E ratio of 18.79, a PEG ratio of 2.64 and a beta of 0.45. The company has a quick ratio of 0.56, a current ratio of 0.66 and a debt-to-equity ratio of 1.86.
FirstEnergy Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 1st. Stockholders of record on Tuesday, February 7th will be issued a $0.39 dividend. The ex-dividend date is Monday, February 6th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.79%. FirstEnergy’s payout ratio is currently 71.23%.
Hedge Funds Weigh In On FirstEnergy
A number of hedge funds have recently modified their holdings of FE. Boston Partners acquired a new position in shares of FirstEnergy in the third quarter worth $325,878,000. Vanguard Group Inc. increased its position in FirstEnergy by 7.0% during the first quarter. Vanguard Group Inc. now owns 68,214,574 shares of the utilities provider’s stock worth $3,128,322,000 after buying an additional 4,443,050 shares during the last quarter. Point72 Asset Management L.P. acquired a new position in FirstEnergy during the second quarter worth $104,167,000. Price T Rowe Associates Inc. MD increased its position in FirstEnergy by 20.0% during the third quarter. Price T Rowe Associates Inc. MD now owns 13,877,738 shares of the utilities provider’s stock worth $513,478,000 after buying an additional 2,315,790 shares during the last quarter. Finally, Millennium Management LLC grew its position in shares of FirstEnergy by 217.6% in the second quarter. Millennium Management LLC now owns 2,924,182 shares of the utilities provider’s stock valued at $112,259,000 after purchasing an additional 2,003,336 shares during the last quarter. 81.80% of the stock is owned by institutional investors and hedge funds.
FirstEnergy Corp. engages in the generation, transmission, and distribution of electricity as well as energy management and other energy-related services through its subsidiaries. It operates through the following business segments: Regulated Distribution, Regulated Transmission, and Corporate. The Regulated Distribution segment distributes electricity through FirstEnergy’s utility operating companies, serving various customers.
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