FirstEnergy (NYSE:FE) Upgraded to “Buy” at Guggenheim

Guggenheim upgraded shares of FirstEnergy (NYSE:FEGet 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 (NYSE:FEGet Rating) last announced its quarterly earnings data on Tuesday, October 25th. The utilities provider reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.02. FirstEnergy had a return on equity of 13.76% and a net margin of 10.35%. The firm had revenue of $3.48 billion for the quarter, compared to analysts’ expectations of $3.14 billion. During the same quarter in the prior year, the firm posted $0.82 earnings per share. FirstEnergy’s revenue for the quarter was up 11.2% compared to the same quarter last year. On average, analysts anticipate that FirstEnergy will post 2.43 earnings per share for the current fiscal year.

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.

About FirstEnergy

(Get Rating)

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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Analyst Recommendations for FirstEnergy (NYSE:FE)

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