FirstEnergy Corp. (NYSE:FE – Get Free Report) declared a quarterly dividend on Wednesday, December 20th, RTT News reports. Investors of record on Wednesday, February 7th will be given a dividend of 0.41 per share by the utilities provider on Friday, March 1st. This represents a $1.64 annualized dividend and a yield of 4.49%.
FirstEnergy has increased its dividend payment by an average of 0.9% per year over the last three years and has raised its dividend annually for the last 1 consecutive years. FirstEnergy has a dividend payout ratio of 61.7% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect FirstEnergy to earn $2.66 per share next year, which means the company should continue to be able to cover its $1.64 annual dividend with an expected future payout ratio of 61.7%.
FirstEnergy Stock Performance
Shares of FE stock traded down $0.43 during trading on Wednesday, reaching $36.49. 1,310,453 shares of the company’s stock traded hands, compared to its average volume of 3,687,626. The company has a market capitalization of $20.94 billion, a P/E ratio of 45.90 and a beta of 0.47. The company has a current ratio of 0.53, a quick ratio of 0.43 and a debt-to-equity ratio of 2.09. The firm’s 50-day moving average is $36.52 and its 200 day moving average is $37.03. FirstEnergy has a 1 year low of $32.18 and a 1 year high of $43.31.
FirstEnergy (NYSE:FE – Get Free Report) last issued its quarterly earnings results on Friday, October 27th. The utilities provider reported $0.88 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.03. FirstEnergy had a net margin of 4.06% and a return on equity of 12.93%. The firm had revenue of $3.50 billion for the quarter, compared to analyst estimates of $3.54 billion. During the same quarter in the prior year, the firm earned $0.79 EPS. The business’s revenue for the quarter was up .7% compared to the same quarter last year. Equities research analysts expect that FirstEnergy will post 2.55 EPS for the current year.
Insider Activity
In related news, SVP Christine Walker sold 12,500 shares of FirstEnergy stock in a transaction that occurred on Monday, November 27th. The shares were sold at an average price of $37.58, for a total value of $469,750.00. Following the completion of the transaction, the senior vice president now owns 36,959 shares in the company, valued at $1,388,919.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.08% of the company’s stock.
Hedge Funds Weigh In On FirstEnergy
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Alpha Paradigm Partners LLC acquired a new stake in FirstEnergy in the third quarter valued at approximately $85,000. Coppell Advisory Solutions Corp. acquired a new stake in FirstEnergy during the 4th quarter worth about $80,000. Achmea Investment Management B.V. lifted its holdings in FirstEnergy by 145.1% in the 1st quarter. Achmea Investment Management B.V. now owns 1,708 shares of the utilities provider’s stock worth $78,000 after purchasing an additional 1,011 shares during the last quarter. Jefferies Financial Group Inc. bought a new position in FirstEnergy in the 4th quarter worth approximately $71,000. Finally, AM Squared Ltd bought a new stake in shares of FirstEnergy during the first quarter valued at approximately $60,000. 82.34% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several equities research analysts have weighed in on the stock. KeyCorp dropped their price target on shares of FirstEnergy from $45.00 to $41.00 and set an “overweight” rating for the company in a research report on Thursday, October 5th. Morgan Stanley reduced their price target on shares of FirstEnergy from $44.00 to $42.00 and set an “overweight” rating for the company in a research note on Wednesday, October 25th. Barclays reduced their price target on shares of FirstEnergy from $37.00 to $35.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 10th. Royal Bank of Canada dropped their price objective on shares of FirstEnergy from $44.00 to $41.00 and set an “outperform” rating on the stock in a report on Wednesday, September 6th. Finally, StockNews.com raised shares of FirstEnergy from a “sell” rating to a “hold” rating in a report on Monday, October 30th. One research analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $39.44.
Get Our Latest Research Report on FE
About FirstEnergy (Get Free Report)
FirstEnergy Corp., through its subsidiaries, generates, transmits, and distributes electricity in the United States. It operates through Regulated Distribution and Regulated Transmission segments. The company owns and operates coal-fired, nuclear, hydroelectric, wind, and solar power generating facilities.
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Original: MarketBeat News Feed: FirstEnergy Corp. (NYSE:FE) Declares Quarterly Dividend of $0.41