FirstEnergy Corp. (NYSE:FE) Sees Large Increase in Short Interest

FirstEnergy Corp. (NYSE:FE) was the target of a significant increase in short interest in November. As of November 30th, there was short interest totalling 11,230,000 shares, an increase of 7.8% from the November 15th total of 10,420,000 shares. Based on an average daily trading volume, of 2,850,000 shares, the days-to-cover ratio is presently 3.9 days.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. JPMorgan Chase & Co. increased their price target on FirstEnergy from $45.00 to $46.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. Bank of America raised their price target on FirstEnergy from $42.00 to $43.00 and gave the stock an “underperform” rating in a research note on Thursday, August 29th. Scotiabank upgraded FirstEnergy from a “sector perform” rating to a “sector outperform” rating and lifted their price target for the company from $45.00 to $50.00 in a report on Thursday, December 12th. Morgan Stanley cut their price objective on shares of FirstEnergy from $52.00 to $50.00 and set an “overweight” rating on the stock in a report on Friday, November 22nd. Finally, Barclays boosted their target price on shares of FirstEnergy from $40.00 to $46.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, FirstEnergy has an average rating of “Hold” and a consensus target price of $46.27.

FirstEnergy Trading Down 0.2 %

NYSE FE traded down $0.06 during mid-day trading on Tuesday, hitting $39.84. The company’s stock had a trading volume of 2,686,627 shares, compared to its average volume of 2,898,671. The company has a debt-to-equity ratio of 1.58, a current ratio of 0.56 and a quick ratio of 0.46. FirstEnergy has a 52-week low of $35.41 and a 52-week high of $44.97. The stock’s fifty day simple moving average is $42.08 and its two-hundred day simple moving average is $41.64. The firm has a market capitalization of $22.96 billion, a P/E ratio of 25.76, a price-to-earnings-growth ratio of 2.18 and a beta of 0.51.

FirstEnergy (NYSE:FE) last posted its earnings results on Tuesday, October 29th. The utilities provider reported $0.85 earnings per share for the quarter, missing the consensus estimate of $0.90 by ($0.05). FirstEnergy had a net margin of 6.64% and a return on equity of 11.38%. The business had revenue of $3.73 billion for the quarter, compared to analyst estimates of $3.96 billion. During the same quarter in the previous year, the firm posted $0.88 EPS. The business’s revenue was up 6.9% compared to the same quarter last year. Research analysts expect that FirstEnergy will post 2.68 EPS for the current year.

FirstEnergy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Sunday, December 1st. Stockholders of record on Thursday, November 7th were paid a $0.425 dividend. The ex-dividend date of this dividend was Thursday, November 7th. This represents a $1.70 dividend on an annualized basis and a dividend yield of 4.27%. FirstEnergy’s dividend payout ratio (DPR) is currently 109.68%.

Hedge Funds Weigh In On FirstEnergy

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Wealth Enhancement Advisory Services LLC grew its stake in shares of FirstEnergy by 6.4% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 78,297 shares of the utilities provider’s stock valued at $2,996,000 after acquiring an additional 4,730 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in FirstEnergy by 162.1% during the 2nd quarter. Assenagon Asset Management S.A. now owns 48,990 shares of the utilities provider’s stock valued at $1,875,000 after purchasing an additional 30,298 shares in the last quarter. Blue Trust Inc. increased its holdings in FirstEnergy by 246.6% during the 2nd quarter. Blue Trust Inc. now owns 1,026 shares of the utilities provider’s stock worth $40,000 after purchasing an additional 730 shares during the last quarter. Brookstone Capital Management raised its position in shares of FirstEnergy by 5.0% in the 2nd quarter. Brookstone Capital Management now owns 7,222 shares of the utilities provider’s stock valued at $285,000 after purchasing an additional 341 shares in the last quarter. Finally, Gradient Investments LLC boosted its stake in shares of FirstEnergy by 924.2% during the 2nd quarter. Gradient Investments LLC now owns 1,946 shares of the utilities provider’s stock valued at $74,000 after buying an additional 1,756 shares during the last quarter. 89.41% of the stock is owned by institutional investors and hedge funds.

FirstEnergy Company Profile

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.