FirstEnergy Corp. (FE) reported quarterly earnings results on Tuesday, Apr-26-2016. The company said it had a profit of $0.80 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.05. Analysts had a consensus of $0.75. The company posted revenue of $3900.00 million in the period, compared to analysts expectations of $3885.12 million. During the same quarter in the previous year, the company posted $0.62 EPS.
Many Wall Street Analysts have commented on FirstEnergy Corp.. Shares were Reiterated by Deutsche Bank on Apr 25, 2016 to “Hold” and Lowered the Price Target to $ 37 from a previous price target of $39 .Company shares were Reiterated by Barclays on Apr 22, 2016 to “Overweight”, Firm has raised the Price Target to $ 39 from a previous price target of $38 .
FirstEnergy Corp. opened for trading at $34.16 and hit $34.65 on the upside on Friday, eventually ending the session at $34.47, with a gain of 1.65% or 0.56 points. The heightened volatility saw the trading volume jump to 46,20,681 shares. Company has a market cap of $14,603 M.
Investors should note that on Mar 15, 2016, FirstEnergy Corp. announced a cash dividend of $0.3600. The company’s management has announced May 4, 2016 as the ex-dividend date and fixed the record date on May 6, 2016. The payable date has been fixed on Jun 1, 2016.
In a different news, on Mar 16, 2016, Steven E Strah (Sr VP & President FE Utilities) purchased 560 shares at $35.59 per share price. According to the SEC, on May 8, 2015, Donald R Schneider (President, FE Solutions) sold 10,775 shares at $34.63 per share price. On May 4, 2015, Anthony J Alexander (Executive Chairman) sold 54,436 shares at $36.85 per share price, according to the Form-4 filing with the securities and exchange commission.
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 10 utility operating companies serving customers within 65000 square miles of Ohio Pennsylvania West Virginia Maryland New Jersey and New York. The Regulated Transmission segment transmits electricity through transmission facilities. The CES segment supplies electricity to end-use customers through retail and wholesale arrangements including retail sales to customers in Ohio Pennsylvania Illinois Michigan New Jersey and Maryland. The Company’s principal subsidiaries include Ohio Edison Company The Cleveland Electric Illuminating Company The Toledo Edison Company Metropolitan Edison Company Pennsylvania Electric Company FirstEnergy Service Company FirstEnergy Solutions Corp. Allegheny Energy Supply Company LLC among others.