Goldman Sachs Downgrades FirstEnergy Corp. to Sell with Price Target $31.00

Brokerage firm Goldman Sachs Downgrades its rating on FirstEnergy Corp.(NYSE:FE). In a research note issued to the investors, the brokerage major Lowers the price-target to $31.00 per share. The shares have been rated Sell. Previously, the analysts had a Neutral rating on the shares. The rating by Goldman Sachs was issued on Jul 26, 2016.

In a different note, On Jul 20, 2016, Citigroup said it Maintains its rating on FirstEnergy Corp.. In the research note, the firm Raises the price-target to $28.00 per share. The shares have been rated ‘Sell’ by the firm. On Jul 7, 2016, Jefferies said it Maintains its rating on FirstEnergy Corp.. In the research note, the firm Raises the price-target to $35.00 per share. The shares have been rated ‘Hold’ by the firm. On May 9, 2016, Barclays said it Maintains its rating on FirstEnergy Corp.. In the research note, the firm Raises the price-target to $33.00 per share. The shares have been rated ‘Equal-weight’ by the firm. On Apr 28, 2016, RBC Capital said it Downgrades its rating on FirstEnergy Corp.. The shares have been rated ‘Sector Perform’ by the firm. On Apr 28, 2016, Jefferies said it Downgrades its rating on FirstEnergy Corp.. The shares have been rated ‘Hold’ by the firm. On Apr 28, 2016, Barclays said it Downgrades its rating on FirstEnergy Corp.. In the research note, the firm Lowers the price-target to $39.00 per share. The shares have been rated ‘Equal-weight’ by the firm.

FirstEnergy Corp. (FE) shares turned negative on Fridays trading session with the shares closing down -0.45 points or -1.27% at a volume of 49,83,513. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $35.25. The peak price level was also seen at $35.25 while the days lowest was $34.58. Finally the shares closed at $34.92. The 52-week high of the shares is $36.6 while the 52-week low is $28.89. According to the latest information available, the market cap of the company is $14,831 M.

FirstEnergy Corp. has also declared a cash dividend of $0.3600 on Jul 19, 2016. The shares will quote ex-dividend on Aug 3, 2016 and the record date has been fixed on Aug 5, 2016. The dividend payable date has been fixed on Sep 1, 2016.

FirstEnergy Corp.(FE) last announced its earnings results on Apr 26, 2016 for Fiscal Year 2016 and Q1.Company reported revenue of $3.87B. Analysts had an estimated revenue of $3.86B. Earnings per share were $0.80. Analysts had estimated an EPS of $0.73.

Several Insider Transactions has been reported to the SEC. On Mar 16, 2016, Steven E Strah (Sr VP & President FE Utilities) purchased 560 shares at $35.59 per share price.Also, 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.

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