Dividend Coverage: This Electric Utility Company has a Dividend Yield of 4.37%; Will Trade Ex-Dividend on November 06, 2017
LONDON, UK / ACCESSWIRE / November 3, 2017 / Pro-Trader Daily takes a closer look at FirstEnergy Corp. (NYSE: FE) as the Company's stock will begin trading ex-dividend on November 06, 2017. In order to capture the dividend payout, investors must purchase the stock a day prior to the ex-dividend date that is by latest at the end of the trading session on November 03, 2017. Are you looking for research on dividend stocks, if so register with us now for your free membership at:
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Dividend Declared
On September 19, 2017, FirstEnergy's Board of Directors declared an unchanged quarterly dividend of $0.36 per share of outstanding common stock. The dividend will be payable December 01, 2017, to shareholders of record at the close of business on November 07, 2017.
FirstEnergy's indicated dividend represents a yield of 4.37%, which is substantially above the average dividend yield of 2.31% for the Utilities sector.
Dividend Insights
FirstEnergy has a dividend payout ratio of 47.2%, which means that the Company distributes approximately $0.47 for every $1.00 earned. The dividend payout ratio reflects how much amount a company is returning to shareholders versus how much money it is keeping on hand to reinvest in growth, to pay off debt, and/or to add to its cash reserves.
According to analysts' estimates, FirstEnergy is estimated to report earnings of $2.53 for the next year, which is substantially above the Company's annualized dividend of $1.44 per share.
As of September 30, 2017, FirstEnergy's cash and cash equivalents totaled $399 million compared to $199 million of cash as on December 31, 2016. The Company's cash provided by operating activities for the nine months ended September 30, 2017, totaled $2.76 billion compared to cash flow of $2.59 billion in the year-ago corresponding period. The Company's strong financial position indicates its ability to absorb any fluctuations in earnings and cash flow and to sustain the dividend distribution for a long period.
Recent Development for FirstEnergy
On October 26, 2017, FirstEnergy reported GAAP earnings of $396 million, or $0.89 per diluted share of common stock, on revenue of $3.7 billion and non-GAAP earnings of $0.97 per share in Q3 2017. For Q3 2016, the Company reported GAAP earnings of $380 million, or $0.89 per basic and diluted share of common stock, on revenue of $3.9 billion. FirstEnergy's non-GAAP earnings were $0.90 per share for the year-ago same period.
FirstEnergy raised its forecast for 2017 GAAP earnings to a range of $2.02 to $2.42 per basic share and raised and narrowed its full-year non-GAAP earnings guidance range to $3.00 to $3.10 per basic share.
About FirstEnergy
FirstEnergy through its subsidiaries generates, transmits, and distributes electricity in the United States. The Company owns and operates coal-fired, nuclear, hydroelectric, oil and natural gas, wind, and solar power generating facilities. The company also provides energy-related products and services to retail and wholesale customers. It operates 24,551 circuit miles of overhead and underground transmission lines; and electric distribution systems, including 272,763 miles of overhead pole line and an underground conduit carrying primary, secondary, and street lighting circuits, as well as owns substations with a total installed transformer capacity of approximately 160,259,826 kilovolt-amperes.
FirstEnergy was founded in 1996 and is headquartered in Akron, Ohio.
Stock Performance
On Thursday, November 02, 2017, the stock closed the trading session at $32.60, marginally up 0.12% from its previous closing price of $32.56. A total volume of 2.87 million shares have exchanged hands. FirstEnergy's stock price rallied 3.99% in the last one month, 1.65% in the past three months, and 13.08% in the previous six months. Furthermore, since the start of the year, shares of the Company have gained 5.26%. The stock has a dividend yield of 4.42% and currently has a market cap of $14.47 billion.
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