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FE

FirstEnergy

09:14
01/22/18
01/22
09:14
01/22/18
09:14

FirstEnergy receives $2.5B equity investment

FirstEnergy announced a $2.5B investment in the company that includes $1.62B in mandatory convertible preferred equity and $850M of common equity. The investment comes from investors including affiliates of Elliott Management Corporation, Bluescape, GIC, and Zimmer Partners, LP. The preferred equity has an initial conversion price of $27.42 per share and will receive dividends payable on FirstEnergy common stock on an as-converted basis and be non-voting, except in limited circumstances. The common equity was issued at a price of $28.22 per share. The proceeds of the private offering will be used to reduce FirstEnergy's holding company debt, contribute to its pension fund, and for general corporate purposes. The investment also will strengthen the company's investment-grade balance sheet. The company does not anticipate the need to issue additional equity through the end of 2020 outside of its stock investment plans and employee benefits programs. As part of this transaction, FirstEnergy will form a Restructuring Working Group. FirstEnergy has designated three members of the working group: CFO Jim Pearson, CLO Leila Vespoli and Gary Benz, senior VP of strategy. The RWG's two outside members are industry professionals C. John Wilder, executive chairman of Bluescape, and Anthony Horton, CFO of Energy Future Holdings Corp.

  • 22

    Jan

FE FirstEnergy

07/14/17
TUDR
07/14/17
UPGRADE
TUDR
Hold
FirstEnergy upgraded to Hold from Trim at Tudor Pickering
07/14/17
07/14/17
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Boeing (BA) upgraded to Overweight from Neutral at JPMorgan with analyst Seth Seifman saying Boeing is among the stocks best positioned to benefit from positive aerospace fundamentals. 2. Wal-Mart (WMT) and Ulta Beauty (ULTA) were upgraded to Conviction Buy from Neutral at Goldman Sachs. 3. Nutanix (NTNX) upgraded to Conviction Buy, viewed as M&A target at Goldman Sachs with analyst Simona Jankowski saying the company is a "once-in-decade tech infrastructure" that will benefit from double digit growth, high gross margins and significant operating leverage. 4. Ross Stores (ROST) upgraded to Outperform from Market Perform at Telsey Advisory with analyst Dana Telsey saying the company's valuation is attractive and expects focused execution of its off-price model to deliver best everyday value to customers, which should allow it to be a relative share winner. 5. FirstEnergy (FE) upgraded to Hold from Trim at Tudor Pickering. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
08/14/17
EVER
08/14/17
UPGRADE
EVER
Outperform
FirstEnergy upgraded to Outperform from In Line at Evercore ISI
Evercore ISI analyst Greg Gordon upgraded FirstEnergy to Outperform with a $35 price target saying he is more comfortable with the FES bankruptcy and financial exposure and said shares remain at a "meaningful" discount to peers.
10/17/17
DBAB
10/17/17
UPGRADE
DBAB
Buy
FirstEnergy upgraded to Buy from Hold at Deutsche Bank
Deutsche Bank analyst Jonathan Arnold upgraded FirstEnergy to Buy and raised his price target for the shares to $35 from $34.

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MYND

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