Jefferies Group Upgrades FirstEnergy Corp. to “Hold” (FE)
FirstEnergy Corp. (NYSE:FE) was upgraded by research analysts at Jefferies Group from an “underperform” rating to a “hold” rating in a report released on Tuesday, TheFlyOnTheWall.com reports. The firm currently has a $36.50 price objective on the stock, up from their previous price objective of $33.50. Jefferies Group’s target price suggests a potential upside of 0.14% from the company’s current price.
The analysts wrote, “We are upgrading FirstEnergy to Hold from Underperform based on valuation. The stock has underperformed the UTY by 11.8% since we downgraded the stock in January. Moody’s concerns regarding FE competitive businesses have been resolved with the company raising $1.5 billion in proceeds from the Harrison asset transfer proceeding and the sale of hydro assets.”
FE has been the subject of a number of other recent research reports. Analysts at UBS AG cut their price target on shares of FirstEnergy Corp. (NYSE:FE) from $41.00 to $37.00 in a research note to investors on Friday, August 9th. They now have a “neutral” rating on the stock. Separately, analysts at TheStreet downgraded shares of FirstEnergy Corp. (NYSE:FE) to a “hold” rating in a research note to investors on Thursday, August 8th. Finally, analysts at Zacks reiterated a “neutral” rating on shares of FirstEnergy Corp. (NYSE:FE) in a research note to investors on Wednesday, August 7th. They now have a $40.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and two have issued a buy rating to the stock. FirstEnergy Corp. currently has an average rating of “Hold” and a consensus target price of $42.68.
Shares of FirstEnergy Corp. (NYSE:FE) traded up 1.74% on Tuesday, hitting $37.085. The stock had a trading volume of 1,597,368 shares. FirstEnergy Corp. has a 1-year low of $35.46 and a 1-year high of $46.77. The stock’s 50-day moving average is $37.27 and its 200-day moving average is $39.93. The company has a market cap of $15.510 billion and a P/E ratio of 49.32.
FirstEnergy Corp. (NYSE:FE) last released its earnings data on Tuesday, August 6th. The company reported $0.59 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.54 by $0.05. During the same quarter last year, the company posted $0.59 earnings per share. Analysts expect that FirstEnergy Corp. will post $3.00 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Sunday, December 1st. Shareholders of record on Thursday, November 7th will be given a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a yield of 6.04%. The ex-dividend date of this dividend is Tuesday, November 5th.
FirstEnergy Corp. (NYSE:FE) is engaged in the holding, directly or indirectly, of its subsidiaries: Ohio Edison Company (OE), The Cleveland Electric Illuminating Company (CEI), The Toledo Edison Company (TE), Pennsylvania Power Company (Penn) (a wholly owned subsidiary of OE), American Transmission Systems, Incorporated (ATSI), Jersey Central Power & Light Company (JCP&L), Metropolitan Edison Company (Met-Ed), Pennsylvania Electric Company (Penelec).
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