FirstEnergy Corp.’s “Neutral” Rating Reaffirmed at Zacks (FE)
FirstEnergy Corp. (NYSE:FE)‘s stock had its “neutral” rating restated by Zacks in a report released on Friday. They currently have a $35.00 target price on the stock. Zacks‘s price objective indicates a potential upside of 4.54% from the stock’s previous close.
Zacks’ analyst wrote, “FirstEnergy Corp. posted unfavorable financial results in the first quarter of 2014 with top and bottom line lagging the Zacks Consensus Estimates. The competitive market challenges offset the positive impact of favorable distribution and transmission returns. FirstEnergy’s expansion of its regulated asset base and steady progress in its large-scale transmission program will help it in the long run. In addition, strong cash flow and healthy liquidity position will support the company’s strategic regulated investments. However, strict government regulations and climate-induced sales variation could act as headwinds. We retain our Neutral recommendation on the stock.”
Shares of FirstEnergy Corp. (NYSE:FE) traded up 0.97% during mid-day trading on Friday, hitting $33.805. 1,732,646 shares of the company’s stock traded hands. FirstEnergy Corp. has a 52-week low of $30.10 and a 52-week high of $39.88. The stock’s 50-day moving average is $33.15 and its 200-day moving average is $32.50. The company has a market cap of $14.195 billion and a price-to-earnings ratio of 34.66. FirstEnergy Corp. also was the recipient of a significant drop in short interest during the month of May. As of May 15th, there was short interest totalling 7,180,924 shares, a drop of 51.1% from the April 30th total of 14,671,699 shares. Approximately 1.7% of the company’s stock are short sold. Based on an average daily trading volume, of 5,866,520 shares, the days-to-cover ratio is currently 1.2 days.
FirstEnergy Corp. (NYSE:FE) last announced its earnings results on Tuesday, May 6th. The company reported $0.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by $0.03. During the same quarter in the previous year, the company posted $0.76 earnings per share. On average, analysts predict that FirstEnergy Corp. will post $2.48 earnings per share for the current fiscal year.
A number of other analysts have also recently weighed in on FE. Analysts at Jefferies Group upgraded shares of FirstEnergy Corp. from a “hold” rating to a “buy” rating in a research note on Wednesday, May 7th. They now have a $37.00 price target on the stock, up previously from $6.00. Separately, analysts at Citigroup Inc. reiterated a “sell” rating on shares of FirstEnergy Corp. in a research note on Thursday, April 24th. They now have a $30.00 price target on the stock. Finally, analysts at Deutsche Bank reiterated a “hold” rating on shares of FirstEnergy Corp. in a research note on Wednesday, April 23rd. They now have a $34.00 price target on the stock. One analyst has rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company. FirstEnergy Corp. currently has an average rating of “Hold” and a consensus price target of $35.20.
FirstEnergy Corp. is a holding company. The Company is a diversified energy company operating in three segments: regulated distribution, regulated transmission and competitive energy services segment.
To view Zacks’ full report, visit Zacks’ official website.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.