FirstEnergy Corporation (FE) Price Target Raised to $40.00
FirstEnergy Corporation (NYSE:FE) had its target price boosted by stock analysts at Morgan Stanley from $39.00 to $40.00 in a report issued on Friday. The firm currently has an “overweight” rating on the utilities provider’s stock. Morgan Stanley’s price objective points to a potential upside of 24.19% from the stock’s previous close.
A number of other equities research analysts also recently issued reports on the stock. Goldman Sachs Group, Inc. (The) downgraded shares of FirstEnergy Corporation from a “positive” rating to a “neutral” rating in a research report on Monday, June 26th. Zacks Investment Research downgraded shares of FirstEnergy Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, July 4th. Wolfe Research upgraded shares of FirstEnergy Corporation from an “underperform” rating to a “market perform” rating and lifted their price target for the company from $30.00 to $32.00 in a research report on Monday, June 26th. ValuEngine downgraded shares of FirstEnergy Corporation from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Finally, Deutsche Bank AG reiterated a “hold” rating and set a $34.00 price target (up from $31.00) on shares of FirstEnergy Corporation in a research report on Monday, July 31st. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and five have given a buy rating to the company. FirstEnergy Corporation currently has a consensus rating of “Hold” and an average target price of $33.88.
FirstEnergy Corporation (NYSE:FE) traded up 0.28% during midday trading on Friday, reaching $32.21. The company’s stock had a trading volume of 4,649,757 shares. The firm’s market capitalization is $14.31 billion. FirstEnergy Corporation has a 52 week low of $27.93 and a 52 week high of $34.96. The company’s 50-day moving average is $32.19 and its 200 day moving average is $30.69.
FirstEnergy Corporation (NYSE:FE) last posted its quarterly earnings results on Thursday, July 27th. The utilities provider reported $0.61 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.61. FirstEnergy Corporation had a negative net margin of 35.59% and a positive return on equity of 15.41%. The company had revenue of $3.30 billion during the quarter, compared to the consensus estimate of $3.38 billion. During the same period last year, the firm earned $0.56 EPS. The company’s revenue for the quarter was down 3.0% on a year-over-year basis. Analysts expect that FirstEnergy Corporation will post $2.82 earnings per share for the current fiscal year.
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A number of hedge funds have recently added to or reduced their stakes in the business. Washington Trust Bank grew its stake in FirstEnergy Corporation by 0.3% in the 2nd quarter. Washington Trust Bank now owns 13,570 shares of the utilities provider’s stock worth $396,000 after acquiring an additional 36 shares during the period. Sandy Spring Bank grew its stake in FirstEnergy Corporation by 1.3% in the 2nd quarter. Sandy Spring Bank now owns 5,141 shares of the utilities provider’s stock worth $150,000 after acquiring an additional 66 shares during the period. Stratos Wealth Partners LTD. grew its stake in FirstEnergy Corporation by 0.4% in the 1st quarter. Stratos Wealth Partners LTD. now owns 19,072 shares of the utilities provider’s stock worth $607,000 after acquiring an additional 76 shares during the period. Investment Centers of America Inc. grew its stake in FirstEnergy Corporation by 1.0% in the 1st quarter. Investment Centers of America Inc. now owns 9,202 shares of the utilities provider’s stock worth $293,000 after acquiring an additional 94 shares during the period. Finally, Eqis Capital Management Inc. grew its stake in FirstEnergy Corporation by 1.4% in the 1st quarter. Eqis Capital Management Inc. now owns 10,481 shares of the utilities provider’s stock worth $334,000 after acquiring an additional 145 shares during the period. 79.86% of the stock is owned by hedge funds and other institutional investors.
FirstEnergy Corporation Company Profile
FirstEnergy Corp. is a holding company. The Company is engaged in holding, directly or indirectly, all of the outstanding equity of its principal subsidiaries. Its segments include Regulated Distribution, Regulated Transmission, Competitive Energy Services (CES) and Corporate/Other. As of December 31, 2016, the Regulated Distribution segment distributed electricity through the Company’s 10 utility operating companies, serving approximately six million customers, and purchased power for its provider of last resort (POLR), standard offer service (SOS), standard offer service (SSO) and default service requirements in Ohio, Pennsylvania, New Jersey and Maryland.
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