FirstEnergy (NYSE:FE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “FirstEnergy’s modernization drive and its ambitious Energizing the Future plan is processing well and is aimed at upgrading its transmission capabilities. Recently, the company completed inspection of its assets and went ahead with necessary maintenance work of its equipment before the upcoming winter. The company is working to transform itself into a regulated company by mid of 2018. FirstEnergy's transformational investment will help to strengthen its balance sheet by lowering existing debts. However, FirstEnergy faces strong competition in the wholesale market, risk of unplanned outages and stringent regulatory norms are some of the headwinds. Shares of FirstEnergy's have lost its value compared with the industry’s gain in the last one year.”
Other equities research analysts have also recently issued reports about the company. ValuEngine raised FirstEnergy from a “hold” rating to a “buy” rating in a research note on Monday, October 2nd. Guggenheim reaffirmed a “buy” rating and set a $47.00 price objective on shares of FirstEnergy in a research note on Wednesday, January 3rd. Deutsche Bank raised FirstEnergy from a “hold” rating to a “buy” rating in a research note on Tuesday, October 17th. JPMorgan Chase & Co. set a $34.00 price objective on FirstEnergy and gave the stock a “hold” rating in a research note on Thursday, October 12th. Finally, KeyCorp reaffirmed a “hold” rating on shares of FirstEnergy in a research note on Friday, October 20th. Eleven analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $35.32.
FirstEnergy (NYSE:FE) last announced its quarterly earnings data on Thursday, October 26th. The utilities provider reported $0.97 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.11. FirstEnergy had a positive return on equity of 19.29% and a negative net margin of 35.99%. The business had revenue of $3.70 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the previous year, the firm earned $0.90 earnings per share. research analysts predict that FirstEnergy will post 3.04 earnings per share for the current fiscal year.
A number of hedge funds have recently bought and sold shares of the business. James Investment Research Inc. bought a new position in FirstEnergy during the fourth quarter worth about $1,559,000. Strs Ohio lifted its holdings in FirstEnergy by 3.6% during the fourth quarter. Strs Ohio now owns 50,821 shares of the utilities provider’s stock worth $1,556,000 after acquiring an additional 1,746 shares in the last quarter. Bowling Portfolio Management LLC lifted its holdings in FirstEnergy by 39.0% during the fourth quarter. Bowling Portfolio Management LLC now owns 120,625 shares of the utilities provider’s stock worth $3,694,000 after acquiring an additional 33,855 shares in the last quarter. Steward Partners Investment Advisory LLC lifted its holdings in FirstEnergy by 352.4% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 8,673 shares of the utilities provider’s stock worth $265,000 after acquiring an additional 6,756 shares in the last quarter. Finally, State of Alaska Department of Revenue lifted its holdings in shares of FirstEnergy by 62.0% in the fourth quarter. State of Alaska Department of Revenue now owns 76,218 shares of the utilities provider’s stock valued at $2,333,000 after purchasing an additional 29,157 shares in the last quarter. Hedge funds and other institutional investors own 82.44% of the company’s stock.
COPYRIGHT VIOLATION WARNING: This news story was originally posted by American Banking News and is the sole property of of American Banking News. If you are reading this news story on another domain, it was illegally stolen and republished in violation of U.S. & international copyright legislation. The original version of this news story can be read at https://www.americanbankingnews.com/2018/01/23/firstenergy-fe-raised-to-hold-at-zacks-investment-research.html.
FirstEnergy 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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for FirstEnergy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for FirstEnergy and related companies with MarketBeat.com's FREE daily email newsletter.