FirstEnergy (NYSE:FE) was upgraded by Bank of America from a “neutral” rating to a “buy” rating in a note issued to investors on Friday, MarketBeat reports. The firm currently has a $36.00 target price on the utilities provider’s stock, up from their prior target price of $32.09. Bank of America’s target price suggests a potential upside of 12.18% from the company’s current price.
A number of other brokerages have also commented on FE. Zacks Investment Research upgraded FirstEnergy from a “sell” rating to a “hold” rating in a research report on Tuesday. ValuEngine upgraded FirstEnergy from a “hold” rating to a “buy” rating in a research report on Monday, October 2nd. Citigroup upped their target price on FirstEnergy from $31.00 to $34.00 and gave the company a “neutral” rating in a research report on Tuesday, October 17th. JPMorgan Chase & Co. set a $34.00 target price on FirstEnergy and gave the company a “hold” rating in a research report on Thursday, October 12th. Finally, Guggenheim reiterated a “buy” rating and issued a $47.00 target price on shares of FirstEnergy in a research report on Wednesday, January 3rd. Ten equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $35.46.
Shares of FirstEnergy (NYSE FE) remained flat at $$32.09 during mid-day trading on Friday. The stock had a trading volume of 19,390,000 shares, compared to its average volume of 6,550,000. FirstEnergy has a 1-year low of $27.93 and a 1-year high of $35.22. The firm has a market cap of $14,280.00, a PE ratio of -2.73 and a beta of 0.25. The company has a quick ratio of 0.56, a current ratio of 0.69 and a debt-to-equity ratio of 3.29.
A number of large investors have recently made changes to their positions in the business. APG Asset Management N.V. lifted its holdings in FirstEnergy by 91.7% in the fourth quarter. APG Asset Management N.V. now owns 3,795,477 shares of the utilities provider’s stock valued at $96,783,000 after acquiring an additional 1,816,000 shares during the period. American Century Companies Inc. lifted its holdings in FirstEnergy by 34.9% in the third quarter. American Century Companies Inc. now owns 3,144,787 shares of the utilities provider’s stock valued at $96,954,000 after acquiring an additional 813,967 shares during the period. Legal & General Group Plc lifted its holdings in FirstEnergy by 5.4% in the third quarter. Legal & General Group Plc now owns 2,866,589 shares of the utilities provider’s stock valued at $88,362,000 after acquiring an additional 147,342 shares during the period. NWQ Investment Management Company LLC acquired a new position in FirstEnergy in the third quarter valued at approximately $70,441,000. Finally, Parametric Portfolio Associates LLC lifted its holdings in FirstEnergy by 8.0% in the third quarter. Parametric Portfolio Associates LLC now owns 2,141,098 shares of the utilities provider’s stock valued at $66,010,000 after acquiring an additional 157,963 shares during the period. 82.44% of the stock is owned by institutional investors.
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About FirstEnergy
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.
