FirstEnergy Corporation (FE) Raised to Buy at Zacks Investment Research
FirstEnergy Corporation (NYSE:FE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The brokerage currently has a $35.00 target price on the utilities provider’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 11.57% from the company’s previous close.
According to Zacks, “Shares of FirstEnergy's have gained higher than the industry in the last three months.FirstEnergy’s modernization drive and new generation asset additions have led to its ambitious “Energizing the Future” plan aimed at upgrading and expanding its transmission capabilities. FirstEnergy is also gaining from industrial load growth. The company is working to transform itself into a regulated company by mid of 2018. It has secured regulatory approvals for base rate increase in Pennsylvania, New Jersey and Ohio which are expected to boost its top line in 2017. However, FirstEnergy’s higher debt/capital ratio compared with peers may further drive up its cost of capital in the rising interest rate environment. High competition in the wholesale and retail electric markets can affect its top line.”
Other analysts also recently issued reports about the stock. Deutsche Bank AG reissued a “hold” rating and issued a $34.00 target price (up from $31.00) on shares of FirstEnergy Corporation in a research report on Monday, July 31st. BidaskClub raised shares of FirstEnergy Corporation from a “sell” rating to a “hold” rating in a research report on Monday, July 24th. Citigroup Inc. decreased their target price on shares of FirstEnergy Corporation from $32.00 to $31.00 and set a “neutral” rating for the company in a research report on Wednesday, July 19th. ValuEngine raised shares of FirstEnergy Corporation from a “hold” rating to a “buy” rating in a research report on Monday, August 7th. Finally, Morgan Stanley set a $38.00 target price on shares of FirstEnergy Corporation and gave the stock a “buy” rating in a research report on Tuesday, July 4th. Thirteen investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. FirstEnergy Corporation has a consensus rating of “Hold” and a consensus target price of $34.02.
FirstEnergy Corporation (FE) traded down 0.175% during trading on Wednesday, hitting $31.315. 519,502 shares of the company traded hands. FirstEnergy Corporation has a one year low of $27.93 and a one year high of $34.96. The firm’s market cap is $13.91 billion. The firm has a 50 day moving average of $32.26 and a 200 day moving average of $30.69.
FirstEnergy Corporation (NYSE:FE) last posted its earnings results on Thursday, July 27th. The utilities provider reported $0.61 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.61. The company had revenue of $3.30 billion during the quarter, compared to the consensus estimate of $3.38 billion. FirstEnergy Corporation had a negative net margin of 35.59% and a positive return on equity of 15.41%. The company’s revenue for the quarter was down 3.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.56 earnings per share. On average, analysts expect that FirstEnergy Corporation will post $2.81 earnings per share for the current fiscal year.
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A number of institutional investors have recently modified their holdings of FE. Patriot Financial Group Insurance Agency LLC boosted its holdings in FirstEnergy Corporation by 22.1% in the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 3,633 shares of the utilities provider’s stock valued at $106,000 after purchasing an additional 658 shares during the period. Oppenheimer Asset Management Inc. bought a new stake in FirstEnergy Corporation in the 1st quarter valued at $139,000. Sandy Spring Bank boosted its holdings in FirstEnergy Corporation by 1.3% in the 2nd quarter. Sandy Spring Bank now owns 5,141 shares of the utilities provider’s stock valued at $150,000 after purchasing an additional 66 shares during the period. City Holding Co. boosted its holdings in FirstEnergy Corporation by 8.2% in the 2nd quarter. City Holding Co. now owns 5,261 shares of the utilities provider’s stock valued at $153,000 after purchasing an additional 400 shares during the period. Finally, Cubist Systematic Strategies LLC bought a new stake in FirstEnergy Corporation in the 2nd quarter valued at $215,000. 79.97% 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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