FirstEnergy (NYSE:FE) Price Target Cut to $47.00

FirstEnergy (NYSE:FE) had its target price lowered by Morgan Stanley from $48.00 to $47.00 in a research report released on Friday morning, Price Targets.com reports. The brokerage currently has an overweight rating on the utilities provider’s stock.

Other equities analysts have also issued research reports about the stock. Mizuho increased their price objective on shares of FirstEnergy from $37.00 to $38.00 and gave the company a neutral rating in a research report on Monday, July 26th. Barclays increased their price objective on shares of FirstEnergy from $37.00 to $41.00 and gave the company an equal weight rating in a research report on Tuesday, May 25th. Finally, Wells Fargo & Company increased their target price on shares of FirstEnergy from $38.00 to $40.00 and gave the company an underweight rating in a research note on Monday, July 26th. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of Hold and a consensus price target of $40.60.

Shares of NYSE:FE opened at $36.52 on Friday. The company has a debt-to-equity ratio of 3.10, a quick ratio of 0.75 and a current ratio of 0.83. The firm has a fifty day moving average price of $38.27 and a 200 day moving average price of $37.22. FirstEnergy has a fifty-two week low of $26.17 and a fifty-two week high of $39.94. The firm has a market cap of $19.87 billion, a price-to-earnings ratio of 18.08, a P/E/G ratio of 3.54 and a beta of 0.24.

FirstEnergy (NYSE:FE) last issued its earnings results on Thursday, July 22nd. The utilities provider reported $0.59 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.57 by $0.02. FirstEnergy had a net margin of 9.98% and a return on equity of 18.17%. The firm had revenue of $2.60 billion during the quarter, compared to analyst estimates of $2.65 billion. During the same quarter in the prior year, the business earned $0.57 earnings per share. FirstEnergy’s revenue for the quarter was up 4.0% on a year-over-year basis. As a group, research analysts predict that FirstEnergy will post 2.55 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 1st. Shareholders of record on Friday, August 6th were given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 4.27%. The ex-dividend date was Thursday, August 5th. FirstEnergy’s dividend payout ratio (DPR) is 65.27%.

A number of hedge funds and other institutional investors have recently bought and sold shares of FE. Ameriprise Financial Inc. boosted its holdings in shares of FirstEnergy by 63.1% in the 1st quarter. Ameriprise Financial Inc. now owns 8,440,540 shares of the utilities provider’s stock valued at $292,805,000 after buying an additional 3,265,250 shares in the last quarter. Amundi bought a new stake in shares of FirstEnergy in the 2nd quarter valued at about $61,521,000. JPMorgan Chase & Co. boosted its holdings in shares of FirstEnergy by 73.6% in the 2nd quarter. JPMorgan Chase & Co. now owns 3,296,146 shares of the utilities provider’s stock valued at $122,649,000 after buying an additional 1,397,263 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp boosted its holdings in shares of FirstEnergy by 37.0% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 5,040,837 shares of the utilities provider’s stock valued at $155,907,000 after buying an additional 1,360,772 shares in the last quarter. Finally, Barclays PLC boosted its holdings in shares of FirstEnergy by 55.4% in the 1st quarter. Barclays PLC now owns 2,803,186 shares of the utilities provider’s stock valued at $97,243,000 after buying an additional 999,434 shares in the last quarter. 82.24% of the stock is currently owned by institutional investors and hedge funds.

FirstEnergy Company Profile

FirstEnergy Corp. engages in the generation, transmission and distribution of electricity as well as energy management and other energy-related services through its subsidiaries. It operates through the following business segments: Regulated Distribution, Regulated Transmission and Corporate. The Regulated Distribution segment distributes electricity through FirstEnergy’s utility operating companies, serving various customers.

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Analyst Recommendations for FirstEnergy (NYSE:FE)

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