Morgan Stanley Lowers FirstEnergy (NYSE:FE) to Equal Weight

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Morgan Stanley lowered shares of FirstEnergy (NYSE:FE) from an overweight rating to an equal weight rating in a research note published on Tuesday morning, Briefing.com Automated Import reports. The firm currently has $49.00 target price on the utilities provider’s stock, down from their prior target price of $50.00.

A number of other research analysts have also commented on the company. ValuEngine lowered FirstEnergy from a buy rating to a hold rating in a research report on Wednesday, October 2nd. Citigroup set a $49.00 target price on FirstEnergy and gave the stock a hold rating in a research report on Thursday, October 10th. Mizuho downgraded FirstEnergy from a buy rating to a neutral rating and upped their price target for the stock from $48.00 to $48.50 in a research note on Friday, September 20th. KeyCorp increased their target price on FirstEnergy from $51.00 to $56.00 and gave the company an overweight rating in a research note on Monday, October 21st. Finally, Bank of America downgraded FirstEnergy from a buy rating to a neutral rating in a research note on Thursday, October 24th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the stock. The company currently has an average rating of Hold and a consensus target price of $48.50.

FE opened at $46.59 on Tuesday. The stock has a 50-day moving average price of $47.93 and a 200-day moving average price of $44.75. FirstEnergy has a 12-month low of $35.33 and a 12-month high of $49.07. The company has a current ratio of 0.62, a quick ratio of 0.53 and a debt-to-equity ratio of 2.67. The stock has a market capitalization of $25.23 billion, a P/E ratio of 17.99, a PEG ratio of 3.13 and a beta of 0.18.

FirstEnergy (NYSE:FE) last posted its quarterly earnings data on Monday, November 4th. The utilities provider reported $0.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.73 by $0.03. FirstEnergy had a return on equity of 19.21% and a net margin of 10.49%. The firm had revenue of $3 billion during the quarter, compared to analysts’ expectations of $2.91 billion. During the same period in the prior year, the business earned $0.80 EPS. The company’s revenue for the quarter was up 3.4% compared to the same quarter last year. On average, equities research analysts predict that FirstEnergy will post 2.52 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Thursday, November 7th will be issued a dividend of $0.38 per share. The ex-dividend date is Wednesday, November 6th. This represents a $1.52 dividend on an annualized basis and a yield of 3.26%. FirstEnergy’s dividend payout ratio is presently 58.69%.

A number of large investors have recently bought and sold shares of the business. Pearl River Capital LLC bought a new stake in shares of FirstEnergy during the second quarter valued at approximately $25,000. Clean Yield Group grew its holdings in shares of FirstEnergy by 1,184.0% during the second quarter. Clean Yield Group now owns 642 shares of the utilities provider’s stock valued at $27,000 after buying an additional 592 shares during the last quarter. Horan Securities Inc. purchased a new stake in shares of FirstEnergy during the second quarter valued at $28,000. Meeder Asset Management Inc. grew its holdings in shares of FirstEnergy by 805.3% during the second quarter. Meeder Asset Management Inc. now owns 679 shares of the utilities provider’s stock valued at $29,000 after buying an additional 604 shares during the last quarter. Finally, Bartlett & Co. LLC purchased a new stake in shares of FirstEnergy during the third quarter valued at $33,000. 94.22% of the stock is currently owned by institutional investors and hedge funds.

About FirstEnergy

FirstEnergy Corp., through its subsidiaries, generates, transmits, and distributes electricity in the United States. The company operates through Regulated Distribution and Regulated Transmission segments. It owns and operates coal-fired, nuclear, hydroelectric, natural gas, wind, and solar power generating facilities.

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