Morgan Stanley Trims FirstEnergy (NYSE:FE) Target Price to $43.00

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FirstEnergy (NYSE:FE) had its target price reduced by Morgan Stanley from $47.00 to $43.00 in a research report released on Tuesday, BenzingaRatingsTable reports. Morgan Stanley currently has an overweight rating on the utilities provider’s stock.

A number of other equities research analysts also recently commented on FE. KeyCorp reduced their target price on FirstEnergy from $54.00 to $48.00 and set an overweight rating for the company in a report on Tuesday, July 21st. Scotiabank downgraded FirstEnergy from a sector outperform rating to a sector perform rating and reduced their target price for the company from $53.00 to $39.00 in a report on Wednesday, July 22nd. UBS Group raised their target price on FirstEnergy from $48.00 to $52.00 and gave the company a buy rating in a report on Friday, June 5th. Evercore ISI downgraded FirstEnergy from an outperform rating to an in-line rating and reduced their target price for the company from $50.00 to $41.00 in a report on Wednesday, July 22nd. Finally, Wells Fargo & Co reduced their target price on FirstEnergy from $50.00 to $40.00 and set an overweight rating for the company in a report on Wednesday, July 22nd. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the company’s stock. FirstEnergy currently has a consensus rating of Hold and a consensus target price of $44.00.

NYSE:FE opened at $29.00 on Tuesday. The firm’s fifty day moving average price is $37.78 and its 200 day moving average price is $42.75. FirstEnergy has a 1-year low of $22.85 and a 1-year high of $52.51. The company has a debt-to-equity ratio of 3.08, a current ratio of 0.78 and a quick ratio of 0.46. The firm has a market cap of $15.71 billion, a price-to-earnings ratio of 23.39 and a beta of 0.43.

FirstEnergy (NYSE:FE) last posted its quarterly earnings data on Thursday, July 23rd. The utilities provider reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.55 by $0.02. FirstEnergy had a net margin of 6.10% and a return on equity of 19.31%. The firm had revenue of $2.52 billion for the quarter, compared to analyst estimates of $2.56 billion. During the same period last year, the firm posted $0.61 EPS. As a group, analysts expect that FirstEnergy will post 2.49 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 7th will be paid a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 5.38%. The ex-dividend date of this dividend is Thursday, August 6th. FirstEnergy’s payout ratio is 60.47%.

Hedge funds have recently made changes to their positions in the stock. HHM Wealth Advisors LLC acquired a new position in FirstEnergy in the 1st quarter valued at about $26,000. Contravisory Investment Management Inc. raised its stake in FirstEnergy by 532.0% in the 1st quarter. Contravisory Investment Management Inc. now owns 771 shares of the utilities provider’s stock valued at $31,000 after purchasing an additional 649 shares during the last quarter. Weaver Consulting Group raised its stake in FirstEnergy by 46.8% in the 1st quarter. Weaver Consulting Group now owns 863 shares of the utilities provider’s stock valued at $35,000 after purchasing an additional 275 shares during the last quarter. FDx Advisors Inc. raised its stake in FirstEnergy by 164.7% in the 1st quarter. FDx Advisors Inc. now owns 11,271 shares of the utilities provider’s stock valued at $43,000 after purchasing an additional 7,013 shares during the last quarter. Finally, Citizens Financial Group Inc RI raised its stake in FirstEnergy by 108.4% in the 1st quarter. Citizens Financial Group Inc RI now owns 1,096 shares of the utilities provider’s stock valued at $44,000 after purchasing an additional 570 shares during the last quarter. 84.28% of the stock is owned by hedge funds and other institutional investors.

FirstEnergy Company Profile

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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Analyst Recommendations for FirstEnergy (NYSE:FE)

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