FirstEnergy Corporation (FE) Stock Rating Lowered by Zacks Investment Research

FirstEnergy Corporation (NYSE:FE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Tuesday.

According to Zacks, “Shares of FirstEnergy have gained higher than the industry in 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. In addition, stringent regulatory norms, mild weather and intensifying competition are some of the headwinds.”

Several other research analysts also recently commented on the stock. Goldman Sachs Group, Inc. (The) downgraded shares of FirstEnergy Corporation from a “positive” rating to a “neutral” rating in a research note on Monday, June 26th. Morgan Stanley reaffirmed an “overweight” rating on shares of FirstEnergy Corporation in a research note on Tuesday, July 11th. Wolfe Research raised shares of FirstEnergy Corporation from an “underperform” rating to a “market perform” rating and lifted their target price for the stock from $30.00 to $32.00 in a research note on Monday, June 26th. ValuEngine downgraded shares of FirstEnergy Corporation from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Finally, Deutsche Bank AG reaffirmed a “hold” rating and issued a $34.00 target price (up from $31.00) on shares of FirstEnergy Corporation in a research note on Monday, July 31st. Thirteen equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $34.09.

FirstEnergy Corporation (FE) traded down 1.9551% during trading on Tuesday, reaching $31.8744. 1,090,810 shares of the company were exchanged. The firm’s 50-day moving average is $32.24 and its 200 day moving average is $30.69. The company’s market capitalization is $14.16 billion. FirstEnergy Corporation has a one year low of $27.93 and a one year high of $34.96.

FirstEnergy Corporation (NYSE:FE) last posted its quarterly earnings results on Thursday, July 27th. The utilities provider reported $0.61 EPS for the quarter, hitting the consensus estimate of $0.61. The firm had revenue of $3.30 billion for 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 business’s revenue was down 3.0% compared to the same quarter last year. During the same period last year, the firm posted $0.56 earnings per share. On average, analysts anticipate that FirstEnergy Corporation will post $2.82 EPS for the current fiscal year.

COPYRIGHT VIOLATION WARNING: This report was originally published by Sports Perspectives and is the property of of Sports Perspectives. If you are viewing this report on another site, it was copied illegally and reposted in violation of United States and international trademark & copyright law. The original version of this report can be viewed at https://sportsperspectives.com/2017/09/12/firstenergy-corporation-fe-stock-rating-lowered-by-zacks-investment-research.html.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Washington Trust Bank raised its position in shares of FirstEnergy Corporation by 0.3% in the 2nd quarter. Washington Trust Bank now owns 13,570 shares of the utilities provider’s stock worth $396,000 after purchasing an additional 36 shares during the last quarter. Sandy Spring Bank raised its position in shares of FirstEnergy Corporation by 1.3% in the 2nd quarter. Sandy Spring Bank now owns 5,141 shares of the utilities provider’s stock worth $150,000 after purchasing an additional 66 shares during the last quarter. Stratos Wealth Partners LTD. raised its position in shares of FirstEnergy Corporation by 0.4% in the 1st quarter. Stratos Wealth Partners LTD. now owns 19,072 shares of the utilities provider’s stock worth $607,000 after purchasing an additional 76 shares during the last quarter. Investment Centers of America Inc. raised its position in shares of FirstEnergy Corporation by 1.0% in the 1st quarter. Investment Centers of America Inc. now owns 9,202 shares of the utilities provider’s stock worth $293,000 after purchasing an additional 94 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in shares of FirstEnergy Corporation by 0.4% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 32,967 shares of the utilities provider’s stock worth $961,000 after purchasing an additional 145 shares during the last quarter. 79.86% 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.

Analyst Recommendations for FirstEnergy Corporation (NYSE:FE)

Receive News & Ratings for FirstEnergy Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for FirstEnergy Corporation and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply