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

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

Several other research firms have also recently issued reports on FE. TheStreet upgraded shares of FirstEnergy from a f rating to a c rating in a research note on Tuesday, May 19th. Seaport Global Securities initiated coverage on shares of FirstEnergy in a research note on Wednesday, May 20th. They issued a buy rating and a $47.00 target price for the company. Wells Fargo & Co decreased their target price on shares of FirstEnergy from $50.00 to $40.00 and set an overweight rating for the company in a research note on Wednesday, July 22nd. Argus cut shares of FirstEnergy from a buy rating to a hold rating in a research note on Wednesday, July 22nd. Finally, Barclays cut shares of FirstEnergy from an overweight rating to an equal weight rating and set a $37.00 target price for the company. in a research note on Wednesday, July 22nd. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the stock. FirstEnergy has a consensus rating of Hold and an average target price of $44.00.

Shares of NYSE FE opened at $29.00 on Tuesday. The company has a current ratio of 0.78, a quick ratio of 0.46 and a debt-to-equity ratio of 3.08. FirstEnergy has a 12 month low of $22.85 and a 12 month high of $52.51. The company has a 50 day simple moving average of $37.78 and a two-hundred day simple moving average of $42.75. The stock 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 earnings results on Thursday, July 23rd. The utilities provider reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts’ expectations of $2.56 billion. During the same period in the previous year, the business posted $0.61 EPS. Analysts forecast that FirstEnergy will post 2.49 EPS for the current year.

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

Institutional investors have recently added to or reduced their stakes in the company. HHM Wealth Advisors LLC purchased a new stake in shares of FirstEnergy during the first quarter worth $26,000. Contravisory Investment Management Inc. grew its holdings in shares of FirstEnergy by 532.0% during the first quarter. Contravisory Investment Management Inc. now owns 771 shares of the utilities provider’s stock worth $31,000 after buying an additional 649 shares in the last quarter. Weaver Consulting Group grew its holdings in shares of FirstEnergy by 46.8% during the first quarter. Weaver Consulting Group now owns 863 shares of the utilities provider’s stock worth $35,000 after buying an additional 275 shares in the last quarter. FDx Advisors Inc. grew its holdings in shares of FirstEnergy by 164.7% during the first quarter. FDx Advisors Inc. now owns 11,271 shares of the utilities provider’s stock worth $43,000 after buying an additional 7,013 shares in the last quarter. Finally, Citizens Financial Group Inc RI grew its holdings in shares of FirstEnergy by 108.4% during the first quarter. Citizens Financial Group Inc RI now owns 1,096 shares of the utilities provider’s stock worth $44,000 after buying an additional 570 shares in the last quarter. 84.28% of the stock is owned by institutional investors and hedge funds.

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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