Morgan Stanley Raises FirstEnergy (FE) Price Target to $41.00

FirstEnergy (NYSE:FE) had its target price upped by Morgan Stanley from $39.00 to $41.00 in a research report released on Tuesday morning, MarketBeat Ratings reports. Morgan Stanley currently has a buy rating on the utilities provider’s stock.

A number of other research analysts have also weighed in on FE. ValuEngine lowered shares of FirstEnergy from a buy rating to a hold rating in a research report on Thursday, May 17th. Zacks Investment Research lowered shares of FirstEnergy from a buy rating to a hold rating in a research report on Friday, June 22nd. Howard Weil began coverage on shares of FirstEnergy in a research report on Tuesday, July 24th. They set a sector outperform rating and a $39.00 price target on the stock. Bank of America raised their price target on shares of FirstEnergy from $38.00 to $39.00 and gave the company a buy rating in a research report on Wednesday, August 1st. Finally, TheStreet raised shares of FirstEnergy from a c+ rating to a b rating in a research report on Tuesday, July 31st. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The stock currently has an average rating of Buy and a consensus price target of $37.75.

FirstEnergy stock opened at $37.79 on Tuesday. FirstEnergy has a 1-year low of $29.33 and a 1-year high of $38.37. The firm has a market capitalization of $18.35 billion, a price-to-earnings ratio of 12.31, a price-to-earnings-growth ratio of 2.56 and a beta of 0.27. The company has a debt-to-equity ratio of 2.18, a quick ratio of 0.41 and a current ratio of 0.47.

FirstEnergy (NYSE:FE) last released its quarterly earnings data on Tuesday, July 31st. The utilities provider reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.09. FirstEnergy had a negative net margin of 4.60% and a positive return on equity of 24.39%. The firm had revenue of $2.70 billion for the quarter, compared to analyst estimates of $2.56 billion. During the same period last year, the firm earned $0.61 earnings per share. equities research analysts predict that FirstEnergy will post 2.46 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Saturday, September 1st. Shareholders of record on Tuesday, August 7th were given a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 3.81%. The ex-dividend date was Monday, August 6th. FirstEnergy’s dividend payout ratio is 46.91%.

Hedge funds have recently made changes to their positions in the business. Banco de Sabadell S.A increased its stake in shares of FirstEnergy by 0.9% in the second quarter. Banco de Sabadell S.A now owns 152,375 shares of the utilities provider’s stock worth $5,493,000 after purchasing an additional 1,401 shares in the last quarter. Sawtooth Solutions LLC increased its stake in shares of FirstEnergy by 3.7% in the first quarter. Sawtooth Solutions LLC now owns 41,960 shares of the utilities provider’s stock worth $1,427,000 after purchasing an additional 1,514 shares in the last quarter. Nomura Asset Management Co. Ltd. increased its stake in shares of FirstEnergy by 2.2% in the first quarter. Nomura Asset Management Co. Ltd. now owns 79,014 shares of the utilities provider’s stock worth $2,687,000 after purchasing an additional 1,703 shares in the last quarter. Van ECK Associates Corp increased its stake in shares of FirstEnergy by 4.4% in the first quarter. Van ECK Associates Corp now owns 42,306 shares of the utilities provider’s stock worth $1,439,000 after purchasing an additional 1,765 shares in the last quarter. Finally, Beese Fulmer Investment Management Inc. increased its stake in shares of FirstEnergy by 15.1% in the second quarter. Beese Fulmer Investment Management Inc. now owns 13,697 shares of the utilities provider’s stock worth $492,000 after purchasing an additional 1,800 shares in the last quarter. 94.41% 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, Regulated Transmission, and Competitive Energy Services segments. It owns and operates coal-fired, nuclear, hydroelectric, oil and natural gas, wind, and solar power generating facilities.

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