Barclays Cuts FirstEnergy (NYSE:FE) Price Target to $42.00

FirstEnergy (NYSE:FE) had its price objective reduced by investment analysts at Barclays from $54.00 to $42.00 in a research report issued to clients and investors on Thursday, BenzingaRatingsTable reports. The firm currently has an “overweight” rating on the utilities provider’s stock. Barclays‘s price objective points to a potential upside of 10.03% from the company’s previous close.

FE has been the topic of a number of other reports. KeyCorp decreased their price target on FirstEnergy from $56.00 to $54.00 and set an “overweight” rating on the stock in a report on Friday, January 17th. Zacks Investment Research cut FirstEnergy from a “hold” rating to a “sell” rating and set a $51.00 price target on the stock. in a report on Wednesday, January 15th. Argus raised FirstEnergy from a “hold” rating to a “buy” rating and set a $44.00 price target on the stock in a report on Monday, March 16th. JPMorgan Chase & Co. raised their price target on FirstEnergy from $51.00 to $54.00 and gave the company a “neutral” rating in a report on Monday, February 24th. Finally, Morgan Stanley raised FirstEnergy from an “equal weight” rating to an “overweight” rating and decreased their price target for the company from $50.00 to $41.00 in a report on Monday. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $48.90.

FirstEnergy stock traded up $2.67 during trading on Thursday, reaching $38.17. The company had a trading volume of 569,441 shares, compared to its average volume of 6,749,971. FirstEnergy has a 52 week low of $32.00 and a 52 week high of $52.51. The firm’s 50-day simple moving average is $46.06 and its 200 day simple moving average is $47.58. The firm has a market capitalization of $19.18 billion, a price-to-earnings ratio of 22.61 and a beta of 0.42. The company has a current ratio of 0.50, a quick ratio of 0.44 and a debt-to-equity ratio of 2.81.

FirstEnergy (NYSE:FE) last announced its earnings results on Friday, February 7th. The utilities provider reported $0.55 EPS for the quarter, topping the Zacks’ consensus estimate of $0.48 by $0.07. The company had revenue of $2.67 billion for the quarter, compared to analysts’ expectations of $2.74 billion. FirstEnergy had a return on equity of 19.57% and a net margin of 8.26%. During the same period last year, the firm earned $0.50 EPS. On average, analysts predict that FirstEnergy will post 2.5 earnings per share for the current year.

Several institutional investors have recently modified their holdings of the company. State Street Corp lifted its stake in FirstEnergy by 4.8% in the fourth quarter. State Street Corp now owns 39,639,882 shares of the utilities provider’s stock worth $1,926,498,000 after purchasing an additional 1,805,041 shares during the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of FirstEnergy by 2.1% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 30,704,290 shares of the utilities provider’s stock valued at $1,492,229,000 after acquiring an additional 620,424 shares in the last quarter. Renaissance Technologies LLC raised its stake in shares of FirstEnergy by 6.9% during the fourth quarter. Renaissance Technologies LLC now owns 10,268,300 shares of the utilities provider’s stock valued at $499,039,000 after acquiring an additional 665,200 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of FirstEnergy by 7.0% during the fourth quarter. Geode Capital Management LLC now owns 8,565,358 shares of the utilities provider’s stock valued at $415,441,000 after acquiring an additional 556,911 shares in the last quarter. Finally, Pictet Asset Management Ltd. raised its stake in shares of FirstEnergy by 22.1% during the fourth quarter. Pictet Asset Management Ltd. now owns 5,537,674 shares of the utilities provider’s stock valued at $269,131,000 after acquiring an additional 1,000,480 shares in the last quarter. Hedge funds and other institutional investors own 83.78% of the company’s stock.

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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