FirstEnergy (NYSE:FE) Stock Price Target Lowered at JPMorgan Chase & Co.

Key Points

• JPMorgan lowered FirstEnergy’s price target from $52 to $50 while maintaining a neutral rating, implying 10.51% potential upside from the stock’s $45.24 price.
• Analyst sentiment remains generally positive: FirstEnergy has an average “Moderate Buy” rating and a consensus price target of $50.82, with six Buy and five Hold ratings.
• FirstEnergy’s latest quarterly results met EPS expectations at $0.50 and exceeded revenue estimates with $3.68 billion; institutional investors own 89.41% of the company.

FirstEnergy (NYSE:FE - Get Free Report) had its target price dropped by JPMorgan Chase & Co. from $52.00 to $50.00 in a research note issued to investors on Monday, Benzinga reports. The firm currently has a "neutral" rating on the utilities provider's stock. JPMorgan Chase & Co.'s target price suggests a potential upside of 10.51% from the stock's current price.

A number of other equities analysts also recently issued reports on FE. Wall Street Zen upgraded FirstEnergy from a "sell" rating to a "hold" rating in a report on Saturday, September 19th. New Street Research set a $47.00 price objective on shares of FirstEnergy in a research report on Tuesday, October 13th. Morgan Stanley reduced their price objective on shares of FirstEnergy from $52.00 to $49.00 and set an "overweight" rating for the company in a research note on Friday, September 18th. Weiss Ratings reiterated a "buy (b-)" rating on shares of FirstEnergy in a research note on Monday, September 14th. Finally, Barclays reduced their price target on shares of FirstEnergy from $54.00 to $49.00 and set an "overweight" rating for the company in a research report on Monday, October 12th. Six investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, FirstEnergy presently has an average rating of "Moderate Buy" and an average target price of $50.82.

FirstEnergy Price Performance

FE stock traded down $0.95 during trading on Monday, reaching $45.24. 4,472,140 shares of the company were exchanged, compared to its average volume of 4,650,396. The company has a 50-day moving average of $45.60 and a two-hundred day moving average of $47.06. The company has a market capitalization of $26.18 billion, a price-to-earnings ratio of 24.07, a P/E/G ratio of 2.71 and a beta of 0.43. FirstEnergy has a twelve month low of $42.67 and a twelve month high of $52.34. The company has a debt-to-equity ratio of 1.88, a current ratio of 0.54 and a quick ratio of 0.45.

FirstEnergy (NYSE:FE - Get Free Report) last issued its quarterly earnings data on Tuesday, July 28th. The utilities provider reported $0.50 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.50. The firm had revenue of $3.68 billion during the quarter, compared to analysts' expectations of $3.51 billion. FirstEnergy had a net margin of 6.86% and a return on equity of 10.51%. During the same period last year, the company earned $0.52 earnings per share. As a group, equities analysts predict that FirstEnergy will post 2.74 earnings per share for the current fiscal year.

Institutional Trading of FirstEnergy

Hedge funds and other institutional investors have recently made changes to their positions in the business. Bryn Mawr Trust Advisors LLC acquired a new stake in shares of FirstEnergy during the 2nd quarter valued at approximately $9,878,000. Assenagon Asset Management S.A. grew its position in shares of FirstEnergy by 6,066.6% in the second quarter. Assenagon Asset Management S.A. now owns 495,299 shares of the utilities provider's stock valued at $23,547,000 after purchasing an additional 487,267 shares during the period. Nykredit A S purchased a new stake in FirstEnergy in the 2nd quarter valued at about $1,033,000. Engineers Gate Manager LP grew its holdings in FirstEnergy by 612.9% in the second quarter. Engineers Gate Manager LP now owns 93,410 shares of the utilities provider's stock valued at $4,441,000 after purchasing an additional 80,308 shares during the period. Finally, Hsbc Holdings PLC grew its stake in shares of FirstEnergy by 32.9% during the 2nd quarter. Hsbc Holdings PLC now owns 1,141,365 shares of the utilities provider's stock valued at $54,332,000 after buying an additional 282,866 shares during the period. Hedge funds and other institutional investors own 89.41% of the company's stock.

FirstEnergy Company Profile

FirstEnergy Corp. NYSE: FE is an electric utility company focused on the transmission and distribution of electricity. Through its regulated utility subsidiaries, the company delivers power to residential, commercial and industrial customers and maintains the poles, lines, substations and other infrastructure that support electric service.

FirstEnergy's distribution operations serve customers across parts of Ohio, Pennsylvania, New Jersey, West Virginia and Maryland. Its utility companies include Ohio Edison, The Illuminating Company, Toledo Edison, Jersey Central Power & Light, Met-Ed, Penelec, Penn Power, West Penn Power, Mon Power and The Potomac Edison Company.

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