FirstEnergy (NYSE:FE) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen upgraded FirstEnergy from “sell” to “hold,” while the broader analyst consensus remains “Moderate Buy” with a $52.58 target price.
• FirstEnergy shares opened at $45.23, below their 50-day and 200-day moving averages, with a 52-week range of $43.00 to $52.34.
• The company matched quarterly earnings expectations at $0.50 per share and exceeded revenue estimates, reporting $3.68 billion versus the $3.51 billion consensus.

FirstEnergy (NYSE:FE - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "sell" rating to a "hold" rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

FE has been the topic of several other reports. Morgan Stanley cut their target price on FirstEnergy from $52.00 to $49.00 and set an "overweight" rating on the stock in a report on Friday. Weiss Ratings reiterated a "buy (b-)" rating on shares of FirstEnergy in a research note on Monday. Barclays lowered their price objective on FirstEnergy from $55.00 to $54.00 and set an "overweight" rating on the stock in a report on Friday, July 31st. Finally, UBS Group raised their price objective on FirstEnergy from $50.00 to $51.00 and gave the company a "neutral" rating in a research note on Thursday, June 11th. Seven equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, FirstEnergy currently has an average rating of "Moderate Buy" and a consensus target price of $52.58.

FirstEnergy Price Performance

Shares of FE opened at $45.23 on Friday. The company has a debt-to-equity ratio of 1.88, a quick ratio of 0.45 and a current ratio of 0.54. The firm has a market cap of $26.17 billion, a PE ratio of 24.06, a PEG ratio of 2.64 and a beta of 0.45. The firm's 50 day moving average price is $47.35 and its 200 day moving average price is $47.93. FirstEnergy has a twelve month low of $43.00 and a twelve month high of $52.34.

FirstEnergy (NYSE:FE - Get Free Report) last posted its earnings results on Tuesday, July 28th. The utilities provider reported $0.50 EPS for the quarter, hitting the consensus estimate of $0.50. The company had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.51 billion. FirstEnergy had a net margin of 6.86% and a return on equity of 10.51%. During the same period in the previous year, the firm posted $0.52 earnings per share. As a group, research analysts expect that FirstEnergy will post 2.74 EPS for the current fiscal year.

Hedge Funds Weigh In On FirstEnergy

Several large investors have recently made changes to their positions in the business. Intech Investment Management LLC raised its stake in shares of FirstEnergy by 42.8% in the fourth quarter. Intech Investment Management LLC now owns 85,247 shares of the utilities provider's stock worth $3,817,000 after acquiring an additional 25,571 shares during the last quarter. Bryn Mawr Trust Advisors LLC bought a new stake in shares of FirstEnergy during the second quarter valued at approximately $9,878,000. Assenagon Asset Management S.A. grew its stake in shares of FirstEnergy by 6,066.6% during 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 last quarter. BW Gestao de Investimentos Ltda. acquired a new stake in shares of FirstEnergy in the fourth quarter valued at approximately $15,172,000. Finally, Vestcor Inc raised its position in FirstEnergy by 194.9% in the 4th quarter. Vestcor Inc now owns 53,854 shares of the utilities provider's stock worth $2,411,000 after purchasing an additional 35,595 shares during the last quarter. Institutional investors and hedge funds own 89.41% of the company's stock.

FirstEnergy Company Profile

FirstEnergy Corp. NYSE: FE is an electric utility holding company focused on the transmission and distribution of electricity. Through its regulated operating companies, the company delivers power to residential, commercial and industrial customers and maintains the local infrastructure needed to support reliable electric service.

FirstEnergy's utility operations include Ohio Edison, The Illuminating Company, Toledo Edison, Met-Ed, Penelec, Penn Power, West Penn Power, Jersey Central Power & Light and Mon Power, among others.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.