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Morgan Stanley Cuts FirstEnergy (NYSE:FE) Price Target to $44.00

FirstEnergy logo with Utilities background

FirstEnergy (NYSE:FE - Free Report) had its price objective decreased by Morgan Stanley from $46.00 to $44.00 in a research note released on Monday, Benzinga reports. Morgan Stanley currently has an overweight rating on the utilities provider's stock.

Several other equities research analysts also recently weighed in on FE. The Goldman Sachs Group started coverage on FirstEnergy in a report on Wednesday, April 10th. They issued a buy rating and a $45.00 price target on the stock. Bank of America lifted their target price on FirstEnergy from $30.00 to $35.00 and gave the stock an underperform rating in a research report on Tuesday, April 23rd. raised shares of FirstEnergy from a sell rating to a hold rating in a research note on Monday, April 29th. Mizuho raised their price target on shares of FirstEnergy from $38.00 to $41.00 and gave the stock a neutral rating in a research note on Monday, June 3rd. Finally, Scotiabank lowered their price objective on shares of FirstEnergy from $41.00 to $40.00 and set a sector perform rating for the company in a research report on Monday, April 22nd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, FirstEnergy currently has an average rating of Hold and a consensus target price of $40.09.

Get Our Latest Stock Report on FE

FirstEnergy Price Performance

FE traded up $0.23 during trading hours on Monday, hitting $38.50. The company's stock had a trading volume of 3,158,889 shares, compared to its average volume of 3,062,209. FirstEnergy has a 12 month low of $32.18 and a 12 month high of $40.65. The company has a current ratio of 0.65, a quick ratio of 0.56 and a debt-to-equity ratio of 1.59. The business's 50-day moving average price is $38.97 and its 200-day moving average price is $37.95. The stock has a market cap of $22.16 billion, a price-to-earnings ratio of 22.13, a P/E/G ratio of 2.42 and a beta of 0.50.

FirstEnergy (NYSE:FE - Get Free Report) last posted its earnings results on Thursday, April 25th. The utilities provider reported $0.55 earnings per share for the quarter, topping analysts' consensus estimates of $0.53 by $0.02. FirstEnergy had a net margin of 8.22% and a return on equity of 12.45%. The firm had revenue of $3.29 billion for the quarter, compared to the consensus estimate of $3.36 billion. Sell-side analysts expect that FirstEnergy will post 2.69 earnings per share for the current fiscal year.

Institutional Trading of FirstEnergy

Several hedge funds have recently made changes to their positions in FE. Richardson Financial Services Inc. increased its position in shares of FirstEnergy by 6.2% during the first quarter. Richardson Financial Services Inc. now owns 4,995 shares of the utilities provider's stock valued at $193,000 after acquiring an additional 290 shares during the last quarter. Marcum Wealth LLC raised its position in FirstEnergy by 3.8% in the first quarter. Marcum Wealth LLC now owns 7,973 shares of the utilities provider's stock valued at $308,000 after purchasing an additional 295 shares during the period. Greenleaf Trust lifted its stake in FirstEnergy by 3.1% during the first quarter. Greenleaf Trust now owns 9,736 shares of the utilities provider's stock worth $376,000 after purchasing an additional 295 shares in the last quarter. Bessemer Group Inc. boosted its position in shares of FirstEnergy by 3.6% during the first quarter. Bessemer Group Inc. now owns 9,139 shares of the utilities provider's stock worth $353,000 after buying an additional 315 shares during the period. Finally, Allworth Financial LP grew its stake in shares of FirstEnergy by 9.3% in the fourth quarter. Allworth Financial LP now owns 3,728 shares of the utilities provider's stock valued at $137,000 after buying an additional 318 shares in the last quarter. Hedge funds and other institutional investors own 89.41% of the company's stock.

FirstEnergy Company Profile

(Get Free Report)

FirstEnergy Corp., through its subsidiaries, generates, transmits, and distributes electricity in the United States. It operates through Regulated Distribution and Regulated Transmission segments. The company owns and operates coal-fired, nuclear, hydroelectric, wind, and solar power generating facilities.

Further Reading

Analyst Recommendations for FirstEnergy (NYSE:FE)

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