FirstEnergy (NYSE:FE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Tuesday, January 23rd.
According to Zacks, “FirstEnergy’s modernization drive and its ambitious Energizing the Future plan is processing well and is aimed at upgrading its transmission capabilities. Recently, the company completed inspection of its assets and went ahead with necessary maintenance work of its equipment before the upcoming winter. The company is working to transform itself into a regulated company by mid of 2018. FirstEnergy's transformational investment will help to strengthen its balance sheet by lowering existing debts. However, FirstEnergy faces strong competition in the wholesale market, risk of unplanned outages and stringent regulatory norms are some of the headwinds. Shares of FirstEnergy's have lost its value compared with the industry’s gain in the last one year.”
FE has been the subject of several other research reports. Bank of America assumed coverage on FirstEnergy in a research report on Tuesday, October 24th. They issued a “neutral” rating and a $34.00 target price for the company. ValuEngine raised FirstEnergy from a “hold” rating to a “buy” rating in a research report on Monday, October 2nd. Guggenheim reissued a “buy” rating and set a $47.00 price objective on shares of FirstEnergy in a research report on Wednesday, January 3rd. Citigroup lifted their price objective on FirstEnergy from $31.00 to $34.00 and gave the company a “neutral” rating in a research report on Tuesday, October 17th. Finally, KeyCorp reissued a “hold” rating on shares of FirstEnergy in a research report on Friday, October 20th. Nine research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $35.33.
Shares of FirstEnergy (FE) traded down $0.15 during trading on Tuesday, hitting $31.95. The stock had a trading volume of 7,640,000 shares, compared to its average volume of 9,420,000. The firm has a market capitalization of $14,210.00, a PE ratio of -2.71, a PEG ratio of 12.28 and a beta of 0.35. The company has a current ratio of 0.69, a quick ratio of 0.56 and a debt-to-equity ratio of 3.29. FirstEnergy has a 1-year low of $27.93 and a 1-year high of $35.22.
Large investors have recently made changes to their positions in the business. Baker Ellis Asset Management LLC acquired a new stake in shares of FirstEnergy in the fourth quarter worth about $122,000. Archford Capital Strategies LLC lifted its position in shares of FirstEnergy by 2,045.8% in the second quarter. Archford Capital Strategies LLC now owns 4,077 shares of the utilities provider’s stock worth $262,000 after buying an additional 3,887 shares during the last quarter. Tower Research Capital LLC TRC lifted its position in shares of FirstEnergy by 344.8% in the fourth quarter. Tower Research Capital LLC TRC now owns 4,791 shares of the utilities provider’s stock worth $147,000 after buying an additional 3,714 shares during the last quarter. Accurate Investment Solutions Inc. lifted its position in shares of FirstEnergy by 767.8% in the third quarter. Accurate Investment Solutions Inc. now owns 5,493 shares of the utilities provider’s stock worth $170,000 after buying an additional 4,860 shares during the last quarter. Finally, IBM Retirement Fund acquired a new stake in shares of FirstEnergy in the third quarter worth about $204,000. 83.24% of the stock is owned by institutional investors.
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FirstEnergy Corp. is a holding company. The Company is engaged in holding, directly or indirectly, all of the outstanding equity of its principal subsidiaries. Its segments include Regulated Distribution, Regulated Transmission, Competitive Energy Services (CES) and Corporate/Other. As of December 31, 2016, the Regulated Distribution segment distributed electricity through the Company’s 10 utility operating companies, serving approximately six million customers, and purchased power for its provider of last resort (POLR), standard offer service (SOS), standard offer service (SSO) and default service requirements in Ohio, Pennsylvania, New Jersey and Maryland.
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