FirstEnergy (NYSE:FE) Price Target Cut to $50.00 by Analysts at Morgan Stanley

FirstEnergy (NYSE:FE) had its target price cut by Morgan Stanley from $52.00 to $50.00 in a research report released on Friday morning,Benzinga reports. They currently have an overweight rating on the utilities provider’s stock.

FE has been the topic of several other research reports. Jefferies Financial Group assumed coverage on FirstEnergy in a research note on Monday, October 14th. They set a “hold” rating and a $46.00 target price on the stock. Scotiabank lifted their target price on FirstEnergy from $40.00 to $45.00 and gave the company a “sector perform” rating in a research note on Tuesday, August 20th. Bank of America lifted their target price on FirstEnergy from $42.00 to $43.00 and gave the company an “underperform” rating in a research note on Thursday, August 29th. KeyCorp lifted their target price on FirstEnergy from $47.00 to $48.00 and gave the company an “overweight” rating in a research note on Tuesday, October 22nd. Finally, Seaport Res Ptn cut FirstEnergy from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 31st. One analyst has rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $45.91.

FirstEnergy Price Performance

NYSE FE opened at $42.04 on Friday. The stock’s 50-day moving average price is $42.83 and its two-hundred day moving average price is $41.47. The company has a current ratio of 0.56, a quick ratio of 0.46 and a debt-to-equity ratio of 1.58. The company has a market cap of $24.23 billion, a PE ratio of 27.12, a PEG ratio of 2.25 and a beta of 0.51. FirstEnergy has a 1 year low of $35.41 and a 1 year high of $44.97.

FirstEnergy (NYSE:FE) last posted its quarterly earnings data on Tuesday, October 29th. The utilities provider reported $0.85 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.90 by ($0.05). The company had revenue of $3.73 billion for the quarter, compared to analyst estimates of $3.96 billion. FirstEnergy had a return on equity of 11.38% and a net margin of 6.64%. FirstEnergy’s quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.88 EPS. On average, analysts predict that FirstEnergy will post 2.68 EPS for the current year.

FirstEnergy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Thursday, November 7th will be given a dividend of $0.425 per share. The ex-dividend date is Thursday, November 7th. This represents a $1.70 dividend on an annualized basis and a yield of 4.04%. FirstEnergy’s payout ratio is currently 109.68%.

Institutional Investors Weigh In On FirstEnergy

Large investors have recently added to or reduced their stakes in the stock. Livelsberger Financial Advisory bought a new stake in FirstEnergy during the third quarter worth approximately $26,000. True Wealth Design LLC boosted its position in FirstEnergy by 4,571.4% during the third quarter. True Wealth Design LLC now owns 654 shares of the utilities provider’s stock worth $29,000 after purchasing an additional 640 shares during the period. ST Germain D J Co. Inc. boosted its position in FirstEnergy by 1,138.9% during the second quarter. ST Germain D J Co. Inc. now owns 669 shares of the utilities provider’s stock worth $26,000 after purchasing an additional 615 shares during the period. Strategic Investment Solutions Inc. IL bought a new stake in FirstEnergy during the second quarter worth approximately $32,000. Finally, Quarry LP boosted its position in FirstEnergy by 59.1% during the third quarter. Quarry LP now owns 861 shares of the utilities provider’s stock worth $38,000 after purchasing an additional 320 shares during the period. Institutional investors own 89.41% of the company’s stock.

About FirstEnergy

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.