FirstEnergy (NYSE:FE) Given New $50.00 Price Target at JPMorgan Chase & Co.

FirstEnergy (NYSE:FE) had its price objective reduced by investment analysts at JPMorgan Chase & Co. from $52.00 to $50.00 in a research note issued to investors on Monday, Benzinga reports. The firm presently has a “neutral” rating on the utilities provider’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 10.51% from the stock’s current price.

Other research analysts have also issued research reports about the stock. Morgan Stanley dropped their price target on shares of FirstEnergy from $52.00 to $49.00 and set an “overweight” rating on the stock in a research note on Friday, September 18th. Mizuho set a $47.00 price target on FirstEnergy in a report on Monday, October 12th. Weiss Ratings restated a “buy (b-)” rating on shares of FirstEnergy in a research note on Monday, September 14th. New Street Research set a $47.00 price objective on shares of FirstEnergy in a report on Tuesday, October 13th. Finally, Wall Street Zen upgraded shares of FirstEnergy from a “sell” rating to a “hold” rating in a report on Saturday, September 19th. Six equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, FirstEnergy currently has an average rating of “Moderate Buy” and a consensus price target of $50.82.

FirstEnergy Stock Performance

Shares of FE stock traded down $0.95 during trading hours on Monday, reaching $45.24. The stock had a trading volume of 4,472,140 shares, compared to its average volume of 4,650,396. FirstEnergy has a twelve month low of $42.67 and a twelve month high of $52.34. The firm has a market capitalization of $26.18 billion, a PE ratio of 24.07, a price-to-earnings-growth ratio of 2.71 and a beta of 0.43. The firm has a 50-day simple moving average of $45.60 and a 200-day simple moving average of $47.06. 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) last issued its quarterly earnings results on Tuesday, July 28th. The utilities provider reported $0.50 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.50. FirstEnergy had a return on equity of 10.51% and a net margin of 6.86%. The company had revenue of $3.68 billion for the quarter, compared to analysts’ expectations of $3.51 billion. During the same period last year, the firm earned $0.52 EPS. As a group, equities analysts forecast that FirstEnergy will post 2.74 earnings per share for the current year.

Hedge Funds Weigh In On FirstEnergy

Several large investors have recently modified their holdings of the stock. Energy Income Partners LLC acquired a new stake in FirstEnergy during the 2nd quarter valued at approximately $97,602,000. Electron Capital Partners LLC lifted its position in shares of FirstEnergy by 103.2% in the 1st quarter. Electron Capital Partners LLC now owns 2,991,914 shares of the utilities provider’s stock worth $151,570,000 after purchasing an additional 1,519,737 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of FirstEnergy in the 2nd quarter worth approximately $62,161,000. Assenagon Asset Management S.A. boosted its stake in shares of FirstEnergy by 157.2% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,273,916 shares of the utilities provider’s stock valued at $55,199,000 after purchasing an additional 778,617 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its stake in shares of FirstEnergy by 7.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 9,971,706 shares of the utilities provider’s stock valued at $508,158,000 after purchasing an additional 694,449 shares during the last quarter. 89.41% of the stock is owned by institutional investors.

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.