Wells Fargo Believes FirstEnergy (FE) Still Has Room to Grow


In a report released today, Neil Kalton from Wells Fargo maintained a Buy rating on FirstEnergy (NYSE: FE), with a price target of $42. The company’s shares closed on Friday at $37.83, close to its 52-week high of $38.37.

According to TipRanks.com, Kalton is a 4-star analyst with an average return of 9.0% and a 75.9% success rate. Kalton covers the Utilities sector, focusing on stocks such as Edison International, Pattern Energy, and CMS Energy.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for FirstEnergy with a $41.25 average price target, which is a 9.0% upside from current levels. In a report issued on September 11, Morgan Stanley also maintained a Buy rating on the stock with a $41 price target.

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Based on FirstEnergy’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $2.7 billion and net profit of $299 million. In comparison, last year the company earned revenue of $3.29 billion and had a net profit of $174 million.

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FirstEnergy Corp. engages in the generation, transmission, and distribution of electricity, as well as energy management and other energy-related services through its subsidiaries. It operates through the following business segments: Regulated Distribution, Regulated Transmission, and Competitive Energy Services (CES).

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