In a report released yesterday, Eric Beaumont from Barclays maintained a Buy rating on FirstEnergy (FE), with a price target of $49. The company’s shares opened today at $43.27, close to its 52-week high of $44.11.
According to TipRanks.com, Beaumont is a 2-star analyst with an average return of -0.3% and a 50.0% success rate. Beaumont covers the Utilities sector, focusing on stocks such as Pinnacle West Capital Corp, Consolidated Edison, Inc., and American Electric Power.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for FirstEnergy with a $47.60 average price target, implying a 10.0% upside from current levels. In a report issued on June 4, KeyBanc also initiated coverage with a Buy rating on the stock with a $46 price target.
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Based on FirstEnergy’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $2.88 billion and net profit of $344 million. In comparison, last year the company earned revenue of $2.98 billion and had a net profit of $130 million.
Based on the recent corporate insider activity of 47 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of FE in relation to earlier this year.
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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.
