Morgan Stanley’s Analyst Provides Guidance for This Canadian Energy Company
In a report released today, Stephen Byrd from Morgan Stanley maintained a Buy rating on FirstEnergy (FE), with a price target of $45.00. The company’s shares closed last Friday at $39.66.
According to TipRanks.com, Byrd is a 3-star analyst with an average return of 0.7% and a 54.2% success rate. Byrd covers the Utilities sector, focusing on stocks such as Algonquin Power & Utilities, Public Service Enterprise, and American Electric Power.
FirstEnergy has an analyst consensus of Strong Buy, with a price target consensus of $49.00, which is a 23.8% upside from current levels. In a report issued on May 8, UBS also maintained a Buy rating on the stock with a $48.00 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 $2.71 billion and net profit of $74 million. In comparison, last year the company earned revenue of $2.88 billion and had a net profit of $320 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 Corporate. The Regulated Distribution segment distributes electricity through FirstEnergy’s utility operating companies, serving various customers. The Regulated Transmission segment transmits electricity through transmission facilities owned and operated by FirstEnergy’s utilities and the regulatory assets. The Corporate segment reflects corporate support not charged to FE’s subsidiaries, interest expense on FE’s holding company debt and other businesses that do not constitute an operating segment. FirstEnergy was founded in 1996 and is headquartered in Akron, OH.