FirstEnergy Corp FE:NYSE

Last Price$40.83NYSE Previous Close - Last Trade as of 7:00PM ET 8/12/22
NYSE 15-minute delayed Bid/Ask Quotes
Today's Change0(0.00%)
Bid (Size)$38.00 (5)
Ask (Size)$41.00 (1)
Day Low / HighN/A - N/A
Volume3.9 M

Research Alert: CFRA Reiterates Hold On Shares Of Firstenergy Corp.

2:05PM ET 6/23/2022 MT Newswires
CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We lower our 12-month target $10 to $41, 16.1x our 2023 adj. EPS forecast (cut $0.02 to $2.55), a premium to FE's three-year average of 15.4x and a discount to the 19.3x peer average multiple on '23 EPS. We cut our 2022 adj. EPS estimate $0.01 to $2.40. FE shares dropped sharply in recent weeks, caught up in the broader equity market sell-off, as well as potential profit taking in the utility sector, in our view, which has significantly outperformed the market on a relative strength basis in recent months. FE closed the minority sale of its transmission business on 05/31 and recently conducted a tender offer to retire nearly $1.0b in long-term debt, which should help FE continue its goal of decreasing leverage (net debt/EBITDA), which stood at 6.1x as of Q1. We think growing recession risk could slow industrial electric sales to customers in commodities and chemicals. At a 2.5% CAGR through 2025, we expect dividend growth will lag, while EPS growth (6.5%-7.0%) will remain in-line with peers.