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FE

FirstEnergy

$31.36

0.14 (0.45%)

16:57
10/12/16
10/12
16:57
10/12/16
16:57

FirstEnergy says Ohio utilities receive 'disappointing' PUCO decision

FirstEnergy's Ohio utilities, namely Ohio Edison, Cleveland Electric Illuminating and Toledo Edison, announced that the Public Utilities Commission of Ohio, or PUCO, has approved modifications to Powering Ohio's Progress, the companies' comprehensive Electric Security Plan originally approved in March. The PUCO order authorizes the companies to collect approximately $204M per year over a three-year term. The charge is expected to result in a $3 increase on monthly bills, or about three percent, for a typical residential customer using 750 kilowatt-hours per month. With the new charge, total monthly bills for FirstEnergy's residential customers are expected to be lower than they were a year ago and remain among the lowest in the state. "Today's decision is disappointing for our customers," said Charles E. Jones, FirstEnergy President and Chief Executive Officer. "While we clearly demonstrated to the PUCO what is essential to ensure reliability for customers in the future, the amount granted is insufficient to cover the necessary and costly investments. The decision also fails to recognize the significant challenges that threaten Ohio utilities' ability to effectively operate."

  • 07

    Nov

FE FirstEnergy
$31.36

0.14 (0.45%)

08/08/16
BOFA
08/08/16
UPGRADE
Target $40
BOFA
Buy
FirstEnergy upgraded to Buy from Neutral at BofA/Merrill
BofA/Merrill upgraded FirstEnergy to Buy with a $40 price target based on increased confidence in the move towards a more regulated-like business structure. Analyst Brian Chin expect new CEO Chuck Jones will discuss new cost cutting measures and does not believe an equity issuance is likely near-term.
10/04/16
SBSH
10/04/16
NO CHANGE
SBSH
Sell
Citi sees more downside in Exelon, FirstEnergy
Citi analyst Praful Mehta reiterates Sell ratings on shares of Exelon (EXC) and FirstEnergy (FE). The analyst lowered his price target for Exelon to $27 from $29 and for FirstEnergy to $29 from $31. Exelon needs external support for its nuclear units to extend asset life and improve valuations while FirstEnergy has "significant challenges" around its credit and underfunded pension, Mehta tells investors in a research note. He see further share downside in both names.
10/12/16
RHCO
10/12/16
NO CHANGE
RHCO
Ohio PUC ruling a positive for AES Corp, says SunTrust
SunTrust said the Ohio PUC approved the staff recommendation for a Distribution Modernization Rider for First Energy (FE). The firm's analyst views this as a positive development for AES Corp (AES) as it has a similar request pending in front of the Ohio PUC, and if approved, should add 8-13c to 2017 earnings.
10/12/16
JEFF
10/12/16
NO CHANGE
Target $36
JEFF
Hold
PUCO approval of FirstEnergy rider in-line with expectations, says Jefferies
After the Public Utilities Commission of Ohio approved its Staff's recommendation for a "distribution modernization rider," or DMR, for FirstEnergy, Jefferies analyst Anthony Crowdell estimates the rider R will provide approximately $205M a year for three years, factoring in taxes, with the ability to add a two year extension, which he said was in-line with his expectations. The firm has a Hold rating and $36 price target on FirstEnergy shares.

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ZBH

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$113.06

-2.92 (-2.52%)

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BABA

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Alphabet

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SPR

Spirit AeroSystems

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AERI

Aerie Pharmaceuticals

$51.45

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CSCO

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Equifax

$98.25

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AA

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$46.25

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KMX

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$68.84

0.17 (0.25%)

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SAVE

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IBM

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