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FirstEnergy Unit Working on Reliability Enhancement Projects
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Metropolitan Edison Company (Met-Ed), an affiliate of diversified energy company FirstEnergy Corp. (FE - Free Report) , is finishing work on electric system projects worth nearly $7.5 million.
Details of the Projects
These projects are part of Met-Ed’s 2016 Long-Term Infrastructure Improvement Plan, which aims to lower the frequency and time of service interruptions faced by its customers.
Met-Ed's Long-Term Infrastructure Improvement Plan was approved earlier this year by the Pennsylvania Public Utility Commission. This $43 million plan run through over five years and cover distribution infrastructure projects to enhance service reliability in Met-Ed’s service territory through 2020.
The aforementioned projects include the installation of protective devices on wires and poles, replacement or upgrading of electric lines, deployment of automated and remote control devices, and installation of radio-controlled switches on electric circuits.
A Similar Initiative by FirstEnergy
FirstEnergy is presently focused on a modernization drive to boost service reliability and ensure customer retention. This has led to its ambitious “Energizing the Future” plan of upgrading and expanding regulated transmission capabilities. Under this initiative, the company will invest $4.2–$5.8 billion over the 2017–2021 period.
FirstEnergy intends to deploy $3.7–$5.4 billion over the next 8–15 year time period for grid modernization initiatives, subject to the Public Utilities Commission of Ohio’s review and approval.
Price Movement
FirstEnergy has underperformed the Zacks Categorized Utility-Electric Power industry over the past 12 months. Shares of the company lost 3.1% compared with the industry’s 5.2% gain.
The chief reason for this is that FirstEnergy, like most other unregulated utilities, has been grappling with its 13,162 MW competitive energy business for the last few quarters, despite consistent efforts to expand the regulated generation mix.
This is because the competitive energy business exposes FirstEnergy to market volatilities. Even though natural gas prices are on the rise, wholesale power prices have not benefitted from the trend, thus adversely affecting competitive power players.
Zacks Rank & Other Key Picks
FirstEnergy carries a Zacks Rank #2 (Buy). Other favorably placed stocks in the same space include Avista Corp. (AVA - Free Report) , Ameren Corporation (AEE - Free Report) and DTE Energy Company (DTE - Free Report) .
Ameren Corp., another Zacks Rank #2 stock, has seen four upward estimate revisions for 2016 over the last 60 days. Its estimates increased from $2.53 per share 60 days ago to $2.70 today, reflecting an upside of 6.7%.
DTE Energy has seen three upward estimate revisions for 2016 over the last 60 days. DTE Energy carries a Zacks Rank #2 as well. Its estimates increased from $5.16 per share 60 days ago to $5.26 today, reflecting an upside of 1.9%.
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FirstEnergy Unit Working on Reliability Enhancement Projects
Metropolitan Edison Company (Met-Ed), an affiliate of diversified energy company FirstEnergy Corp. (FE - Free Report) , is finishing work on electric system projects worth nearly $7.5 million.
Details of the Projects
These projects are part of Met-Ed’s 2016 Long-Term Infrastructure Improvement Plan, which aims to lower the frequency and time of service interruptions faced by its customers.
Met-Ed's Long-Term Infrastructure Improvement Plan was approved earlier this year by the Pennsylvania Public Utility Commission. This $43 million plan run through over five years and cover distribution infrastructure projects to enhance service reliability in Met-Ed’s service territory through 2020.
FIRSTENERGY CP Price
FIRSTENERGY CP Price | FIRSTENERGY CP Quote
The aforementioned projects include the installation of protective devices on wires and poles, replacement or upgrading of electric lines, deployment of automated and remote control devices, and installation of radio-controlled switches on electric circuits.
A Similar Initiative by FirstEnergy
FirstEnergy is presently focused on a modernization drive to boost service reliability and ensure customer retention. This has led to its ambitious “Energizing the Future” plan of upgrading and expanding regulated transmission capabilities. Under this initiative, the company will invest $4.2–$5.8 billion over the 2017–2021 period.
FirstEnergy intends to deploy $3.7–$5.4 billion over the next 8–15 year time period for grid modernization initiatives, subject to the Public Utilities Commission of Ohio’s review and approval.
Price Movement
FirstEnergy has underperformed the Zacks Categorized Utility-Electric Power industry over the past 12 months. Shares of the company lost 3.1% compared with the industry’s 5.2% gain.
The chief reason for this is that FirstEnergy, like most other unregulated utilities, has been grappling with its 13,162 MW competitive energy business for the last few quarters, despite consistent efforts to expand the regulated generation mix.
This is because the competitive energy business exposes FirstEnergy to market volatilities. Even though natural gas prices are on the rise, wholesale power prices have not benefitted from the trend, thus adversely affecting competitive power players.
Zacks Rank & Other Key Picks
FirstEnergy carries a Zacks Rank #2 (Buy). Other favorably placed stocks in the same space include Avista Corp. (AVA - Free Report) , Ameren Corporation (AEE - Free Report) and DTE Energy Company (DTE - Free Report) .
Avista has seen one upward estimate revision for 2016 over the last 60 days. Its estimates increased from $2.08 per share 60 days ago to $2.09 today. The stock carries a Zacks Rank #2.You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Ameren Corp., another Zacks Rank #2 stock, has seen four upward estimate revisions for 2016 over the last 60 days. Its estimates increased from $2.53 per share 60 days ago to $2.70 today, reflecting an upside of 6.7%.
DTE Energy has seen three upward estimate revisions for 2016 over the last 60 days. DTE Energy carries a Zacks Rank #2 as well. Its estimates increased from $5.16 per share 60 days ago to $5.26 today, reflecting an upside of 1.9%.
Zacks’ Best Private Investment Ideas
In addition to the recommendations that are available to the public on our website, how would you like to follow all Zacks' private buys and sells in real time?
Our experts cover all kinds of trades… from value to momentum . . . from stocks under $10 to ETF and option moves . . . from stocks that corporate insiders are buying up to companies that are about to report positive earnings surprises. You can even look inside exclusive portfolios that are normally closed to new investors. Starting today, for the next month, you can have unrestricted access. Click here for Zacks' private trades >>