Of the 18 analysts covering the stock, 56% rate it a buy and the rest rate it a hold. There are no sell ratings on the stock. The stock's average 12-month price target is $47.83, which is 6.2% greater than the current price, according to a Bloomberg consensus.
The company reported net income of $509 million for 2011 third quarter, or $1.22 per share, on revenue of $4.7 billion, compared with $175 million, or 59 cents per share, on revenue of $3.7 billion in the year-earlier quarter. Total electric distribution deliveries increased 2.1% during the quarter.The company's subsidiary FirstEnergy Solutions recently signed a long-term agreement to purchase output from the Maryland Solar Farm, a green energy facility slated to become the largest solar facility in Maryland and among the largest on the East Coast upon completion. Under the terms of agreement, the company will purchase the facility's 20 MW output for 20 years. The $70 million Maryland Solar Farm project is scheduled to become operational by 2013. Looking ahead, based on strong third-quarter results, the company's guidance for full-year non-GAAP earnings is $3.30 to $3.50 per share. Non-GAAP earnings guidance for fiscal 2012 and fiscal 2013 is $3.20 to $3.50 per share.