Why FirstEnergy (FE) Stock Is Up In Pre-Market Trading Wednesday

NEW YORK (TheStreet) -- Shares of FirstEnergy Corp. (FE) are up 2.17% to $33.36 in pre-market trading  on Wednesday after a ratings upgrade to "buy" from "hold" at Jefferies.

The firm upgraded its rating on the diversified energy company based on a valuation call.

On Tuesday the company reported basic earnings and revenue for the 2014 first quarter increased over the same period the previous year.

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Basic earnings were 50 cents per common share, on earnings of $208 million, compared to 47 cents, on earnings of $196 million from the 2013 first quarter.

Revenue for the 2014 first quarter was $4.2 billion versus $3.7 billion from the year ago quarter.

Separately, TheStreet Ratings team rates FIRSTENERGY CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

"We rate FIRSTENERGY CORP (FE) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its increase in net income, revenue growth and growth in earnings per share. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, generally higher debt management risk and disappointing return on equity."

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