Odyssean LLC raised its position in FirstEnergy Corporation (NYSE:FE – Free Report) by 71.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 45,139 shares of the utilities provider’s stock after acquiring an additional 18,736 shares during the quarter. Odyssean LLC’s holdings in FirstEnergy were worth $2,146,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Jupiter Topco LLC acquired a new position in shares of FirstEnergy during the 2nd quarter worth about $7,311,000. Hsbc Holdings PLC raised its holdings in shares of FirstEnergy by 32.9% in the 2nd quarter. Hsbc Holdings PLC now owns 1,141,365 shares of the utilities provider’s stock valued at $54,332,000 after purchasing an additional 282,866 shares during the period. Jones Financial Companies Lllp lifted its stake in FirstEnergy by 89.1% in the 2nd quarter. Jones Financial Companies Lllp now owns 197,241 shares of the utilities provider’s stock valued at $9,556,000 after purchasing an additional 92,954 shares during the last quarter. Park Place Capital Corp lifted its stake in FirstEnergy by 8.1% in the 2nd quarter. Park Place Capital Corp now owns 12,076 shares of the utilities provider’s stock valued at $574,000 after purchasing an additional 905 shares during the last quarter. Finally, Allstate Corp grew its holdings in FirstEnergy by 1.8% during the second quarter. Allstate Corp now owns 54,804 shares of the utilities provider’s stock worth $2,605,000 after purchasing an additional 948 shares during the period. Institutional investors own 89.41% of the company’s stock.
Analysts Set New Price Targets
A number of equities analysts have weighed in on FE shares. Morgan Stanley lowered their price target on FirstEnergy from $53.00 to $52.00 and set an “overweight” rating on the stock in a research report on Friday, August 21st. Wolfe Research cut FirstEnergy from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 4th. Barclays reduced their target price on FirstEnergy from $55.00 to $54.00 and set an “overweight” rating for the company in a research note on Friday, July 31st. UBS Group boosted their target price on FirstEnergy from $50.00 to $51.00 and gave the stock a “neutral” rating in a report on Thursday, June 11th. Finally, Weiss Ratings cut FirstEnergy from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, June 17th. Seven research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $52.83.
FirstEnergy Stock Performance
Shares of FE stock opened at $46.65 on Wednesday. FirstEnergy Corporation has a 52 week low of $42.87 and a 52 week high of $52.34. The company has a market capitalization of $26.99 billion, a price-to-earnings ratio of 24.81, a PEG ratio of 2.23 and a beta of 0.46. The company has a 50-day simple moving average of $47.88 and a 200 day simple moving average of $48.31. The company has a debt-to-equity ratio of 1.88, a quick ratio of 0.45 and a current ratio of 0.54.
FirstEnergy (NYSE:FE – Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The utilities provider reported $0.50 earnings per share for the quarter, meeting the consensus estimate of $0.50. The firm had revenue of $3.68 billion for the quarter, compared to analysts’ expectations of $3.51 billion. FirstEnergy had a net margin of 6.86% and a return on equity of 10.51%. During the same period in the prior year, the firm earned $0.52 EPS. On average, sell-side analysts predict that FirstEnergy Corporation will post 2.74 earnings per share for the current year.
FirstEnergy Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 7th will be given a $0.465 dividend. The ex-dividend date of this dividend is Friday, August 7th. This represents a $1.86 annualized dividend and a dividend yield of 4.0%. FirstEnergy’s dividend payout ratio is presently 98.94%.
About FirstEnergy
FirstEnergy Corp. (NYSE: FE) is a U.S.-based electric utility holding company headquartered in Akron, Ohio. The company’s primary business is the delivery of electricity through its regulated transmission and distribution utilities, serving residential, commercial and industrial customers across parts of the Midwest and Mid‑Atlantic. FirstEnergy’s service territory includes states such as Ohio, Pennsylvania, New Jersey, Maryland and West Virginia, and it operates primarily within the PJM regional transmission organization.
FirstEnergy’s core activities center on owning and operating electric distribution networks and transmission systems, maintaining and upgrading grid infrastructure, managing storm response and restoration, and offering customer programs that include energy efficiency and reliability services.
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