Corient Private Wealth LP purchased a new stake in FirstEnergy Corporation (NYSE:FE – Free Report) in the 2nd quarter, HoldingsChannel reports. The fund purchased 152,101 shares of the utilities provider’s stock, valued at approximately $7,231,000.
Other institutional investors have also added to or reduced their stakes in the company. Perennial Investment Advisors LLC bought a new position in shares of FirstEnergy in the 2nd quarter worth $208,000. Freestone Grove Partners LP purchased a new stake in FirstEnergy in the 2nd quarter valued at $15,050,000. Caisse de depot et placement du Quebec boosted its holdings in FirstEnergy by 7.6% during the second quarter. Caisse de depot et placement du Quebec now owns 45,993 shares of the utilities provider’s stock worth $2,187,000 after purchasing an additional 3,235 shares during the last quarter. Odyssean LLC increased its stake in FirstEnergy by 71.0% in the 2nd quarter. Odyssean LLC now owns 45,139 shares of the utilities provider’s stock valued at $2,146,000 after buying an additional 18,736 shares during the last quarter. Finally, Jupiter Topco LLC bought a new position in shares of FirstEnergy in the second quarter valued at approximately $7,311,000. 89.41% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
FE has been the topic of a number of research reports. TD Cowen raised shares of FirstEnergy from a “hold” rating to a “buy” rating and lowered their price target for the stock from $56.00 to $53.00 in a report on Friday, May 15th. Weiss Ratings cut shares of FirstEnergy from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, June 17th. Barclays dropped their price objective on shares of FirstEnergy from $55.00 to $54.00 and set an “overweight” rating for the company in a report on Friday, July 31st. Morgan Stanley cut their price objective on FirstEnergy from $53.00 to $52.00 and set an “overweight” rating for the company in a report on Friday, August 21st. Finally, Wolfe Research cut FirstEnergy from a “strong-buy” rating to a “hold” rating in a report on Monday, May 4th. Seven research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $52.83.
FirstEnergy Price Performance
FE stock opened at $45.84 on Monday. The firm has a market cap of $26.52 billion, a P/E ratio of 24.38, a P/E/G ratio of 2.19 and a beta of 0.46. The firm’s fifty day moving average is $47.88 and its 200 day moving average is $48.30. FirstEnergy Corporation has a 52 week low of $42.87 and a 52 week high of $52.34. 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 posted its quarterly earnings results on Tuesday, July 28th. The utilities provider reported $0.50 earnings per share for the quarter, hitting the consensus estimate of $0.50. FirstEnergy had a net margin of 6.86% and a return on equity of 10.51%. The business had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.51 billion. During the same period in the previous year, the firm posted $0.52 earnings per share. Research analysts predict that FirstEnergy Corporation will post 2.74 earnings per share for the current year.
FirstEnergy Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 7th will be given a dividend of $0.465 per share. This represents a $1.86 annualized dividend and a yield of 4.1%. The ex-dividend date is Friday, August 7th. FirstEnergy’s dividend payout ratio (DPR) is presently 98.94%.
FirstEnergy Company Profile
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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