Morningstar Investment Services LLC increased its stake in shares of FirstEnergy Corp. (NYSE:FE) by 2.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 430,732 shares of the utilities provider’s stock after purchasing an additional 9,458 shares during the quarter. Morningstar Investment Services LLC owned approximately 0.08% of FirstEnergy worth $16,364,000 as of its most recent filing with the SEC.
Several other hedge funds also recently bought and sold shares of FE. HHM Wealth Advisors LLC bought a new position in FirstEnergy during the first quarter valued at approximately $26,000. Contravisory Investment Management Inc. raised its position in FirstEnergy by 532.0% during the first quarter. Contravisory Investment Management Inc. now owns 771 shares of the utilities provider’s stock valued at $31,000 after acquiring an additional 649 shares in the last quarter. Weaver Consulting Group raised its position in FirstEnergy by 46.8% during the first quarter. Weaver Consulting Group now owns 863 shares of the utilities provider’s stock valued at $35,000 after acquiring an additional 275 shares in the last quarter. FDx Advisors Inc. raised its position in FirstEnergy by 164.7% during the first quarter. FDx Advisors Inc. now owns 11,271 shares of the utilities provider’s stock valued at $43,000 after acquiring an additional 7,013 shares in the last quarter. Finally, Citizens Financial Group Inc RI raised its position in FirstEnergy by 108.4% during the first quarter. Citizens Financial Group Inc RI now owns 1,096 shares of the utilities provider’s stock valued at $44,000 after acquiring an additional 570 shares in the last quarter. Institutional investors and hedge funds own 84.28% of the company’s stock.
Several brokerages recently weighed in on FE. Scotiabank lowered shares of FirstEnergy from a “sector outperform” rating to a “sector perform” rating and cut their price objective for the company from $53.00 to $39.00 in a research report on Wednesday, July 22nd. Seaport Global Securities assumed coverage on shares of FirstEnergy in a research report on Wednesday, May 20th. They issued a “buy” rating and a $47.00 price target on the stock. UBS Group lifted their price target on shares of FirstEnergy from $48.00 to $52.00 and gave the company a “buy” rating in a research report on Friday, June 5th. Argus lowered shares of FirstEnergy from a “buy” rating to a “hold” rating in a research report on Wednesday, July 22nd. Finally, Wells Fargo & Co dropped their price target on shares of FirstEnergy from $50.00 to $40.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 22nd. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $44.00.
FirstEnergy (NYSE:FE) last announced its earnings results on Thursday, July 23rd. The utilities provider reported $0.57 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.55 by $0.02. FirstEnergy had a net margin of 6.10% and a return on equity of 19.31%. The business had revenue of $2.52 billion for the quarter, compared to analyst estimates of $2.56 billion. During the same quarter in the previous year, the firm posted $0.61 earnings per share. As a group, research analysts expect that FirstEnergy Corp. will post 2.49 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 7th will be given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 5.38%. The ex-dividend date is Thursday, August 6th. FirstEnergy’s dividend payout ratio (DPR) is currently 60.47%.
FirstEnergy Corp., through its subsidiaries, generates, transmits, and distributes electricity in the United States. The company operates through Regulated Distribution and Regulated Transmission segments. It owns and operates coal-fired, nuclear, hydroelectric, natural gas, wind, and solar power generating facilities.
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