1832 Asset Management L.P. Trims Stake in FirstEnergy Corporation $FE

1832 Asset Management L.P. decreased its position in shares of FirstEnergy Corporation (NYSE:FE) by 3.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,553,483 shares of the utilities provider’s stock after selling 60,390 shares during the period. 1832 Asset Management L.P.’s holdings in FirstEnergy were worth $62,543,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of FE. CW Advisors LLC purchased a new stake in shares of FirstEnergy in the second quarter valued at about $397,000. M&T Bank Corp increased its holdings in shares of FirstEnergy by 9.8% in the second quarter. M&T Bank Corp now owns 161,477 shares of the utilities provider’s stock valued at $6,501,000 after purchasing an additional 14,408 shares during the period. OMERS ADMINISTRATION Corp increased its holdings in shares of FirstEnergy by 218.6% in the second quarter. OMERS ADMINISTRATION Corp now owns 62,236 shares of the utilities provider’s stock valued at $2,506,000 after purchasing an additional 42,700 shares during the period. Edgestream Partners L.P. lifted its holdings in shares of FirstEnergy by 1,379.5% during the second quarter. Edgestream Partners L.P. now owns 114,945 shares of the utilities provider’s stock worth $4,628,000 after purchasing an additional 107,176 shares during the period. Finally, Everstar Asset Management LLC grew its position in FirstEnergy by 12.7% in the 2nd quarter. Everstar Asset Management LLC now owns 13,385 shares of the utilities provider’s stock valued at $539,000 after buying an additional 1,512 shares during the last quarter. 89.41% of the stock is owned by institutional investors and hedge funds.

FirstEnergy Stock Performance

FE stock opened at $45.26 on Thursday. The company has a 50-day simple moving average of $46.39 and a 200 day simple moving average of $43.50. The company has a quick ratio of 0.64, a current ratio of 0.75 and a debt-to-equity ratio of 1.80. The company has a market capitalization of $26.15 billion, a P/E ratio of 19.77, a PEG ratio of 2.83 and a beta of 0.66. FirstEnergy Corporation has a fifty-two week low of $37.58 and a fifty-two week high of $48.20.

FirstEnergy (NYSE:FE) last announced its earnings results on Wednesday, October 22nd. The utilities provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.76 by $0.07. FirstEnergy had a return on equity of 11.15% and a net margin of 9.19%.The business had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $3.94 billion. During the same period in the prior year, the business posted $0.85 earnings per share. FirstEnergy’s revenue was up 10.8% compared to the same quarter last year. FirstEnergy has set its FY 2025 guidance at 2.500-2.560 EPS. Sell-side analysts predict that FirstEnergy Corporation will post 2.66 earnings per share for the current fiscal year.

FirstEnergy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 1st. Investors of record on Friday, November 7th were given a dividend of $0.445 per share. This represents a $1.78 annualized dividend and a dividend yield of 3.9%. The ex-dividend date of this dividend was Friday, November 7th. FirstEnergy’s payout ratio is currently 77.73%.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of FirstEnergy in a report on Wednesday, October 8th. Morgan Stanley upped their price target on shares of FirstEnergy from $47.00 to $50.00 and gave the company an “overweight” rating in a report on Tuesday, October 21st. Barclays raised shares of FirstEnergy from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $43.00 to $49.00 in a research note on Monday, August 25th. Jefferies Financial Group raised their price objective on FirstEnergy from $45.00 to $47.00 and gave the stock a “hold” rating in a report on Tuesday, October 21st. Finally, KeyCorp downgraded FirstEnergy from an “overweight” rating to a “sector weight” rating in a research report on Tuesday, October 14th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $49.08.

FirstEnergy Profile

FirstEnergy Corp., through its subsidiaries, generates, transmits, and distributes electricity in the United States. It operates through Regulated Distribution and Regulated Transmission segments. The company owns and operates coal-fired, nuclear, hydroelectric, wind, and solar power generating facilities.