316,577 Shares in FirstEnergy Corporation $FE Purchased by Freestone Grove Partners LP

Freestone Grove Partners LP purchased a new stake in FirstEnergy Corporation (NYSE:FE - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 316,577 shares of the utilities provider's stock, valued at approximately $15,050,000. Freestone Grove Partners LP owned about 0.05% of FirstEnergy as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the stock. Eurizon Capital SGR S.p.A. acquired a new position in FirstEnergy in the 4th quarter valued at $123,018,000. BROOKFIELD Corp ON bought a new stake in shares of FirstEnergy in the fourth quarter valued at about $110,332,000. Boston Partners grew its stake in shares of FirstEnergy by 13.5% in the third quarter. Boston Partners now owns 18,344,403 shares of the utilities provider's stock valued at $841,161,000 after acquiring an additional 2,185,400 shares in the last quarter. Energy Income Partners LLC acquired a new position in shares of FirstEnergy in the second quarter valued at about $97,602,000. Finally, Victory Capital Management Inc. increased its position in FirstEnergy by 56.0% during the fourth quarter. Victory Capital Management Inc. now owns 5,506,251 shares of the utilities provider's stock worth $246,515,000 after acquiring an additional 1,977,504 shares during the period. 89.41% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on FE. UBS Group boosted their price objective on shares of FirstEnergy from $50.00 to $51.00 and gave the company a "neutral" rating in a report on Thursday, June 11th. TD Cowen upgraded shares of FirstEnergy from a "hold" rating to a "buy" rating and dropped their price target for the company from $56.00 to $53.00 in a research report on Friday, May 15th. Barclays cut their price target on FirstEnergy from $55.00 to $54.00 and set an "overweight" rating for the company in a research note on Friday, July 31st. Wolfe Research lowered FirstEnergy from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 4th. Finally, Morgan Stanley cut their target price on FirstEnergy from $53.00 to $52.00 and set an "overweight" rating for the company in a research report on Friday, August 21st. Seven research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $52.83.

FirstEnergy Trading Down 1.0%

Shares of FE stock opened at $46.25 on Friday. FirstEnergy Corporation has a fifty-two week low of $42.87 and a fifty-two week high of $52.34. The stock's fifty day moving average price is $47.89 and its two-hundred day moving average price is $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. The company has a market cap of $26.76 billion, a PE ratio of 24.60, a P/E/G ratio of 2.23 and a beta of 0.46.

FirstEnergy (NYSE:FE - Get Free Report) last posted its quarterly earnings results on Tuesday, July 28th. The utilities provider reported $0.50 EPS for the quarter, hitting analysts' consensus estimates of $0.50. FirstEnergy had a return on equity of 10.51% and a net margin of 6.86%.The company had revenue of $3.68 billion during the quarter, compared to analysts' expectations of $3.51 billion. During the same quarter in the previous year, the firm earned $0.52 EPS. Equities analysts predict that FirstEnergy Corporation will post 2.74 EPS for the current fiscal year.

FirstEnergy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 7th will be issued a $0.465 dividend. The ex-dividend date of this dividend is Friday, August 7th. This represents a $1.86 dividend on an annualized basis and a dividend yield of 4.0%. FirstEnergy's dividend payout ratio is 98.94%.

FirstEnergy 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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