Aigen Investment Management LP Makes New Investment in FirstEnergy Corporation (NYSE:FE)

Key Points

• Aigen Investment Management LP acquired a new position in FirstEnergy Corporation by purchasing 20,217 shares valued at approximately $817,000 in the first quarter.
• FirstEnergy announced a quarterly dividend of $0.445 per share, with a dividend yield of 4.1%, to be paid on September 1st.
• The company's recent quarterly earnings report showed earnings per share of $0.52, exceeding expectations, although revenue fell short of analyst forecasts at $3.40 billion.

Aigen Investment Management LP bought a new stake in shares of FirstEnergy Corporation (NYSE:FE - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 20,217 shares of the utilities provider's stock, valued at approximately $817,000.

Several other hedge funds also recently added to or reduced their stakes in FE. Soroban Capital Partners LP increased its holdings in shares of FirstEnergy by 60.2% in the fourth quarter. Soroban Capital Partners LP now owns 8,340,760 shares of the utilities provider's stock valued at $331,795,000 after purchasing an additional 3,133,083 shares during the last quarter. Federated Hermes Inc. boosted its stake in shares of FirstEnergy by 133,614.8% during the 1st quarter. Federated Hermes Inc. now owns 2,310,592 shares of the utilities provider's stock worth $93,394,000 after acquiring an additional 2,308,864 shares in the last quarter. Wealthquest Corp purchased a new stake in FirstEnergy in the 1st quarter valued at approximately $53,169,000. Zimmer Partners LP lifted its stake in FirstEnergy by 33.4% in the 4th quarter. Zimmer Partners LP now owns 4,918,857 shares of the utilities provider's stock valued at $195,672,000 after buying an additional 1,232,040 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in FirstEnergy in the 4th quarter valued at approximately $30,069,000. 89.41% of the stock is owned by institutional investors and hedge funds.

FirstEnergy Price Performance

Shares of NYSE FE traded down $0.20 during mid-day trading on Friday, hitting $43.46. 3,283,085 shares of the stock were exchanged, compared to its average volume of 3,961,211. FirstEnergy Corporation has a twelve month low of $37.58 and a twelve month high of $44.97. The company has a market cap of $25.09 billion, a P/E ratio of 19.23, a PEG ratio of 2.68 and a beta of 0.48. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.51 and a current ratio of 0.61. The stock's fifty day simple moving average is $41.15 and its two-hundred day simple moving average is $40.91.

FirstEnergy (NYSE:FE - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The utilities provider reported $0.52 EPS for the quarter, beating the consensus estimate of $0.50 by $0.02. FirstEnergy had a net margin of 9.31% and a return on equity of 11.31%. The business had revenue of $3.40 billion for the quarter, compared to analysts' expectations of $3.45 billion. During the same period in the previous year, the firm posted $0.56 EPS. As a group, analysts forecast that FirstEnergy Corporation will post 2.66 EPS for the current fiscal year.

FirstEnergy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 1st. Shareholders of record on Thursday, August 7th will be issued a $0.445 dividend. The ex-dividend date of this dividend is Thursday, August 7th. This represents a $1.78 dividend on an annualized basis and a yield of 4.1%. FirstEnergy's payout ratio is currently 78.76%.

Insider Transactions at FirstEnergy

In other FirstEnergy news, CAO Jason Lisowski sold 12,000 shares of the company's stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $41.97, for a total value of $503,640.00. Following the completion of the transaction, the chief accounting officer directly owned 183 shares in the company, valued at approximately $7,680.51. This represents a 98.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.17% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

FE has been the topic of several research reports. Wells Fargo & Company increased their target price on FirstEnergy from $41.00 to $44.00 and gave the stock an "equal weight" rating in a research report on Friday, April 25th. Evercore ISI raised their target price on FirstEnergy from $41.00 to $47.00 and gave the company an "outperform" rating in a research note on Monday, April 28th. Morgan Stanley lowered their price objective on FirstEnergy from $48.00 to $47.00 and set an "overweight" rating for the company in a report on Wednesday, June 18th. KeyCorp restated an "overweight" rating and issued a $46.00 target price (down from $47.00) on shares of FirstEnergy in a research note on Wednesday, July 16th. Finally, Scotiabank reiterated an "outperform" rating on shares of FirstEnergy in a research report on Friday, April 25th. Nine equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $46.08.

FirstEnergy Company 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.