Ascent Group LLC Sells 8,847 Shares of FirstEnergy Corporation $FE

Key Points

• Ascent Group LLC reduced its stake in FirstEnergy Corporation by 9.4%, selling 8,847 shares to hold 84,993 shares valued at $3,422,000.
• FirstEnergy recently reported an earnings per share (EPS) of $0.52, exceeding estimates, with revenue of $3.40 billion for the quarter.
• The company announced a quarterly dividend of $0.445 per share, representing a dividend yield of 3.9%, with an ex-dividend date on November 7th.

Ascent Group LLC cut its stake in FirstEnergy Corporation (NYSE:FE - Free Report) by 9.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 84,993 shares of the utilities provider's stock after selling 8,847 shares during the quarter. Ascent Group LLC's holdings in FirstEnergy were worth $3,422,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Phraction Management LLC acquired a new stake in FirstEnergy during the 2nd quarter worth about $2,267,000. Ameritas Advisory Services LLC acquired a new position in FirstEnergy in the 2nd quarter worth about $96,000. Mirae Asset Global Investments Co. Ltd. increased its stake in FirstEnergy by 9.2% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 61,608 shares of the utilities provider's stock worth $2,480,000 after buying an additional 5,185 shares in the last quarter. CHURCHILL MANAGEMENT Corp purchased a new stake in FirstEnergy during the 2nd quarter worth approximately $5,065,000. Finally, Naples Global Advisors LLC purchased a new stake in shares of FirstEnergy in the second quarter valued at approximately $208,000. 89.41% of the stock is currently owned by hedge funds and other institutional investors.

FirstEnergy Trading Up 1.0%

FE stock opened at $45.92 on Friday. The company has a market cap of $26.52 billion, a price-to-earnings ratio of 20.32, a PEG ratio of 2.82 and a beta of 0.52. The company has a quick ratio of 0.51, a current ratio of 0.61 and a debt-to-equity ratio of 1.68. The business has a fifty day simple moving average of $43.65 and a 200-day simple moving average of $41.86. FirstEnergy Corporation has a 52 week low of $37.58 and a 52 week high of $46.27.

FirstEnergy (NYSE:FE - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The utilities provider reported $0.52 EPS for the quarter, topping analysts' consensus estimates of $0.50 by $0.02. FirstEnergy had a return on equity of 11.31% and a net margin of 9.31%.The business had revenue of $3.40 billion during the quarter, compared to the consensus estimate of $3.45 billion. During the same period in the prior year, the firm posted $0.56 EPS. FirstEnergy has set its FY 2025 guidance at 2.400-2.600 EPS. On average, equities research analysts expect that FirstEnergy Corporation will post 2.66 EPS for the current year.

FirstEnergy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Stockholders of record on Friday, November 7th will be paid a dividend of $0.445 per share. The ex-dividend date is Friday, November 7th. This represents a $1.78 annualized dividend and a dividend yield of 3.9%. FirstEnergy's dividend payout ratio (DPR) is currently 78.76%.

Analyst Ratings Changes

FE has been the subject of several analyst reports. Mizuho increased their price objective on FirstEnergy from $43.00 to $45.00 and gave the stock a "neutral" rating in a research report on Friday, August 1st. UBS Group set a $44.00 target price on FirstEnergy and gave the company a "neutral" rating in a report on Tuesday, June 24th. Morgan Stanley dropped their price objective on FirstEnergy from $48.00 to $47.00 and set an "overweight" rating on the stock in a report on Thursday, September 25th. KeyCorp reissued an "overweight" rating and set a $46.00 price target (down previously from $47.00) on shares of FirstEnergy in a report on Wednesday, July 16th. Finally, Barclays upgraded shares of FirstEnergy from an "equal weight" rating to an "overweight" rating and lifted their price target for the company from $43.00 to $49.00 in a research report on Monday, August 25th. Seven investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $46.00.

About FirstEnergy

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.

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