AXQ Capital LP Makes New $1.98 Million Investment in FirstEnergy Corporation $FE

Key Points

• AXQ Capital LP acquired 41,580 FirstEnergy shares in the second quarter, valued at approximately $1.98 million. Institutional investors collectively own 89.41% of the utility company.
• Analysts maintain a generally positive outlook, with seven Buy ratings and six Hold ratings, producing a “Moderate Buy” consensus and an average price target of $52.83.
• FirstEnergy reported quarterly EPS of $0.50, matching estimates, while revenue of $3.68 billion exceeded expectations. The company also pays a quarterly dividend of $0.465 per share, equivalent to a 4.0% annual yield.

AXQ Capital LP purchased a new stake in FirstEnergy Corporation (NYSE:FE - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 41,580 shares of the utilities provider's stock, valued at approximately $1,977,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Axiom Investment Management LLC acquired a new stake in FirstEnergy in the first quarter valued at about $26,000. State of Wyoming acquired a new stake in shares of FirstEnergy in the 2nd quarter valued at approximately $25,000. Western Wealth Management LLC acquired a new stake in shares of FirstEnergy in the 1st quarter valued at approximately $37,000. DV Equities LLC bought a new stake in shares of FirstEnergy during the 4th quarter valued at approximately $33,000. Finally, Pinnacle Bancorp Inc. grew its holdings in shares of FirstEnergy by 44.4% during the 1st quarter. Pinnacle Bancorp Inc. now owns 754 shares of the utilities provider's stock valued at $38,000 after purchasing an additional 232 shares during the last quarter. 89.41% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Barclays cut their target price on shares of FirstEnergy from $55.00 to $54.00 and set an "overweight" rating on the stock in a research report on Friday, July 31st. Weiss Ratings downgraded shares of FirstEnergy from a "buy (b)" rating to a "buy (b-)" rating in a report on Wednesday, June 17th. UBS Group increased their price target on FirstEnergy from $50.00 to $51.00 and gave the company a "neutral" rating in a research note on Thursday, June 11th. Morgan Stanley cut their price objective on FirstEnergy from $53.00 to $52.00 and set an "overweight" rating on the stock in a report on Friday, August 21st. Finally, Wall Street Zen lowered FirstEnergy from a "hold" rating to a "sell" rating in a research report on Saturday. Seven research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $52.83.

FirstEnergy Price Performance

Shares of NYSE:FE opened at $46.77 on Friday. The company has a debt-to-equity ratio of 1.88, a quick ratio of 0.45 and a current ratio of 0.54. FirstEnergy Corporation has a 52 week low of $42.87 and a 52 week high of $52.34. The firm has a market cap of $27.06 billion, a PE ratio of 24.88, a price-to-earnings-growth ratio of 2.71 and a beta of 0.45. The firm's fifty day moving average is $47.75 and its 200-day moving average is $48.23.

FirstEnergy (NYSE:FE - Get Free Report) last announced its earnings results on Tuesday, July 28th. The utilities provider reported $0.50 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.50. The business had revenue of $3.68 billion during the quarter, compared to analyst estimates of $3.51 billion. FirstEnergy had a return on equity of 10.51% and a net margin of 6.86%.During the same period last year, the company earned $0.52 EPS. Sell-side analysts predict that FirstEnergy Corporation will post 2.74 earnings per share for the current year.

FirstEnergy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Friday, August 7th were given a dividend of $0.465 per share. This represents a $1.86 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date was Friday, August 7th. FirstEnergy's dividend payout ratio (DPR) is 98.94%.

About FirstEnergy

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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