Beacon Pointe Advisors LLC Acquires New Holdings in FirstEnergy Corporation $FE

Key Points

• Beacon Pointe Advisors acquired 35,676 FirstEnergy shares worth approximately $1.7 million during the second quarter. Institutional investors collectively own 89.41% of the utility company.
• FirstEnergy reported quarterly EPS of $0.50, matching analyst expectations, while revenue of $3.68 billion exceeded estimates of $3.51 billion.
• The company declared a quarterly dividend of $0.465 per share, equivalent to an annualized $1.86 payout and a 4.1% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $52.83.

Beacon Pointe Advisors LLC bought a new stake in FirstEnergy Corporation (NYSE:FE - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 35,676 shares of the utilities provider's stock, valued at approximately $1,697,000.

Several other hedge funds also recently bought and sold shares of the stock. State of Wyoming acquired a new stake in shares of FirstEnergy during the second quarter worth about $25,000. Axiom Investment Management LLC purchased a new position in shares of FirstEnergy in the first quarter valued at approximately $26,000. DV Equities LLC acquired a new position in shares of FirstEnergy in the fourth quarter valued at approximately $33,000. Summit Securities Group LLC grew its holdings in shares of FirstEnergy by 148.0% in the fourth quarter. Summit Securities Group LLC now owns 771 shares of the utilities provider's stock valued at $35,000 after purchasing an additional 2,376 shares in the last quarter. Finally, Western Wealth Management LLC acquired a new position in shares of FirstEnergy in the first quarter valued at approximately $37,000. Hedge funds and other institutional investors own 89.41% of the company's stock.

FirstEnergy Price Performance

FE stock opened at $45.84 on Monday. The business has a 50 day moving average price of $47.88 and a 200 day moving average price of $48.30. The company has a quick ratio of 0.45, a current ratio of 0.54 and a debt-to-equity ratio of 1.88. The stock has a market cap of $26.52 billion, a price-to-earnings ratio of 24.38, a PEG ratio of 2.19 and a beta of 0.46. FirstEnergy Corporation has a fifty-two week low of $42.87 and a fifty-two week high of $52.34.

FirstEnergy (NYSE:FE - Get Free Report) last issued its quarterly earnings data 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 company had revenue of $3.68 billion for 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 quarter last year, the company posted $0.52 earnings per share. Equities research analysts anticipate that FirstEnergy Corporation will post 2.74 earnings per share for the current fiscal year.

FirstEnergy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 7th will be paid a dividend of $0.465 per share. This represents a $1.86 annualized dividend and a dividend yield of 4.1%. The ex-dividend date is Friday, August 7th. FirstEnergy's dividend payout ratio is 98.94%.

Analyst Upgrades and Downgrades

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

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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