Corient Private Wealth LP Boosts Stake in FirstEnergy Corporation $FE

Key Points

• Corient Private Wealth increased its FirstEnergy stake by 72.4% in the second quarter, purchasing 61,432 additional shares for a total holding valued at approximately $6.95 million. Institutional investors collectively own 89.41% of the company.
• FirstEnergy reported quarterly EPS of $0.50, in line with analyst expectations, while revenue of $3.68 billion exceeded estimates of $3.51 billion. Shares recently traded at $45.70, up 0.7%.
• The company pays a quarterly dividend of $0.465 per share, equating to an annualized yield of 4.1%. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $52.83, despite some recent target reductions and one downgrade.

Corient Private Wealth LP grew its stake in shares of FirstEnergy Corporation (NYSE:FE - Free Report) by 72.4% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 146,266 shares of the utilities provider's stock after purchasing an additional 61,432 shares during the period. Corient Private Wealth LP's holdings in FirstEnergy were worth $6,954,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Geode Capital Management LLC raised its position in shares of FirstEnergy by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 13,463,298 shares of the utilities provider's stock valued at $600,351,000 after buying an additional 126,834 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in FirstEnergy by 7.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 9,971,706 shares of the utilities provider's stock valued at $508,158,000 after buying an additional 694,449 shares during the period. Bank of America Corp DE increased its stake in shares of FirstEnergy by 11.9% during the 1st quarter. Bank of America Corp DE now owns 5,396,317 shares of the utilities provider's stock valued at $273,377,000 after acquiring an additional 573,731 shares during the last quarter. Legal & General Group Plc lifted its holdings in shares of FirstEnergy by 1.5% during the 4th quarter. Legal & General Group Plc now owns 4,586,712 shares of the utilities provider's stock worth $205,347,000 after acquiring an additional 66,529 shares during the period. Finally, Franklin Resources Inc. lifted its holdings in shares of FirstEnergy by 2.3% during the 4th quarter. Franklin Resources Inc. now owns 3,496,817 shares of the utilities provider's stock worth $156,552,000 after acquiring an additional 79,554 shares during the period. 89.41% of the stock is currently owned by hedge funds and other institutional investors.

FirstEnergy Trading Up 0.7%

Shares of FE opened at $45.70 on Friday. FirstEnergy Corporation has a 12 month low of $43.00 and a 12 month high of $52.34. The stock's 50-day moving average is $47.40 and its two-hundred day moving average is $47.95. The company has a debt-to-equity ratio of 1.88, a current ratio of 0.54 and a quick ratio of 0.45. The stock has a market cap of $26.44 billion, a PE ratio of 24.31, a P/E/G ratio of 2.62 and a beta of 0.45.

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

FirstEnergy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Friday, August 7th were issued a dividend of $0.465 per share. This represents a $1.86 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date of this dividend was Friday, August 7th. FirstEnergy's dividend payout ratio (DPR) is presently 98.94%.

Analyst Ratings Changes

A number of equities analysts have weighed in on FE shares. Wall Street Zen downgraded shares of FirstEnergy from a "hold" rating to a "sell" rating in a research note on Saturday, September 5th. Barclays lowered their price target on FirstEnergy from $55.00 to $54.00 and set an "overweight" rating for the company in a research report on Friday, July 31st. UBS Group upped their price target on FirstEnergy from $50.00 to $51.00 and gave the stock 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, Weiss Ratings reaffirmed a "buy (b-)" rating on shares of FirstEnergy in a research note on Monday. Seven investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $52.83.

FirstEnergy Company Profile

FirstEnergy Corp. NYSE: FE is an electric utility holding company focused on the transmission and distribution of electricity. Through its regulated operating companies, the company delivers power to residential, commercial and industrial customers and maintains the local infrastructure needed to support reliable electric service.

FirstEnergy's utility operations include Ohio Edison, The Illuminating Company, Toledo Edison, Met-Ed, Penelec, Penn Power, West Penn Power, Jersey Central Power & Light and Mon Power, among others.

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