Corient Private Wealth LP Takes $7.23 Million Position in FirstEnergy Corporation $FE

Corient Private Wealth LP bought a new position in FirstEnergy Corporation (NYSE:FE - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 152,101 shares of the utilities provider's stock, valued at approximately $7,231,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Perennial Investment Advisors LLC acquired a new stake in shares of FirstEnergy in the second quarter valued at approximately $208,000. Freestone Grove Partners LP bought a new position in FirstEnergy in the second quarter valued at approximately $15,050,000. Caisse de depot et placement du Quebec raised its stake in shares of FirstEnergy by 7.6% during the 2nd quarter. Caisse de depot et placement du Quebec now owns 45,993 shares of the utilities provider's stock worth $2,187,000 after purchasing an additional 3,235 shares in the last quarter. Odyssean LLC grew its stake in shares of FirstEnergy by 71.0% in the second quarter. Odyssean LLC now owns 45,139 shares of the utilities provider's stock valued at $2,146,000 after buying an additional 18,736 shares in the last quarter. Finally, Jupiter Topco LLC bought a new position in shares of FirstEnergy in the 2nd quarter valued at about $7,311,000. Institutional investors and hedge funds own 89.41% of the company's stock.

FirstEnergy Trading Down 0.1%

Shares of FirstEnergy stock opened at $45.84 on Monday. The firm has a market capitalization of $26.52 billion, a PE ratio of 24.38, a price-to-earnings-growth ratio of 2.19 and a beta of 0.46. The company has a current ratio of 0.54, a quick ratio of 0.45 and a debt-to-equity ratio of 1.88. The firm's 50 day moving average is $47.88 and its 200 day moving average is $48.30. FirstEnergy Corporation has a 1 year low of $42.87 and a 1 year high of $52.34.

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

FirstEnergy Announces Dividend

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

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on FE shares. Wolfe Research cut FirstEnergy from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 4th. Barclays dropped their price target on FirstEnergy from $55.00 to $54.00 and set an "overweight" rating for the company in a report on Friday, July 31st. UBS Group upped their price target on shares of FirstEnergy from $50.00 to $51.00 and gave the company a "neutral" rating in a research note on Thursday, June 11th. Morgan Stanley decreased their target price on shares of FirstEnergy from $53.00 to $52.00 and set an "overweight" rating on the stock in a research report on Friday, August 21st. Finally, TD Cowen raised FirstEnergy from a "hold" rating to a "buy" rating and dropped their price objective 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. Based on data from MarketBeat, FirstEnergy presently has a consensus rating of "Moderate Buy" and an average price target 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source