DAVENPORT & Co LLC Has $3.20 Million Position in FirstEnergy Corporation $FE

Key Points

• DAVENPORT & Co LLC increased its stake in FirstEnergy Corporation by 120.7% during the second quarter, owning 79,354 shares valued at approximately $3.20 million.
• FirstEnergy recently reported $0.52 earnings per share for the last quarter, surpassing analysts' expectations of $0.50, while also announcing a quarterly dividend of $0.445 per share scheduled for December 1st.
• Institutional investors now hold 89.41% of FirstEnergy's stock, indicating a strong preference for the company among major financial entities.

DAVENPORT & Co LLC raised its stake in shares of FirstEnergy Corporation (NYSE:FE - Free Report) by 120.7% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 79,354 shares of the utilities provider's stock after buying an additional 43,403 shares during the period. DAVENPORT & Co LLC's holdings in FirstEnergy were worth $3,195,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of FE. Oliver Lagore Vanvalin Investment Group acquired a new stake in shares of FirstEnergy during the 2nd quarter valued at $26,000. Investment Research & Advisory Group Inc. acquired a new stake in shares of FirstEnergy during the 2nd quarter valued at $26,000. N.E.W. Advisory Services LLC acquired a new stake in shares of FirstEnergy during the 1st quarter valued at $27,000. TruNorth Capital Management LLC boosted its stake in shares of FirstEnergy by 226.9% during the 1st quarter. TruNorth Capital Management LLC now owns 706 shares of the utilities provider's stock valued at $29,000 after buying an additional 490 shares during the period. Finally, MJT & Associates Financial Advisory Group Inc. acquired a new stake in shares of FirstEnergy in the 1st quarter valued at $40,000. Institutional investors and hedge funds own 89.41% of the company's stock.

FirstEnergy Stock Up 0.6%

FirstEnergy stock opened at $46.67 on Thursday. The firm has a market cap of $26.95 billion, a price-to-earnings ratio of 20.65, a P/E/G ratio of 2.85 and a beta of 0.52. The company has a debt-to-equity ratio of 1.68, a current ratio of 0.61 and a quick ratio of 0.51. FirstEnergy Corporation has a fifty-two week low of $37.58 and a fifty-two week high of $47.35. The firm has a fifty day moving average price of $43.94 and a two-hundred day moving average price of $41.98.

FirstEnergy (NYSE:FE - Get Free Report) last released its earnings results on Wednesday, July 30th. The utilities provider reported $0.52 earnings per share for the quarter, topping analysts' consensus estimates of $0.50 by $0.02. The firm had revenue of $3.40 billion during the quarter, compared to analyst estimates of $3.45 billion. FirstEnergy had a net margin of 9.31% and a return on equity of 11.31%. During the same quarter in the previous year, the business earned $0.56 EPS. FirstEnergy has set its FY 2025 guidance at 2.400-2.600 EPS. As a group, analysts forecast that FirstEnergy Corporation will post 2.66 earnings per share for the current year.

FirstEnergy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Friday, November 7th will be given a dividend of $0.445 per share. The ex-dividend date of this dividend is Friday, November 7th. This represents a $1.78 dividend on an annualized basis and a yield of 3.8%. FirstEnergy's payout ratio is currently 78.76%.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on FE. UBS Group set a $44.00 price objective on shares of FirstEnergy and gave the company a "neutral" rating in a research note on Tuesday, June 24th. Mizuho lifted their price objective on shares of FirstEnergy from $43.00 to $45.00 and gave the company a "neutral" rating in a research note on Friday, August 1st. Scotiabank reaffirmed an "outperform" rating on shares of FirstEnergy in a research note on Wednesday. Citigroup began coverage on shares of FirstEnergy in a research note on Tuesday. They issued a "buy" rating and a $53.00 price objective for the company. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of FirstEnergy in a research note on Wednesday. Eight research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $46.77.

FirstEnergy Company Profile

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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