Empowered Funds LLC Acquires Shares of 28,592 FirstEnergy Corporation $FE

Key Points

• Empowered Funds LLC acquired 28,592 FirstEnergy shares during the second quarter, valued at approximately $1.36 million. Institutional investors collectively own 89.41% of the utility company.
• FirstEnergy reported quarterly EPS of $0.50, matching analyst estimates, while revenue of $3.68 billion exceeded expectations of $3.51 billion. Analysts expect full-year EPS of $2.74.
• The company pays a quarterly dividend of $0.465 per share, equivalent to a 4.0% annual yield, while analysts maintain a consensus “Moderate Buy” rating with a $52.83 price target.

Empowered Funds LLC acquired a new position in FirstEnergy Corporation (NYSE:FE - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 28,592 shares of the utilities provider's stock, valued at approximately $1,359,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. State of Wyoming acquired a new position in shares of FirstEnergy in the 2nd quarter valued at $25,000. Axiom Investment Management LLC bought a new position in FirstEnergy during the first quarter worth about $26,000. DV Equities LLC acquired a new position in FirstEnergy in the fourth quarter valued at about $33,000. Summit Securities Group LLC grew its stake in 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 acquiring an additional 2,376 shares during the period. Finally, Western Wealth Management LLC bought a new stake in shares of FirstEnergy in the first quarter worth about $37,000. 89.41% of the stock is owned by institutional investors.

FirstEnergy Stock Down 0.6%

Shares of FirstEnergy stock opened at $46.77 on Friday. The stock's 50-day moving average is $47.75 and its 200 day moving average is $48.23. FirstEnergy Corporation has a one year low of $42.87 and a one year high of $52.34. The firm has a market cap of $27.06 billion, a price-to-earnings ratio of 24.88, a PEG ratio of 2.71 and a beta of 0.45. The company has a debt-to-equity ratio of 1.88, a current ratio of 0.54 and a quick ratio of 0.45.

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, meeting analysts' consensus estimates of $0.50. The firm had revenue of $3.68 billion during the quarter, compared to analysts' expectations of $3.51 billion. FirstEnergy had a net margin of 6.86% and a return on equity of 10.51%. During the same period last year, the company earned $0.52 earnings per share. Equities research analysts anticipate that FirstEnergy Corporation will post 2.74 EPS for the current year.

FirstEnergy Announces Dividend

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

Analyst Ratings Changes

A number of brokerages have recently commented on FE. Morgan Stanley cut their price objective 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. Wall Street Zen cut FirstEnergy from a "hold" rating to a "sell" rating in a research report on Saturday. TD Cowen raised FirstEnergy from a "hold" rating to a "buy" rating and lowered their price target for the stock from $56.00 to $53.00 in a research report on Friday, May 15th. Barclays dropped their price objective on FirstEnergy from $55.00 to $54.00 and set an "overweight" rating on the stock in a research note on Friday, July 31st. Finally, UBS Group raised their target price 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. Seven investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the company 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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