Engineers Gate Manager LP Boosts Position in FirstEnergy Corporation $FE

Key Points

• Engineers Gate Manager LP increased its FirstEnergy position by 612.9% in the second quarter, ending with 93,410 shares valued at approximately $4.44 million. Institutional investors and hedge funds collectively own 89.41% of FE shares.
• FirstEnergy reported quarterly EPS of $0.50, matching analyst expectations, while revenue of $3.68 billion exceeded the $3.51 billion consensus estimate.
• The company pays a quarterly dividend of $0.465 per share, equivalent to a 4.0% yield, while analysts maintain a “Moderate Buy” consensus rating with an average price target of $52.83.

Engineers Gate Manager LP increased its position in shares of FirstEnergy Corporation (NYSE:FE - Free Report) by 612.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 93,410 shares of the utilities provider's stock after acquiring an additional 80,308 shares during the quarter. Engineers Gate Manager LP's holdings in FirstEnergy were worth $4,441,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FE. State of Wyoming purchased a new stake in shares of FirstEnergy in the 2nd quarter valued at approximately $25,000. Axiom Investment Management LLC purchased a new stake in shares of FirstEnergy during the 1st quarter valued at approximately $26,000. DV Equities LLC acquired a new position in FirstEnergy in the fourth quarter valued at approximately $33,000. Highland Investment Advisors LLC acquired a new position in FirstEnergy in the second quarter valued at approximately $35,000. Finally, Summit Securities Group LLC grew its position in FirstEnergy by 148.0% in the fourth quarter. Summit Securities Group LLC now owns 771 shares of the utilities provider's stock worth $35,000 after acquiring an additional 2,376 shares during the period. 89.41% of the stock is currently owned by institutional investors and hedge funds.

FirstEnergy Stock Performance

NYSE FE opened at $46.13 on Friday. The company has a market cap of $26.69 billion, a P/E ratio of 24.54, a P/E/G ratio of 2.67 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. The stock has a 50-day moving average of $47.60 and a two-hundred day moving average of $48.11. FirstEnergy Corporation has a 1-year low of $43.00 and a 1-year high of $52.34.

FirstEnergy (NYSE:FE - Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The utilities provider reported $0.50 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.50. FirstEnergy had a net margin of 6.86% and a return on equity of 10.51%. The business had revenue of $3.68 billion for the quarter, compared to analysts' expectations of $3.51 billion. During the same quarter in the prior year, the company earned $0.52 earnings per share. As a group, analysts anticipate that FirstEnergy Corporation will post 2.74 EPS for the current year.

FirstEnergy Dividend Announcement

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

Analysts Set New Price Targets

A number of equities research analysts have commented on FE shares. Barclays reduced their target price on FirstEnergy from $55.00 to $54.00 and set an "overweight" rating on the stock in a research report on Friday, July 31st. Weiss Ratings cut shares of FirstEnergy from a "buy (b)" rating to a "buy (b-)" rating in a research report on Wednesday, June 17th. Wall Street Zen lowered shares of FirstEnergy from a "hold" rating to a "sell" rating in a research note on Saturday, September 5th. UBS Group boosted 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. Finally, Morgan Stanley decreased their price objective on shares of FirstEnergy from $53.00 to $52.00 and set an "overweight" rating on the stock in a report on Friday, August 21st. Seven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $52.83.

About FirstEnergy

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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