Envestnet Asset Management Inc. Raises Stock Position in FirstEnergy Corporation $FE

Key Points

• Envestnet Asset Management increased its FirstEnergy stake by 7.7% in the second quarter, bringing its holdings to 2.13 million shares valued at approximately $101.5 million. Institutional investors collectively own 89.41% of the company.
• Analyst sentiment remains favorable, with seven Buy ratings and six Holds. FirstEnergy has a “Moderate Buy” consensus rating and an average price target of $52.58.
• FirstEnergy reported quarterly EPS of $0.50, matching estimates, while revenue of $3.68 billion exceeded expectations. The company also pays a quarterly dividend of $0.465, equating to a 4.3% yield.

Envestnet Asset Management Inc. grew its stake in FirstEnergy Corporation (NYSE:FE - Free Report) by 7.7% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,134,601 shares of the utilities provider's stock after buying an additional 152,346 shares during the period. Envestnet Asset Management Inc. owned approximately 0.37% of FirstEnergy worth $101,479,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in FE. Eurizon Capital SGR S.p.A. acquired a new stake in FirstEnergy in the 4th quarter valued at $123,018,000. Energy Income Partners LLC acquired a new position in FirstEnergy during the second quarter worth $97,602,000. Electron Capital Partners LLC boosted its position in FirstEnergy by 103.2% during the first quarter. Electron Capital Partners LLC now owns 2,991,914 shares of the utilities provider's stock valued at $151,570,000 after purchasing an additional 1,519,737 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of FirstEnergy in the 2nd quarter valued at about $62,161,000. Finally, Allspring Global Investments Holdings LLC lifted its position in shares of FirstEnergy by 7.5% in the first 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 last quarter. Institutional investors own 89.41% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on FE. UBS Group increased their price target on FirstEnergy from $50.00 to $51.00 and gave the company a "neutral" rating in a research note on Thursday, June 11th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of FirstEnergy in a research report on Monday, September 14th. Morgan Stanley lowered their price objective on FirstEnergy from $52.00 to $49.00 and set an "overweight" rating on the stock in a research report on Friday, September 18th. Barclays reduced their price target on FirstEnergy from $55.00 to $54.00 and set an "overweight" rating on the stock in a research report on Friday, July 31st. Finally, Wall Street Zen upgraded shares of FirstEnergy from a "sell" rating to a "hold" rating in a research note on Saturday, September 19th. Seven analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $52.58.

FirstEnergy Price Performance

Shares of FE opened at $43.31 on Friday. FirstEnergy Corporation has a 12-month low of $42.81 and a 12-month high of $52.34. The business has a 50-day simple moving average of $46.87 and a two-hundred day simple moving average of $47.69. The company has a quick ratio of 0.45, a current ratio of 0.54 and a debt-to-equity ratio of 1.88. The stock has a market cap of $25.06 billion, a PE ratio of 23.04, a PEG ratio of 2.50 and a beta of 0.45.

FirstEnergy (NYSE:FE - Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The utilities provider reported $0.50 EPS for the quarter, meeting analysts' consensus estimates of $0.50. The firm had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.51 billion. FirstEnergy had a return on equity of 10.51% and a net margin of 6.86%.During the same period last year, the firm posted $0.52 earnings per share. Analysts anticipate 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 was paid on Tuesday, September 1st. Investors of record on Friday, August 7th were paid a $0.4650 dividend. This represents a $1.86 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date of this dividend was Friday, August 7th. FirstEnergy's payout ratio is currently 98.94%.

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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