FirstEnergy Corporation $FE Stock Position Increased by CoreCap Advisors LLC

Key Points

• CoreCap Advisors increased its FirstEnergy stake by 26.9% in the third quarter, holding 152,895 shares valued at approximately $6.6 million. Institutional investors collectively own 89.41% of the company.
• FirstEnergy reported quarterly revenue of $3.68 billion and adjusted earnings of $0.50 per share, matching estimates. The company declared a quarterly dividend of $0.465 per share, implying a 4.1% annualized yield.
• Analysts maintain a generally positive view, with six Buy and six Hold ratings, an overall “Moderate Buy” consensus, and an average price target of $52.55 versus the reported share price of $44.85.

CoreCap Advisors LLC lifted its stake in FirstEnergy Corporation (NYSE:FE - Free Report) by 26.9% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 152,895 shares of the utilities provider's stock after acquiring an additional 32,404 shares during the quarter. CoreCap Advisors LLC's holdings in FirstEnergy were worth $6,625,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Energy Income Partners LLC bought a new position in shares of FirstEnergy during the 2nd quarter valued at $97,602,000. Electron Capital Partners LLC boosted its stake in shares of FirstEnergy by 103.2% in the 1st quarter. Electron Capital Partners LLC now owns 2,991,914 shares of the utilities provider's stock worth $151,570,000 after buying 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 second quarter worth $62,161,000. Allspring Global Investments Holdings LLC grew its holdings 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 worth $508,158,000 after acquiring an additional 694,449 shares during the period. Finally, Bank of America Corp DE increased its position in FirstEnergy by 11.9% during the first quarter. Bank of America Corp DE now owns 5,396,317 shares of the utilities provider's stock valued at $273,377,000 after acquiring an additional 573,731 shares during the last quarter. 89.41% of the stock is owned by hedge funds and other institutional investors.

FirstEnergy Stock Performance

FE traded up $0.27 during midday trading on Thursday, reaching $44.85. The company had a trading volume of 5,643,834 shares, compared to its average volume of 4,675,310. 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 business has a 50-day moving average of $45.98 and a two-hundred day moving average of $47.27. The company has a market cap of $25.95 billion, a P/E ratio of 23.86, a P/E/G ratio of 2.56 and a beta of 0.43. FirstEnergy Corporation has a 1 year low of $42.67 and a 1 year high of $52.34.

FirstEnergy (NYSE:FE - Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The utilities provider reported $0.50 earnings per share for the quarter, meeting analysts' consensus estimates of $0.50. The firm had revenue of $3.68 billion for the quarter, compared to analysts' expectations of $3.51 billion. FirstEnergy had a return on equity of 10.51% and a net margin of 6.86%.During the same period in the previous year, the firm earned $0.52 EPS. As a group, equities research analysts predict that FirstEnergy Corporation will post 2.74 earnings per share for the current fiscal year.

FirstEnergy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Friday, November 6th will be issued a $0.4650 dividend. The ex-dividend date of this dividend is Friday, November 6th. This represents a $1.86 annualized dividend and a yield of 4.1%. FirstEnergy's dividend payout ratio is currently 98.94%.

Analysts Set New Price Targets

A number of research firms have weighed in on FE. Barclays lowered their target price on FirstEnergy from $55.00 to $54.00 and set an "overweight" rating on the stock in a report on Friday, July 31st. Morgan Stanley reduced their price target on shares of FirstEnergy from $52.00 to $49.00 and set an "overweight" rating for the company in a research report on Friday, September 18th. UBS Group increased their price objective on shares of FirstEnergy from $50.00 to $51.00 and gave the stock a "neutral" rating in a research note on Thursday, June 11th. Weiss Ratings restated a "buy (b-)" rating on shares of FirstEnergy in a research report on Monday, September 14th. Finally, Wall Street Zen raised shares of FirstEnergy from a "sell" rating to a "hold" rating in a report on Saturday, September 19th. Six investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, FirstEnergy currently has an average rating of "Moderate Buy" and an average price target of $52.55.

About FirstEnergy

FirstEnergy Corp. is an electric utility holding company focused primarily on regulated electricity transmission and distribution. Through its operating companies, the company delivers electricity to residential, commercial and industrial customers and maintains the infrastructure needed to support reliable service.

FirstEnergy's utility subsidiaries include Ohio Edison, The Illuminating Company and Toledo Edison in Ohio; Met-Ed, Penelec, Penn Power and West Penn Power in Pennsylvania; Jersey Central Power & Light in New Jersey; and Mon Power and Potomac Edison in West Virginia and Maryland.

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