Tidal Investments LLC Buys 31,591 Shares of FirstEnergy Corporation $FE

Key Points

• Tidal Investments increased its FirstEnergy stake by 129.6% in the second quarter, acquiring 31,591 additional shares and bringing its holdings to 55,961 shares valued at approximately $2.66 million.
• Institutional ownership remains high at 89.41%, with several major investors—including Eurizon Capital, Energy Income Partners, Electron Capital Partners and Mitsubishi UFJ Asset Management—initiating or expanding positions.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $52.83. FirstEnergy recently reported quarterly EPS in line with estimates at $0.50 and pays a quarterly dividend of $0.465 per share, yielding about 4.1%.

Tidal Investments LLC raised its stake in shares of FirstEnergy Corporation (NYSE:FE - Free Report) by 129.6% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 55,961 shares of the utilities provider's stock after buying an additional 31,591 shares during the quarter. Tidal Investments LLC's holdings in FirstEnergy were worth $2,660,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Eurizon Capital SGR S.p.A. bought a new position in shares of FirstEnergy in the fourth quarter valued at approximately $123,018,000. Energy Income Partners LLC bought a new stake in FirstEnergy during the 2nd quarter worth approximately $97,602,000. Electron Capital Partners LLC increased its holdings in FirstEnergy by 103.2% during the 1st quarter. Electron Capital Partners LLC now owns 2,991,914 shares of the utilities provider's stock worth $151,570,000 after acquiring an additional 1,519,737 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in FirstEnergy in the 2nd quarter worth approximately $62,161,000. Finally, Allspring Global Investments Holdings LLC lifted its stake in FirstEnergy by 7.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 9,971,706 shares of the utilities provider's stock worth $508,158,000 after purchasing an additional 694,449 shares in the last quarter. 89.41% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on FE shares. Barclays reduced their price target on shares of FirstEnergy from $55.00 to $54.00 and set an "overweight" rating for the company in a research report on Friday, July 31st. Morgan Stanley dropped their price objective on FirstEnergy from $53.00 to $52.00 and set an "overweight" rating for the company in a research note on Friday, August 21st. Weiss Ratings cut FirstEnergy from a "buy (b)" rating to a "buy (b-)" rating in a research report on Wednesday, June 17th. Wall Street Zen cut FirstEnergy from a "hold" rating to a "sell" rating in a report on Saturday, September 5th. Finally, UBS Group lifted their price target on FirstEnergy from $50.00 to $51.00 and gave the company a "neutral" rating in a research report on Thursday, June 11th. Seven equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $52.83.

FirstEnergy Stock Down 1.1%

FE opened at $45.32 on Wednesday. The business's fifty day simple moving average is $47.50 and its 200 day simple moving average is $48.02. FirstEnergy Corporation has a 52 week low of $43.00 and a 52 week high of $52.34. 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 $26.23 billion, a PE ratio of 24.11, a P/E/G ratio of 2.65 and a beta of 0.45.

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 (EPS) for the quarter, hitting 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 return on equity of 10.51% and a net margin of 6.86%.During the same period in the prior year, the business earned $0.52 EPS. As a group, research analysts expect that FirstEnergy Corporation will post 2.74 earnings per share for the current fiscal year.

FirstEnergy Dividend Announcement

The firm also recently declared 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. This represents a $1.86 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date was Friday, August 7th. FirstEnergy's dividend payout ratio (DPR) is presently 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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