Westpac Banking Corp Invests $1.47 Million in FirstEnergy Corporation $FE

Key Points

• Westpac Banking Corp bought a new stake in FirstEnergy during the first quarter, purchasing 29,028 shares valued at about $1.47 million.
• FirstEnergy reported Q1 EPS of $0.72, matching analyst estimates, while revenue came in at $4.20 billion, above expectations and up 11.6% year over year.
• The company announced a quarterly dividend of $0.465 per share, implying an annualized yield of about 3.8%; Wall Street currently rates the stock a Moderate Buy with a consensus target price of $52.92.

Westpac Banking Corp purchased a new stake in shares of FirstEnergy Corporation (NYSE:FE - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 29,028 shares of the utilities provider's stock, valued at approximately $1,471,000.

Several other hedge funds have also recently bought and sold shares of FE. ABN Amro Investment Solutions grew its stake in FirstEnergy by 11.8% during the 1st quarter. ABN Amro Investment Solutions now owns 31,149 shares of the utilities provider's stock valued at $1,578,000 after acquiring an additional 3,281 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of FirstEnergy by 7.9% during the first quarter. PNC Financial Services Group Inc. now owns 154,935 shares of the utilities provider's stock worth $7,849,000 after purchasing an additional 11,329 shares during the period. Andra AP fonden grew its position in FirstEnergy by 223.1% during the first quarter. Andra AP fonden now owns 232,013 shares of the utilities provider's stock valued at $11,754,000 after purchasing an additional 160,200 shares in the last quarter. Atlantic Family Wealth LLC increased its stake in FirstEnergy by 18.2% in the 1st quarter. Atlantic Family Wealth LLC now owns 6,668 shares of the utilities provider's stock valued at $338,000 after buying an additional 1,025 shares during the period. Finally, Cassaday & Co Wealth Management LLC purchased a new stake in FirstEnergy in the 1st quarter worth approximately $49,000. 89.41% of the stock is owned by hedge funds and other institutional investors.

FirstEnergy Stock Up 1.8%

Shares of FE stock opened at $49.28 on Thursday. The stock's 50 day simple moving average is $46.99 and its 200 day simple moving average is $48.06. FirstEnergy Corporation has a twelve month low of $41.03 and a twelve month high of $52.34. The company has a debt-to-equity ratio of 1.87, a quick ratio of 0.42 and a current ratio of 0.52. The company has a market capitalization of $28.51 billion, a price-to-earnings ratio of 26.78, a PEG ratio of 2.32 and a beta of 0.47.

FirstEnergy (NYSE:FE - Get Free Report) last announced its earnings results on Tuesday, April 28th. The utilities provider reported $0.72 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.72. FirstEnergy had a return on equity of 10.66% and a net margin of 6.86%.The firm had revenue of $4.20 billion during the quarter, compared to analysts' expectations of $3.80 billion. During the same quarter in the prior year, the business earned $0.67 earnings per share. The company's revenue was up 11.6% on a year-over-year basis. FirstEnergy has set its FY 2026 guidance at 2.620-2.820 EPS. As a group, research analysts predict that FirstEnergy Corporation will post 2.74 EPS for the current year.

FirstEnergy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 7th will be issued a $0.465 dividend. This represents a $1.86 annualized dividend and a yield of 3.8%. The ex-dividend date is Friday, August 7th. FirstEnergy's dividend payout ratio (DPR) is 101.09%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on FE shares. Wells Fargo & Company reissued an "overweight" rating and set a $55.00 target price on shares of FirstEnergy in a research note on Tuesday, April 21st. Jefferies Financial Group increased their price objective on FirstEnergy from $50.00 to $52.00 and gave the stock a "hold" rating in a report on Tuesday, April 21st. New Street Research set a $52.00 price objective on FirstEnergy in a research report on Tuesday, April 21st. Morgan Stanley restated an "overweight" rating on shares of FirstEnergy in a research note on Wednesday. Finally, Weiss Ratings lowered FirstEnergy from a "buy (b)" rating to a "buy (b-)" rating in a research report on Wednesday, June 17th. Seven analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, FirstEnergy presently has a consensus rating of "Moderate Buy" and a consensus target price of $52.92.

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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