Verition Fund Management LLC boosted its position in shares of FirstEnergy Corp. (NYSE:FE) by 188.4% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 92,295 shares of the utilities provider’s stock after purchasing an additional 60,292 shares during the period. Verition Fund Management LLC’s holdings in FirstEnergy Corp. were worth $2,691,000 at the end of the most recent quarter.
Other hedge funds have also recently made changes to their positions in the company. Patriot Financial Group Insurance Agency LLC lifted its holdings in FirstEnergy Corp. by 22.1% during the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 3,633 shares of the utilities provider’s stock valued at $106,000 after purchasing an additional 658 shares during the last quarter. Oppenheimer Asset Management Inc. bought a new position in FirstEnergy Corp. during the 1st quarter valued at about $139,000. Sandy Spring Bank lifted its holdings in FirstEnergy Corp. by 1.3% during the 2nd quarter. Sandy Spring Bank now owns 5,141 shares of the utilities provider’s stock valued at $150,000 after purchasing an additional 66 shares during the last quarter. City Holding Co. lifted its holdings in FirstEnergy Corp. by 8.2% during the 2nd quarter. City Holding Co. now owns 5,261 shares of the utilities provider’s stock valued at $153,000 after purchasing an additional 400 shares during the last quarter. Finally, Cubist Systematic Strategies LLC bought a new position in FirstEnergy Corp. during the 2nd quarter valued at about $215,000. 79.97% of the stock is owned by hedge funds and other institutional investors.
Shares of FirstEnergy Corp. (FE) traded up 0.43% during trading on Friday, hitting $32.59. 1,558,088 shares of the company’s stock were exchanged. The stock’s 50-day moving average price is $31.67 and its 200-day moving average price is $30.68. The stock’s market cap is $14.48 billion. FirstEnergy Corp. has a 1-year low of $27.93 and a 1-year high of $34.83.
FirstEnergy Corp. (NYSE:FE) last issued its quarterly earnings data on Thursday, July 27th. The utilities provider reported $0.61 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.61. The business had revenue of $3.30 billion during the quarter, compared to analyst estimates of $3.38 billion. FirstEnergy Corp. had a net margin of 5.26% and a return on equity of 11.20%. The firm’s quarterly revenue was down 3.0% on a year-over-year basis. During the same quarter last year, the business earned $0.56 EPS. On average, equities analysts expect that FirstEnergy Corp. will post $2.82 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Tuesday, November 7th will be issued a $0.36 dividend. The ex-dividend date of this dividend is Monday, November 6th. This represents a $1.44 dividend on an annualized basis and a yield of 4.44%. FirstEnergy Corp.’s dividend payout ratio (DPR) is presently -12.31%.
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Several equities analysts recently issued reports on the stock. J P Morgan Chase & Co set a $34.00 price target on shares of FirstEnergy Corp. and gave the company a “hold” rating in a report on Thursday. ValuEngine raised shares of FirstEnergy Corp. from a “hold” rating to a “buy” rating in a report on Monday, October 2nd. Zacks Investment Research downgraded shares of FirstEnergy Corp. from a “buy” rating to a “hold” rating in a report on Tuesday, September 26th. Morgan Stanley lifted their price target on shares of FirstEnergy Corp. from $39.00 to $40.00 and gave the company an “overweight” rating in a report on Friday, September 8th. Finally, Evercore ISI raised shares of FirstEnergy Corp. from an “in-line” rating to an “outperform” rating and lifted their price target for the company from $30.00 to $35.00 in a report on Monday, August 14th. Thirteen equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $34.16.
FirstEnergy Corp. Profile
FirstEnergy Corp. is a holding company. The Company is engaged in holding, directly or indirectly, all of the outstanding equity of its principal subsidiaries. Its segments include Regulated Distribution, Regulated Transmission, Competitive Energy Services (CES) and Corporate/Other. As of December 31, 2016, the Regulated Distribution segment distributed electricity through the Company’s 10 utility operating companies, serving approximately six million customers, and purchased power for its provider of last resort (POLR), standard offer service (SOS), standard offer service (SSO) and default service requirements in Ohio, Pennsylvania, New Jersey and Maryland.
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