Investors Buy FirstEnergy (FE) on Weakness

Traders bought shares of FirstEnergy Corp. (NYSE:FE) on weakness during trading on Wednesday. $62.19 million flowed into the stock on the tick-up and $31.73 million flowed out of the stock on the tick-down, for a money net flow of $30.46 million into the stock. Of all companies tracked, FirstEnergy had the 9th highest net in-flow for the day. FirstEnergy traded down ($0.15) for the day and closed at $31.95

Several research firms have recently weighed in on FE. Bank of America began coverage on FirstEnergy in a research note on Tuesday, October 24th. They set a “neutral” rating and a $34.00 price objective for the company. Wolfe Research raised FirstEnergy from a “peer perform” rating to an “outperform” rating in a research note on Monday, January 29th. Zacks Investment Research raised FirstEnergy from a “sell” rating to a “hold” rating in a research note on Tuesday, January 23rd. Mizuho reissued a “hold” rating and set a $32.00 price objective on shares of FirstEnergy in a research note on Tuesday, January 30th. Finally, Citigroup reduced their price objective on FirstEnergy from $34.00 to $32.00 and set a “neutral” rating for the company in a research note on Tuesday, January 30th. Nine research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $35.33.

The company has a market capitalization of $14,320.00, a price-to-earnings ratio of -2.71, a PEG ratio of 12.28 and a beta of 0.35. The company has a debt-to-equity ratio of 3.29, a quick ratio of 0.56 and a current ratio of 0.69.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 1st. Stockholders of record on Wednesday, February 7th will be issued a $0.36 dividend. The ex-dividend date is Tuesday, February 6th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 4.51%. FirstEnergy’s payout ratio is currently -12.23%.

Several large investors have recently made changes to their positions in FE. Renaissance Technologies LLC raised its holdings in shares of FirstEnergy by 46.3% during the fourth quarter. Renaissance Technologies LLC now owns 9,391,408 shares of the utilities provider’s stock worth $287,565,000 after acquiring an additional 2,972,400 shares in the last quarter. NWQ Investment Management Company LLC purchased a new stake in shares of FirstEnergy during the third quarter worth $70,441,000. APG Asset Management N.V. raised its holdings in shares of FirstEnergy by 91.7% during the fourth quarter. APG Asset Management N.V. now owns 3,795,477 shares of the utilities provider’s stock worth $96,783,000 after acquiring an additional 1,816,000 shares in the last quarter. Brookfield Asset Management Inc. raised its holdings in shares of FirstEnergy by 3,345.0% during the second quarter. Brookfield Asset Management Inc. now owns 1,829,980 shares of the utilities provider’s stock worth $53,362,000 after acquiring an additional 1,776,860 shares in the last quarter. Finally, BlackRock Inc. raised its holdings in shares of FirstEnergy by 2.8% during the fourth quarter. BlackRock Inc. now owns 52,723,417 shares of the utilities provider’s stock worth $1,614,390,000 after acquiring an additional 1,431,172 shares in the last quarter. Institutional investors and hedge funds own 83.24% of the company’s stock.

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FirstEnergy Company 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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