Perella Weinberg Partners Capital Management LP lifted its stake in FirstEnergy Corp. (NYSE:FE) by 42.7% in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 42,666 shares of the utilities provider’s stock after purchasing an additional 12,762 shares during the quarter. Perella Weinberg Partners Capital Management LP’s holdings in FirstEnergy were worth $1,586,000 at the end of the most recent reporting period.
Several other institutional investors also recently made changes to their positions in FE. Reilly Financial Advisors LLC boosted its holdings in shares of FirstEnergy by 285.8% in the 2nd quarter. Reilly Financial Advisors LLC now owns 2,878 shares of the utilities provider’s stock worth $103,000 after purchasing an additional 2,132 shares during the period. Winslow Evans & Crocker Inc. purchased a new position in shares of FirstEnergy in the 3rd quarter worth approximately $114,000. IMA Wealth Inc. purchased a new position in FirstEnergy during the 2nd quarter valued at $180,000. Piedmont Investment Advisors LLC purchased a new position in FirstEnergy during the 2nd quarter valued at $189,000. Finally, BB&T Corp purchased a new position in FirstEnergy during the 3rd quarter valued at $208,000. Hedge funds and other institutional investors own 94.43% of the company’s stock.
A number of equities analysts recently issued reports on FE shares. Morgan Stanley dropped their price objective on FirstEnergy from $41.00 to $40.00 and set a “buy” rating for the company in a report on Friday, September 21st. Wells Fargo & Co restated a “buy” rating and set a $42.00 price objective (up previously from $41.00) on shares of FirstEnergy in a report on Monday, September 17th. Zacks Investment Research cut FirstEnergy from a “buy” rating to a “hold” rating in a report on Monday, July 30th. ValuEngine upgraded FirstEnergy from a “hold” rating to a “buy” rating in a report on Tuesday, October 9th. Finally, Barclays initiated coverage on FirstEnergy in a research report on Tuesday, July 10th. They set an “equal weight” rating and a $39.00 target price for the company. Two equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. FirstEnergy presently has an average rating of “Buy” and an average price target of $39.90.
FE opened at $37.12 on Friday. The firm has a market capitalization of $18.98 billion, a PE ratio of 12.09, a P/E/G ratio of 2.44 and a beta of 0.24. The company has a debt-to-equity ratio of 2.44, a current ratio of 0.45 and a quick ratio of 0.41. FirstEnergy Corp. has a 12 month low of $29.33 and a 12 month high of $39.01.
FirstEnergy (NYSE:FE) last released its quarterly earnings results on Thursday, October 25th. The utilities provider reported $0.80 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.09. The firm had revenue of $3.06 billion during the quarter, compared to analyst estimates of $2.82 billion. FirstEnergy had a positive return on equity of 24.42% and a negative net margin of 11.86%. Research analysts expect that FirstEnergy Corp. will post 2.54 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Saturday, December 1st. Stockholders of record on Wednesday, November 7th will be given a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 3.88%. The ex-dividend date of this dividend is Tuesday, November 6th. FirstEnergy’s payout ratio is 46.91%.
FirstEnergy Corp., through its subsidiaries, generates, transmits, and distributes electricity in the United States. The company operates through Regulated Distribution, Regulated Transmission, and Competitive Energy Services segments. It owns and operates coal-fired, nuclear, hydroelectric, oil and natural gas, wind, and solar power generating facilities.
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