BlackRock Inc. grew its stake in FirstEnergy Corporation (NYSE:FE) by 13.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 44,045,492 shares of the utilities provider’s stock after buying an additional 5,369,241 shares during the period. BlackRock Inc. owned approximately 9.91% of FirstEnergy Corporation worth $1,284,363,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in shares of FirstEnergy Corporation by 7.1% in the 1st quarter. Vanguard Group Inc. now owns 35,965,731 shares of the utilities provider’s stock valued at $1,144,430,000 after purchasing an additional 2,378,538 shares in the last quarter. Prudential Financial Inc. boosted its stake in shares of FirstEnergy Corporation by 73.2% in the 1st quarter. Prudential Financial Inc. now owns 5,096,548 shares of the utilities provider’s stock valued at $162,172,000 after purchasing an additional 2,154,657 shares in the last quarter. Bank of America Corp DE boosted its stake in shares of FirstEnergy Corporation by 54.8% in the 1st quarter. Bank of America Corp DE now owns 4,423,238 shares of the utilities provider’s stock valued at $140,747,000 after purchasing an additional 1,566,627 shares in the last quarter. Thompson Siegel & Walmsley LLC boosted its stake in shares of FirstEnergy Corporation by 23.3% in the 2nd quarter. Thompson Siegel & Walmsley LLC now owns 6,071,635 shares of the utilities provider’s stock valued at $177,049,000 after purchasing an additional 1,148,955 shares in the last quarter. Finally, Great West Life Assurance Co. Can boosted its stake in shares of FirstEnergy Corporation by 154.7% in the 2nd quarter. Great West Life Assurance Co. Can now owns 1,810,663 shares of the utilities provider’s stock valued at $52,697,000 after purchasing an additional 1,099,743 shares in the last quarter. 79.86% of the stock is owned by institutional investors and hedge funds.
Shares of FirstEnergy Corporation (NYSE:FE) opened at 31.62 on Friday. FirstEnergy Corporation has a 12 month low of $27.93 and a 12 month high of $34.96. The stock’s market cap is $14.05 billion. The firm’s 50-day moving average is $32.30 and its 200 day moving average is $30.71.
FirstEnergy Corporation (NYSE:FE) last posted its quarterly earnings data on Thursday, July 27th. The utilities provider reported $0.61 EPS for the quarter, hitting the consensus estimate of $0.61. The company had revenue of $3.30 billion during the quarter, compared to analyst estimates of $3.38 billion. FirstEnergy Corporation had a negative net margin of 35.59% and a positive return on equity of 15.41%. FirstEnergy Corporation’s quarterly revenue was down 3.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.56 earnings per share. On average, equities analysts predict that FirstEnergy Corporation will post $2.81 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Monday, August 7th were paid a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 4.55%. The ex-dividend date of this dividend was Thursday, August 3rd. FirstEnergy Corporation’s payout ratio is -12.31%.
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A number of brokerages have recently issued reports on FE. Goldman Sachs Group, Inc. (The) cut shares of FirstEnergy Corporation from a “positive” rating to a “neutral” rating in a research note on Monday, June 26th. Evercore ISI raised shares of FirstEnergy Corporation from an “in-line” rating to an “outperform” rating and upped their price objective for the company from $30.00 to $35.00 in a research note on Monday, August 14th. Tudor Pickering raised shares of FirstEnergy Corporation from a “trim” rating to a “hold” rating in a research note on Friday, July 14th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $33.00 price objective (up previously from $31.00) on shares of FirstEnergy Corporation in a research note on Monday, July 31st. Finally, Wolfe Research raised shares of FirstEnergy Corporation from an “underperform” rating to a “market perform” rating and upped their price objective for the company from $30.00 to $32.00 in a research note on Monday, June 26th. Fourteen analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $34.09.
About FirstEnergy Corporation
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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