Edgestream Partners L.P. Cuts Stock Position in FirstEnergy Corp. (NYSE:FE)

Edgestream Partners L.P. lowered its stake in FirstEnergy Corp. (NYSE:FE) by 20.4% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 36,796 shares of the utilities provider’s stock after selling 9,422 shares during the period. Edgestream Partners L.P.’s holdings in FirstEnergy were worth $1,408,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Quadrant Capital Group LLC lifted its position in FirstEnergy by 74.6% in the 4th quarter. Quadrant Capital Group LLC now owns 2,973 shares of the utilities provider’s stock valued at $109,000 after acquiring an additional 1,270 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S lifted its position in FirstEnergy by 25.2% in the 4th quarter. BI Asset Management Fondsmaeglerselskab A S now owns 12,224 shares of the utilities provider’s stock valued at $448,000 after acquiring an additional 2,458 shares in the last quarter. PNC Financial Services Group Inc. lifted its position in FirstEnergy by 20.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 95,378 shares of the utilities provider’s stock valued at $3,497,000 after acquiring an additional 16,018 shares in the last quarter. Corient Private Wealth LLC lifted its position in FirstEnergy by 14.6% in the 4th quarter. Corient Private Wealth LLC now owns 46,898 shares of the utilities provider’s stock valued at $1,719,000 after acquiring an additional 5,979 shares in the last quarter. Finally, US Bancorp DE lifted its position in FirstEnergy by 3.0% in the 4th quarter. US Bancorp DE now owns 64,573 shares of the utilities provider’s stock valued at $2,367,000 after acquiring an additional 1,866 shares in the last quarter. Hedge funds and other institutional investors own 89.41% of the company’s stock.

FirstEnergy Trading Up 1.8 %

Shares of FE stock opened at $44.00 on Friday. FirstEnergy Corp. has a 52-week low of $32.18 and a 52-week high of $44.97. The company has a debt-to-equity ratio of 1.52, a quick ratio of 0.43 and a current ratio of 0.51. The firm has a market capitalization of $25.32 billion, a PE ratio of 25.29, a PEG ratio of 2.32 and a beta of 0.50. The stock has a fifty day simple moving average of $42.50 and a two-hundred day simple moving average of $39.98.

FirstEnergy (NYSE:FE) last issued its quarterly earnings results on Tuesday, July 30th. The utilities provider reported $0.56 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.56. FirstEnergy had a return on equity of 12.12% and a net margin of 6.61%. The business had revenue of $3.28 billion during the quarter, compared to analyst estimates of $3.47 billion. During the same quarter in the prior year, the business posted $0.47 EPS. On average, analysts predict that FirstEnergy Corp. will post 2.7 EPS for the current fiscal year.

FirstEnergy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Wednesday, August 7th were issued a $0.425 dividend. The ex-dividend date was Wednesday, August 7th. This represents a $1.70 annualized dividend and a dividend yield of 3.86%. FirstEnergy’s dividend payout ratio (DPR) is 97.70%.

Analysts Set New Price Targets

FE has been the topic of several research analyst reports. Morgan Stanley increased their price target on FirstEnergy from $45.00 to $48.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Bank of America increased their price target on FirstEnergy from $42.00 to $43.00 and gave the company an “underperform” rating in a report on Thursday, August 29th. JPMorgan Chase & Co. increased their price target on FirstEnergy from $43.00 to $45.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Argus raised FirstEnergy from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a report on Friday. Finally, Wells Fargo & Company increased their price target on FirstEnergy from $42.00 to $45.00 and gave the company an “equal weight” rating in a report on Thursday, August 1st. One analyst has rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $44.18.

FirstEnergy Company Profile

FirstEnergy Corp., through its subsidiaries, generates, transmits, and distributes electricity in the United States. It operates through Regulated Distribution and Regulated Transmission segments. The company owns and operates coal-fired, nuclear, hydroelectric, wind, and solar power generating facilities.