Point72 Asset Management L.P. Takes Position in FirstEnergy Corp. (NYSE:FE)

Point72 Asset Management L.P. bought a new position in shares of FirstEnergy Corp. (NYSE:FE) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 390,206 shares of the utilities provider’s stock, valued at approximately $14,933,000. Point72 Asset Management L.P. owned 0.07% of FirstEnergy at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. FinTrust Capital Advisors LLC lifted its stake in shares of FirstEnergy by 1,150.9% during the 1st quarter. FinTrust Capital Advisors LLC now owns 663 shares of the utilities provider’s stock valued at $26,000 after buying an additional 610 shares in the last quarter. ST Germain D J Co. Inc. lifted its position in shares of FirstEnergy by 1,138.9% in the second quarter. ST Germain D J Co. Inc. now owns 669 shares of the utilities provider’s stock valued at $26,000 after acquiring an additional 615 shares in the last quarter. Scarborough Advisors LLC bought a new position in shares of FirstEnergy in the fourth quarter worth about $31,000. Western Pacific Wealth Management LP purchased a new stake in shares of FirstEnergy during the first quarter worth about $36,000. Finally, West Oak Capital LLC purchased a new stake in shares of FirstEnergy during the second quarter worth about $38,000. Institutional investors own 89.41% of the company’s stock.

FirstEnergy Trading Up 0.7 %

Shares of FE stock opened at $44.34 on Tuesday. The company has a market cap of $25.52 billion, a PE ratio of 25.48, a price-to-earnings-growth ratio of 2.32 and a beta of 0.50. FirstEnergy Corp. has a 1 year low of $32.18 and a 1 year high of $44.97. The stock’s 50 day simple moving average is $43.05 and its two-hundred day simple moving average is $40.26. The company has a debt-to-equity ratio of 1.52, a current ratio of 0.51 and a quick ratio of 0.43.

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. The company had revenue of $3.28 billion during the quarter, compared to the consensus estimate of $3.47 billion. FirstEnergy had a return on equity of 12.12% and a net margin of 6.61%. During the same period last year, the company earned $0.47 earnings per share. Research analysts predict that FirstEnergy Corp. will post 2.7 earnings per share for the current year.

FirstEnergy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Investors of record on Thursday, November 7th will be issued a dividend of $0.425 per share. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $1.70 annualized dividend and a yield of 3.83%. FirstEnergy’s payout ratio is 97.70%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on FE shares. Morgan Stanley upped their price target on FirstEnergy from $48.00 to $51.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 25th. KeyCorp upped their target price on shares of FirstEnergy from $46.00 to $47.00 and gave the stock an “overweight” rating in a research report on Monday. Scotiabank lifted their price target on shares of FirstEnergy from $40.00 to $45.00 and gave the company a “sector perform” rating in a report on Tuesday, August 20th. Bank of America increased their price objective on shares of FirstEnergy from $42.00 to $43.00 and gave the company an “underperform” rating in a report on Thursday, August 29th. Finally, JPMorgan Chase & Co. lifted their target price on FirstEnergy from $43.00 to $45.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $44.55.

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.