FirstEnergy Corporation (FE) Position Lowered by First Trust Advisors LP
First Trust Advisors LP reduced its position in shares of FirstEnergy Corporation (NYSE:FE) by 55.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 267,441 shares of the utilities provider’s stock after selling 337,513 shares during the period. First Trust Advisors LP owned about 0.06% of FirstEnergy Corporation worth $7,799,000 at the end of the most recent reporting period.
Several other large investors have also made changes to their positions in the stock. Louisiana State Employees Retirement System increased its stake in FirstEnergy Corporation by 1.5% in the first quarter. Louisiana State Employees Retirement System now owns 27,200 shares of the utilities provider’s stock worth $866,000 after buying an additional 400 shares during the period. Nisa Investment Advisors LLC boosted its position in shares of FirstEnergy Corporation by 28.4% in the first quarter. Nisa Investment Advisors LLC now owns 52,156 shares of the utilities provider’s stock worth $1,660,000 after buying an additional 11,540 shares in the last quarter. State of Alaska Department of Revenue bought a new position in shares of FirstEnergy Corporation during the first quarter worth approximately $536,000. Retirement Systems of Alabama boosted its position in shares of FirstEnergy Corporation by 3.0% in the first quarter. Retirement Systems of Alabama now owns 213,886 shares of the utilities provider’s stock worth $6,806,000 after buying an additional 6,195 shares in the last quarter. Finally, Mn Services Vermogensbeheer B.V. boosted its position in shares of FirstEnergy Corporation by 4.3% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 11,354 shares of the utilities provider’s stock worth $338,000 after buying an additional 468 shares in the last quarter. 79.85% of the stock is owned by institutional investors and hedge funds.
Shares of FirstEnergy Corporation (NYSE:FE) opened at 32.69 on Monday. The firm’s market cap is $14.52 billion. FirstEnergy Corporation has a 52 week low of $27.93 and a 52 week high of $34.96. The firm’s 50-day moving average price is $31.55 and its 200 day moving average price is $30.57.
FirstEnergy Corporation (NYSE:FE) last issued its quarterly earnings results on Thursday, July 27th. The utilities provider reported $0.61 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.61. FirstEnergy Corporation had a negative net margin of 35.59% and a positive return on equity of 15.41%. The company had revenue of $3.30 billion during the quarter, compared to the consensus estimate of $3.38 billion. During the same quarter in the prior year, the firm posted $0.56 EPS. The firm’s quarterly revenue was down 3.0% on a year-over-year basis. Equities analysts anticipate that FirstEnergy Corporation will post $2.82 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Monday, August 7th will be issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 4.41%. The ex-dividend date is Thursday, August 3rd. FirstEnergy Corporation’s dividend payout ratio (DPR) is presently -12.31%.
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A number of brokerages have commented on FE. Evercore ISI upgraded FirstEnergy Corporation from an “in-line” rating to an “outperform” rating and boosted their price objective for the stock from $30.00 to $35.00 in a research note on Monday, August 14th. Deutsche Bank AG restated a “hold” rating and set a $34.00 price objective (up previously from $31.00) on shares of FirstEnergy Corporation in a research note on Monday, July 31st. Jefferies Group LLC restated a “hold” rating and set a $33.00 price objective (up previously from $31.00) on shares of FirstEnergy Corporation in a research note on Monday, July 31st. ValuEngine upgraded FirstEnergy Corporation from a “hold” rating to a “buy” rating in a research note on Monday, August 7th. Finally, Zacks Investment Research cut FirstEnergy Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, August 8th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and five have given a buy rating to the company. FirstEnergy Corporation presently has an average rating of “Hold” and an average target price of $33.80.
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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