Goldentree Asset Management LP Has $14.61 Million Position in FirstEnergy Corp. (FE)
Goldentree Asset Management LP lessened its holdings in FirstEnergy Corp. (NYSE:FE) by 26.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 477,107 shares of the utilities provider’s stock after selling 169,030 shares during the period. FirstEnergy comprises 1.6% of Goldentree Asset Management LP’s investment portfolio, making the stock its 13th biggest holding. Goldentree Asset Management LP’s holdings in FirstEnergy were worth $14,609,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also bought and sold shares of the stock. Baker Ellis Asset Management LLC purchased a new stake in FirstEnergy in the 4th quarter valued at about $122,000. Tower Research Capital LLC TRC increased its stake in FirstEnergy by 344.8% in the 4th quarter. Tower Research Capital LLC TRC now owns 4,791 shares of the utilities provider’s stock valued at $147,000 after buying an additional 3,714 shares during the last quarter. Tiedemann Wealth Management LLC increased its stake in FirstEnergy by 170.5% in the 3rd quarter. Tiedemann Wealth Management LLC now owns 22,408 shares of the utilities provider’s stock valued at $171,000 after buying an additional 14,123 shares during the last quarter. IBM Retirement Fund purchased a new stake in FirstEnergy in the 3rd quarter valued at about $204,000. Finally, Commerzbank Aktiengesellschaft FI purchased a new stake in FirstEnergy in the 4th quarter valued at about $228,000. Institutional investors own 78.75% of the company’s stock.
Several equities research analysts have commented on FE shares. Zacks Investment Research upgraded shares of FirstEnergy from a “hold” rating to a “buy” rating and set a $34.00 price objective for the company in a research note on Tuesday, January 2nd. Wolfe Research upgraded shares of FirstEnergy from a “peer perform” rating to an “outperform” rating in a research note on Monday, January 29th. Bank of America upgraded shares of FirstEnergy from a “neutral” rating to a “buy” rating and raised their price target for the stock from $32.09 to $36.00 in a research note on Friday, January 26th. Morgan Stanley set a $35.00 price target on shares of FirstEnergy and gave the stock a “buy” rating in a research note on Tuesday, February 13th. Finally, Guggenheim restated a “buy” rating and set a $47.00 price target on shares of FirstEnergy in a research note on Wednesday, January 3rd. Nine research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. FirstEnergy presently has an average rating of “Buy” and a consensus price target of $35.29.
FirstEnergy (NYSE:FE) last released its quarterly earnings data on Tuesday, February 20th. The utilities provider reported $0.71 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.68 by $0.03. The company had revenue of $3.40 billion during the quarter, compared to the consensus estimate of $3.54 billion. FirstEnergy had a negative net margin of 12.30% and a positive return on equity of 24.02%. FirstEnergy’s revenue for the quarter was up .0% on a year-over-year basis. During the same period last year, the firm earned $0.38 EPS. analysts predict that FirstEnergy Corp. will post 2.39 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 1st. Investors of record on Wednesday, February 7th were issued a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 4.41%. The ex-dividend date of this dividend was Tuesday, February 6th. FirstEnergy’s dividend payout ratio (DPR) is presently -37.11%.
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FirstEnergy Company Profile
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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