Saudi Central Bank Buys 18,208 Shares of FirstEnergy Corporation $FE

Saudi Central Bank raised its position in shares of FirstEnergy Corporation (NYSE:FE) by 89.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 38,464 shares of the utilities provider’s stock after purchasing an additional 18,208 shares during the period. Saudi Central Bank’s holdings in FirstEnergy were worth $1,829,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also bought and sold shares of the company. Boston Partners raised its stake in shares of FirstEnergy by 13.5% in the third quarter. Boston Partners now owns 18,344,403 shares of the utilities provider’s stock valued at $841,161,000 after buying an additional 2,185,400 shares during the period. Geode Capital Management LLC increased its holdings in FirstEnergy by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 13,463,298 shares of the utilities provider’s stock worth $600,351,000 after acquiring an additional 126,834 shares during the last quarter. Invesco Ltd. increased its holdings in FirstEnergy by 0.3% in the 4th quarter. Invesco Ltd. now owns 11,722,471 shares of the utilities provider’s stock worth $524,815,000 after acquiring an additional 34,014 shares during the last quarter. Allspring Global Investments Holdings LLC raised its stake in FirstEnergy by 7.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 9,971,706 shares of the utilities provider’s stock valued at $508,158,000 after acquiring an additional 694,449 shares during the period. Finally, Victory Capital Management Inc. lifted its holdings in FirstEnergy by 56.0% during the fourth quarter. Victory Capital Management Inc. now owns 5,506,251 shares of the utilities provider’s stock valued at $246,515,000 after purchasing an additional 1,977,504 shares during the last quarter. 89.41% of the stock is owned by hedge funds and other institutional investors.

FirstEnergy Stock Performance

NYSE FE opened at $46.53 on Wednesday. The stock has a market capitalization of $26.93 billion, a PE ratio of 24.75, a P/E/G ratio of 2.70 and a beta of 0.45. FirstEnergy Corporation has a 1 year low of $42.87 and a 1 year high of $52.34. The company’s 50 day simple moving average is $47.70 and its two-hundred day simple moving average is $48.18. The company has a debt-to-equity ratio of 1.88, a current ratio of 0.54 and a quick ratio of 0.45.

FirstEnergy (NYSE:FE) last posted its quarterly earnings data on Tuesday, July 28th. The utilities provider reported $0.50 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.50. FirstEnergy had a return on equity of 10.51% and a net margin of 6.86%.The company had revenue of $3.68 billion during the quarter, compared to analyst estimates of $3.51 billion. During the same quarter last year, the company earned $0.52 earnings per share. Analysts predict that FirstEnergy Corporation will post 2.74 earnings per share for the current fiscal year.

FirstEnergy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th were given a dividend of $0.465 per share. The ex-dividend date was Friday, August 7th. This represents a $1.86 annualized dividend and a yield of 4.0%. FirstEnergy’s payout ratio is presently 98.94%.

Analyst Ratings Changes

Several research firms have recently weighed in on FE. Barclays reduced their target price on shares of FirstEnergy from $55.00 to $54.00 and set an “overweight” rating for the company in a research note on Friday, July 31st. TD Cowen raised shares of FirstEnergy from a “hold” rating to a “buy” rating and cut their price objective for the stock from $56.00 to $53.00 in a report on Friday, May 15th. Wall Street Zen lowered shares of FirstEnergy from a “hold” rating to a “sell” rating in a research note on Saturday. Weiss Ratings downgraded FirstEnergy from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, June 17th. Finally, UBS Group lifted their price target on FirstEnergy from $50.00 to $51.00 and gave the company a “neutral” rating in a research report on Thursday, June 11th. Seven equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $52.83.

FirstEnergy Company Profile

FirstEnergy Corp. (NYSE: FE) is a U.S.-based electric utility holding company headquartered in Akron, Ohio. The company’s primary business is the delivery of electricity through its regulated transmission and distribution utilities, serving residential, commercial and industrial customers across parts of the Midwest and Mid‑Atlantic. FirstEnergy’s service territory includes states such as Ohio, Pennsylvania, New Jersey, Maryland and West Virginia, and it operates primarily within the PJM regional transmission organization.

FirstEnergy’s core activities center on owning and operating electric distribution networks and transmission systems, maintaining and upgrading grid infrastructure, managing storm response and restoration, and offering customer programs that include energy efficiency and reliability services.