Provenance Wealth Advisors LLC Acquires 22,563 Shares of FirstEnergy Corporation $FE

Provenance Wealth Advisors LLC bought a new position in shares of FirstEnergy Corporation (NYSE:FE) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 22,563 shares of the utilities provider’s stock, valued at approximately $978,000.

Several other large investors have also recently bought and sold shares of FE. Simplicity Wealth LLC grew its position in FirstEnergy by 3.4% in the 1st quarter. Simplicity Wealth LLC now owns 6,839 shares of the utilities provider’s stock worth $346,000 after purchasing an additional 223 shares during the last quarter. GRIMES & Co WEALTH MANAGEMENT LLC increased its holdings in shares of FirstEnergy by 3.7% during the 3rd quarter. GRIMES & Co WEALTH MANAGEMENT LLC now owns 6,338 shares of the utilities provider’s stock worth $275,000 after purchasing an additional 229 shares during the period. Elevation Point Wealth Partners LLC increased its holdings in shares of FirstEnergy by 1.0% during the 2nd quarter. Elevation Point Wealth Partners LLC now owns 25,572 shares of the utilities provider’s stock worth $1,216,000 after purchasing an additional 245 shares during the period. CX Institutional raised its position in shares of FirstEnergy by 3.5% during the second quarter. CX Institutional now owns 7,776 shares of the utilities provider’s stock valued at $370,000 after buying an additional 266 shares during the last quarter. Finally, Versant Capital Management Inc raised its position in shares of FirstEnergy by 16.7% during the third quarter. Versant Capital Management Inc now owns 1,939 shares of the utilities provider’s stock valued at $84,000 after buying an additional 278 shares during the last quarter. 89.41% of the stock is currently owned by institutional investors and hedge funds.

FirstEnergy Price Performance

NYSE:FE opened at $47.16 on Thursday. The company has a 50-day moving average of $45.47 and a 200-day moving average of $47.52. The company has a market capitalization of $27.30 billion, a price-to-earnings ratio of 22.67, a PEG ratio of 2.77 and a beta of 0.39. FirstEnergy Corporation has a 52 week low of $42.67 and a 52 week high of $52.34. The company has a debt-to-equity ratio of 1.79, a quick ratio of 0.31 and a current ratio of 0.38.

FirstEnergy (NYSE:FE) last issued its earnings results on Tuesday, October 27th. The utilities provider reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.90 by $0.08. FirstEnergy had a net margin of 7.40% and a return on equity of 11.07%. The business had revenue of $4.56 billion for the quarter, compared to analyst estimates of $4.24 billion. During the same period in the previous year, the business earned $0.83 EPS. The firm’s revenue was up 12.2% on a year-over-year basis. As a group, equities research analysts anticipate that FirstEnergy Corporation will post 2.74 earnings per share for the current fiscal year.

FirstEnergy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Friday, November 6th will be paid a $0.4650 dividend. This represents a $1.86 annualized dividend and a dividend yield of 3.9%. The ex-dividend date is Friday, November 6th. FirstEnergy’s dividend payout ratio is currently 89.42%.

Analyst Upgrades and Downgrades

FE has been the subject of several research reports. HSBC started coverage on shares of FirstEnergy in a research note on Thursday, October 22nd. They issued a “buy” rating and a $50.00 target price for the company. Mizuho set a $47.00 price target on FirstEnergy in a research note on Monday, October 12th. Morgan Stanley boosted their price target on FirstEnergy from $49.00 to $50.00 and gave the company an “overweight” rating in a research note on Wednesday, October 21st. Wall Street Zen raised FirstEnergy from a “sell” rating to a “hold” rating in a report on Saturday, September 19th. Finally, New Street Research set a $47.00 price objective on FirstEnergy in a research report on Tuesday, October 13th. Eight equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, FirstEnergy currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.77.

FirstEnergy Company Profile

FirstEnergy Corp. (NYSE: FE) is an electric utility company focused on the transmission and distribution of electricity. Through its regulated utility subsidiaries, the company delivers power to residential, commercial and industrial customers and maintains the poles, lines, substations and other infrastructure that support electric service.

FirstEnergy’s distribution operations serve customers across parts of Ohio, Pennsylvania, New Jersey, West Virginia and Maryland. Its utility companies include Ohio Edison, The Illuminating Company, Toledo Edison, Jersey Central Power & Light, Met-Ed, Penelec, Penn Power, West Penn Power, Mon Power and The Potomac Edison Company.