Equitable Holdings Inc. Makes New $755,000 Investment in FirstEnergy Corporation $FE

Equitable Holdings Inc. purchased a new position in FirstEnergy Corporation (NYSE:FE) in the 2nd quarter, HoldingsChannel.com reports. The firm purchased 15,875 shares of the utilities provider’s stock, valued at approximately $755,000.

A number of other large investors also recently modified their holdings of FE. Public Employees Retirement System of Ohio bought a new stake in shares of FirstEnergy during the second quarter valued at about $8,324,000. Redwood Investment Management LLC acquired a new stake in FirstEnergy in the second quarter worth about $835,000. Corient Private Wealth LP acquired a new position in FirstEnergy during the 2nd quarter valued at about $7,231,000. Perennial Investment Advisors LLC bought a new stake in shares of FirstEnergy during the 2nd quarter worth about $208,000. Finally, Freestone Grove Partners LP bought a new stake in shares of FirstEnergy during the 2nd quarter worth about $15,050,000. 89.41% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Wolfe Research cut shares of FirstEnergy from a “strong-buy” rating to a “hold” rating in a report on Monday, May 4th. Weiss Ratings cut FirstEnergy from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, June 17th. UBS Group upped their target price on FirstEnergy from $50.00 to $51.00 and gave the stock a “neutral” rating in a research report on Thursday, June 11th. TD Cowen raised FirstEnergy from a “hold” rating to a “buy” rating and decreased their price target for the company from $56.00 to $53.00 in a research note on Friday, May 15th. Finally, Morgan Stanley dropped their price objective on FirstEnergy from $53.00 to $52.00 and set an “overweight” rating on the stock in a research note on Friday, August 21st. Seven equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $52.83.

FirstEnergy Price Performance

NYSE FE opened at $45.84 on Friday. FirstEnergy Corporation has a 1 year low of $42.87 and a 1 year high of $52.34. The business’s fifty day moving average is $47.88 and its two-hundred day moving average is $48.29. The stock has a market capitalization of $26.52 billion, a P/E ratio of 24.38, a P/E/G ratio of 2.19 and a beta of 0.46. The company has a debt-to-equity ratio of 1.88, a quick ratio of 0.45 and a current ratio of 0.54.

FirstEnergy (NYSE:FE) last issued its earnings results on Tuesday, July 28th. The utilities provider reported $0.50 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.50. The business had revenue of $3.68 billion for the quarter, compared to analysts’ expectations of $3.51 billion. FirstEnergy had a return on equity of 10.51% and a net margin of 6.86%.During the same period in the previous year, the firm posted $0.52 EPS. On average, research analysts forecast that FirstEnergy Corporation will post 2.74 earnings per share for the current fiscal year.

FirstEnergy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 7th will be given a $0.465 dividend. This represents a $1.86 annualized dividend and a dividend yield of 4.1%. The ex-dividend date is Friday, August 7th. FirstEnergy’s dividend payout ratio is 98.94%.

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.