IFP Advisors Inc boosted its position in shares of FirstEnergy Corporation (NYSE:FE) by 2.0% during the second quarter, Holdings Channel reports. The fund owned 35,507 shares of the utilities provider’s stock after buying an additional 707 shares during the period. IFP Advisors Inc’s holdings in FirstEnergy Corporation were worth $1,035,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Oppenheimer Asset Management Inc. bought a new position in FirstEnergy Corporation during the first quarter valued at about $139,000. Sandy Spring Bank raised its position in FirstEnergy Corporation by 1.9% in the first quarter. Sandy Spring Bank now owns 5,075 shares of the utilities provider’s stock valued at $161,000 after buying an additional 97 shares in the last quarter. City Holding Co. raised its position in FirstEnergy Corporation by 8.2% in the second quarter. City Holding Co. now owns 5,261 shares of the utilities provider’s stock valued at $153,000 after buying an additional 400 shares in the last quarter. Ledyard National Bank bought a new position in FirstEnergy Corporation during the first quarter valued at about $174,000. Finally, Campbell & CO Investment Adviser LLC bought a new position in FirstEnergy Corporation during the first quarter valued at about $215,000. Institutional investors and hedge funds own 78.11% of the company’s stock.
Shares of FirstEnergy Corporation (NYSE FE) opened at 31.61 on Thursday. The stock’s 50 day moving average price is $30.46 and its 200 day moving average price is $30.33. The company’s market cap is $14.04 billion. FirstEnergy Corporation has a one year low of $27.93 and a one year high of $34.96.
FirstEnergy Corporation (NYSE:FE) last posted its quarterly earnings results on Thursday, July 27th. The utilities provider reported $0.61 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.61. FirstEnergy Corporation had a positive return on equity of 15.41% and a negative net margin of 35.59%. The firm had revenue of $3.30 billion during the quarter, compared to analyst estimates of $3.38 billion. During the same period last year, the company earned $0.56 earnings per share. The business’s revenue for the quarter was down 3.0% on a year-over-year basis. Equities analysts predict that FirstEnergy Corporation will post $2.81 earnings per share for the current fiscal year.
The business 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 $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 4.56%. The ex-dividend date of this dividend is Thursday, August 3rd. FirstEnergy Corporation’s payout ratio is currently -12.31%.
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Several research analysts have issued reports on the company. Zacks Investment Research lowered FirstEnergy Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday. ValuEngine upgraded FirstEnergy Corporation from a “hold” rating to a “buy” rating in a research note on Monday. Jefferies Group LLC reiterated a “hold” rating and set a $33.00 price objective (up from $31.00) on shares of FirstEnergy Corporation in a research note on Monday, July 31st. BidaskClub upgraded FirstEnergy Corporation from a “sell” rating to a “hold” rating in a research note on Monday, July 24th. Finally, Citigroup Inc. dropped their price objective on FirstEnergy Corporation from $32.00 to $31.00 and set a “neutral” rating for the company in a research note on Wednesday, July 19th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and five have issued a buy rating to the company’s stock. FirstEnergy Corporation presently has a consensus rating of “Hold” and a consensus target price of $33.63.
FirstEnergy Corporation 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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