Tidal Investments LLC Raises Position in FirstEnergy Corporation $FE

Tidal Investments LLC boosted its holdings in FirstEnergy Corporation (NYSE:FE) by 129.6% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 55,961 shares of the utilities provider’s stock after purchasing an additional 31,591 shares during the period. Tidal Investments LLC’s holdings in FirstEnergy were worth $2,660,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Geode Capital Management LLC increased its holdings in shares of FirstEnergy by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 13,463,298 shares of the utilities provider’s stock worth $600,351,000 after buying an additional 126,834 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in FirstEnergy by 7.5% during 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. Bank of America Corp DE grew its position in FirstEnergy by 11.9% during the 1st quarter. Bank of America Corp DE now owns 5,396,317 shares of the utilities provider’s stock worth $273,377,000 after acquiring an additional 573,731 shares during the last quarter. Legal & General Group Plc increased its stake in FirstEnergy by 1.5% in the 4th quarter. Legal & General Group Plc now owns 4,586,712 shares of the utilities provider’s stock worth $205,347,000 after purchasing an additional 66,529 shares during the period. Finally, Franklin Resources Inc. lifted its position in FirstEnergy by 2.3% in the fourth quarter. Franklin Resources Inc. now owns 3,496,817 shares of the utilities provider’s stock valued at $156,552,000 after purchasing an additional 79,554 shares during the last quarter. 89.41% of the stock is currently owned by hedge funds and other institutional investors.

FirstEnergy Stock Down 1.1%

FE opened at $45.32 on Wednesday. The stock has a market capitalization of $26.23 billion, a price-to-earnings ratio of 24.11, a PEG ratio of 2.65 and a beta of 0.45. The firm has a 50 day moving average price of $47.50 and a 200-day moving average price of $48.02. FirstEnergy Corporation has a twelve month low of $43.00 and a twelve month high of $52.34. The company has a quick ratio of 0.45, a current ratio of 0.54 and a debt-to-equity ratio of 1.88.

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

FirstEnergy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Friday, August 7th were issued a $0.465 dividend. The ex-dividend date of this dividend was Friday, August 7th. This represents a $1.86 dividend on an annualized basis and a yield of 4.1%. FirstEnergy’s payout ratio is currently 98.94%.

Analysts Set New Price Targets

Several brokerages recently commented on FE. Weiss Ratings downgraded shares of FirstEnergy from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, June 17th. UBS Group upped their price objective on shares of FirstEnergy from $50.00 to $51.00 and gave the company a “neutral” rating in a research note on Thursday, June 11th. Morgan Stanley dropped their target price on shares of FirstEnergy from $53.00 to $52.00 and set an “overweight” rating for the company in a report on Friday, August 21st. Barclays reduced their price target on FirstEnergy from $55.00 to $54.00 and set an “overweight” rating on the stock in a report on Friday, July 31st. Finally, Wall Street Zen lowered FirstEnergy from a “hold” rating to a “sell” rating in a research report on Saturday, September 5th. Seven investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $52.83.

FirstEnergy Company Profile

FirstEnergy Corp. (NYSE: FE) is an electric utility holding company focused on the transmission and distribution of electricity. Through its regulated operating companies, the company delivers power to residential, commercial and industrial customers and maintains the local infrastructure needed to support reliable electric service.

FirstEnergy’s utility operations include Ohio Edison, The Illuminating Company, Toledo Edison, Met-Ed, Penelec, Penn Power, West Penn Power, Jersey Central Power & Light and Mon Power, among others.