Boothbay Fund Management LLC Boosts Stake in FirstEnergy Corporation (FE)
Boothbay Fund Management LLC boosted its holdings in FirstEnergy Corporation (NYSE:FE) by 32.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 33,311 shares of the utilities provider’s stock after acquiring an additional 8,211 shares during the quarter. Boothbay Fund Management LLC’s holdings in FirstEnergy were worth $1,027,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also bought and sold shares of FE. US Bancorp DE increased its stake in FirstEnergy by 15.1% in the second quarter. US Bancorp DE now owns 29,153 shares of the utilities provider’s stock valued at $850,000 after acquiring an additional 3,825 shares during the period. Strs Ohio increased its stake in FirstEnergy by 11.3% in the second quarter. Strs Ohio now owns 48,365 shares of the utilities provider’s stock valued at $1,410,000 after acquiring an additional 4,911 shares during the period. NGAM Advisors L.P. increased its stake in FirstEnergy by 1.3% in the second quarter. NGAM Advisors L.P. now owns 37,139 shares of the utilities provider’s stock valued at $1,083,000 after acquiring an additional 464 shares during the period. Rothschild Asset Management Inc. increased its stake in FirstEnergy by 9.3% in the second quarter. Rothschild Asset Management Inc. now owns 18,936 shares of the utilities provider’s stock valued at $552,000 after acquiring an additional 1,615 shares during the period. Finally, CIBC Asset Management Inc increased its stake in FirstEnergy by 0.9% in the second quarter. CIBC Asset Management Inc now owns 46,504 shares of the utilities provider’s stock valued at $1,356,000 after acquiring an additional 435 shares during the period. 82.70% of the stock is currently owned by institutional investors and hedge funds.
Several brokerages have weighed in on FE. ValuEngine raised shares of FirstEnergy from a “hold” rating to a “buy” rating in a research note on Monday, October 2nd. Evercore ISI raised shares of FirstEnergy from an “in-line” rating to an “outperform” rating and upped their price objective for the stock from $30.00 to $35.00 in a research note on Monday, August 14th. Citigroup upped their price objective on shares of FirstEnergy from $31.00 to $34.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 17th. Zacks Investment Research raised shares of FirstEnergy from a “hold” rating to a “buy” rating and set a $35.00 price objective on the stock in a research note on Wednesday, September 20th. Finally, J P Morgan Chase & Co set a $34.00 price objective on shares of FirstEnergy and gave the stock a “hold” rating in a research note on Thursday, October 12th. Thirteen equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $34.39.
FirstEnergy Corporation (NYSE FE) opened at $32.83 on Friday. FirstEnergy Corporation has a 12-month low of $27.93 and a 12-month high of $35.22. The stock has a market cap of $14,555.75, a P/E ratio of 11.98 and a beta of 0.25. The company has a debt-to-equity ratio of 3.29, a quick ratio of 0.56 and a current ratio of 0.69.
FirstEnergy (NYSE:FE) last announced its earnings results on Thursday, October 26th. The utilities provider reported $0.97 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.86 by $0.11. FirstEnergy had a negative net margin of 35.99% and a positive return on equity of 19.29%. The company had revenue of $3.70 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same period in the prior year, the business earned $0.90 earnings per share. research analysts anticipate that FirstEnergy Corporation will post 3 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, December 1st. Stockholders of record on Tuesday, November 7th were given a dividend of $0.36 per share. The ex-dividend date was Monday, November 6th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 4.39%. FirstEnergy’s payout ratio is -12.31%.
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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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