BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Sells 2,113 Shares of FirstEnergy Corp. (FE)
BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp reduced its position in FirstEnergy Corp. (NYSE:FE) by 1.7% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 123,265 shares of the utilities provider’s stock after selling 2,113 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in FirstEnergy were worth $3,800,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of FE. Patriot Financial Group Insurance Agency LLC increased its stake in shares of FirstEnergy by 22.1% in the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 3,633 shares of the utilities provider’s stock worth $106,000 after acquiring an additional 658 shares during the last quarter. Sandy Spring Bank boosted its holdings in FirstEnergy by 1.3% during the 2nd quarter. Sandy Spring Bank now owns 5,141 shares of the utilities provider’s stock valued at $150,000 after acquiring an additional 66 shares during the period. Oppenheimer Asset Management Inc. boosted its holdings in FirstEnergy by 32.0% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 5,755 shares of the utilities provider’s stock valued at $168,000 after acquiring an additional 1,394 shares during the period. Accurate Investment Solutions Inc. boosted its holdings in FirstEnergy by 767.8% during the 3rd quarter. Accurate Investment Solutions Inc. now owns 5,493 shares of the utilities provider’s stock valued at $170,000 after acquiring an additional 4,860 shares during the period. Finally, Tiedemann Wealth Management LLC boosted its holdings in FirstEnergy by 170.5% during the 3rd quarter. Tiedemann Wealth Management LLC now owns 22,408 shares of the utilities provider’s stock valued at $171,000 after acquiring an additional 14,123 shares during the period. 82.70% of the stock is owned by hedge funds and other institutional investors.
FE has been the subject of a number of research analyst reports. Deutsche Bank upgraded FirstEnergy from a “hold” rating to a “buy” rating in a report on Tuesday, October 17th. ValuEngine upgraded FirstEnergy from a “hold” rating to a “buy” rating in a research note on Wednesday, November 15th. J P Morgan Chase & Co set a $34.00 price objective on FirstEnergy and gave the company a “hold” rating in a research note on Thursday, October 12th. Mizuho reiterated a “hold” rating and issued a $30.50 price objective on shares of FirstEnergy in a research note on Tuesday, October 24th. Finally, KeyCorp reiterated a “hold” rating on shares of FirstEnergy in a research note on Friday, October 20th. Thirteen research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $34.39.
Shares of FirstEnergy Corp. (NYSE FE) opened at $32.12 on Friday. The firm has a market capitalization of $14,355.57, a P/E ratio of 11.82 and a beta of 0.25. FirstEnergy Corp. has a 52 week low of $27.93 and a 52 week high of $35.22. 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 posted its earnings results on Thursday, October 26th. The utilities provider reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.11. The firm had revenue of $3.70 billion during the quarter, compared to analysts’ expectations of $3.72 billion. FirstEnergy had a positive return on equity of 19.29% and a negative net margin of 35.99%. During the same quarter in the previous year, the business earned $0.90 earnings per share. analysts forecast that FirstEnergy Corp. will post 3 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, December 1st. Shareholders of record on Tuesday, November 7th were given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 4.48%. The ex-dividend date of this dividend was Monday, November 6th. FirstEnergy’s dividend payout ratio (DPR) is -12.31%.
FirstEnergy 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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