Connor Clark & Lunn Investment Management Ltd. Makes New $840,000 Investment in FirstEnergy Corporation $FE

Connor Clark & Lunn Investment Management Ltd. purchased a new position in FirstEnergy Corporation (NYSE:FE) in the second quarter, Holdings Channel reports. The institutional investor purchased 20,858 shares of the utilities provider’s stock, valued at approximately $840,000.

Several other hedge funds also recently made changes to their positions in FE. Oliver Lagore Vanvalin Investment Group bought a new stake in shares of FirstEnergy during the 2nd quarter valued at $26,000. Investment Research & Advisory Group Inc. purchased a new position in FirstEnergy during the 2nd quarter valued at about $26,000. N.E.W. Advisory Services LLC bought a new stake in shares of FirstEnergy during the first quarter valued at about $27,000. Capital Advisors Ltd. LLC lifted its holdings in shares of FirstEnergy by 186.4% in the second quarter. Capital Advisors Ltd. LLC now owns 676 shares of the utilities provider’s stock worth $27,000 after buying an additional 440 shares in the last quarter. Finally, MJT & Associates Financial Advisory Group Inc. purchased a new stake in shares of FirstEnergy in the first quarter worth about $40,000. 89.41% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on FE. UBS Group boosted their price objective on shares of FirstEnergy from $47.00 to $50.00 and gave the company a “neutral” rating in a research note on Friday, October 24th. Wells Fargo & Company upgraded shares of FirstEnergy to a “strong-buy” rating in a research report on Tuesday, October 28th. Barclays upgraded FirstEnergy from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $43.00 to $49.00 in a research report on Monday, August 25th. Scotiabank boosted their target price on FirstEnergy from $49.00 to $51.00 and gave the stock a “sector outperform” rating in a research report on Friday, October 24th. Finally, Morgan Stanley upped their target price on FirstEnergy from $47.00 to $50.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 21st. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, FirstEnergy presently has an average rating of “Moderate Buy” and a consensus price target of $49.08.

FirstEnergy Stock Up 0.3%

FE opened at $46.68 on Wednesday. The business’s fifty day simple moving average is $45.69 and its 200 day simple moving average is $43.17. FirstEnergy Corporation has a 52 week low of $37.58 and a 52 week high of $48.20. The company has a quick ratio of 0.51, a current ratio of 0.75 and a debt-to-equity ratio of 1.80. The stock has a market cap of $26.97 billion, a PE ratio of 20.39, a P/E/G ratio of 2.80 and a beta of 0.53.

FirstEnergy (NYSE:FE) last issued its quarterly earnings results on Wednesday, October 22nd. The utilities provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.07. The firm had revenue of $4.15 billion during the quarter, compared to analyst estimates of $3.94 billion. FirstEnergy had a return on equity of 11.15% and a net margin of 9.19%.The company’s revenue was up 10.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.85 earnings per share. FirstEnergy has set its FY 2025 guidance at 2.500-2.560 EPS. As a group, research analysts expect that FirstEnergy Corporation will post 2.66 earnings per share for the current fiscal year.

FirstEnergy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Friday, November 7th will be paid a $0.445 dividend. The ex-dividend date of this dividend is Friday, November 7th. This represents a $1.78 annualized dividend and a yield of 3.8%. FirstEnergy’s dividend payout ratio is currently 77.73%.

About FirstEnergy

FirstEnergy Corp., through its subsidiaries, generates, transmits, and distributes electricity in the United States. It operates through Regulated Distribution and Regulated Transmission segments. The company owns and operates coal-fired, nuclear, hydroelectric, wind, and solar power generating facilities.