Freestone Grove Partners LP Invests $15.05 Million in FirstEnergy Corporation $FE

Freestone Grove Partners LP purchased a new stake in FirstEnergy Corporation (NYSE:FE) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 316,577 shares of the utilities provider’s stock, valued at approximately $15,050,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Eurizon Capital SGR S.p.A. acquired a new position in FirstEnergy in the 4th quarter worth about $123,018,000. BROOKFIELD Corp ON bought a new stake in shares of FirstEnergy during the fourth quarter worth about $110,332,000. Boston Partners increased its stake in shares of FirstEnergy by 13.5% in the third quarter. Boston Partners now owns 18,344,403 shares of the utilities provider’s stock valued at $841,161,000 after buying an additional 2,185,400 shares during the period. Energy Income Partners LLC bought a new position in FirstEnergy in the 2nd quarter valued at approximately $97,602,000. Finally, Victory Capital Management Inc. raised its holdings in FirstEnergy by 56.0% in the 4th quarter. Victory Capital Management Inc. now owns 5,506,251 shares of the utilities provider’s stock valued at $246,515,000 after buying an additional 1,977,504 shares during the last quarter. Institutional investors own 89.41% of the company’s stock.

FirstEnergy Stock Down 1.0%

Shares of NYSE:FE opened at $46.25 on Friday. The company has a debt-to-equity ratio of 1.88, a quick ratio of 0.45 and a current ratio of 0.54. FirstEnergy Corporation has a 52-week low of $42.87 and a 52-week high of $52.34. The business’s 50 day simple moving average is $47.89 and its two-hundred day simple moving average is $48.31. The firm has a market cap of $26.76 billion, a P/E ratio of 24.60, a PEG ratio of 2.23 and a beta of 0.46.

FirstEnergy (NYSE:FE) last issued its earnings results on Tuesday, July 28th. The utilities provider reported $0.50 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.50. FirstEnergy had a return on equity of 10.51% and a net margin of 6.86%.The company had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.51 billion. During the same period in the prior year, the firm earned $0.52 earnings per share. As a group, research analysts forecast that FirstEnergy Corporation will post 2.74 EPS for the current fiscal year.

FirstEnergy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th will be paid a $0.465 dividend. This represents a $1.86 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date of this dividend is Friday, August 7th. FirstEnergy’s dividend payout ratio (DPR) is 98.94%.

Wall Street Analysts Forecast Growth

FE has been the topic of a number of research reports. Weiss Ratings lowered shares of FirstEnergy from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, June 17th. UBS Group increased their price target on FirstEnergy from $50.00 to $51.00 and gave the company a “neutral” rating in a research note on Thursday, June 11th. TD Cowen raised FirstEnergy from a “hold” rating to a “buy” rating and cut their price objective for the stock from $56.00 to $53.00 in a research note on Friday, May 15th. Barclays reduced their target price on FirstEnergy from $55.00 to $54.00 and set an “overweight” rating on the stock in a report on Friday, July 31st. Finally, Wolfe Research downgraded shares of FirstEnergy from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 4th. Seven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, FirstEnergy has a consensus rating of “Moderate Buy” and an average price target of $52.83.

About FirstEnergy

FirstEnergy Corp. (NYSE: FE) is a U.S.-based electric utility holding company headquartered in Akron, Ohio. The company’s primary business is the delivery of electricity through its regulated transmission and distribution utilities, serving residential, commercial and industrial customers across parts of the Midwest and Mid‑Atlantic. FirstEnergy’s service territory includes states such as Ohio, Pennsylvania, New Jersey, Maryland and West Virginia, and it operates primarily within the PJM regional transmission organization.

FirstEnergy’s core activities center on owning and operating electric distribution networks and transmission systems, maintaining and upgrading grid infrastructure, managing storm response and restoration, and offering customer programs that include energy efficiency and reliability services.