Cibc World Markets Corp Sells 31,620 Shares of FirstEnergy Corp. (NYSE:FE)

Posted by on Feb 27th, 2023

Cibc World Markets Corp decreased its holdings in shares of FirstEnergy Corp. (NYSE:FE – Get Rating) by 79.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,237 shares of the utilities provider’s stock after selling 31,620 shares during the period. Cibc World Markets Corp’s holdings in FirstEnergy were worth $305,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Householder Group Estate & Retirement Specialist LLC bought a new position in FirstEnergy in the 3rd quarter worth $27,000. SJS Investment Consulting Inc. bought a new position in FirstEnergy in the 3rd quarter worth $30,000. MUFG Americas Holdings Corp bought a new position in FirstEnergy in the 3rd quarter worth $32,000. Mach 1 Financial Group LLC bought a new position in FirstEnergy in the 3rd quarter worth $34,000. Finally, Neo Ivy Capital Management bought a new position in FirstEnergy in the 2nd quarter worth $36,000. Institutional investors own 81.80% of the company’s stock.

FirstEnergy Stock Up 0.8 %

Shares of NYSE FE opened at $39.80 on Monday. The firm’s 50-day moving average price is $41.31 and its 200-day moving average price is $40.03. The company has a current ratio of 0.61, a quick ratio of 0.50 and a debt-to-equity ratio of 1.99. The stock has a market capitalization of $22.78 billion, a price-to-earnings ratio of 56.06, a P/E/G ratio of 2.44 and a beta of 0.42. FirstEnergy Corp. has a 12-month low of $35.32 and a 12-month high of $48.85.

FirstEnergy (NYSE:FE – Get Rating) last posted its quarterly earnings data on Monday, February 13th. The utilities provider reported $0.50 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.03). FirstEnergy had a return on equity of 13.16% and a net margin of 3.26%. The firm had revenue of $3.20 billion during the quarter, compared to analysts’ expectations of $2.45 billion. During the same period last year, the company earned $0.51 earnings per share. The business’s revenue for the quarter was up 18.5% compared to the same quarter last year. On average, equities research analysts anticipate that FirstEnergy Corp. will post 2.53 EPS for the current fiscal year.

FirstEnergy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 1st. Investors of record on Tuesday, February 7th will be given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 3.92%. The ex-dividend date is Monday, February 6th. FirstEnergy’s dividend payout ratio (DPR) is currently 219.72%.

Wall Street Analysts Forecast Growth

FE has been the topic of several research analyst reports. Guggenheim upgraded shares of FirstEnergy from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $34.00 to $46.00 in a research note on Monday, January 23rd. Bank of America cut shares of FirstEnergy from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $41.00 to $38.00 in a research note on Monday, January 23rd. Mizuho decreased their price target on shares of FirstEnergy from $43.00 to $42.00 and set a “neutral” rating on the stock in a research note on Monday, February 6th. Morgan Stanley decreased their price target on shares of FirstEnergy from $48.00 to $47.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 22nd. Finally, Wells Fargo & Company boosted their price target on shares of FirstEnergy to $45.00 in a research note on Wednesday, December 14th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $44.25.

FirstEnergy Profile

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FirstEnergy Corp. engages in the generation, transmission, and distribution of electricity as well as energy management and other energy-related services through its subsidiaries. It operates through the following business segments: Regulated Distribution, Regulated Transmission, and Corporate. The Regulated Distribution segment distributes electricity through FirstEnergy’s utility operating companies, serving various customers.

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Institutional Ownership by Quarter for FirstEnergy (NYSE:FE)

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