Balyasny Asset Management LLC Acquires 786,706 Shares of FirstEnergy Corp. (NYSE:FE)

Posted by Defense World Staff on Mar 15th, 2023

Balyasny Asset Management LLC grew its holdings in shares of FirstEnergy Corp. (NYSE:FE – Get Rating) by 6,433.1% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 798,935 shares of the utilities provider’s stock after acquiring an additional 786,706 shares during the period. Balyasny Asset Management LLC owned about 0.14% of FirstEnergy worth $29,561,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the business. Householder Group Estate & Retirement Specialist LLC acquired a new stake in shares of FirstEnergy during the third quarter worth $27,000. CI Investments Inc. increased its position in shares of FirstEnergy by 940.0% during the third quarter. CI Investments Inc. now owns 728 shares of the utilities provider’s stock worth $27,000 after buying an additional 658 shares during the period. SJS Investment Consulting Inc. acquired a new stake in shares of FirstEnergy during the third quarter worth $30,000. MUFG Americas Holdings Corp acquired a new stake in shares of FirstEnergy during the third quarter worth $32,000. Finally, Mach 1 Financial Group LLC acquired a new stake in shares of FirstEnergy during the third quarter worth $34,000. Institutional investors own 81.80% of the company’s stock.

FirstEnergy Stock Up 1.0 %

FirstEnergy stock opened at $39.19 on Wednesday. FirstEnergy Corp. has a 1-year low of $35.32 and a 1-year high of $48.85. The firm has a market capitalization of $22.43 billion, a price-to-earnings ratio of 55.20, a price-to-earnings-growth ratio of 2.33 and a beta of 0.43. The firm’s fifty day moving average price is $40.70 and its two-hundred day moving average price is $39.91. The company has a current ratio of 0.61, a quick ratio of 0.50 and a debt-to-equity ratio of 1.99.

FirstEnergy (NYSE:FE – Get Rating) last released 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 net margin of 3.26% and a return on equity of 13.16%. The business had revenue of $3.20 billion during the quarter, compared to the consensus estimate of $2.45 billion. During the same period last year, the business posted $0.51 earnings per share. The firm’s quarterly revenue was up 18.5% on a year-over-year basis. On average, equities research analysts predict that FirstEnergy Corp. will post 2.53 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on FE shares. Guggenheim upgraded shares of FirstEnergy from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $34.00 to $46.00 in a research report on Monday, January 23rd. Bank of America cut shares of FirstEnergy from a “neutral” rating to an “underperform” rating and reduced their price target for the stock from $41.00 to $38.00 in a report on Monday, January 23rd. JPMorgan Chase & Co. reduced their price target on shares of FirstEnergy from $43.00 to $41.00 and set a “neutral” rating for the company in a report on Friday, March 10th. Wells Fargo & Company raised their price target on shares of FirstEnergy to $45.00 in a report on Wednesday, December 14th. Finally, Morgan Stanley reduced their price target on shares of FirstEnergy from $48.00 to $47.00 and set an “overweight” rating for the company in a report on Wednesday, February 22nd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $43.89.

FirstEnergy Company 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 or Other.