Concord Wealth Partners Invests $39,000 in FirstEnergy Corp. (NYSE:FE)

Posted by Defense World Staff on Apr 14th, 2023

Concord Wealth Partners bought a new position in FirstEnergy Corp. (NYSE:FE – Get Rating) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 930 shares of the utilities provider’s stock, valued at approximately $39,000.

Other institutional investors have also made changes to their positions in the company. CI Investments Inc. increased its position in shares of FirstEnergy by 940.0% in the third quarter. CI Investments Inc. now owns 728 shares of the utilities provider’s stock worth $27,000 after acquiring an additional 658 shares in the last quarter. Householder Group Estate & Retirement Specialist LLC acquired a new stake in shares of FirstEnergy during the third quarter worth approximately $27,000. SJS Investment Consulting Inc. acquired a new stake in shares of FirstEnergy during the third quarter worth approximately $30,000. MUFG Americas Holdings Corp acquired a new stake in shares of FirstEnergy during the third quarter worth approximately $32,000. Finally, Mach 1 Financial Group LLC acquired a new stake in shares of FirstEnergy during the third quarter worth approximately $34,000. 81.80% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms recently commented on FE. Guggenheim upgraded shares of FirstEnergy from a “neutral” rating to a “buy” rating and raised their price target for the stock from $34.00 to $46.00 in a report on Monday, January 23rd. JPMorgan Chase & Co. reduced their target price on shares of FirstEnergy from $43.00 to $41.00 and set a “neutral” rating for the company in a research note on Friday, March 10th. Bank of America cut shares of FirstEnergy from a “neutral” rating to an “underperform” rating and reduced their target price for the company from $41.00 to $38.00 in a research note on Monday, January 23rd. Mizuho reduced their target price on shares of FirstEnergy from $42.00 to $40.00 and set a “neutral” rating for the company in a research note on Tuesday, March 28th. Finally, StockNews.com initiated coverage on shares of FirstEnergy in a research note on Thursday, March 16th. They issued a “hold” rating for the company. One research analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $43.33.

FirstEnergy Trading Down 0.6 %

NYSE:FE opened at $41.20 on Friday. FirstEnergy Corp. has a 12 month low of $35.32 and a 12 month high of $48.85. The firm has a market cap of $23.58 billion, a price-to-earnings ratio of 58.03, a P/E/G ratio of 2.56 and a beta of 0.44. The company has a quick ratio of 0.50, a current ratio of 0.61 and a debt-to-equity ratio of 1.99. The company’s 50 day moving average is $39.89 and its 200-day moving average is $39.83.

FirstEnergy (NYSE:FE – Get Rating) last released its quarterly earnings results on Monday, February 13th. The utilities provider reported $0.50 EPS 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 firm had revenue of $3.20 billion during the quarter, compared to the consensus estimate of $2.45 billion. During the same period in the prior year, the business earned $0.51 EPS. The company’s revenue for the quarter was up 18.5% compared to the same quarter last year. Equities analysts anticipate that FirstEnergy Corp. will post 2.51 EPS for the current year.

FirstEnergy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 1st. Investors of record on Friday, May 5th will be given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 3.79%. The ex-dividend date of this dividend is Thursday, May 4th. FirstEnergy’s dividend payout ratio (DPR) is currently 219.72%.

About FirstEnergy

(Get Rating)

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.