Raymond James & Associates Grows Position in FirstEnergy Corp. (NYSE:FE)

Posted by on May 15th, 2023

Raymond James & Associates lifted its stake in FirstEnergy Corp. (NYSE:FE – Get Rating) by 11.9% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 468,265 shares of the utilities provider’s stock after buying an additional 49,621 shares during the quarter. Raymond James & Associates owned approximately 0.08% of FirstEnergy worth $19,639,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Parallel Advisors LLC increased its position in FirstEnergy by 25.7% during the fourth quarter. Parallel Advisors LLC now owns 1,304 shares of the utilities provider’s stock valued at $55,000 after acquiring an additional 267 shares during the last quarter. AdvisorNet Financial Inc increased its position in FirstEnergy by 11.9% during the fourth quarter. AdvisorNet Financial Inc now owns 2,511 shares of the utilities provider’s stock valued at $105,000 after acquiring an additional 268 shares during the last quarter. Pinnacle Bancorp Inc. increased its position in FirstEnergy by 26.5% during the fourth quarter. Pinnacle Bancorp Inc. now owns 1,279 shares of the utilities provider’s stock valued at $54,000 after acquiring an additional 268 shares during the last quarter. Vantage Consulting Group Inc increased its position in FirstEnergy by 4.5% during the third quarter. Vantage Consulting Group Inc now owns 6,577 shares of the utilities provider’s stock valued at $243,000 after acquiring an additional 284 shares during the last quarter. Finally, Benjamin Edwards Inc. grew its holdings in shares of FirstEnergy by 8.4% in the fourth quarter. Benjamin Edwards Inc. now owns 3,937 shares of the utilities provider’s stock worth $165,000 after purchasing an additional 306 shares during the last quarter. Institutional investors own 81.80% of the company’s stock.

FirstEnergy Price Performance

Shares of NYSE:FE opened at $39.46 on Monday. FirstEnergy Corp. has a twelve month low of $35.32 and a twelve month high of $43.69. The company’s 50 day moving average is $39.91 and its 200 day moving average is $40.28. The company has a current ratio of 0.68, a quick ratio of 0.55 and a debt-to-equity ratio of 2.06. The company has a market cap of $22.60 billion, a PE ratio of 55.58, a price-to-earnings-growth ratio of 2.42 and a beta of 0.44.

FirstEnergy (NYSE:FE – Get Rating) last issued its quarterly earnings results on Friday, April 28th. The utilities provider reported $0.60 earnings per share for the quarter, missing the consensus estimate of $0.61 by ($0.01). The business had revenue of $3.20 billion during the quarter, compared to analyst estimates of $3.04 billion. FirstEnergy had a return on equity of 12.60% and a net margin of 3.23%. FirstEnergy’s quarterly revenue was up 6.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.60 EPS. On average, sell-side analysts forecast that FirstEnergy Corp. will post 2.5 EPS for the current year.

FirstEnergy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 1st. Stockholders of record on Friday, May 5th will be given a dividend of $0.39 per share. The ex-dividend date is Thursday, May 4th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.95%. FirstEnergy’s dividend payout ratio (DPR) is 219.72%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on FE. Mizuho cut their price target on shares of FirstEnergy from $42.00 to $40.00 and set a “neutral” rating on the stock in a report on Tuesday, March 28th. Bank of America upped their price objective on shares of FirstEnergy from $38.00 to $39.00 and gave the stock an “underperform” rating in a research note on Friday, April 14th. JPMorgan Chase & Co. lowered their price objective 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. Morgan Stanley upped their price objective on shares of FirstEnergy from $44.00 to $48.00 and gave the stock an “overweight” rating in a research note on Thursday, April 20th. Finally, StockNews.com assumed coverage on shares of FirstEnergy in a research note on Thursday, March 16th. They issued a “hold” rating for the company. One investment analyst has rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $43.00.

About FirstEnergy

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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.

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Institutional Ownership by Quarter for FirstEnergy (NYSE:FE)

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