FirstEnergy Corporation $FE Shares Acquired by DAVENPORT & Co LLC

DAVENPORT & Co LLC boosted its position in shares of FirstEnergy Corporation (NYSE:FE) by 20.0% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 95,229 shares of the utilities provider’s stock after buying an additional 15,875 shares during the quarter. DAVENPORT & Co LLC’s holdings in FirstEnergy were worth $4,363,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. Federated Hermes Inc. boosted its position in shares of FirstEnergy by 198.1% during the 2nd quarter. Federated Hermes Inc. now owns 6,888,967 shares of the utilities provider’s stock valued at $277,350,000 after purchasing an additional 4,578,375 shares in the last quarter. Vanguard Group Inc. lifted its stake in FirstEnergy by 1.3% during the second quarter. Vanguard Group Inc. now owns 66,988,086 shares of the utilities provider’s stock valued at $2,696,940,000 after purchasing an additional 837,872 shares during the last quarter. Envestnet Asset Management Inc. boosted its holdings in FirstEnergy by 82.2% during the second quarter. Envestnet Asset Management Inc. now owns 1,326,830 shares of the utilities provider’s stock worth $53,418,000 after buying an additional 598,732 shares in the last quarter. Raymond James Financial Inc. grew its position in FirstEnergy by 47.7% in the second quarter. Raymond James Financial Inc. now owns 1,779,517 shares of the utilities provider’s stock worth $71,643,000 after buying an additional 574,396 shares during the last quarter. Finally, Legal & General Group Plc grew its position in FirstEnergy by 8.6% in the second quarter. Legal & General Group Plc now owns 4,715,098 shares of the utilities provider’s stock worth $189,830,000 after buying an additional 374,053 shares during the last quarter. 89.41% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Mizuho raised their price objective on FirstEnergy from $45.00 to $50.00 and gave the stock a “neutral” rating in a research note on Friday, October 24th. Citigroup began coverage on FirstEnergy in a report on Tuesday, October 7th. They set a “buy” rating and a $53.00 target price for the company. Jefferies Financial Group lifted their price target on FirstEnergy from $45.00 to $47.00 and gave the stock a “hold” rating in a research note on Tuesday, October 21st. Scotiabank boosted their price objective on FirstEnergy from $49.00 to $51.00 and gave the stock a “sector outperform” rating in a report on Friday, October 24th. Finally, Morgan Stanley upped their price objective on shares of FirstEnergy from $47.00 to $50.00 and gave the company an “overweight” rating in a research note on Tuesday, October 21st. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $48.75.

FirstEnergy Trading Up 0.0%

NYSE:FE opened at $44.86 on Friday. The stock has a market cap of $25.92 billion, a PE ratio of 19.59, a price-to-earnings-growth ratio of 2.73 and a beta of 0.66. FirstEnergy Corporation has a fifty-two week low of $37.58 and a fifty-two week high of $48.20. The company has a debt-to-equity ratio of 1.80, a current ratio of 0.75 and a quick ratio of 0.64. The stock’s 50-day moving average is $45.81 and its two-hundred day moving average is $43.84.

FirstEnergy (NYSE:FE) last posted its quarterly earnings results on Tuesday, October 28th. The utilities provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.76 by $0.07. The business had revenue of $4.15 billion during the quarter, compared to analyst estimates of $3.94 billion. FirstEnergy had a net margin of 9.19% and a return on equity of 11.15%. The firm’s revenue was up 10.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.85 earnings per share. As a group, equities research analysts forecast that FirstEnergy Corporation will post 2.66 earnings per share for the current fiscal year.

FirstEnergy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Sunday, March 1st. Stockholders of record on Friday, February 6th will be issued a dividend of $0.445 per share. This represents a $1.78 annualized dividend and a dividend yield of 4.0%. The ex-dividend date is Friday, February 6th. FirstEnergy’s payout ratio is currently 77.73%.

FirstEnergy Company Profile

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.