Duff & Phelps Investment Management Co. acquired a new stake in FirstEnergy Corp. (NYSE:FE) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 690,000 shares of the utilities provider’s stock, valued at approximately $29,539,000.
Several other institutional investors have also made changes to their positions in FE. Clean Yield Group lifted its position in shares of FirstEnergy by 1,184.0% in the second quarter. Clean Yield Group now owns 642 shares of the utilities provider’s stock worth $27,000 after buying an additional 592 shares in the last quarter. Horan Securities Inc. purchased a new stake in shares of FirstEnergy in the second quarter worth about $28,000. Zions Bancorporation N.A. purchased a new stake in shares of FirstEnergy in the first quarter worth about $30,000. Destination Wealth Management purchased a new stake in shares of FirstEnergy in the first quarter worth about $35,000. Finally, Coastal Capital Group Inc. purchased a new stake in shares of FirstEnergy in the second quarter worth about $41,000. Institutional investors and hedge funds own 93.57% of the company’s stock.
A number of equities research analysts recently commented on FE shares. Mizuho decreased their target price on FirstEnergy from $48.00 to $46.00 and set a “buy” rating on the stock in a research report on Tuesday. KeyCorp reiterated an “overweight” rating and issued a $46.00 target price on shares of FirstEnergy in a research report on Wednesday, June 5th. TheStreet downgraded FirstEnergy from a “b” rating to a “f” rating in a research report on Thursday, July 18th. Finally, Zacks Investment Research downgraded FirstEnergy from a “hold” rating to a “sell” rating and set a $45.00 target price on the stock. in a research report on Tuesday, July 2nd. One analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $44.00.
Shares of FE traded up $0.12 during mid-day trading on Friday, reaching $44.24. 58,952 shares of the company’s stock traded hands, compared to its average volume of 4,946,033. The stock has a market cap of $23.51 billion, a P/E ratio of 17.14, a P/E/G ratio of 2.95 and a beta of 0.27. The stock’s 50-day moving average is $43.71 and its two-hundred day moving average is $41.98. FirstEnergy Corp. has a 12 month low of $35.33 and a 12 month high of $44.75. The company has a debt-to-equity ratio of 2.63, a current ratio of 0.60 and a quick ratio of 0.53.
FirstEnergy (NYSE:FE) last released its earnings results on Tuesday, July 23rd. The utilities provider reported $0.61 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.01. The firm had revenue of $2.60 billion for the quarter, compared to analysts’ expectations of $2.66 billion. FirstEnergy had a return on equity of 20.29% and a net margin of 2.79%. The company’s quarterly revenue was down 3.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.62 earnings per share. Research analysts predict that FirstEnergy Corp. will post 2.5 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Sunday, September 1st. Stockholders of record on Wednesday, August 7th will be paid a dividend of $0.38 per share. The ex-dividend date is Tuesday, August 6th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.44%. FirstEnergy’s dividend payout ratio is 58.69%.
FirstEnergy Corp., through its subsidiaries, generates, transmits, and distributes electricity in the United States. The company operates through Regulated Distribution and Regulated Transmission segments. It owns and operates coal-fired, nuclear, hydroelectric, natural gas, wind, and solar power generating facilities.
Featured Article: What strategies should day traders use to execute a trade?
Want to see what other hedge funds are holding FE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for FirstEnergy Corp. (NYSE:FE).
Receive News & Ratings for FirstEnergy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for FirstEnergy and related companies with MarketBeat.com's FREE daily email newsletter.