Investors Buy High Volume of FirstEnergy Put Options (NYSE:FE)

FirstEnergy Corp. (NYSE:FE) saw some unusual options trading on Monday. Traders bought 2,744 put options on the stock. This is an increase of approximately 1,979% compared to the typical daily volume of 132 put options.

Hedge funds have recently modified their holdings of the business. SeaCrest Wealth Management LLC lifted its stake in shares of FirstEnergy by 1.8% in the 3rd quarter. SeaCrest Wealth Management LLC now owns 11,994 shares of the utilities provider’s stock valued at $578,000 after acquiring an additional 214 shares during the last quarter. CIBC Private Wealth Group LLC raised its position in FirstEnergy by 3.6% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 6,508 shares of the utilities provider’s stock worth $314,000 after purchasing an additional 225 shares during the last quarter. Skandinaviska Enskilda Banken AB publ raised its position in FirstEnergy by 0.4% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 63,655 shares of the utilities provider’s stock worth $2,725,000 after purchasing an additional 228 shares during the last quarter. AGF Investments LLC raised its position in FirstEnergy by 26.3% during the 2nd quarter. AGF Investments LLC now owns 1,144 shares of the utilities provider’s stock worth $49,000 after purchasing an additional 238 shares during the last quarter. Finally, Meeder Asset Management Inc. raised its position in FirstEnergy by 38.9% during the 3rd quarter. Meeder Asset Management Inc. now owns 943 shares of the utilities provider’s stock worth $45,000 after purchasing an additional 264 shares during the last quarter. 94.23% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NYSE:FE opened at $48.50 on Tuesday. The company has a market capitalization of $26.12 billion, a P/E ratio of 18.73, a P/E/G ratio of 3.23 and a beta of 0.21. FirstEnergy has a 1 year low of $35.33 and a 1 year high of $49.07. The company has a debt-to-equity ratio of 2.63, a current ratio of 0.60 and a quick ratio of 0.53. The business’s 50 day simple moving average is $47.65 and its 200 day simple moving average is $44.12.

FirstEnergy (NYSE:FE) last issued its earnings results on Tuesday, July 23rd. The utilities provider reported $0.61 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.01. The firm had revenue of $2.60 billion for the quarter, compared to the consensus estimate of $2.66 billion. FirstEnergy had a return on equity of 20.29% and a net margin of 2.79%. The company’s revenue was down 3.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.62 EPS. On average, sell-side analysts anticipate that FirstEnergy will post 2.5 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Thursday, November 7th will be issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.13%. The ex-dividend date of this dividend is Wednesday, November 6th. FirstEnergy’s dividend payout ratio is presently 58.69%.

FE has been the topic of several research reports. KeyCorp upped their target price on FirstEnergy from $51.00 to $56.00 and gave the company an “overweight” rating in a research report on Monday. TheStreet downgraded FirstEnergy from a “b” rating to a “f” rating in a research report on Thursday, July 18th. Citigroup set a $49.00 target price on FirstEnergy and gave the company a “hold” rating in a research report on Thursday, October 10th. Mizuho downgraded FirstEnergy from a “buy” rating to a “neutral” rating and upped their target price for the company from $48.00 to $48.50 in a research report on Friday, September 20th. Finally, ValuEngine downgraded FirstEnergy from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $47.79.

About FirstEnergy

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.

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