Verition Fund Management LLC lessened its holdings in FirstEnergy Corp. (NYSE:FE) by 64.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 26,811 shares of the utilities provider’s stock after selling 49,424 shares during the period. Verition Fund Management LLC’s holdings in FirstEnergy were worth $912,000 at the end of the most recent quarter.
Other institutional investors have also added to or reduced their stakes in the company. Tower Research Capital LLC TRC boosted its stake in shares of FirstEnergy by 344.8% during the fourth quarter. Tower Research Capital LLC TRC now owns 4,791 shares of the utilities provider’s stock valued at $147,000 after purchasing an additional 3,714 shares in the last quarter. Signition LP acquired a new stake in shares of FirstEnergy during the first quarter valued at about $204,000. Ostrum Asset Management acquired a new stake in shares of FirstEnergy during the first quarter valued at about $222,000. Oppenheimer Asset Management Inc. acquired a new stake in shares of FirstEnergy during the first quarter valued at about $230,000. Finally, Morningstar Investment Services LLC acquired a new position in shares of FirstEnergy in the first quarter worth approximately $269,000. Hedge funds and other institutional investors own 94.85% of the company’s stock.
FE has been the topic of a number of recent analyst reports. Morgan Stanley set a $35.00 price objective on FirstEnergy and gave the stock a “buy” rating in a research note on Thursday, March 8th. Wells Fargo & Co raised FirstEnergy from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $27.93 to $34.30 in a research note on Monday, April 30th. Mizuho raised FirstEnergy from a “neutral” rating to a “buy” rating in a research note on Monday, May 7th. ValuEngine lowered FirstEnergy from a “buy” rating to a “hold” rating in a research note on Thursday, May 17th. Finally, Zacks Investment Research raised FirstEnergy from a “hold” rating to a “buy” rating and set a $38.00 price objective on the stock in a research note on Tuesday, June 5th. Seven analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. FirstEnergy has a consensus rating of “Buy” and a consensus price target of $35.56.
Shares of FE stock opened at $34.92 on Wednesday. The company has a market capitalization of $16.57 billion, a price-to-earnings ratio of 11.37, a price-to-earnings-growth ratio of 2.44 and a beta of 0.28. The company has a quick ratio of 0.40, a current ratio of 0.46 and a debt-to-equity ratio of 2.32. FirstEnergy Corp. has a fifty-two week low of $28.72 and a fifty-two week high of $35.56.
FirstEnergy (NYSE:FE) last issued its earnings results on Monday, April 23rd. The utilities provider reported $0.67 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.68 by ($0.01). The business had revenue of $2.90 billion during the quarter, compared to the consensus estimate of $3.36 billion. FirstEnergy had a positive return on equity of 22.52% and a negative net margin of 5.33%. The company’s revenue for the quarter was down 18.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.78 earnings per share. research analysts anticipate that FirstEnergy Corp. will post 2.37 earnings per share for the current year.
FirstEnergy Corp., through its subsidiaries, generates, transmits, and distributes electricity in the United States. The company operates through Regulated Distribution, Regulated Transmission, and Competitive Energy Services segments. It owns and operates coal-fired, nuclear, hydroelectric, oil and natural gas, wind, and solar power generating facilities.
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