Wolverine Asset Management LLC Invests $1.09 Million in FirstEnergy Corporation $FE

Wolverine Asset Management LLC acquired a new position in FirstEnergy Corporation (NYSE:FE) during the third quarter, Holdings Channel reports. The institutional investor acquired 23,700 shares of the utilities provider’s stock, valued at approximately $1,086,000.

Other institutional investors have also recently added to or reduced their stakes in the company. State of Wyoming acquired a new position in shares of FirstEnergy during the 2nd quarter worth $25,000. Oliver Lagore Vanvalin Investment Group acquired a new position in FirstEnergy during the second quarter worth $26,000. Investment Research & Advisory Group Inc. bought a new position in FirstEnergy during the second quarter valued at about $26,000. Capital Advisors Ltd. LLC lifted its position in shares of FirstEnergy by 186.4% in the second quarter. Capital Advisors Ltd. LLC now owns 676 shares of the utilities provider’s stock worth $27,000 after buying an additional 440 shares during the last quarter. Finally, American National Bank & Trust lifted its position in shares of FirstEnergy by 380.2% in the third quarter. American National Bank & Trust now owns 581 shares of the utilities provider’s stock worth $27,000 after buying an additional 460 shares during the last quarter. 89.41% of the stock is currently owned by institutional investors and hedge funds.

FirstEnergy Stock Up 1.6%

Shares of FE opened at $47.33 on Friday. The company has a debt-to-equity ratio of 1.80, a quick ratio of 0.64 and a current ratio of 0.75. The company has a 50-day simple moving average of $45.47 and a 200-day simple moving average of $44.41. FirstEnergy Corporation has a 52 week low of $37.58 and a 52 week high of $48.20. The firm has a market capitalization of $27.34 billion, a P/E ratio of 20.67, a P/E/G ratio of 2.71 and a beta of 0.64.

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

FirstEnergy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Sunday, March 1st. Investors of record on Friday, February 6th will be paid a $0.445 dividend. This represents a $1.78 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date is Friday, February 6th. FirstEnergy’s dividend payout ratio is presently 77.73%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on FE. Morgan Stanley increased their price objective on FirstEnergy from $47.00 to $50.00 and gave the company an “overweight” rating in a report on Tuesday, October 21st. Wells Fargo & Company raised shares of FirstEnergy to a “strong-buy” rating in a research report on Tuesday, October 28th. Jefferies Financial Group lifted their price objective on FirstEnergy from $45.00 to $47.00 and gave the stock a “hold” rating in a research note on Tuesday, October 21st. Mizuho increased their target price on FirstEnergy from $45.00 to $50.00 and gave the company a “neutral” rating in a research note on Friday, October 24th. Finally, Scotiabank raised their target price on FirstEnergy from $49.00 to $51.00 and gave the company a “sector outperform” rating in a report on Friday, October 24th. One equities research 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. Based on data from MarketBeat, FirstEnergy currently has an average rating of “Moderate Buy” and a consensus target price of $48.75.

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.