Electron Capital Partners LLC Purchases 1,519,737 Shares of FirstEnergy Corporation $FE

Electron Capital Partners LLC grew its position in shares of FirstEnergy Corporation (NYSE:FE) by 103.2% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,991,914 shares of the utilities provider’s stock after buying an additional 1,519,737 shares during the quarter. FirstEnergy accounts for 5.9% of Electron Capital Partners LLC’s investment portfolio, making the stock its 4th largest holding. Electron Capital Partners LLC’s holdings in FirstEnergy were worth $151,570,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in FE. Empowered Funds LLC boosted its holdings in FirstEnergy by 85.3% in the 1st quarter. Empowered Funds LLC now owns 25,752 shares of the utilities provider’s stock valued at $1,305,000 after purchasing an additional 11,851 shares in the last quarter. Energy Income Partners LLC lifted its holdings in shares of FirstEnergy by 12.0% in the 1st quarter. Energy Income Partners LLC now owns 1,900,897 shares of the utilities provider’s stock valued at $96,299,000 after buying an additional 204,138 shares during the period. Quantinno Capital Management LP boosted its stake in shares of FirstEnergy by 19.9% in the first quarter. Quantinno Capital Management LP now owns 467,800 shares of the utilities provider’s stock valued at $23,699,000 after buying an additional 77,647 shares in the last quarter. SummitTX Capital L.P. grew its holdings in FirstEnergy by 3.5% during the first quarter. SummitTX Capital L.P. now owns 322,959 shares of the utilities provider’s stock worth $16,361,000 after acquiring an additional 10,974 shares during the period. Finally, BROOKFIELD Corp ON raised its position in FirstEnergy by 6.4% in the first quarter. BROOKFIELD Corp ON now owns 2,621,338 shares of the utilities provider’s stock worth $132,797,000 after acquiring an additional 156,920 shares in the last quarter. Hedge funds and other institutional investors own 89.41% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on FE shares. Wolfe Research cut shares of FirstEnergy from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 4th. TD Cowen upgraded shares of FirstEnergy from a “hold” rating to a “buy” rating and reduced their target price for the company from $56.00 to $53.00 in a report on Friday, May 15th. Jefferies Financial Group increased their target price on FirstEnergy from $50.00 to $52.00 and gave the company a “hold” rating in a research note on Tuesday, April 21st. Weiss Ratings downgraded shares of FirstEnergy from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, June 17th. Finally, Morgan Stanley reiterated an “overweight” rating on shares of FirstEnergy in a research note on Wednesday, July 22nd. Seven research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $52.92.

FirstEnergy Price Performance

Shares of FE opened at $49.36 on Tuesday. The company has a debt-to-equity ratio of 1.87, a current ratio of 0.52 and a quick ratio of 0.42. FirstEnergy Corporation has a 12 month low of $41.30 and a 12 month high of $52.34. The stock has a fifty day moving average price of $47.31 and a 200 day moving average price of $48.16. The company has a market cap of $28.55 billion, a P/E ratio of 26.83, a PEG ratio of 2.39 and a beta of 0.47.

FirstEnergy (NYSE:FE) last posted its earnings results on Tuesday, April 28th. The utilities provider reported $0.72 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.72. FirstEnergy had a net margin of 6.86% and a return on equity of 10.66%. The firm had revenue of $4.20 billion during the quarter, compared to analyst estimates of $3.80 billion. During the same period in the previous year, the business posted $0.67 EPS. FirstEnergy’s revenue was up 11.6% on a year-over-year basis. On average, research analysts forecast that FirstEnergy Corporation will post 2.73 earnings per share for the current year.

FirstEnergy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 7th will be paid a $0.465 dividend. The ex-dividend date of this dividend is Friday, August 7th. This represents a $1.86 annualized dividend and a dividend yield of 3.8%. FirstEnergy’s dividend payout ratio is presently 101.09%.

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.