Seven Eight Capital LP Invests $252,000 in FirstEnergy Corp. (NYSE:FE)

Seven Eight Capital LP purchased a new stake in shares of FirstEnergy Corp. (NYSE:FE) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor purchased 6,581 shares of the utilities provider’s stock, valued at approximately $252,000.

Other hedge funds have also recently modified their holdings of the company. Corient Private Wealth LLC grew its position in shares of FirstEnergy by 14.6% during the 4th quarter. Corient Private Wealth LLC now owns 46,898 shares of the utilities provider’s stock worth $1,719,000 after buying an additional 5,979 shares in the last quarter. US Bancorp DE lifted its stake in shares of FirstEnergy by 3.0% in the 4th quarter. US Bancorp DE now owns 64,573 shares of the utilities provider’s stock valued at $2,367,000 after purchasing an additional 1,866 shares during the period. Commerce Bank raised its position in shares of FirstEnergy by 0.8% in the fourth quarter. Commerce Bank now owns 63,819 shares of the utilities provider’s stock worth $2,340,000 after acquiring an additional 516 shares during the period. SageView Advisory Group LLC boosted its position in FirstEnergy by 12.5% during the fourth quarter. SageView Advisory Group LLC now owns 16,185 shares of the utilities provider’s stock worth $595,000 after purchasing an additional 1,799 shares in the last quarter. Finally, Lumbard & Kellner LLC acquired a new stake in FirstEnergy in the 4th quarter valued at $2,418,000. Institutional investors own 89.41% of the company’s stock.

FirstEnergy Trading Up 0.1 %

NYSE FE opened at $44.03 on Tuesday. The firm’s fifty day moving average price is $42.61 and its 200 day moving average price is $40.06. The company has a debt-to-equity ratio of 1.52, a current ratio of 0.51 and a quick ratio of 0.43. FirstEnergy Corp. has a 12 month low of $32.18 and a 12 month high of $44.97. The company has a market capitalization of $25.34 billion, a price-to-earnings ratio of 25.30, a price-to-earnings-growth ratio of 2.32 and a beta of 0.50.

FirstEnergy (NYSE:FE) last released its earnings results on Tuesday, July 30th. The utilities provider reported $0.56 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.56. The business had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.47 billion. FirstEnergy had a return on equity of 12.12% and a net margin of 6.61%. During the same quarter in the previous year, the company posted $0.47 earnings per share. On average, sell-side analysts expect that FirstEnergy Corp. will post 2.7 earnings per share for the current fiscal year.

FirstEnergy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Wednesday, August 7th were paid a dividend of $0.425 per share. This represents a $1.70 dividend on an annualized basis and a dividend yield of 3.86%. The ex-dividend date of this dividend was Wednesday, August 7th. FirstEnergy’s dividend payout ratio (DPR) is 97.70%.

Analyst Ratings Changes

Several research firms have commented on FE. Morgan Stanley boosted their price objective on FirstEnergy from $45.00 to $48.00 and gave the stock an “overweight” rating in a research note on Friday, August 23rd. Wells Fargo & Company upped their target price on shares of FirstEnergy from $42.00 to $45.00 and gave the company an “equal weight” rating in a research report on Thursday, August 1st. Mizuho raised their price target on FirstEnergy from $38.00 to $41.00 and gave the stock a “neutral” rating in a research report on Monday, June 3rd. Argus upgraded shares of FirstEnergy from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a report on Friday. Finally, JPMorgan Chase & Co. boosted their target price on FirstEnergy from $43.00 to $45.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $44.18.

About FirstEnergy

FirstEnergy Corp., through its subsidiaries, generates, transmits, and distributes electricity in the United States. It operates through Regulated Distribution and Regulated Transmission segments. The company owns and operates coal-fired, nuclear, hydroelectric, wind, and solar power generating facilities.