Weiss Multi Strategy Advisers LLC boosted its position in FirstEnergy Corporation (NYSE:FE) by 1,874.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 295,198 shares of the utilities provider’s stock after buying an additional 280,248 shares during the period. Weiss Multi Strategy Advisers LLC owned approximately 0.07% of FirstEnergy Corporation worth $9,393,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Highbridge Capital Management LLC increased its position in FirstEnergy Corporation by 19.5% in the fourth quarter. Highbridge Capital Management LLC now owns 971,358 shares of the utilities provider’s stock worth $30,083,000 after buying an additional 158,845 shares during the period. Comerica Bank increased its position in FirstEnergy Corporation by 1.9% in the fourth quarter. Comerica Bank now owns 105,054 shares of the utilities provider’s stock worth $3,215,000 after buying an additional 1,916 shares during the period. BP PLC purchased a new position in FirstEnergy Corporation during the first quarter worth $1,591,000. Washington Trust Bank increased its position in FirstEnergy Corporation by 522.0% in the first quarter. Washington Trust Bank now owns 13,534 shares of the utilities provider’s stock worth $431,000 after buying an additional 11,358 shares during the period. Finally, Northpointe Capital LLC increased its position in FirstEnergy Corporation by 23.0% in the first quarter. Northpointe Capital LLC now owns 127,080 shares of the utilities provider’s stock worth $4,044,000 after buying an additional 23,752 shares during the period. Hedge funds and other institutional investors own 78.41% of the company’s stock.
Shares of FirstEnergy Corporation (NYSE FE) traded up 0.10% during mid-day trading on Tuesday, reaching $29.90. The company’s stock had a trading volume of 1,726,702 shares. The firm’s market cap is $13.27 billion. The firm’s 50 day moving average is $29.03 and its 200 day moving average is $30.45. FirstEnergy Corporation has a one year low of $27.93 and a one year high of $36.60.
FirstEnergy Corporation (NYSE:FE) last released its quarterly earnings results on Thursday, April 27th. The utilities provider reported $0.78 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.07. FirstEnergy Corporation had a negative net margin of 44.23% and a positive return on equity of 12.79%. The business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.64 billion. During the same period in the previous year, the company earned $0.80 earnings per share. The business’s revenue for the quarter was down 7.7% on a year-over-year basis. On average, equities analysts anticipate that FirstEnergy Corporation will post $2.81 earnings per share for the current fiscal year.
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Several analysts recently weighed in on the company. BidaskClub downgraded FirstEnergy Corporation from a “sell” rating to a “strong sell” rating in a research note on Saturday, June 10th. Barclays PLC upgraded FirstEnergy Corporation from an “equal weight” rating to an “overweight” rating and cut their price target for the stock from $38.00 to $36.00 in a research note on Monday, May 1st. Morgan Stanley cut their price target on FirstEnergy Corporation from $40.00 to $39.00 and set an “overweight” rating on the stock in a research note on Monday, May 8th. Vetr downgraded FirstEnergy Corporation from a “strong-buy” rating to a “buy” rating and set a $36.00 price target on the stock. in a research note on Monday, February 27th. Finally, Jefferies Group LLC cut their price target on FirstEnergy Corporation from $34.50 to $32.00 and set a “hold” rating on the stock in a research note on Thursday, February 23rd. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and six have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $34.66.
FirstEnergy Corporation Company Profile
FirstEnergy Corp. is a holding company. The Company is engaged in holding, directly or indirectly, all of the outstanding equity of its principal subsidiaries. Its segments include Regulated Distribution, Regulated Transmission, Competitive Energy Services (CES) and Corporate/Other. As of December 31, 2016, the Regulated Distribution segment distributed electricity through the Company’s 10 utility operating companies, serving approximately six million customers, and purchased power for its provider of last resort (POLR), standard offer service (SOS), standard offer service (SSO) and default service requirements in Ohio, Pennsylvania, New Jersey and Maryland.
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