Saudi Central Bank Purchases 18,208 Shares of FirstEnergy Corporation $FE

Saudi Central Bank lifted its position in shares of FirstEnergy Corporation (NYSE:FE) by 89.9% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 38,464 shares of the utilities provider’s stock after buying an additional 18,208 shares during the period. Saudi Central Bank’s holdings in FirstEnergy were worth $1,829,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Northwestern Mutual Wealth Management Co. raised its position in FirstEnergy by 11,305.6% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,974,989 shares of the utilities provider’s stock worth $81,699,000 after purchasing an additional 1,957,673 shares during the period. Intech Investment Management LLC boosted its position in FirstEnergy by 42.8% during the fourth quarter. Intech Investment Management LLC now owns 85,247 shares of the utilities provider’s stock valued at $3,817,000 after buying an additional 25,571 shares during the period. Assenagon Asset Management S.A. grew its stake in shares of FirstEnergy by 6,066.6% during the second quarter. Assenagon Asset Management S.A. now owns 495,299 shares of the utilities provider’s stock valued at $23,547,000 after buying an additional 487,267 shares during the last quarter. BW Gestao de Investimentos Ltda. bought a new position in shares of FirstEnergy during the fourth quarter valued at about $15,172,000. Finally, Bryn Mawr Trust Advisors LLC purchased a new position in shares of FirstEnergy in the second quarter worth about $9,878,000. Hedge funds and other institutional investors own 89.41% of the company’s stock.

FirstEnergy Stock Performance

NYSE:FE opened at $46.53 on Wednesday. The company has a quick ratio of 0.45, a current ratio of 0.54 and a debt-to-equity ratio of 1.88. The firm’s fifty day simple moving average is $47.70 and its 200 day simple moving average is $48.18. The stock has a market cap of $26.93 billion, a P/E ratio of 24.75, a price-to-earnings-growth ratio of 2.70 and a beta of 0.45. FirstEnergy Corporation has a twelve month low of $42.87 and a twelve month high of $52.34.

FirstEnergy (NYSE:FE) last issued its quarterly earnings data on Tuesday, July 28th. The utilities provider reported $0.50 EPS for the quarter, hitting the consensus estimate of $0.50. The business had revenue of $3.68 billion during the quarter, compared to analyst estimates of $3.51 billion. FirstEnergy had a net margin of 6.86% and a return on equity of 10.51%. During the same period in the prior year, the business earned $0.52 EPS. As a group, research analysts predict that FirstEnergy Corporation will post 2.74 EPS for the current year.

FirstEnergy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th were issued a $0.465 dividend. The ex-dividend date was Friday, August 7th. This represents a $1.86 annualized dividend and a yield of 4.0%. FirstEnergy’s dividend payout ratio (DPR) is 98.94%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Morgan Stanley lowered their target price on FirstEnergy from $53.00 to $52.00 and set an “overweight” rating for the company in a research note on Friday, August 21st. Barclays decreased their price target on FirstEnergy from $55.00 to $54.00 and set an “overweight” rating on the stock in a research note on Friday, July 31st. TD Cowen raised FirstEnergy from a “hold” rating to a “buy” rating and dropped their price objective for the company from $56.00 to $53.00 in a research note on Friday, May 15th. Weiss Ratings cut shares of FirstEnergy from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, June 17th. Finally, UBS Group lifted their target price on shares of FirstEnergy from $50.00 to $51.00 and gave the stock a “neutral” rating in a research note on Thursday, June 11th. Seven analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, FirstEnergy has an average rating of “Moderate Buy” and an average price target of $52.83.

About FirstEnergy

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.