22,563 Shares of FirstEnergy Corporation $FE Bought by Provenance Wealth Advisors LLC

Provenance Wealth Advisors LLC bought a new position in FirstEnergy Corporation (NYSE:FE) during the 3rd quarter, HoldingsChannel reports. The fund bought 22,563 shares of the utilities provider’s stock, valued at approximately $978,000.

A number of other hedge funds have also made changes to their positions in the company. Simplicity Wealth LLC lifted its holdings in FirstEnergy by 3.4% during the 1st quarter. Simplicity Wealth LLC now owns 6,839 shares of the utilities provider’s stock valued at $346,000 after purchasing an additional 223 shares during the last quarter. GRIMES & Co WEALTH MANAGEMENT LLC boosted its position in FirstEnergy by 3.7% in the third quarter. GRIMES & Co WEALTH MANAGEMENT LLC now owns 6,338 shares of the utilities provider’s stock valued at $275,000 after buying an additional 229 shares in the last quarter. Elevation Point Wealth Partners LLC boosted its position in FirstEnergy by 1.0% in the second quarter. Elevation Point Wealth Partners LLC now owns 25,572 shares of the utilities provider’s stock valued at $1,216,000 after buying an additional 245 shares in the last quarter. CX Institutional grew its stake in FirstEnergy by 3.5% during the second quarter. CX Institutional now owns 7,776 shares of the utilities provider’s stock worth $370,000 after buying an additional 266 shares during the last quarter. Finally, Versant Capital Management Inc grew its stake in FirstEnergy by 16.7% during the third quarter. Versant Capital Management Inc now owns 1,939 shares of the utilities provider’s stock worth $84,000 after buying an additional 278 shares during the last quarter. Institutional investors and hedge funds own 89.41% of the company’s stock.

FirstEnergy Stock Down 0.1%

Shares of NYSE:FE opened at $47.16 on Thursday. The company has a quick ratio of 0.31, a current ratio of 0.38 and a debt-to-equity ratio of 1.79. The firm has a market cap of $27.30 billion, a P/E ratio of 22.67, a P/E/G ratio of 2.77 and a beta of 0.39. FirstEnergy Corporation has a 12 month low of $42.67 and a 12 month high of $52.34. The company’s 50-day moving average price is $45.47 and its two-hundred day moving average price is $47.52.

FirstEnergy (NYSE:FE) last announced its earnings results on Tuesday, October 27th. The utilities provider reported $0.98 earnings per share for the quarter, topping analysts’ consensus estimates of $0.90 by $0.08. FirstEnergy had a net margin of 7.40% and a return on equity of 11.07%. The company had revenue of $4.56 billion during the quarter, compared to the consensus estimate of $4.24 billion. During the same period in the previous year, the firm posted $0.83 earnings per share. The company’s revenue was up 12.2% on a year-over-year basis. As a group, research analysts forecast that FirstEnergy Corporation will post 2.74 EPS for the current fiscal year.

FirstEnergy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Friday, November 6th will be issued a $0.4650 dividend. The ex-dividend date of this dividend is Friday, November 6th. This represents a $1.86 dividend on an annualized basis and a dividend yield of 3.9%. FirstEnergy’s dividend payout ratio (DPR) is currently 89.42%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on FE shares. BMO Capital Markets began coverage on shares of FirstEnergy in a report on Monday, October 26th. They set an “outperform” rating and a $50.00 price objective for the company. HSBC began coverage on FirstEnergy in a research report on Thursday, October 22nd. They set a “buy” rating and a $50.00 price target on the stock. Barclays dropped their price target on FirstEnergy from $54.00 to $49.00 and set an “overweight” rating for the company in a report on Monday, October 12th. Weiss Ratings upgraded FirstEnergy from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday. Finally, Morgan Stanley boosted their price objective on FirstEnergy from $49.00 to $50.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 21st. Eight investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $50.77.

About FirstEnergy

FirstEnergy Corp. (NYSE: FE) is an electric utility company focused on the transmission and distribution of electricity. Through its regulated utility subsidiaries, the company delivers power to residential, commercial and industrial customers and maintains the poles, lines, substations and other infrastructure that support electric service.

FirstEnergy’s distribution operations serve customers across parts of Ohio, Pennsylvania, New Jersey, West Virginia and Maryland. Its utility companies include Ohio Edison, The Illuminating Company, Toledo Edison, Jersey Central Power & Light, Met-Ed, Penelec, Penn Power, West Penn Power, Mon Power and The Potomac Edison Company.