Cherokee Insurance Co Makes New $1.33 Million Investment in FirstEnergy Corporation $FE

Cherokee Insurance Co bought a new stake in FirstEnergy Corporation (NYSE:FE) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 33,000 shares of the utilities provider’s stock, valued at approximately $1,329,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in FirstEnergy by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 66,150,214 shares of the utilities provider’s stock valued at $2,673,792,000 after purchasing an additional 306,313 shares in the last quarter. Boston Partners grew its holdings in FirstEnergy by 14.9% in the first quarter. Boston Partners now owns 18,962,859 shares of the utilities provider’s stock valued at $767,952,000 after purchasing an additional 2,459,779 shares during the last quarter. Geode Capital Management LLC increased its position in shares of FirstEnergy by 1.1% in the second quarter. Geode Capital Management LLC now owns 13,091,114 shares of the utilities provider’s stock valued at $524,764,000 after buying an additional 146,742 shares in the last quarter. Royal Bank of Canada increased its position in shares of FirstEnergy by 2.9% in the first quarter. Royal Bank of Canada now owns 4,098,769 shares of the utilities provider’s stock valued at $165,674,000 after buying an additional 116,825 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of FirstEnergy by 0.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,430,753 shares of the utilities provider’s stock worth $138,671,000 after buying an additional 28,683 shares during the last quarter. 89.41% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have weighed in on FE. Morgan Stanley raised their target price on shares of FirstEnergy from $47.00 to $50.00 and gave the company an “overweight” rating in a report on Tuesday, October 21st. Barclays raised shares of FirstEnergy from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $43.00 to $49.00 in a research note on Monday, August 25th. Mizuho upped their target price on FirstEnergy from $45.00 to $50.00 and gave the company a “neutral” rating in a research note on Friday, October 24th. Wells Fargo & Company raised FirstEnergy to a “strong-buy” rating in a research report on Tuesday, October 28th. Finally, KeyCorp downgraded FirstEnergy from an “overweight” rating to a “sector weight” rating in a research report on Tuesday, October 14th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, FirstEnergy presently has a consensus rating of “Moderate Buy” and an average price target of $49.08.

FirstEnergy Stock Up 0.2%

Shares of NYSE:FE opened at $46.36 on Thursday. The company has a current ratio of 0.75, a quick ratio of 0.51 and a debt-to-equity ratio of 1.80. The firm has a market cap of $26.78 billion, a price-to-earnings ratio of 20.24, a PEG ratio of 2.80 and a beta of 0.53. The stock’s 50-day moving average price is $45.47 and its two-hundred day moving average price is $43.08. FirstEnergy Corporation has a 12-month low of $37.58 and a 12-month high of $48.20.

FirstEnergy (NYSE:FE) last released its earnings results on Wednesday, October 22nd. The utilities provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.07. FirstEnergy had a net margin of 9.19% and a return on equity of 11.15%. The business had revenue of $4.10 billion for the quarter, compared to analysts’ expectations of $3.94 billion. During the same period last year, the company earned $0.85 earnings per share. The company’s quarterly revenue was up 10.8% on a year-over-year basis. FirstEnergy has set its FY 2025 guidance at 2.500-2.560 EPS. On average, research analysts forecast that FirstEnergy Corporation will post 2.66 EPS for the current year.

FirstEnergy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 1st. Stockholders of record on Friday, November 7th will be issued a dividend of $0.445 per share. This represents a $1.78 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date is Friday, November 7th. FirstEnergy’s dividend payout ratio is presently 77.73%.

FirstEnergy Profile

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.