Magnetar Financial LLC Has $6.91 Million Stock Position in FirstEnergy Corporation $FE

Magnetar Financial LLC cut its holdings in shares of FirstEnergy Corporation (NYSE:FE) by 99.7% in the 2nd quarter, HoldingsChannel reports. The fund owned 173,720 shares of the utilities provider’s stock after selling 56,490,113 shares during the period. Magnetar Financial LLC’s holdings in FirstEnergy were worth $6,912,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. CWM LLC increased its holdings in FirstEnergy by 2.0% during the 2nd quarter. CWM LLC now owns 12,044 shares of the utilities provider’s stock worth $485,000 after purchasing an additional 240 shares in the last quarter. Kovitz Investment Group Partners LLC lifted its holdings in shares of FirstEnergy by 2.4% in the first quarter. Kovitz Investment Group Partners LLC now owns 10,807 shares of the utilities provider’s stock valued at $437,000 after purchasing an additional 255 shares in the last quarter. Equitable Trust Co. boosted its position in shares of FirstEnergy by 1.2% during the first quarter. Equitable Trust Co. now owns 22,677 shares of the utilities provider’s stock valued at $917,000 after buying an additional 266 shares during the last quarter. Valeo Financial Advisors LLC boosted its position in shares of FirstEnergy by 4.5% during the second quarter. Valeo Financial Advisors LLC now owns 6,444 shares of the utilities provider’s stock valued at $259,000 after buying an additional 277 shares during the last quarter. Finally, IFP Advisors Inc grew its holdings in FirstEnergy by 4.2% during the second quarter. IFP Advisors Inc now owns 7,545 shares of the utilities provider’s stock worth $304,000 after buying an additional 304 shares in the last quarter. Institutional investors own 89.41% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Jefferies Financial Group raised their price objective on FirstEnergy from $45.00 to $47.00 and gave the company a “hold” rating in a research note on Tuesday, October 21st. Mizuho increased their target price on shares of FirstEnergy from $45.00 to $50.00 and gave the company a “neutral” rating in a report on Friday, October 24th. Morgan Stanley raised their price target on shares of FirstEnergy from $47.00 to $50.00 and gave the company an “overweight” rating in a research report on Tuesday, October 21st. KeyCorp cut shares of FirstEnergy from an “overweight” rating to a “sector weight” rating in a report on Tuesday, October 14th. Finally, UBS Group increased their price objective on shares of FirstEnergy from $47.00 to $50.00 and gave the company a “neutral” rating in a research note on Friday, October 24th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $49.08.

FirstEnergy Price Performance

FE opened at $46.89 on Friday. FirstEnergy Corporation has a fifty-two week low of $37.58 and a fifty-two week high of $48.20. The firm has a 50-day moving average of $45.87 and a 200 day moving average of $43.25. The company has a debt-to-equity ratio of 1.80, a quick ratio of 0.51 and a current ratio of 0.75. The firm has a market cap of $27.09 billion, a P/E ratio of 20.48, a PEG ratio of 2.80 and a beta of 0.53.

FirstEnergy (NYSE:FE) last released its earnings results on Wednesday, October 22nd. The utilities provider reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.76 by $0.07. FirstEnergy had a net margin of 9.19% and a return on equity of 11.15%. The firm had revenue of $4.15 billion for the quarter, compared to analysts’ expectations of $3.94 billion. During the same period in the previous 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 expect that FirstEnergy Corporation will post 2.66 EPS for the current year.

FirstEnergy Dividend Announcement

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