Connor Clark & Lunn Investment Management Ltd. Has $15.84 Million Stock Position in FirstEnergy Corporation $FE

Connor Clark & Lunn Investment Management Ltd. grew its position in shares of FirstEnergy Corporation (NYSE:FE) by 63.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 333,283 shares of the utilities provider’s stock after buying an additional 129,786 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.06% of FirstEnergy worth $15,844,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of FE. Parallel Advisors LLC increased its position in FirstEnergy by 4.1% in the 4th quarter. Parallel Advisors LLC now owns 5,381 shares of the utilities provider’s stock valued at $241,000 after acquiring an additional 213 shares in the last quarter. Simplicity Wealth LLC lifted its position in shares of FirstEnergy by 3.4% during the first quarter. Simplicity Wealth LLC now owns 6,839 shares of the utilities provider’s stock worth $346,000 after purchasing an additional 223 shares in the last quarter. Dorsey & Whitney Trust CO LLC lifted its position in shares of FirstEnergy by 5.0% during the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 4,677 shares of the utilities provider’s stock worth $209,000 after purchasing an additional 223 shares in the last quarter. Pinnacle Bancorp Inc. grew its stake in shares of FirstEnergy by 44.4% during the first quarter. Pinnacle Bancorp Inc. now owns 754 shares of the utilities provider’s stock valued at $38,000 after purchasing an additional 232 shares during the last quarter. Finally, Allworth Financial LP grew its stake in shares of FirstEnergy by 3.7% during the fourth quarter. Allworth Financial LP now owns 6,778 shares of the utilities provider’s stock valued at $303,000 after purchasing an additional 241 shares during the last quarter. Institutional investors and hedge funds own 89.41% of the company’s stock.

FirstEnergy Stock Performance

FE stock opened at $46.65 on Wednesday. The business’s 50-day moving average price is $47.88 and its two-hundred day moving average price is $48.31. The company has a current ratio of 0.54, a quick ratio of 0.45 and a debt-to-equity ratio of 1.88. The firm has a market cap of $26.99 billion, a PE ratio of 24.81, a P/E/G ratio of 2.23 and a beta of 0.46. FirstEnergy Corporation has a 1-year low of $42.87 and a 1-year high of $52.34.

FirstEnergy (NYSE:FE) last posted its earnings results on Tuesday, July 28th. The utilities provider reported $0.50 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.50. FirstEnergy had a return on equity of 10.51% and a net margin of 6.86%.The firm had revenue of $3.68 billion during the quarter, compared to analysts’ expectations of $3.51 billion. During the same period in the previous year, the firm earned $0.52 earnings per share. As a group, research analysts forecast that FirstEnergy Corporation will post 2.74 earnings per share for the current year.

FirstEnergy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 7th will be issued a $0.465 dividend. This represents a $1.86 annualized dividend and a dividend yield of 4.0%. The ex-dividend date is Friday, August 7th. FirstEnergy’s dividend payout ratio is 98.94%.

Analyst Upgrades and Downgrades

FE has been the subject of a number of research reports. Weiss Ratings lowered shares of FirstEnergy from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, June 17th. Morgan Stanley decreased their price objective on FirstEnergy from $53.00 to $52.00 and set an “overweight” rating on the stock in a research report on Friday, August 21st. Wolfe Research cut FirstEnergy from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 4th. Barclays cut 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. Finally, TD Cowen upgraded FirstEnergy from a “hold” rating to a “buy” rating and lowered their price objective for the stock from $56.00 to $53.00 in a research report on Friday, May 15th. Seven equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $52.83.

FirstEnergy Profile

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.