Onyx Bridge Wealth Group LLC Buys New Holdings in FirstEnergy Corp. (NYSE:FE)

Onyx Bridge Wealth Group LLC purchased a new position in FirstEnergy Corp. (NYSE:FE) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 4,652 shares of the utilities provider’s stock, valued at approximately $206,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Van ECK Associates Corp raised its holdings in shares of FirstEnergy by 41.4% in the 1st quarter. Van ECK Associates Corp now owns 187,964 shares of the utilities provider’s stock worth $7,259,000 after acquiring an additional 54,990 shares during the last quarter. Lord Abbett & CO. LLC lifted its holdings in shares of FirstEnergy by 5.3% in the first quarter. Lord Abbett & CO. LLC now owns 1,335,364 shares of the utilities provider’s stock valued at $51,572,000 after purchasing an additional 67,469 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its position in shares of FirstEnergy by 3.3% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,317,521 shares of the utilities provider’s stock valued at $50,422,000 after buying an additional 42,484 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in FirstEnergy by 214.5% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 73,567 shares of the utilities provider’s stock worth $2,841,000 after buying an additional 50,176 shares in the last quarter. Finally, Diversify Advisory Services LLC purchased a new stake in FirstEnergy in the 1st quarter valued at $929,000. Institutional investors and hedge funds own 89.41% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on FE. Jefferies Financial Group assumed coverage on shares of FirstEnergy in a report on Monday, October 14th. They set a “hold” rating and a $46.00 price objective on the stock. Scotiabank upped their price objective on shares of FirstEnergy from $40.00 to $45.00 and gave the stock a “sector perform” rating in a research report on Tuesday, August 20th. Morgan Stanley lifted their target price on shares of FirstEnergy from $48.00 to $51.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 25th. Barclays upped their target price on FirstEnergy from $40.00 to $46.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Finally, JPMorgan Chase & Co. lifted their price target on FirstEnergy from $45.00 to $46.00 and gave the stock a “neutral” rating in a report on Friday. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $45.91.

FirstEnergy Stock Performance

Shares of FE opened at $43.65 on Friday. FirstEnergy Corp. has a 1 year low of $34.73 and a 1 year high of $44.97. The company has a debt-to-equity ratio of 1.52, a current ratio of 0.51 and a quick ratio of 0.43. The stock’s fifty day moving average price is $43.53 and its two-hundred day moving average price is $40.72. The firm has a market cap of $25.14 billion, a PE ratio of 30.96, a PEG ratio of 2.27 and a beta of 0.50.

FirstEnergy (NYSE:FE) last announced its quarterly earnings data on Tuesday, July 30th. The utilities provider reported $0.56 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.56. The business had revenue of $3.28 billion for the quarter, compared to analysts’ expectations of $3.47 billion. FirstEnergy had a return on equity of 12.12% and a net margin of 6.61%. During the same period in the previous year, the business posted $0.47 EPS. On average, equities research analysts forecast that FirstEnergy Corp. will post 2.7 EPS for the current year.

FirstEnergy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Investors of record on Thursday, November 7th will be paid a $0.425 dividend. The ex-dividend date is Thursday, November 7th. This represents a $1.70 dividend on an annualized basis and a yield of 3.89%. FirstEnergy’s dividend payout ratio is 120.57%.

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.