Bank of Stockton Reduces Position in FirstEnergy Corp. (NYSE:FE)

Bank of Stockton decreased its stake in shares of FirstEnergy Corp. (NYSE:FE) by 4.3% during the third quarter, HoldingsChannel reports. The firm owned 7,788 shares of the utilities provider’s stock after selling 347 shares during the quarter. Bank of Stockton’s holdings in FirstEnergy were worth $345,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Wealth Enhancement Advisory Services LLC raised its stake in FirstEnergy by 214.5% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 73,567 shares of the utilities provider’s stock worth $2,841,000 after acquiring an additional 50,176 shares during the last quarter. Cornerstone Wealth Group LLC lifted its holdings in shares of FirstEnergy by 6.0% during the first quarter. Cornerstone Wealth Group LLC now owns 83,822 shares of the utilities provider’s stock worth $3,237,000 after purchasing an additional 4,765 shares during the period. Hexagon Capital Partners LLC boosted its position in FirstEnergy by 20.8% in the first quarter. Hexagon Capital Partners LLC now owns 5,585 shares of the utilities provider’s stock valued at $216,000 after buying an additional 961 shares during the last quarter. True Link Financial Advisors LLC acquired a new position in FirstEnergy in the 1st quarter worth approximately $283,000. Finally, Norden Group LLC increased its holdings in FirstEnergy by 2,741.7% in the 1st quarter. Norden Group LLC now owns 295,936 shares of the utilities provider’s stock worth $11,429,000 after buying an additional 285,522 shares during the period. Hedge funds and other institutional investors own 89.41% of the company’s stock.

FirstEnergy Price Performance

Shares of FirstEnergy stock traded down $0.21 on Friday, reaching $43.88. The company’s stock had a trading volume of 273,144 shares, compared to its average volume of 2,910,087. The company has a quick ratio of 0.43, a current ratio of 0.51 and a debt-to-equity ratio of 1.52. The company has a market capitalization of $25.27 billion, a P/E ratio of 31.20, a PEG ratio of 2.31 and a beta of 0.50. The stock has a 50-day moving average price of $43.63 and a 200-day moving average price of $40.86. FirstEnergy Corp. has a 52-week low of $34.91 and a 52-week high of $44.97.

FirstEnergy (NYSE:FE) last issued its quarterly earnings results on Tuesday, July 30th. The utilities provider reported $0.56 EPS for the quarter, hitting the consensus estimate of $0.56. The company had revenue of $3.28 billion during the quarter, compared to analyst estimates of $3.47 billion. FirstEnergy had a net margin of 6.61% and a return on equity of 12.12%. During the same quarter in the previous year, the firm earned $0.47 EPS. Analysts expect that FirstEnergy Corp. will post 2.7 EPS for the current year.

FirstEnergy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Investors of record on Thursday, November 7th will be issued a $0.425 dividend. This represents a $1.70 annualized dividend and a yield of 3.87%. The ex-dividend date is Thursday, November 7th. FirstEnergy’s payout ratio is 120.57%.

Analyst Upgrades and Downgrades

Several brokerages have commented on FE. Wells Fargo & Company upped their price objective on shares of FirstEnergy from $42.00 to $45.00 and gave the company an “equal weight” rating in a report on Thursday, August 1st. Argus raised shares of FirstEnergy from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a report on Friday, September 20th. Barclays increased their price target on FirstEnergy from $40.00 to $46.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Jefferies Financial Group initiated coverage on FirstEnergy in a report on Monday, October 14th. They issued a “hold” rating and a $46.00 price objective for the company. Finally, Scotiabank raised their target price on FirstEnergy from $40.00 to $45.00 and gave the stock a “sector perform” rating in a report on Tuesday, August 20th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, FirstEnergy has a consensus rating of “Hold” and an average target price of $46.00.

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.