Hudson Bay Capital Management LP Sells 311,383,809 Shares of FirstEnergy Corporation $FE

Hudson Bay Capital Management LP reduced its stake in shares of FirstEnergy Corporation (NYSE:FE) by 99.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 836,328 shares of the utilities provider’s stock after selling 311,383,809 shares during the quarter. Hudson Bay Capital Management LP owned 0.14% of FirstEnergy worth $33,671,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of FE. Vanguard Group Inc. raised its position in shares of FirstEnergy by 1.3% during the second quarter. Vanguard Group Inc. now owns 66,988,086 shares of the utilities provider’s stock valued at $2,696,940,000 after buying an additional 837,872 shares during the last quarter. Geode Capital Management LLC increased its position in shares of FirstEnergy by 1.1% during 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 purchasing an additional 146,742 shares during the period. Federated Hermes Inc. grew its position in FirstEnergy by 198.1% in the second quarter. Federated Hermes Inc. now owns 6,888,967 shares of the utilities provider’s stock valued at $277,350,000 after acquiring an additional 4,578,375 shares during the period. Legal & General Group Plc raised its stake in FirstEnergy by 8.6% during the second quarter. Legal & General Group Plc now owns 4,715,098 shares of the utilities provider’s stock worth $189,830,000 after acquiring an additional 374,053 shares in the last quarter. Finally, Royal Bank of Canada lifted its holdings in shares of FirstEnergy by 2.9% during 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 acquiring an additional 116,825 shares during the period. 89.41% of the stock is currently owned by institutional investors and hedge funds.

FirstEnergy Stock Performance

Shares of NYSE:FE opened at $44.21 on Friday. The company has a current ratio of 0.75, a quick ratio of 0.64 and a debt-to-equity ratio of 1.80. FirstEnergy Corporation has a 1-year low of $37.58 and a 1-year high of $48.20. The stock has a market capitalization of $25.54 billion, a P/E ratio of 19.31, a P/E/G ratio of 2.69 and a beta of 0.66. The business has a 50-day moving average price of $46.27 and a two-hundred day moving average price of $43.61.

FirstEnergy (NYSE:FE) last issued its earnings results on Wednesday, October 22nd. The utilities provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.07. The company had revenue of $4.15 billion for the quarter, compared to analyst estimates of $3.94 billion. FirstEnergy had a net margin of 9.19% and a return on equity of 11.15%. The company’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.85 EPS. FirstEnergy has set its FY 2025 guidance at 2.500-2.560 EPS. Equities analysts predict that FirstEnergy Corporation will post 2.66 earnings per share for the current year.

FirstEnergy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Friday, November 7th were given a dividend of $0.445 per share. The ex-dividend date was Friday, November 7th. This represents a $1.78 annualized dividend and a dividend yield of 4.0%. FirstEnergy’s payout ratio is presently 77.73%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on FE. Citigroup began coverage on shares of FirstEnergy in a report on Tuesday, October 7th. They issued a “buy” rating and a $53.00 target price on the stock. Weiss Ratings reiterated a “buy (b)” rating on shares of FirstEnergy in a research note on Wednesday, October 8th. UBS Group boosted their target price on FirstEnergy from $47.00 to $50.00 and gave the stock a “neutral” rating in a report on Friday, October 24th. Barclays raised FirstEnergy from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $43.00 to $49.00 in a report on Monday, August 25th. Finally, KeyCorp lowered FirstEnergy from an “overweight” rating to a “sector weight” rating in a research note on Tuesday, October 14th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $49.08.

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.