191.50% in 3 Years: Peconic Hedge Fund’s Top 10 Stock Picks

8. FirstEnergy Corp. (NYSE:FE)

Number of Hedge Fund Holders: 24

Regulatory filings indicate that at the end of the first quarter of 2024, Peconic Partners held 100,000 shares of FirstEnergy Corp. (NYSE:FE), valued at $3,862,000 and accounting for 0.17% of their portfolio. FirstEnergy Corp. (NYSE:FE) was more impacted by pandemic-related lockdowns than some of its peers, but it still maintains the stability that is generally valued.

FirstEnergy Corp. (NYSE:FE) shares have been on an upward trajectory in recent days as investor interest towards electricity stocks is building due to expected increase in AI power demand as well as electrification of the automotive industry.

The FPA Crescent Fund stated the following regarding FirstEnergy Corp. (NYSE:FE) in its fourth quarter 2023 investor letter:

“FirstEnergy Corp. (NYSE:FE) is an Ohio-based public utility holding company that we purchased in 2020 in the face of a bribery scandal. The company paid fines, and senior management changed as a result; since then, the company has performed well operationally, which has translated into good stock performance. While increasing interest rates in 2023 caused its stock to drop from its highs (along with the Interest Rate Caps), it continues to trade at a substantial discount to its peers and offers a 4.5% dividend yield.”