Ken Fisher Sold These 5 Stocks Before Entering 2022

2. FirstEnergy Corp. (NYSE:FE)

Number of Hedge Fund Holders: 38

FirstEnergy Corp. (NYSE:FE) is an electric utility company headquartered in Akron, Ohio. The company specializes in electricity generation, transmission, distribution, energy management, and other energy-related services. In Q3 2021, Ken Fisher acquired 5,969 FirstEnergy Corp. (NYSE:FE) shares, worth $213,000. He discarded his stake in the company entirely in Q4 2021. 

FirstEnergy Corp. (NYSE:FE) on December 21 declared a $0.39 per share quarterly dividend, in line with previous. The dividend is payable on March 1, to shareholders of record on February 7. 

On January 7, Evercore ISI analyst Michael Lonegan upgraded FirstEnergy Corp. (NYSE:FE) to Outperform from In Line with a price target of $46, up from $40. FirstEnergy Corp. (NYSE:FE) shares present an “inexpensive opportunity” that has not yet fully realized the benefits of transitioning to a fully regulated electric utility with more constructive regulation as a result of many disruptions, the analyst told investors in a research note. 

In Q3 2021, 38 hedge funds were long FirstEnergy Corp. (NYSE:FE), with stakes totaling $1.47 billion, as compared to 35 funds in the prior quarter, holding stakes in FirstEnergy Corp. (NYSE:FE) worth $1.70 billion. Carl Icahn’s Icahn Capital LP is the leading stakeholder of FirstEnergy Corp. (NYSE:FE), with roughly 19 million shares worth $675.6 million.