5 Best Stocks to Buy and Hold According to Billionaire Carl Icahn

3. FirstEnergy Corp. (NYSE:FE)

Number of Hedge Fund Holders: 36

Icahn Capital LP’s Stake Value: $759,848,000

FirstEnergy Corp. (NYSE:FE) is engaged in the generation, transmission, and distribution of electricity across the United States. The company owns and operates various power generation facilities, including coal-fired, nuclear, hydroelectric, wind, and solar power plants. On March 22, FirstEnergy Corp. (NYSE:FE) declared a quarterly dividend of $0.39 per share, in line with previous. The dividend is payable on June 1, to shareholders of record as of May 5. 

Securities filings for the first quarter of 2023 reveal that Carl Icahn owned approximately 19 million shares of FirstEnergy Corp. (NYSE:FE), worth $760 million and representing 3.44% of the total 13F securities. 

According to Insider Monkey’s fourth quarter database, 36 hedge funds were long FirstEnergy Corp. (NYSE:FE), compared to 41 funds in the earlier quarter. First Pacific Advisors held the biggest stake in the company, comprising 3.6 million shares worth $151.5 million. 

Here is what ClearBridge Investments Global Infrastructure Income Strategy has to say about FirstEnergy Corp. (NYSE:FE) in its Q4 2021 investor letter:

“On a regional level, the Strategy’s largest exposure is in the U.S. and Canada (44%), consisting of regulated and contracted utilities (31%) and economically sensitive user-pays infrastructure (13%). During the quarter we initiated new positions in U.S. electric utility FirstEnergy.  With supply chain issues, higher housing costs, higher commodity prices and producer price inflation remaining square in the sights for 2022, we think higher inflation is a risk for global markets. We expect growth to slow to trend or below by mid-2022 and U.S.”