59 North Capital Management LP Has $142.43 Million Stake in Expand Energy Corporation $EXE

Key Points

• 59 North Capital Management LP increased its stake in Expand Energy by 52.3% in Q3 to 1,340,657 shares, worth about $142.43 million, making EXE its 11th largest holding and ~4.4% of the firm's portfolio.
• Expand Energy beat estimates this quarter with EPS $2.00 (vs. $1.89) and revenue of $3.27B (vs. $2.28B), and announced a quarterly dividend of $0.575 per share (annualized $2.30, yield 2.1%, ex-dividend March 5).
• CEO Michael Wichterich bought 2,000 shares at $107.50, raising his stake to 83,498 shares, while institutional ownership stands near 97.93% and analysts hold an average "Buy" rating with a $131.17 price target.

59 North Capital Management LP grew its holdings in shares of Expand Energy Corporation (NASDAQ:EXE - Free Report) by 52.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,340,657 shares of the company's stock after acquiring an additional 460,298 shares during the period. Expand Energy accounts for approximately 4.4% of 59 North Capital Management LP's investment portfolio, making the stock its 11th biggest holding. 59 North Capital Management LP owned approximately 0.56% of Expand Energy worth $142,431,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. ESL Trust Services LLC bought a new stake in shares of Expand Energy during the 3rd quarter valued at about $32,000. Smartleaf Asset Management LLC increased its holdings in Expand Energy by 85.0% in the third quarter. Smartleaf Asset Management LLC now owns 433 shares of the company's stock worth $46,000 after purchasing an additional 199 shares in the last quarter. Root Financial Partners LLC bought a new stake in Expand Energy in the third quarter worth approximately $47,000. CX Institutional acquired a new position in Expand Energy in the third quarter valued at approximately $52,000. Finally, Intact Investment Management Inc. acquired a new position in Expand Energy in the second quarter valued at approximately $70,000. 97.93% of the stock is owned by institutional investors.

Insider Activity

In other Expand Energy news, CEO Michael Wichterich bought 2,000 shares of the firm's stock in a transaction dated Friday, March 6th. The stock was bought at an average cost of $107.50 per share, with a total value of $215,000.00. Following the completion of the transaction, the chief executive officer directly owned 83,498 shares in the company, valued at approximately $8,976,035. The trade was a 2.45% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. 0.19% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on EXE. Sanford C. Bernstein reduced their price objective on shares of Expand Energy from $145.00 to $144.00 and set an "outperform" rating for the company in a research report on Monday, January 5th. Barclays dropped their target price on shares of Expand Energy from $126.00 to $125.00 and set an "overweight" rating on the stock in a research report on Monday, February 23rd. Mizuho increased their target price on shares of Expand Energy from $136.00 to $142.00 and gave the stock an "outperform" rating in a research note on Friday, December 12th. Stephens raised their price target on shares of Expand Energy from $145.00 to $146.00 and gave the stock an "overweight" rating in a report on Wednesday, February 18th. Finally, Citigroup lifted their price target on shares of Expand Energy from $118.00 to $125.00 and gave the company a "buy" rating in a research note on Friday, December 19th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $131.17.

Expand Energy Price Performance

Shares of NASDAQ:EXE opened at $107.02 on Friday. Expand Energy Corporation has a twelve month low of $91.01 and a twelve month high of $126.62. The stock's 50 day moving average is $105.91 and its 200-day moving average is $107.05. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $25.73 billion, a price-to-earnings ratio of 14.19 and a beta of 0.47.

Expand Energy (NASDAQ:EXE - Get Free Report) last posted its quarterly earnings results on Tuesday, February 17th. The company reported $2.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.89 by $0.11. The business had revenue of $3.27 billion during the quarter, compared to the consensus estimate of $2.28 billion. Expand Energy had a net margin of 15.00% and a return on equity of 8.17%. Sell-side analysts forecast that Expand Energy Corporation will post 1.33 EPS for the current fiscal year.

Expand Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 26th. Stockholders of record on Thursday, March 5th will be issued a dividend of $0.575 per share. This represents a $2.30 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Thursday, March 5th. Expand Energy's dividend payout ratio (DPR) is currently 30.50%.

Expand Energy Company Profile

Expand Energy Corporation is an independent natural gas producer principally in the United States. Expand Energy Corporation, formerly known as Chesapeake Energy Corporation, is based in OKLAHOMA CITY.

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