HITE Hedge Asset Management LLC Buys Shares of 800,000 Exelon Corporation $EXC

Key Points

• HITE Hedge Asset Management LLC has acquired 800,000 shares of Exelon Corporation, valued at approximately $36.86 million, now making up 2.3% of its portfolio.
• Exelon reported earnings of $0.39 per share, beating analysts' expectations, with a revenue of $5.43 billion for the quarter, slightly below the estimates.
• The company announced a quarterly dividend of $0.40, representing a 3.6% yield, with a payout ratio of 60.84% for shareholders of record as of August 11th.

HITE Hedge Asset Management LLC acquired a new position in shares of Exelon Corporation (NASDAQ:EXC - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 800,000 shares of the company's stock, valued at approximately $36,864,000. Exelon accounts for 2.3% of HITE Hedge Asset Management LLC's holdings, making the stock its 13th biggest holding. HITE Hedge Asset Management LLC owned 0.08% of Exelon as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Exelon by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 127,917,037 shares of the company's stock valued at $5,894,417,000 after purchasing an additional 581,686 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in Exelon by 37.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 27,618,055 shares of the company's stock worth $1,039,545,000 after purchasing an additional 7,483,873 shares during the period. Lazard Asset Management LLC lifted its position in Exelon by 2.7% during the fourth quarter. Lazard Asset Management LLC now owns 24,662,037 shares of the company's stock worth $928,277,000 after acquiring an additional 653,627 shares during the last quarter. Deutsche Bank AG lifted its position in Exelon by 11.6% during the first quarter. Deutsche Bank AG now owns 19,077,520 shares of the company's stock worth $879,092,000 after acquiring an additional 1,988,212 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its position in Exelon by 0.7% during the first quarter. Massachusetts Financial Services Co. MA now owns 15,837,173 shares of the company's stock worth $729,777,000 after acquiring an additional 106,917 shares during the last quarter. Institutional investors and hedge funds own 80.92% of the company's stock.

Exelon Stock Performance

Exelon stock traded up $0.32 during mid-day trading on Friday, reaching $44.96. The company's stock had a trading volume of 3,729,983 shares, compared to its average volume of 6,286,346. The firm's fifty day moving average price is $43.77 and its two-hundred day moving average price is $44.10. The company has a market capitalization of $45.41 billion, a P/E ratio of 17.10, a PEG ratio of 2.62 and a beta of 0.38. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.85 and a current ratio of 0.95. Exelon Corporation has a 12-month low of $35.94 and a 12-month high of $48.11.

Exelon (NASDAQ:EXC - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.02. Exelon had a net margin of 11.16% and a return on equity of 9.85%. The firm had revenue of $5.43 billion for the quarter, compared to analysts' expectations of $5.47 billion. During the same quarter in the prior year, the firm posted $0.47 earnings per share. The business's quarterly revenue was up 1.2% on a year-over-year basis. Exelon has set its FY 2025 guidance at 2.640-2.740 EPS. Sell-side analysts predict that Exelon Corporation will post 2.64 EPS for the current fiscal year.

Exelon Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, August 11th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 3.6%. The ex-dividend date is Monday, August 11th. Exelon's dividend payout ratio is presently 60.84%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on EXC shares. Guggenheim lifted their price target on shares of Exelon from $47.00 to $50.00 and gave the company a "buy" rating in a research report on Friday, May 2nd. BMO Capital Markets upped their price target on shares of Exelon from $46.00 to $50.00 and gave the stock an "outperform" rating in a report on Monday, April 28th. Wells Fargo & Company upped their price target on shares of Exelon from $46.00 to $50.00 and gave the company an "equal weight" rating in a research report on Friday, May 2nd. UBS Group reiterated a "neutral" rating and set a $48.00 price target (up from $47.00) on shares of Exelon in a report on Friday, July 11th. Finally, KeyCorp cut their price objective on shares of Exelon from $39.00 to $37.00 and set an "underweight" rating on the stock in a research report on Wednesday, July 16th. Four investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Exelon presently has a consensus rating of "Hold" and a consensus price target of $47.20.

Exelon Company Profile

Exelon Corporation, a utility services holding company, engages in the energy distribution and transmission businesses in the United States and Canada. The company is involved in the purchase and regulated retail sale of electricity and natural gas, transmission and distribution of electricity, and distribution of natural gas to retail customers.