82,960 Shares in Expand Energy Corporation (NASDAQ:EXE) Purchased by Alta Fundamental Advisers LLC

Key Points

• Alta Fundamental Advisers LLC has acquired 82,960 shares of Expand Energy Corporation, valued at approximately $9.2 million, making it the fund's 6th largest holding at about 5.8% of its investment portfolio.
• Expand Energy has seen significant institutional interest, with over 97% of its stock owned by hedge funds and institutional investors, including new positions from several funds totaling over $37 million.
• The company has declared a quarterly dividend of $0.575 per share, with a dividend yield of 2.3%, despite a high payout ratio of 589.74%.

Alta Fundamental Advisers LLC purchased a new stake in shares of Expand Energy Corporation (NASDAQ:EXE - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 82,960 shares of the company's stock, valued at approximately $9,235,000. Expand Energy makes up 5.8% of Alta Fundamental Advisers LLC's investment portfolio, making the stock its 6th largest position.

Other large investors have also added to or reduced their stakes in the company. Harbour Investments Inc. purchased a new stake in Expand Energy during the first quarter valued at about $27,000. First Horizon Advisors Inc. purchased a new stake in Expand Energy during the first quarter valued at about $28,000. Pinney & Scofield Inc. purchased a new stake in Expand Energy during the first quarter valued at about $29,000. Cheviot Value Management LLC purchased a new stake in Expand Energy during the first quarter valued at about $29,000. Finally, Princeton Global Asset Management LLC purchased a new stake in Expand Energy during the first quarter valued at about $31,000. Hedge funds and other institutional investors own 97.93% of the company's stock.

Analysts Set New Price Targets

EXE has been the subject of several analyst reports. Piper Sandler cut their price target on shares of Expand Energy from $140.00 to $136.00 and set an "overweight" rating for the company in a research report on Thursday. Scotiabank restated an "outperform" rating on shares of Expand Energy in a research report on Wednesday. Capital One Financial decreased their price objective on shares of Expand Energy from $105.00 to $101.00 in a research report on Thursday, July 3rd. Morgan Stanley boosted their price objective on shares of Expand Energy from $134.00 to $139.00 and gave the company an "overweight" rating in a research report on Monday, August 4th. Finally, Wells Fargo & Company decreased their price objective on shares of Expand Energy from $121.00 to $120.00 and set an "equal weight" rating on the stock in a research report on Tuesday, July 15th. One analyst has rated the stock with a hold rating, seventeen have given a buy rating and three have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $128.96.

Expand Energy Stock Down 1.8%

Shares of NASDAQ:EXE traded down $1.75 during midday trading on Thursday, reaching $94.72. The company's stock had a trading volume of 2,252,371 shares, compared to its average volume of 3,751,145. The firm has a 50 day moving average of $108.63 and a 200-day moving average of $107.30. The firm has a market capitalization of $22.56 billion, a P/E ratio of 242.80 and a beta of 0.46. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.29. Expand Energy Corporation has a 12-month low of $69.12 and a 12-month high of $123.35.

Expand Energy (NASDAQ:EXE - Get Free Report) last released its earnings results on Tuesday, July 29th. The company reported $1.10 earnings per share for the quarter, missing analysts' consensus estimates of $1.14 by ($0.04). The business had revenue of $3.69 billion during the quarter, compared to analysts' expectations of $2.09 billion. Expand Energy had a return on equity of 5.76% and a net margin of 2.41%. On average, research analysts anticipate that Expand Energy Corporation will post 1.33 earnings per share for the current year.

Expand Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Thursday, August 14th will be paid a $0.575 dividend. The ex-dividend date is Thursday, August 14th. This represents a $2.30 dividend on an annualized basis and a yield of 2.4%. Expand Energy's payout ratio is presently 589.74%.

About Expand Energy

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.