Assenagon Asset Management S.A. Has $107.89 Million Stock Position in Expand Energy Corporation $EXE

Key Points

• Assenagon Asset Management increased its Expand Energy stake by 882.2% to 1.18 million shares, valued at approximately $107.9 million. Institutional investors collectively own 97.93% of the company.
• Analyst sentiment remains positive overall, with a consensus “Moderate Buy” rating and a $129 target price, despite several recent rating or price-target reductions.
• Expand Energy exceeded quarterly earnings expectations with $1.33 EPS versus $1.13 forecast, while reporting $2.96 billion in revenue. The company also declared a quarterly dividend of $0.575 per share, representing a 2.5% annualized yield.

Assenagon Asset Management S.A. boosted its stake in shares of Expand Energy Corporation (NASDAQ:EXE - Free Report) by 882.2% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,183,098 shares of the company's stock after buying an additional 1,062,640 shares during the period. Assenagon Asset Management S.A. owned about 0.49% of Expand Energy worth $107,887,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. M.E. Allison & CO. Inc. raised its stake in Expand Energy by 66.7% during the 2nd quarter. M.E. Allison & CO. Inc. now owns 3,105 shares of the company's stock valued at $283,000 after purchasing an additional 1,242 shares during the period. Avior Wealth Management LLC grew its stake in Expand Energy by 35.6% during the 2nd quarter. Avior Wealth Management LLC now owns 10,922 shares of the company's stock valued at $996,000 after acquiring an additional 2,867 shares in the last quarter. Harbor Investment Advisory LLC acquired a new position in shares of Expand Energy in the 2nd quarter valued at about $33,000. Confluence Investment Management LLC increased its holdings in shares of Expand Energy by 8.3% in the 2nd quarter. Confluence Investment Management LLC now owns 11,412 shares of the company's stock valued at $1,041,000 after purchasing an additional 870 shares during the period. Finally, Eastern Bank purchased a new stake in shares of Expand Energy in the second quarter worth approximately $27,000. 97.93% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms recently commented on EXE. Morgan Stanley decreased their price target on shares of Expand Energy from $139.00 to $131.00 and set an "overweight" rating for the company in a report on Monday, June 29th. Barclays lowered shares of Expand Energy from an "overweight" rating to a "reduce" rating in a research note on Tuesday, May 26th. William Blair lowered shares of Expand Energy from an "outperform" rating to a "market perform" rating in a research note on Thursday, April 30th. Citigroup lowered their price target on shares of Expand Energy from $125.00 to $115.00 and set a "buy" rating on the stock in a report on Thursday, July 9th. Finally, Truist Financial upped their price target on shares of Expand Energy from $117.00 to $121.00 and gave the stock a "buy" rating in a research note on Thursday, July 30th. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $129.00.

Insider Activity at Expand Energy

In other Expand Energy news, CEO Michael Wichterich acquired 1,000 shares of the business's stock in a transaction that occurred on Friday, June 12th. The stock was acquired at an average price of $88.90 per share, with a total value of $88,900.00. Following the transaction, the chief executive officer owned 85,498 shares of the company's stock, valued at approximately $7,600,772.20. This trade represents a 1.18% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.22% of the company's stock.

Expand Energy Stock Up 1.0%

Shares of Expand Energy stock opened at $92.84 on Friday. Expand Energy Corporation has a 12-month low of $84.99 and a 12-month high of $126.62. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.19. The stock has a 50 day moving average price of $89.82 and a two-hundred day moving average price of $98.46. The stock has a market capitalization of $21.49 billion, a P/E ratio of 8.02 and a beta of 0.34.

Expand Energy (NASDAQ:EXE - Get Free Report) last issued its quarterly earnings data on Tuesday, July 28th. The company reported $1.33 earnings per share for the quarter, topping analysts' consensus estimates of $1.13 by $0.20. Expand Energy had a net margin of 20.46% and a return on equity of 10.33%. The business had revenue of $2.96 billion during the quarter, compared to analysts' expectations of $3.05 billion. Equities analysts expect that Expand Energy Corporation will post 8.92 earnings per share for the current year.

Expand Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Thursday, August 13th will be paid a $0.575 dividend. The ex-dividend date is Thursday, August 13th. This represents a $2.30 dividend on an annualized basis and a dividend yield of 2.5%. Expand Energy's payout ratio is presently 19.86%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source