Bank of America Corp DE Increases Position in Expand Energy Corporation $EXE

Key Points

• Bank of America increased its Expand Energy stake by 9.9% in the first quarter, adding 173,503 shares to own 1.92 million shares worth approximately $210.9 million. Institutional investors collectively hold 97.93% of EXE’s outstanding stock.
• Expand Energy insiders purchased 4,000 shares worth $375,120 over the past three months, including acquisitions by the CEO and CFO. The company also reported quarterly EPS of $1.33, beating analysts’ $1.13 estimate, although revenue of $2.96 billion fell short of expectations.
• Analyst sentiment remains positive overall, with a “Moderate Buy” consensus and an average price target of $129, despite recent downgrades from Weiss Ratings and Barclays. Expand Energy declared a quarterly dividend of $0.575 per share, equal to a 2.5% annualized yield.

Bank of America Corp DE lifted its position in Expand Energy Corporation (NASDAQ:EXE - Free Report) by 9.9% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,921,098 shares of the company's stock after buying an additional 173,503 shares during the period. Bank of America Corp DE owned approximately 0.80% of Expand Energy worth $210,898,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Atlantic Union Bankshares Corp boosted its position in shares of Expand Energy by 74.6% in the 4th quarter. Atlantic Union Bankshares Corp now owns 234 shares of the company's stock worth $26,000 after purchasing an additional 100 shares in the last quarter. Rakuten Securities Inc. raised its stake in Expand Energy by 350.9% in the fourth quarter. Rakuten Securities Inc. now owns 248 shares of the company's stock valued at $27,000 after buying an additional 193 shares during the last quarter. SJS Investment Consulting Inc. raised its stake in Expand Energy by 379.6% in the first quarter. SJS Investment Consulting Inc. now owns 259 shares of the company's stock valued at $28,000 after buying an additional 205 shares during the last quarter. University of Texas Texas AM Investment Management Co. acquired a new stake in Expand Energy in the fourth quarter worth about $30,000. Finally, Ascentis Independent Advisors purchased a new position in shares of Expand Energy in the 1st quarter valued at approximately $32,000. 97.93% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Expand Energy

In other Expand Energy news, CEO Michael Wichterich acquired 1,000 shares of the firm's stock in a transaction that occurred on Friday, June 12th. The shares were purchased at an average cost of $88.90 per share, for a total transaction of $88,900.00. Following the completion of the acquisition, the chief executive officer owned 85,498 shares of the company's stock, valued at approximately $7,600,772.20. The trade was a 1.18% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Marcel Teunissen bought 2,000 shares of Expand Energy stock in a transaction on Thursday, May 7th. The stock was acquired at an average price of $96.43 per share, for a total transaction of $192,860.00. Following the transaction, the chief financial officer directly owned 9,144 shares of the company's stock, valued at approximately $881,755.92. This trade represents a 28.00% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last three months, insiders bought 4,000 shares of company stock valued at $375,120. Corporate insiders own 0.22% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on EXE shares. Weiss Ratings lowered Expand Energy from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, May 19th. Barclays downgraded shares of Expand Energy from an "overweight" rating to a "reduce" rating in a report on Tuesday, May 26th. Morgan Stanley cut their target price on shares of Expand Energy from $139.00 to $131.00 and set an "overweight" rating for the company in a research note on Monday, June 29th. 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 report on Thursday, July 30th. Finally, UBS Group decreased their price target on shares of Expand Energy from $127.00 to $124.00 and set a "buy" rating on the stock in a research note on Thursday, July 30th. Two equities research 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 stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $129.00.

Expand Energy Stock Performance

Shares of Expand Energy stock opened at $93.07 on Wednesday. The business's 50 day moving average price is $89.89 and its 200 day moving average price is $98.62. The company has a market cap of $21.55 billion, a price-to-earnings ratio of 8.04 and a beta of 0.34. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.96 and a current ratio of 0.96. Expand Energy Corporation has a one year low of $84.99 and a one year high of $126.62.

Expand Energy (NASDAQ:EXE - Get Free Report) last posted its quarterly earnings results on Tuesday, July 28th. The company reported $1.33 EPS for the quarter, topping the consensus estimate of $1.13 by $0.20. Expand Energy had a return on equity of 10.33% and a net margin of 20.46%.The business had revenue of $2.96 billion for the quarter, compared to analyst estimates of $3.05 billion. On average, research analysts predict that Expand Energy Corporation will post 8.92 EPS for the current year.

Expand Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Thursday, August 13th will be issued a $0.575 dividend. This represents a $2.30 annualized dividend and a yield of 2.5%. The ex-dividend date is Thursday, August 13th. 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.

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