Bank of America Corp DE Invests $150.90 Million in Expand Energy Corporation $EXE

Key Points

• Bank of America acquired 1.65 million shares of Expand Energy in the second quarter, valued at approximately $150.9 million and representing about 0.71% of the company. Institutional investors collectively own 97.93% of EXE.
• Expand Energy reported quarterly EPS of $1.33, beating estimates of $1.13, while revenue of $2.96 billion fell short of the $3.05 billion consensus forecast.
• The company pays a quarterly dividend of $0.575, or $2.30 annually for a 2.6% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $127.42, versus the stock’s reported price of $88.33.

Bank of America Corp DE acquired a new stake in shares of Expand Energy Corporation (NASDAQ:EXE - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 1,654,743 shares of the company's stock, valued at approximately $150,896,000. Bank of America Corp DE owned approximately 0.71% of Expand Energy at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of EXE. Freestone Grove Partners LP purchased a new position in Expand Energy in the 2nd quarter worth $24,559,000. Odyssean LLC purchased a new stake in Expand Energy during the second quarter valued at about $438,000. Man Group plc purchased a new stake in Expand Energy during the second quarter valued at about $148,227,000. First Bancorp Inc ME bought a new position in shares of Expand Energy during the second quarter valued at about $46,000. Finally, Polar Asset Management Partners Inc. bought a new position in shares of Expand Energy during the second quarter valued at about $217,000. Institutional investors own 97.93% of the company's stock.

Expand Energy Stock Down 0.5%

NASDAQ EXE opened at $88.33 on Friday. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.96 and a quick ratio of 0.96. The stock has a market capitalization of $20.45 billion, a PE ratio of 7.63 and a beta of 0.34. Expand Energy Corporation has a 1 year low of $84.99 and a 1 year high of $126.62. The business's 50-day moving average is $93.72 and its 200 day moving average is $96.30.

Expand Energy (NASDAQ:EXE - Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The company reported $1.33 EPS for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $3.05 billion. Sell-side analysts forecast that Expand Energy Corporation will post 8.7 earnings per share for the current year.

Expand Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 3rd. Investors of record on Thursday, August 13th were issued a $0.575 dividend. The ex-dividend date was Thursday, August 13th. This represents a $2.30 annualized dividend and a yield of 2.6%. Expand Energy's payout ratio is 19.86%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on EXE. Weiss Ratings downgraded Expand Energy from a "hold (c+)" rating to a "hold (c)" rating in a report on Wednesday, August 12th. Roth Capital restated a "neutral" rating and set a $93.00 target price on shares of Expand Energy in a report on Wednesday, July 29th. Freedom Broker raised Expand Energy to a "strong-buy" rating in a research note on Thursday, September 3rd. Raymond James Financial lifted their price target on Expand Energy from $145.00 to $147.00 and gave the stock a "strong-buy" rating in a research note on Wednesday, September 9th. Finally, Citigroup lowered their price objective on Expand Energy from $125.00 to $115.00 and set a "buy" rating for the company in a research report on Thursday, July 9th. Three analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, Expand Energy presently has an average rating of "Moderate Buy" and an average target price of $127.42.

Expand Energy Profile

Expand Energy Corporation NASDAQ: EXE is an independent energy company focused on the exploration, development and production of natural gas, oil and natural gas liquids in the United States. The company's operations are concentrated in major U.S. shale basins, including the Marcellus and Haynesville formations, and its products support domestic electricity generation, industrial activity and liquefied natural gas exports.

Expand Energy was created through the combination of Chesapeake Energy Corporation and Southwestern Energy Company.

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