Bank of New York Mellon Corp Acquires Shares of 2,929,145 Expand Energy Corporation $EXE

Bank of New York Mellon Corp acquired a new position in Expand Energy Corporation (NASDAQ:EXE - Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 2,929,145 shares of the company's stock, valued at approximately $267,109,000. Bank of New York Mellon Corp owned 1.27% of Expand Energy as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. Atlantic Union Bankshares Corp raised its holdings in 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 during the period. Rakuten Securities Inc. grew its holdings 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 purchasing an additional 193 shares during the period. Eastern Bank purchased a new stake in shares of Expand Energy in the second quarter valued at approximately $27,000. SJS Investment Consulting Inc. increased its position in shares of 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 in the last quarter. Finally, University of Texas Texas AM Investment Management Co. acquired a new position in shares of Expand Energy during the 4th quarter worth approximately $30,000. 97.93% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Michael Wichterich acquired 1,000 shares of the stock in a transaction on Friday, June 12th. The shares were bought at an average price of $88.90 per share, with a total value of $88,900.00. Following the completion of the purchase, the chief executive officer owned 85,498 shares of the company's stock, valued at approximately $7,600,772.20. This represents a 1.18% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.22% of the company's stock.

Expand Energy Stock Performance

NASDAQ:EXE opened at $96.09 on Friday. The company's 50-day moving average price is $90.93 and its 200-day moving average price is $97.58. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.19. The company has a market cap of $22.24 billion, a P/E ratio of 8.30 and a beta of 0.34. Expand Energy Corporation has a twelve month low of $84.99 and a twelve month high of $126.62.

Expand Energy (NASDAQ:EXE - Get Free Report) last announced its quarterly earnings data on Tuesday, July 28th. The company reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.20. The company had revenue of $2.96 billion during the quarter, compared to analysts' expectations of $3.05 billion. Expand Energy had a net margin of 20.46% and a return on equity of 10.33%. On average, sell-side analysts forecast that Expand Energy Corporation will post 8.84 earnings per share for the current fiscal year.

Expand Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Thursday, August 13th will be given a dividend of $0.575 per share. The ex-dividend date is Thursday, August 13th. This represents a $2.30 dividend on an annualized basis and a yield of 2.4%. Expand Energy's dividend payout ratio (DPR) is presently 19.86%.

Analysts Set New Price Targets

EXE has been the topic of a number of recent analyst reports. Citigroup decreased their target price on Expand Energy from $125.00 to $115.00 and set a "buy" rating on the stock in a research report on Thursday, July 9th. Johnson Rice cut shares of Expand Energy from a "buy" rating to an "accumulate" rating and reduced their price objective for the stock from $135.00 to $125.00 in a research report on Monday, August 17th. Wolfe Research reiterated an "outperform" rating and issued a $114.00 target price on shares of Expand Energy in a research report on Wednesday, July 29th. Roth Capital reissued a "neutral" rating and set a $93.00 target price on shares of Expand Energy in a research note on Wednesday, July 29th. Finally, UBS Group reduced their price target on shares of Expand Energy from $127.00 to $124.00 and set a "buy" rating for the company in a research report on Thursday, July 30th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $127.67.

Expand Energy Company Profile

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.

Want to see what other hedge funds are holding EXE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Expand Energy Corporation (NASDAQ:EXE - Free Report).

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