Bank of New York Mellon Corp Cuts Stock Holdings in Expand Energy Corporation $EXE

Key Points

• Bank of New York Mellon cut its Expand Energy stake by 12.1% in the fourth quarter, though it still held 2.31 million shares valued at about $255 million at the end of the period.
• Expand Energy reported strong quarterly results, posting EPS of $3.83 versus $3.61 expected and revenue of $4.40 billion versus $3.53 billion forecast. Analysts now expect the company to earn 8.8 EPS this year.
• The company paid a quarterly dividend of $0.575 per share, implying an annualized yield of 2.5%, while insider buying from the CEO and CFO suggests management has been adding to positions.

Bank of New York Mellon Corp lowered its position in Expand Energy Corporation (NASDAQ:EXE - Free Report) by 12.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,310,483 shares of the company's stock after selling 316,573 shares during the period. Bank of New York Mellon Corp owned about 0.97% of Expand Energy worth $254,985,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of EXE. Atlantic Union Bankshares Corp increased its position in shares of Expand Energy by 74.6% during the 4th quarter. Atlantic Union Bankshares Corp now owns 234 shares of the company's stock valued at $26,000 after purchasing an additional 100 shares during the last quarter. Rakuten Securities Inc. boosted its holdings in shares of Expand Energy by 350.9% in the 4th quarter. Rakuten Securities Inc. now owns 248 shares of the company's stock worth $27,000 after buying an additional 193 shares during the last quarter. Abound Wealth Management grew its position in Expand Energy by 890.0% during the fourth quarter. Abound Wealth Management now owns 297 shares of the company's stock valued at $33,000 after buying an additional 267 shares during the period. Assetmark Inc. grew its position in Expand Energy by 54.5% during the fourth quarter. Assetmark Inc. now owns 414 shares of the company's stock valued at $46,000 after buying an additional 146 shares during the period. Finally, Smartleaf Asset Management LLC increased its holdings in Expand Energy by 85.0% during the third quarter. Smartleaf Asset Management LLC now owns 433 shares of the company's stock worth $46,000 after buying an additional 199 shares during the last quarter. Hedge funds and other institutional investors own 97.93% of the company's stock.

Expand Energy Price Performance

Shares of NASDAQ EXE opened at $93.40 on Friday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.11 and a current ratio of 1.11. Expand Energy Corporation has a fifty-two week low of $90.79 and a fifty-two week high of $126.62. The stock has a market cap of $22.34 billion, a PE ratio of 6.96 and a beta of 0.33. The stock has a fifty day moving average of $98.83 and a 200-day moving average of $105.60.

Expand Energy (NASDAQ:EXE - Get Free Report) last issued its earnings results on Tuesday, April 28th. The company reported $3.83 EPS for the quarter, topping the consensus estimate of $3.61 by $0.22. The business had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $3.53 billion. Expand Energy had a return on equity of 10.26% and a net margin of 22.53%. Equities research analysts anticipate that Expand Energy Corporation will post 8.8 earnings per share for the current year.

Expand Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Thursday, May 14th were issued a $0.575 dividend. The ex-dividend date of this dividend was Thursday, May 14th. This represents a $2.30 annualized dividend and a dividend yield of 2.5%. Expand Energy's dividend payout ratio is presently 17.15%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Stephens raised their price target on shares of Expand Energy from $145.00 to $146.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 18th. Morgan Stanley dropped their price objective on Expand Energy from $141.00 to $139.00 and set an "overweight" rating on the stock in a research note on Friday, May 22nd. Benchmark raised their target price on Expand Energy from $112.00 to $124.00 and gave the stock a "buy" rating in a research report on Thursday, March 5th. Truist Financial restated a "buy" rating and issued a $134.00 target price (up from $133.00) on shares of Expand Energy in a research note on Thursday, April 30th. Finally, William Blair cut Expand Energy from an "outperform" rating to a "market perform" rating in a research report on Thursday, April 30th. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Expand Energy currently has an average rating of "Moderate Buy" and an average target price of $131.45.

Insiders Place Their Bets

In other Expand Energy news, CEO Michael Wichterich bought 1,000 shares of the firm's stock in a transaction on Thursday, June 4th. The shares were acquired at an average cost of $93.36 per share, for a total transaction of $93,360.00. Following the purchase, the chief executive officer directly owned 84,498 shares of the company's stock, valued at $7,888,733.28. The trade was a 1.20% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Marcel Teunissen purchased 2,000 shares of the stock in a transaction on Thursday, May 7th. The stock was acquired at an average cost of $96.43 per share, for a total transaction of $192,860.00. Following the acquisition, the chief financial officer owned 9,144 shares in the company, valued at approximately $881,755.92. This represents a 28.00% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 0.22% of the company's stock.

Expand Energy 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.

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