Canoe Financial LP Trims Holdings in Expand Energy Corporation $EXE

Key Points

• Canoe Financial LP reduced its stake in Expand Energy Corporation by 57.4%, owning approximately 0.13% of the company valued at $36.38 million after selling 419,900 shares during the second quarter.
• CEO Domenic J. Dell'osso, Jr. and COO Joshua J. Viets both acquired shares of Expand Energy, increasing their ownership by 1.52% and 3.35%, respectively, amidst ongoing changes in institutional investments.
• Expand Energy reported a quarterly earnings miss with $1.10 EPS, falling short of the expected $1.14, and plans to maintain a dividend yield of 2.3% despite a high payout ratio of 589.74%.

Canoe Financial LP decreased its holdings in Expand Energy Corporation (NASDAQ:EXE - Free Report) by 57.4% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 311,100 shares of the company's stock after selling 419,900 shares during the quarter. Canoe Financial LP owned 0.13% of Expand Energy worth $36,380,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Harbour Investments Inc. bought a new stake in shares of Expand Energy during the 1st quarter valued at approximately $27,000. Transamerica Financial Advisors LLC bought a new stake in shares of Expand Energy during the 1st quarter valued at approximately $27,000. First Horizon Advisors Inc. bought a new stake in shares of Expand Energy during the 1st quarter valued at approximately $28,000. Quarry LP bought a new stake in shares of Expand Energy during the 1st quarter valued at approximately $28,000. Finally, Cheviot Value Management LLC bought a new stake in Expand Energy during the 1st quarter worth approximately $29,000. 97.93% of the stock is owned by institutional investors.

Insider Transactions at Expand Energy

In related news, CEO Domenic J. Dell'osso, Jr. acquired 2,500 shares of the business's stock in a transaction that occurred on Friday, August 15th. The stock was bought at an average cost of $95.86 per share, for a total transaction of $239,650.00. Following the purchase, the chief executive officer owned 166,715 shares in the company, valued at $15,981,299.90. The trade was a 1.52% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Joshua J. Viets purchased 2,000 shares of the company's stock in a transaction on Monday, August 18th. The stock was acquired at an average price of $92.16 per share, with a total value of $184,320.00. Following the completion of the purchase, the chief operating officer directly owned 61,676 shares in the company, valued at $5,684,060.16. This trade represents a 3.35% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.17% of the company's stock.

Wall Street Analysts Forecast Growth

EXE has been the topic of a number of analyst reports. The Goldman Sachs Group reduced their price objective on shares of Expand Energy from $127.00 to $125.00 in a research note on Thursday, July 17th. KeyCorp reduced their price objective on shares of Expand Energy from $135.00 to $127.00 and set an "overweight" rating on the stock in a research note on Wednesday, September 3rd. Wells Fargo & Company reduced their price objective on shares of Expand Energy from $121.00 to $120.00 and set an "equal weight" rating on the stock in a research note on Tuesday, July 15th. Roth Capital downgraded shares of Expand Energy from a "buy" rating to a "neutral" rating and dropped their target price for the company from $125.00 to $98.00 in a research report on Monday, August 18th. Finally, UBS Group dropped their target price on shares of Expand Energy from $145.00 to $132.00 and set a "buy" rating on the stock in a research report on Wednesday, August 20th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, Expand Energy currently has a consensus rating of "Buy" and a consensus price target of $127.46.

Expand Energy Trading Up 2.0%

NASDAQ:EXE traded up $1.92 during trading hours on Tuesday, hitting $100.18. The company had a trading volume of 1,091,065 shares, compared to its average volume of 3,690,830. The company has a market capitalization of $23.86 billion, a PE ratio of 256.73 and a beta of 0.46. The stock has a 50-day moving average price of $98.42 and a 200 day moving average price of $106.06. Expand Energy Corporation has a 52 week low of $77.41 and a 52 week high of $123.35. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.78 and a quick ratio of 0.78.

Expand Energy (NASDAQ:EXE - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The company reported $1.10 EPS for the quarter, missing the consensus estimate of $1.14 by ($0.04). The firm had revenue of $3.69 billion for the quarter, compared to analysts' expectations of $2.09 billion. Expand Energy had a net margin of 2.41% and a return on equity of 5.76%. On average, equities research analysts predict that Expand Energy Corporation will post 1.33 EPS for the current fiscal year.

Expand Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Thursday, August 14th were given a $0.575 dividend. The ex-dividend date of this dividend was Thursday, August 14th. This represents a $2.30 dividend on an annualized basis and a yield of 2.3%. Expand Energy's payout ratio is 589.74%.

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.