Canoe Financial LP Raises Holdings in Expand Energy Corporation $EXE

Key Points

• Canoe Financial LP boosted its stake in Expand Energy by 1,233.4% in the first quarter, buying over 1 million additional shares and making the stock its 24th-largest holding.
• Expand Energy reported strong quarterly results, with EPS of $3.83 beating estimates and revenue of $4.40 billion topping forecasts. Analysts now expect the company to earn 8.7 EPS for the full year.
• The company also paid a quarterly dividend of $0.575 per share, while insiders were active buyers; the stock currently carries a consensus Moderate Buy rating with a $131.45 price target.

Canoe Financial LP increased its holdings in Expand Energy Corporation (NASDAQ:EXE - Free Report) by 1,233.4% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,093,436 shares of the company's stock after buying an additional 1,011,432 shares during the period. Expand Energy comprises approximately 1.7% of Canoe Financial LP's investment portfolio, making the stock its 24th biggest holding. Canoe Financial LP owned about 0.45% of Expand Energy worth $121,186,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Intech Investment Management LLC grew its stake in Expand Energy by 513.9% in the third quarter. Intech Investment Management LLC now owns 36,781 shares of the company's stock valued at $3,908,000 after purchasing an additional 30,790 shares during the last quarter. Sierra Summit Advisors LLC raised its holdings in Expand Energy by 25.9% in the fourth quarter. Sierra Summit Advisors LLC now owns 77,230 shares of the company's stock worth $8,523,000 after purchasing an additional 15,904 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in shares of Expand Energy by 36,574.9% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,420,912 shares of the company's stock valued at $267,172,000 after buying an additional 2,414,311 shares during the last quarter. King Luther Capital Management Corp lifted its position in shares of Expand Energy by 16.6% during the fourth quarter. King Luther Capital Management Corp now owns 239,607 shares of the company's stock valued at $26,443,000 after buying an additional 34,132 shares during the last quarter. Finally, Swiss National Bank boosted its holdings in shares of Expand Energy by 2.8% in the 3rd quarter. Swiss National Bank now owns 651,656 shares of the company's stock valued at $69,232,000 after buying an additional 17,700 shares in the last quarter. Institutional investors own 97.93% of the company's stock.

Expand Energy Price Performance

Shares of EXE stock opened at $88.47 on Monday. Expand Energy Corporation has a fifty-two week low of $86.37 and a fifty-two week high of $126.62. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.11 and a current ratio of 1.11. The firm has a market capitalization of $21.17 billion, a price-to-earnings ratio of 6.60 and a beta of 0.33. The stock's 50-day simple moving average is $93.81 and its 200-day simple moving average is $102.19.

Expand Energy (NASDAQ:EXE - Get Free Report) last posted its earnings results on Tuesday, April 28th. The company reported $3.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.61 by $0.22. Expand Energy had a net margin of 22.53% and a return on equity of 10.26%. The firm had revenue of $4.40 billion during the quarter, compared to analysts' expectations of $3.53 billion. As a group, equities analysts forecast that Expand Energy Corporation will post 8.7 earnings per share for the current fiscal year.

Expand Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Shareholders 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 dividend on an annualized basis and a yield of 2.6%. Expand Energy's payout ratio is presently 17.15%.

Insider Transactions at Expand Energy

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

Analyst Ratings Changes

EXE has been the topic of a number of analyst reports. Morgan Stanley cut their price objective on shares of Expand Energy from $141.00 to $139.00 and set an "overweight" rating on the stock in a research report on Friday, May 22nd. Benchmark increased their target price on shares of Expand Energy from $112.00 to $124.00 and gave the company a "buy" rating in a research report on Thursday, March 5th. Piper Sandler raised their target price on shares of Expand Energy from $136.00 to $138.00 and gave the company an "overweight" rating in a research note on Thursday, March 12th. KeyCorp reaffirmed a "sector weight" rating on shares of Expand Energy in a report on Thursday, April 2nd. Finally, William Blair downgraded Expand Energy from an "outperform" rating to a "market perform" rating in a research report on Thursday, April 30th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $131.45.

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.

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