Clear Harbor Asset Management LLC Makes New Investment in Expand Energy Corporation $EXE

Key Points

• Clear Harbor Asset Management initiated a 34,269-share position in Expand Energy worth approximately $3.125 million. Institutional investors and hedge funds now own 97.93% of the company’s stock.
• Expand Energy reported quarterly EPS of $1.33, exceeding estimates of $1.13, while revenue of $2.96 billion fell short of the $3.05 billion consensus forecast.
• The company declared a quarterly dividend of $0.575 per share, equivalent to $2.30 annually and a 2.4% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $127.67 versus the stock’s reported $96.09 price.

Clear Harbor Asset Management LLC bought a new stake in shares of Expand Energy Corporation (NASDAQ:EXE - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund bought 34,269 shares of the company's stock, valued at approximately $3,125,000.

Other large investors also recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Expand Energy in the 1st quarter worth $2,599,000. Ashton Thomas Private Wealth LLC acquired a new position in Expand Energy in the first quarter valued at about $208,000. Focus Partners Wealth acquired a new position in Expand Energy in the first quarter valued at about $205,000. Geneos Wealth Management Inc. bought a new position in Expand Energy during the first quarter worth about $79,000. Finally, Gamco Investors INC. ET AL bought a new position in Expand Energy during the second quarter worth about $757,000. Institutional investors and hedge funds own 97.93% of the company's stock.

Expand Energy Stock Up 0.0%

Shares of Expand Energy stock opened at $96.09 on Friday. The business's 50 day simple moving average is $90.93 and its 200 day simple moving average is $97.58. Expand Energy Corporation has a 52-week low of $84.99 and a 52-week high of $126.62. The firm has a market cap of $22.24 billion, a PE ratio of 8.30 and a beta of 0.34. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.96 and a current ratio of 0.96.

Expand Energy (NASDAQ:EXE - Get Free Report) last issued its quarterly earnings results 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. Expand Energy had a net margin of 20.46% and a return on equity of 10.33%. The firm had revenue of $2.96 billion for the quarter, compared to analyst estimates of $3.05 billion. On average, analysts predict that Expand Energy Corporation will post 8.84 earnings per share for the current fiscal year.

Expand Energy Announces Dividend

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

Wall Street Analyst Weigh In

A number of analysts have recently commented on EXE shares. Weiss Ratings cut Expand Energy from a "hold (c+)" rating to a "hold (c)" rating in a research note on Wednesday, August 12th. Johnson Rice lowered 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 note on Monday, August 17th. Morgan Stanley decreased their price objective on shares of Expand Energy from $131.00 to $129.00 and set an "overweight" rating for the company in a report on Wednesday. Wolfe Research reiterated an "outperform" rating and issued a $114.00 target price on shares of Expand Energy in a report on Wednesday, July 29th. Finally, UBS Group cut their target price on shares of Expand Energy from $127.00 to $124.00 and set a "buy" rating on the stock in a report on Thursday, July 30th. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $127.67.

Insider Activity

In related news, CEO Michael Wichterich bought 1,000 shares of the stock in a transaction that occurred on Friday, June 12th. The shares were acquired at an average price of $88.90 per share, with a total value of $88,900.00. Following the completion of the transaction, the chief executive officer owned 85,498 shares in the company, valued at $7,600,772.20. The trade was a 1.18% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate 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.

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