Comerica Bank Makes New Investment in Expand Energy Corporation $EXE

Key Points

• Comerica Bank acquired a new stake in Expand Energy Corporation, purchasing 42,635 shares worth approximately $4.7 million in the first quarter.
• Expand Energy's stock currently has a consensus rating of "Buy" from analysts, with an average target price of $127.42, following multiple bullish ratings from various financial institutions.
• The company recently announced a quarterly dividend of $0.575 per share, translating to an annualized yield of 2.4%, despite a high payout ratio of 589.74%.

Comerica Bank bought a new position in Expand Energy Corporation (NASDAQ:EXE - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 42,635 shares of the company's stock, valued at approximately $4,746,000.

Several other hedge funds also recently bought and sold shares of EXE. Vanguard Group Inc. acquired a new position in Expand Energy in the 1st quarter worth about $2,973,033,000. Price T Rowe Associates Inc. MD acquired a new position in Expand Energy in the 1st quarter worth about $1,310,932,000. T. Rowe Price Investment Management Inc. acquired a new position in Expand Energy in the 1st quarter worth about $701,831,000. Wellington Management Group LLP acquired a new position in Expand Energy in the 1st quarter worth about $624,083,000. Finally, Massachusetts Financial Services Co. MA acquired a new position in Expand Energy in the 1st quarter worth about $518,328,000. 97.93% of the stock is owned by institutional investors and hedge funds.

Expand Energy Stock Performance

NASDAQ:EXE traded down $1.65 during mid-day trading on Wednesday, hitting $96.57. 1,266,558 shares of the company's stock traded hands, compared to its average volume of 3,704,031. The firm has a 50 day moving average of $102.35 and a two-hundred day moving average of $106.52. Expand Energy Corporation has a 12 month low of $69.12 and a 12 month high of $123.35. The firm has a market capitalization of $23.00 billion, a price-to-earnings ratio of 247.58 and a beta of 0.46. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.29.

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

Expand Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Thursday, August 14th will be paid a dividend of $0.575 per share. The ex-dividend date is Thursday, August 14th. This represents a $2.30 annualized dividend and a yield of 2.4%. Expand Energy's dividend payout ratio is presently 589.74%.

Insider Activity at Expand Energy

In other Expand Energy news, CEO Domenic J. Dell'osso, Jr. bought 2,500 shares of the firm's stock in a transaction that occurred on Friday, August 15th. The stock was purchased at an average price of $95.86 per share, for a total transaction of $239,650.00. Following the purchase, the chief executive officer directly owned 166,715 shares in the company, valued at $15,981,299.90. This trade represents a 1.52% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Joshua J. Viets bought 2,000 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The shares were acquired at an average price of $92.16 per share, with a total value of $184,320.00. Following the purchase, the chief operating officer 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. 0.17% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have weighed in on EXE. UBS Group dropped their target price on Expand Energy from $145.00 to $132.00 and set a "buy" rating on the stock in a research report on Wednesday, August 20th. Morgan Stanley increased their price objective on Expand Energy from $134.00 to $139.00 and gave the company an "overweight" rating in a report on Monday, August 4th. Scotiabank reissued an "outperform" rating on shares of Expand Energy in a report on Wednesday, August 13th. Wolfe Research lowered their price objective on Expand Energy from $150.00 to $148.00 in a report on Wednesday, July 2nd. Finally, Capital One Financial lowered their price objective on Expand Energy from $105.00 to $101.00 in a report on Thursday, July 3rd. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, Expand Energy presently has an average rating of "Buy" and an average target price of $127.12.

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.