Expand Energy Corporation $EXE Shares Purchased by 59 North Capital Management LP

Key Points

• 59 North Capital Management increased its stake in Expand Energy by 37.4% in Q4, buying 500,977 additional shares and bringing its total holdings to 1.84 million shares worth about $203.2 million.
• Insiders were also buyers: CFO Marcel Teunissen and CEO Michael Wichterich both purchased shares recently, and insiders bought 4,000 shares total over the last 90 days.
• Expand Energy reported better-than-expected quarterly results with EPS of $3.83 versus $3.61 expected and revenue of $4.40 billion versus $3.53 billion expected, while analysts currently rate the stock a Moderate Buy with an average price target of $131.45.

59 North Capital Management LP grew its holdings in shares of Expand Energy Corporation (NASDAQ:EXE - Free Report) by 37.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,841,634 shares of the company's stock after buying an additional 500,977 shares during the quarter. Expand Energy accounts for about 6.3% of 59 North Capital Management LP's holdings, making the stock its 9th biggest position. 59 North Capital Management LP owned approximately 0.77% of Expand Energy worth $203,243,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the business. Atlantic Union Bankshares Corp lifted its position in shares of Expand Energy by 74.6% during the fourth quarter. Atlantic Union Bankshares Corp now owns 234 shares of the company's stock valued at $26,000 after purchasing an additional 100 shares in the last quarter. Rakuten Securities Inc. raised its position in Expand Energy by 350.9% in the fourth quarter. Rakuten Securities Inc. now owns 248 shares of the company's stock worth $27,000 after acquiring an additional 193 shares during the period. University of Texas Texas AM Investment Management Co. bought a new stake in Expand Energy in the fourth quarter worth about $30,000. Abound Wealth Management raised its position in Expand Energy by 890.0% in the fourth quarter. Abound Wealth Management now owns 297 shares of the company's stock worth $33,000 after acquiring an additional 267 shares during the period. Finally, Transamerica Financial Advisors LLC raised its position in Expand Energy by 564.6% in the fourth quarter. Transamerica Financial Advisors LLC now owns 319 shares of the company's stock worth $35,000 after acquiring an additional 271 shares during the period. 97.93% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Expand Energy

In related news, CFO Marcel Teunissen acquired 2,000 shares of the firm's 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 of the company's stock, valued at $881,755.92. This trade represents a 28.00% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Michael Wichterich acquired 1,000 shares of the firm's stock in a transaction on Friday, June 12th. The stock was bought at an average price of $88.90 per share, with a total value of $88,900.00. Following the completion of the acquisition, the chief executive officer directly owned 85,498 shares in the company, valued at approximately $7,600,772.20. This represents a 1.18% increase in their position. The SEC filing for this purchase provides additional information. Insiders acquired a total of 4,000 shares of company stock valued at $375,120 over the last 90 days. Company insiders own 0.22% of the company's stock.

Analyst Ratings Changes

Several analysts have commented on EXE shares. Wells Fargo & Company set a $123.00 price objective on shares of Expand Energy in a research report on Monday, February 23rd. Morgan Stanley lowered 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. Stephens lifted their price objective on shares of Expand Energy from $145.00 to $146.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 18th. Barclays lowered shares of Expand Energy from an "overweight" rating to a "reduce" rating in a research report on Tuesday, May 26th. Finally, Weiss Ratings downgraded shares of Expand Energy from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Tuesday, May 19th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $131.45.

Expand Energy Price Performance

EXE stock opened at $87.46 on Thursday. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.11 and a quick ratio of 1.11. Expand Energy Corporation has a one year low of $86.80 and a one year high of $126.62. The stock has a market cap of $20.92 billion, a PE ratio of 6.52 and a beta of 0.33. The firm has a 50 day simple moving average of $95.28 and a two-hundred day simple moving average of $103.83.

Expand Energy (NASDAQ:EXE - Get Free Report) last announced its quarterly earnings data on Tuesday, April 28th. The company reported $3.83 earnings per share for the quarter, topping analysts' consensus estimates 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 analyst estimates of $3.53 billion. On average, analysts predict that Expand Energy Corporation will post 8.87 EPS for the current fiscal year.

Expand Energy Dividend Announcement

The business 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 was Thursday, May 14th. This represents a $2.30 annualized dividend and a yield of 2.6%. Expand Energy's dividend payout ratio is 17.15%.

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.

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