Fearnley Asset Management AS Makes New Investment in Expand Energy Corporation $EXE

Key Points

• Fearnley Asset Management AS opened a new position in Expand Energy in the fourth quarter, buying 109,970 shares worth about $12.1 million. The stock now represents 5.6% of the firm’s holdings and is its 8th-largest position.
• Institutional ownership in Expand Energy remains extremely high at 97.93%, and several other hedge funds recently increased or initiated stakes. The article also notes recent insider buying by both the CFO and CEO.
• Expand Energy reported strong quarterly results, with EPS of $3.83 versus estimates of $3.61 and revenue of $4.40 billion versus expectations of $3.53 billion. Shares opened at $86.98, below the 52-week high of $126.62, while analysts currently rate the stock Moderate Buy with a consensus target of $131.45.

Fearnley Asset Management AS bought a new stake in Expand Energy Corporation (NASDAQ:EXE - Free Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 109,970 shares of the company's stock, valued at approximately $12,136,000. Expand Energy comprises 5.6% of Fearnley Asset Management AS's holdings, making the stock its 8th biggest holding.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Atlantic Union Bankshares Corp grew its holdings in Expand Energy by 74.6% in the 4th quarter. Atlantic Union Bankshares Corp now owns 234 shares of the company's stock worth $26,000 after buying an additional 100 shares in the last quarter. Rakuten Securities Inc. boosted its position in Expand Energy by 350.9% during the 4th 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. acquired a new position in Expand Energy during the 4th quarter worth $30,000. Abound Wealth Management grew its stake in shares of 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 purchasing an additional 267 shares in the last quarter. Finally, Transamerica Financial Advisors LLC grew its stake in shares of 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 purchasing an additional 271 shares in the last quarter. Institutional investors and hedge funds own 97.93% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on EXE. Piper Sandler increased their target price on shares of Expand Energy from $136.00 to $138.00 and gave the company an "overweight" rating in a research report on Thursday, March 12th. Weiss Ratings lowered shares of Expand Energy from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Tuesday, May 19th. Benchmark increased their price objective on shares of Expand Energy from $112.00 to $124.00 and gave the company a "buy" rating in a report on Thursday, March 5th. KeyCorp reiterated a "sector weight" rating on shares of Expand Energy in a research note on Thursday, April 2nd. Finally, Morgan Stanley dropped their target price on Expand Energy from $141.00 to $139.00 and set an "overweight" rating on the stock in a report on Friday, May 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $131.45.

Insider Activity at Expand Energy

In related news, CFO Marcel Teunissen acquired 2,000 shares of the stock in a transaction that occurred on Thursday, May 7th. The shares were purchased at an average cost of $96.43 per share, with a total value of $192,860.00. Following the completion of the transaction, the chief financial officer owned 9,144 shares of the company's stock, valued at approximately $881,755.92. This trade represents a 28.00% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Michael Wichterich bought 1,000 shares of the business'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 transaction, the chief executive officer owned 85,498 shares in the company, valued at approximately $7,600,772.20. This represents a 1.18% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders have purchased 4,000 shares of company stock valued at $375,120. 0.22% of the stock is currently owned by corporate insiders.

Expand Energy Price Performance

Shares of NASDAQ:EXE opened at $86.98 on Friday. 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 company has a market cap of $20.81 billion, a PE ratio of 6.49 and a beta of 0.33. Expand Energy Corporation has a 52 week low of $86.37 and a 52 week high of $126.62. The firm has a 50 day simple moving average of $94.71 and a 200 day simple moving average of $103.46.

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

Expand Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Thursday, May 14th were given a dividend of $0.575 per share. The ex-dividend date was Thursday, May 14th. This represents a $2.30 dividend on an annualized basis and a yield of 2.6%. Expand Energy's dividend payout ratio (DPR) is presently 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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