Geode Capital Management LLC Decreases Position in Expand Energy Corporation $EXE

Key Points

• Geode Capital Management trimmed its Expand Energy stake by 3.1% in Q4, selling 208,238 shares and leaving it with 6.42 million shares worth about $706 million.
• Expand Energy’s recent results were strong, as the company reported $3.83 EPS versus $3.61 expected and revenue of $4.40 billion versus $3.53 billion estimated.
• The company also declared a quarterly dividend of $0.575 per share, implying a 2.5% annual yield, while analysts currently rate the stock a “Moderate Buy” with an average target price of $131.45.

Geode Capital Management LLC lessened its holdings in Expand Energy Corporation (NASDAQ:EXE - Free Report) by 3.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,421,429 shares of the company's stock after selling 208,238 shares during the quarter. Geode Capital Management LLC owned 2.70% of Expand Energy worth $706,042,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of EXE. Capital Research Global Investors increased its position in shares of Expand Energy by 161.5% in the third quarter. Capital Research Global Investors now owns 15,959,335 shares of the company's stock valued at $1,695,520,000 after acquiring an additional 9,856,576 shares during the period. Northwestern Mutual Wealth Management Co. increased its position in shares of Expand Energy by 36,574.9% in 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 acquiring an additional 2,414,311 shares during the period. CIBC Private Wealth Group LLC increased its position in shares of Expand Energy by 862.3% in the third quarter. CIBC Private Wealth Group LLC now owns 1,256,987 shares of the company's stock valued at $133,542,000 after acquiring an additional 1,126,363 shares during the period. Alyeska Investment Group L.P. purchased a new position in shares of Expand Energy in the third quarter valued at about $115,504,000. Finally, State Street Corp increased its position in shares of Expand Energy by 8.3% in the third quarter. State Street Corp now owns 13,183,560 shares of the company's stock valued at $1,400,621,000 after acquiring an additional 1,014,484 shares during the period. Hedge funds and other institutional investors own 97.93% of the company's stock.

Insider Activity

In other Expand Energy news, CEO Michael Wichterich acquired 2,000 shares of the company's stock in a transaction that occurred on Friday, March 6th. The shares were acquired at an average price of $107.50 per share, with a total value of $215,000.00. Following the completion of the purchase, the chief executive officer directly owned 83,498 shares of the company's stock, valued at approximately $8,976,035. The trade was a 2.45% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Marcel Teunissen acquired 2,000 shares of the company's stock in a transaction that occurred on Thursday, May 7th. The shares were acquired at an average cost of $96.43 per share, for a total transaction of $192,860.00. Following the purchase, the chief financial officer directly owned 9,144 shares of the company's stock, valued at $881,755.92. This represents a 28.00% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders own 0.22% of the company's stock.

Expand Energy Trading Down 0.7%

Shares of EXE opened at $92.98 on Friday. The firm's 50-day moving average price is $100.12 and its 200-day moving average price is $106.40. The firm has a market capitalization of $22.24 billion, a price-to-earnings ratio of 6.93 and a beta of 0.36. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.21. Expand Energy Corporation has a 1-year low of $91.01 and a 1-year high of $126.62.

Expand Energy (NASDAQ:EXE - Get Free Report) last announced its earnings results on Tuesday, April 28th. The company reported $3.83 earnings per share for the quarter, beating analysts' consensus estimates of $3.61 by $0.22. The firm had revenue of $4.40 billion for the quarter, compared to analyst estimates of $3.53 billion. Expand Energy had a net margin of 22.53% and a return on equity of 10.26%. Sell-side analysts anticipate that Expand Energy Corporation will post 8.8 EPS for the current year.

Expand Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 4th. Investors of record on Thursday, May 14th will be paid a dividend of $0.575 per share. The ex-dividend date of this dividend is Thursday, May 14th. This represents a $2.30 annualized dividend and a yield of 2.5%. Expand Energy's payout ratio is presently 17.15%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on EXE. Morgan Stanley decreased 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. Barclays lowered shares of Expand Energy from an "overweight" rating to a "reduce" rating in a research note on Tuesday. Truist Financial reaffirmed a "buy" rating and set a $134.00 target price (up from $133.00) on shares of Expand Energy in a research note on Thursday, April 30th. TD Cowen raised shares of Expand Energy to a "strong-buy" rating in a research note on Monday, February 9th. Finally, Benchmark lifted their target price on shares of Expand Energy from $112.00 to $124.00 and gave the company a "buy" rating in a research note on Thursday, March 5th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Expand Energy presently has a consensus rating of "Moderate Buy" and an average price target of $131.45.

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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