Harvey Capital Management Inc. Purchases New Shares in Expand Energy Corporation $EXE

Key Points

• Harvey Capital Management purchased 46,033 shares of Expand Energy worth approximately $4.2 million during the second quarter. Institutional investors and hedge funds collectively own 97.93% of the company.
• Expand Energy reported quarterly earnings of $1.33 per share, exceeding estimates of $1.13, while revenue reached $2.96 billion. The company also declared a quarterly dividend of $0.575 per share, equivalent to a 2.3% annualized yield.
• Analysts maintain a generally positive view, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $126.89, compared with a recent opening price of $98.00.

Harvey Capital Management Inc. bought a new position in Expand Energy Corporation (NASDAQ:EXE - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 46,033 shares of the company's stock, valued at approximately $4,198,000.

Other large investors have also made changes to their positions in the company. Atlantic Union Bankshares Corp raised its position in 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 buying an additional 100 shares during the period. Eastern Bank purchased a new stake in Expand Energy in the 2nd quarter worth about $27,000. SJS Investment Consulting Inc. boosted its position in Expand Energy by 379.6% during the 1st quarter. SJS Investment Consulting Inc. now owns 259 shares of the company's stock worth $28,000 after acquiring an additional 205 shares during the period. University of Texas Texas AM Investment Management Co. acquired a new stake in Expand Energy during the 4th quarter worth about $30,000. Finally, Ascentis Independent Advisors purchased a new position in Expand Energy during the 1st quarter valued at about $32,000. Institutional investors and hedge funds own 97.93% of the company's stock.

Insider Buying and Selling at Expand Energy

In related news, CEO Michael Wichterich purchased 1,000 shares of the firm's stock in a transaction dated Friday, June 12th. The stock was bought at an average price of $88.90 per share, for a total transaction of $88,900.00. Following the purchase, 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 position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.22% of the stock is owned by corporate insiders.

Expand Energy Stock Performance

EXE stock opened at $98.00 on Friday. The firm has a 50 day moving average of $91.62 and a two-hundred day moving average of $97.14. Expand Energy Corporation has a 12 month low of $84.99 and a 12 month high of $126.62. The company has a market capitalization of $22.69 billion, a price-to-earnings ratio of 8.46 and a beta of 0.34. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.19.

Expand Energy (NASDAQ:EXE - Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The company reported $1.33 earnings per share for the quarter, beating analysts' consensus estimates of $1.13 by $0.20. The business had revenue of $2.96 billion for the quarter, compared to the consensus estimate of $3.05 billion. Expand Energy had a net margin of 20.46% and a return on equity of 10.33%. As a group, equities analysts anticipate that Expand Energy Corporation will post 8.84 EPS for the current fiscal year.

Expand Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders 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 2.3%. Expand Energy's payout ratio is currently 19.86%.

Analyst Upgrades and Downgrades

EXE has been the topic of several research reports. The Goldman Sachs Group upped their price objective on shares of Expand Energy from $99.00 to $113.00 and gave the company a "buy" rating in a research note on Wednesday. Wolfe Research restated an "outperform" rating and set a $114.00 price target on shares of Expand Energy in a report on Wednesday, July 29th. UBS Group dropped their price target on shares of Expand Energy from $127.00 to $124.00 and set a "buy" rating on the stock in a research note on Thursday, July 30th. Morgan Stanley cut their price objective on Expand Energy from $131.00 to $129.00 and set an "overweight" rating for the company in a report on Wednesday, August 19th. Finally, William Blair cut Expand Energy from an "outperform" rating to a "market perform" rating in a research report on Thursday, April 30th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, Expand Energy currently has an average rating of "Moderate Buy" and an average target price of $126.89.

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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