467,563 Shares in Expand Energy Corporation $EXE Purchased by HITE Hedge Asset Management LLC

Key Points

• HITE Hedge Asset Management LLC acquired a new stake in Expand Energy Corporation, purchasing 467,563 shares valued at approximately $52 million, which makes it the fifth largest position in their portfolio.
• Analysts have mixed views on Expand Energy, with two hold ratings, seventeen buy ratings, and two strong buy ratings, while the average price target is $127.92.
• Expand Energy announced a quarterly dividend of $0.575 per share, representing a yield of 2.4%, despite a high dividend payout ratio of 589.74%.

HITE Hedge Asset Management LLC purchased a new position in Expand Energy Corporation (NASDAQ:EXE - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 467,563 shares of the company's stock, valued at approximately $52,049,000. Expand Energy makes up about 3.2% of HITE Hedge Asset Management LLC's portfolio, making the stock its 5th biggest holding. HITE Hedge Asset Management LLC owned approximately 0.20% of Expand Energy as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of EXE. Vanguard Group Inc. acquired a new position in shares of Expand Energy in the first quarter worth about $2,973,033,000. Wellington Management Group LLP bought a new position in shares of Expand Energy during the first quarter valued at approximately $624,083,000. Massachusetts Financial Services Co. MA bought a new position in shares of Expand Energy during the first quarter valued at approximately $518,328,000. Invesco Ltd. bought a new position in shares of Expand Energy during the first quarter valued at approximately $433,431,000. Finally, AGF Management Ltd. bought a new position in Expand Energy in the 1st quarter worth approximately $404,511,000. Institutional investors and hedge funds own 97.93% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on EXE. Capital One Financial decreased their price objective on Expand Energy from $105.00 to $101.00 in a report on Thursday, July 3rd. Mizuho increased their price objective on Expand Energy from $141.00 to $142.00 and gave the company an "outperform" rating in a research report on Tuesday, July 1st. Tudor Pickering & Holt reduced their target price on Expand Energy from $119.00 to $118.00 in a report on Tuesday, July 1st. Siebert Williams Shank reduced their price objective on Expand Energy from $142.00 to $128.00 in a research note on Wednesday, July 16th. Finally, Piper Sandler reduced their price objective on Expand Energy from $140.00 to $136.00 and set an "overweight" rating for the company in a research report on Thursday, August 14th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $127.42.

Insider Buying and Selling at Expand Energy

In other Expand Energy news, CEO Domenic J. Dell'osso, Jr. purchased 2,500 shares of the stock in a transaction dated Friday, August 15th. The shares were bought at an average cost of $95.86 per share, with a total value of $239,650.00. Following the completion of the transaction, the chief executive officer owned 166,715 shares in the company, valued at $15,981,299.90. This trade represents a 1.52% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Joshua J. Viets purchased 2,000 shares of the stock in a transaction dated Monday, August 18th. The stock was acquired at an average cost of $92.16 per share, for a total transaction of $184,320.00. Following the completion of the transaction, the chief operating officer owned 61,676 shares of the company's stock, valued at $5,684,060.16. The trade was a 3.35% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 0.19% of the company's stock.

Expand Energy Stock Down 0.8%

Expand Energy stock traded down $0.79 during mid-day trading on Friday, hitting $94.66. 3,435,769 shares of the company's stock were exchanged, compared to its average volume of 3,554,541. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.29. The stock has a market cap of $22.54 billion, a P/E ratio of 242.72 and a beta of 0.46. Expand Energy Corporation has a 1-year low of $69.12 and a 1-year high of $123.35. The stock has a 50 day moving average of $105.76 and a two-hundred day moving average of $106.91.

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

Expand Energy Dividend Announcement

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

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.