Levin Capital Strategies L.P. Invests $19.33 Million in Expand Energy Corporation (NASDAQ:EXE)

Key Points

• Levin Capital Strategies L.P. acquired a new stake in Expand Energy Corporation, purchasing 173,648 shares valued at approximately $19.3 million, making the stock its 15th largest position.
• Expand Energy recently reported $3.69 billion in quarterly revenue, surpassing analysts' expectations of $2.09 billion, although their earnings per share fell short of estimates.
• The company announced a quarterly dividend of $0.575 per share, which equates to an annualized dividend of $2.30 and a yield of 2.3%.

Levin Capital Strategies L.P. acquired a new position in shares of Expand Energy Corporation (NASDAQ:EXE - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 173,648 shares of the company's stock, valued at approximately $19,331,000. Expand Energy comprises 2.0% of Levin Capital Strategies L.P.'s investment portfolio, making the stock its 15th biggest holding. Levin Capital Strategies L.P. owned about 0.07% of Expand Energy as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in EXE. Harbour Investments Inc. bought a new stake in shares of Expand Energy in the 1st quarter valued at about $27,000. First Horizon Advisors Inc. bought a new stake in Expand Energy during the 1st quarter worth approximately $28,000. Cheviot Value Management LLC bought a new stake in Expand Energy during the 1st quarter worth approximately $29,000. Princeton Global Asset Management LLC bought a new stake in Expand Energy during the 1st quarter worth approximately $31,000. Finally, BankPlus Trust Department bought a new stake in Expand Energy during the 1st quarter worth approximately $32,000. 97.93% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently issued reports on EXE. Wolfe Research lowered their target price on Expand Energy from $150.00 to $148.00 in a research note on Wednesday, July 2nd. Wells Fargo & Company lowered their target price on Expand Energy from $121.00 to $120.00 and set an "equal weight" rating for the company in a research note on Tuesday, July 15th. Scotiabank increased their target price on Expand Energy from $120.00 to $135.00 and gave the stock a "sector outperform" rating in a research note on Friday, July 11th. Roth Capital set a $125.00 price target on Expand Energy in a research report on Wednesday, July 30th. Finally, Jefferies Financial Group set a $135.00 price target on Expand Energy and gave the stock a "buy" rating in a research report on Saturday, June 14th. One analyst has rated the stock with a hold rating, seventeen have assigned a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $128.92.

Expand Energy Stock Performance

Expand Energy stock traded down $0.87 during mid-day trading on Friday, hitting $99.14. 2,532,642 shares of the company's stock traded hands, compared to its average volume of 3,711,253. The firm has a 50 day simple moving average of $109.90 and a two-hundred day simple moving average of $107.50. Expand Energy Corporation has a fifty-two week low of $69.12 and a fifty-two week high of $123.35. The stock has a market cap of $23.61 billion, a price-to-earnings ratio of 254.21 and a beta of 0.46. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.78 and a quick ratio of 0.78.

Expand Energy (NASDAQ:EXE - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The company reported $1.10 earnings per share (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 net margin of 2.41% and a return on equity of 5.76%. On average, research analysts expect 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. Stockholders of record on Thursday, August 14th will be issued a dividend of $0.575 per share. The ex-dividend date of this dividend is Thursday, August 14th. This represents a $2.30 annualized dividend and a dividend yield of 2.3%. Expand Energy's dividend payout ratio (DPR) is currently 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.