Mackenzie Financial Corp Lowers Stock Position in Excelerate Energy, Inc. (NYSE:EE)

Key Points

• Mackenzie Financial Corp significantly cut its stake in Excelerate Energy, Inc. by 48.8%, holding 37,201 shares worth approximately $1,067,000 after selling 35,445 shares in the first quarter.
• Excelerate Energy reported earnings of $0.49 per share for the last quarter, exceeding analysts' expectations, and revenue increased by 14.8% year-over-year.
• The company increased its quarterly dividend to $0.08 per share from the previous $0.06, reflecting a boost in its annualized dividend yield to 1.3% with a low payout ratio of 16.33%.

Mackenzie Financial Corp lowered its position in Excelerate Energy, Inc. (NYSE:EE - Free Report) by 48.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 37,201 shares of the company's stock after selling 35,445 shares during the period. Mackenzie Financial Corp's holdings in Excelerate Energy were worth $1,067,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in EE. Aquatic Capital Management LLC purchased a new stake in shares of Excelerate Energy in the fourth quarter valued at about $33,000. New York State Teachers Retirement System grew its position in Excelerate Energy by 1,467.0% during the first quarter. New York State Teachers Retirement System now owns 1,567 shares of the company's stock valued at $45,000 after buying an additional 1,467 shares during the period. Summit Investment Advisors Inc. grew its position in Excelerate Energy by 28.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 1,791 shares of the company's stock valued at $54,000 after buying an additional 400 shares during the period. 10Elms LLP bought a new position in Excelerate Energy during the fourth quarter valued at about $76,000. Finally, Pictet Asset Management Holding SA bought a new position in Excelerate Energy during the fourth quarter valued at about $174,000. Hedge funds and other institutional investors own 21.79% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on EE shares. Jefferies Financial Group started coverage on shares of Excelerate Energy in a research report on Thursday, June 5th. They set a "buy" rating and a $39.00 price target for the company. Wall Street Zen upgraded shares of Excelerate Energy from a "hold" rating to a "buy" rating in a research report on Saturday, August 2nd. Three investment analysts have rated the stock with a sell rating and five have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $32.29.

Excelerate Energy Stock Performance

NYSE:EE traded down $0.16 on Friday, reaching $24.26. 322,118 shares of the company's stock were exchanged, compared to its average volume of 457,424. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.34 and a quick ratio of 3.34. The firm has a market cap of $2.77 billion, a price-to-earnings ratio of 16.51 and a beta of 1.38. Excelerate Energy, Inc. has a 52 week low of $17.70 and a 52 week high of $32.99. The stock has a fifty day simple moving average of $27.74 and a 200-day simple moving average of $28.15.

Excelerate Energy (NYSE:EE - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $0.49 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.39 by $0.10. Excelerate Energy had a net margin of 3.93% and a return on equity of 2.20%. The firm had revenue of $315.09 million for the quarter, compared to the consensus estimate of $207.87 million. The firm's revenue was up 14.8% on a year-over-year basis. As a group, sell-side analysts predict that Excelerate Energy, Inc. will post 1.16 earnings per share for the current year.

Excelerate Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Wednesday, August 20th will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.3%. This is an increase from Excelerate Energy's previous quarterly dividend of $0.06. Excelerate Energy's dividend payout ratio is presently 16.33%.

Excelerate Energy Profile

Excelerate Energy, Inc provides flexible liquefied natural gas (LNG) solutions worldwide. The company offers regasification services, including floating storage and regasification units (FSRUs), infrastructure development, and LNG and natural gas supply, procurement, and distribution services; LNG terminal services; and natural gas supply to-power projects.