Pennant Investors LP Buys New Stake in Expand Energy Corporation $EXE

Key Points

• Pennant Investors LP has acquired a new stake in Expand Energy Corporation, purchasing 180,000 shares valued at approximately $20 million, making it the 9th largest position in their portfolio.
• Expand Energy recently reported earnings per share of $1.10 for the quarter, missing estimates, but showed a revenue of $3.69 billion against expectations of $2.09 billion.
• The company declared a quarterly dividend of $0.575 per share with a current yield of 2.4%, though its dividend payout ratio is quite high at 589.74%.

Pennant Investors LP bought a new stake in shares of Expand Energy Corporation (NASDAQ:EXE - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 180,000 shares of the company's stock, valued at approximately $20,038,000. Expand Energy accounts for 5.2% of Pennant Investors LP's holdings, making the stock its 9th largest position. Pennant Investors LP owned about 0.08% of Expand Energy as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Transamerica Financial Advisors LLC acquired a new stake in shares of Expand Energy during the 1st quarter valued at $27,000. Harbour Investments Inc. acquired a new stake in shares of Expand Energy in the 1st quarter valued at $27,000. First Horizon Advisors Inc. acquired a new stake in shares of Expand Energy in the 1st quarter valued at $28,000. Pinney & Scofield Inc. acquired a new stake in shares of Expand Energy in the 1st quarter valued at $29,000. Finally, Cheviot Value Management LLC acquired a new stake in shares of Expand Energy in the 1st quarter valued at $29,000. Institutional investors and hedge funds own 97.93% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Morgan Stanley lifted their price objective on shares of Expand Energy from $134.00 to $139.00 and gave the company an "overweight" rating in a research note on Monday, August 4th. The Goldman Sachs Group reduced their price objective on shares of Expand Energy from $127.00 to $125.00 in a research note on Thursday, July 17th. Scotiabank reaffirmed an "outperform" rating on shares of Expand Energy in a research note on Wednesday, August 13th. Roth Capital lowered shares of Expand Energy from a "buy" rating to a "neutral" rating and reduced their price objective for the company from $125.00 to $98.00 in a research note on Monday, August 18th. Finally, Wolfe Research reduced their price objective on shares of Expand Energy from $150.00 to $148.00 in a research note on Wednesday, July 2nd. Two analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $127.12.

Insider Activity

In related news, CEO Domenic J. Dell'osso, Jr. acquired 2,500 shares of the company's stock in a transaction dated Friday, August 15th. The shares were bought at an average price of $95.86 per share, for a total transaction of $239,650.00. Following the acquisition, 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Joshua J. Viets acquired 2,000 shares of the company's stock in a transaction dated Monday, August 18th. The shares were bought at an average price of $92.16 per share, for a total transaction of $184,320.00. Following the acquisition, the chief operating officer owned 61,676 shares in the company, valued at approximately $5,684,060.16. This trade represents a 3.35% increase in their position. The disclosure for this purchase can be found here. Insiders own 0.17% of the company's stock.

Expand Energy Stock Performance

Shares of NASDAQ:EXE traded down $1.94 on Wednesday, hitting $96.27. 992,432 shares of the company were exchanged, compared to its average volume of 3,702,111. The company's 50 day moving average price is $102.35 and its two-hundred day moving average price is $106.52. Expand Energy Corporation has a one year low of $69.12 and a one year high of $123.35. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.78 and a current ratio of 0.78. The firm has a market capitalization of $22.93 billion, a price-to-earnings ratio of 246.63 and a beta of 0.46.

Expand Energy (NASDAQ:EXE - Get Free Report) last posted its quarterly earnings data 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). Expand Energy had a return on equity of 5.76% and a net margin of 2.41%.The company had revenue of $3.69 billion for the quarter, compared to the consensus estimate of $2.09 billion. Research analysts expect that Expand Energy Corporation will post 1.33 earnings per share for the current year.

Expand Energy Dividend Announcement

The business also recently disclosed 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 is Thursday, August 14th. This represents a $2.30 annualized dividend and a dividend yield of 2.4%. Expand Energy's payout ratio is presently 589.74%.

Expand Energy Company Profile

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.