Primecap Management Co. CA Invests $61.31 Million in Expand Energy Corporation (NASDAQ:EXE)

Key Points

• Primecap Management Co. CA has made a new investment of approximately $61.31 million in Expand Energy Corporation by purchasing 550,741 shares during the first quarter.
• Expand Energy's stock has received multiple upgrades from analysts, with KeyCorp setting a price target of $135.00 and Sanford C. Bernstein increasing it to $150.00.
• The company recently announced a quarterly dividend of $0.575 per share, resulting in an annual yield of 2.3%, with a high payout ratio of 589.74%.

Primecap Management Co. CA acquired a new stake in Expand Energy Corporation (NASDAQ:EXE - Free Report) in the 1st quarter, according to its most recent filing with the SEC. The fund acquired 550,741 shares of the company's stock, valued at approximately $61,308,000. Primecap Management Co. CA owned 0.23% of Expand Energy as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. Harbour Investments Inc. acquired a new stake in Expand Energy in the 1st quarter valued at approximately $27,000. First Horizon Advisors Inc. acquired a new stake in Expand Energy in the 1st quarter valued at approximately $28,000. Cheviot Value Management LLC acquired a new stake in Expand Energy in the 1st quarter valued at approximately $29,000. Princeton Global Asset Management LLC acquired a new stake in Expand Energy in the 1st quarter valued at approximately $31,000. Finally, BankPlus Trust Department acquired a new stake in Expand Energy in the 1st quarter valued at approximately $32,000. 97.93% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on EXE shares. Barclays lifted their target price on Expand Energy from $122.00 to $139.00 and gave the company an "overweight" rating in a research report on Monday, July 7th. Tudor Pickering & Holt dropped their target price on Expand Energy from $119.00 to $118.00 in a research report on Tuesday, July 1st. Wolfe Research decreased their price target on Expand Energy from $150.00 to $148.00 in a research note on Wednesday, July 2nd. Stephens decreased their price target on Expand Energy from $123.00 to $118.00 and set an "overweight" rating for the company in a research note on Tuesday, April 15th. Finally, Sanford C. Bernstein upgraded Expand Energy to a "strong-buy" rating and set a $150.00 price target for the company in a research note on Thursday, May 22nd. One investment 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 stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $128.92.

Expand Energy Stock Performance

EXE traded down $0.87 during trading on Friday, hitting $99.14. The stock had a trading volume of 2,532,642 shares, compared to its average volume of 3,711,253. The company has a 50 day moving average price of $109.90 and a 200-day moving average price of $107.50. The firm has a market cap of $23.61 billion, a price-to-earnings ratio of 254.21 and a beta of 0.46. 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 current ratio of 0.78 and a quick ratio of 0.78.

Expand Energy (NASDAQ:EXE - Get Free Report) last released 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 firm had revenue of $3.69 billion during the quarter, compared to the consensus estimate of $2.09 billion. Expand Energy had a net margin of 2.41% and a return on equity of 5.76%. As a group, research analysts predict that Expand Energy Corporation will post 1.33 EPS for the current year.

Expand Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Thursday, August 14th will be issued a $0.575 dividend. The ex-dividend date of this dividend is Thursday, August 14th. This represents a $2.30 annualized dividend and a yield of 2.3%. Expand Energy's payout ratio 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.