State of New Jersey Common Pension Fund D Acquires Shares of 68,049 Expand Energy Corporation $EXE

Key Points

• The State of New Jersey Common Pension Fund D has invested approximately $7.58 million in Expand Energy Corporation, acquiring 68,049 shares during the first quarter.
• Expand Energy recently reported a net revenue of $3.69 billion for the quarter, surpassing estimates but missed EPS expectations, posting $1.10 against a consensus of $1.14.
• The stock analysts have a consensus target price of $128.96, with the majority rating Expand Energy as an "overweight" or "buy" investment.

State of New Jersey Common Pension Fund D acquired a new stake in Expand Energy Corporation (NASDAQ:EXE - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 68,049 shares of the company's stock, valued at approximately $7,575,000.

Several other institutional investors and hedge funds have also made changes to their positions in EXE. Harbour Investments Inc. acquired a new position in Expand Energy in the first quarter valued at $27,000. First Horizon Advisors Inc. acquired a new position in Expand Energy in the first quarter valued at $28,000. Pinney & Scofield Inc. acquired a new position in Expand Energy in the first quarter valued at $29,000. Cheviot Value Management LLC acquired a new position in Expand Energy in the first quarter valued at $29,000. Finally, Princeton Global Asset Management LLC acquired a new position in Expand Energy in the first quarter valued at $31,000. 97.93% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

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

Expand Energy Trading Down 0.8%

NASDAQ:EXE traded down $0.79 on Friday, hitting $94.66. 3,435,769 shares of the stock were exchanged, compared to its average volume of 3,554,541. The stock has a market cap of $22.54 billion, a PE ratio of 242.72 and a beta of 0.46. 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 fifty day moving average of $105.76 and a 200-day moving average of $106.91. Expand Energy Corporation has a fifty-two week low of $69.12 and a fifty-two week high of $123.35.

Expand Energy (NASDAQ:EXE - Get Free Report) last announced its quarterly 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). Expand Energy had a return on equity of 5.76% and a net margin of 2.41%.The firm had revenue of $3.69 billion for the quarter, compared to analyst estimates of $2.09 billion. As a group, equities analysts expect that Expand Energy Corporation will post 1.33 earnings per share for the current fiscal year.

Expand Energy Dividend Announcement

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

Wall Street Analyst Weigh In

Several research firms recently commented on EXE. Capital One Financial dropped their target price on Expand Energy from $105.00 to $101.00 in a research note on Thursday, July 3rd. Mizuho upped their target price on Expand Energy from $141.00 to $142.00 and gave the company an "outperform" rating in a research note on Tuesday, July 1st. Wells Fargo & Company dropped 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. Barclays upped their target price on Expand Energy from $122.00 to $139.00 and gave the company an "overweight" rating in a research note on Monday, July 7th. Finally, Roth Capital lowered Expand Energy from a "buy" rating to a "neutral" rating and dropped their price target for the stock from $125.00 to $98.00 in a research note on Monday, August 18th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $127.42.

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.