HITE Hedge Asset Management LLC Purchases New Shares in Expand Energy Corporation $EXE

HITE Hedge Asset Management LLC purchased a new stake in Expand Energy Corporation (NASDAQ:EXE) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 33,056 shares of the company’s stock, valued at approximately $3,648,000.

A number of other institutional investors and hedge funds have also bought and sold shares of EXE. Capital Research Global Investors raised its position in Expand Energy by 161.5% in the 3rd quarter. Capital Research Global Investors now owns 15,959,335 shares of the company’s stock valued at $1,695,520,000 after buying an additional 9,856,576 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its position in Expand Energy by 36,574.9% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,420,912 shares of the company’s stock valued at $267,172,000 after buying an additional 2,414,311 shares during the last quarter. CIBC Private Wealth Group LLC raised its position in Expand Energy by 862.3% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 1,256,987 shares of the company’s stock valued at $133,542,000 after buying an additional 1,126,363 shares during the last quarter. Alyeska Investment Group L.P. purchased a new stake in Expand Energy in the 3rd quarter valued at $115,504,000. Finally, State Street Corp raised its position in Expand Energy by 8.3% in the 3rd quarter. State Street Corp now owns 13,183,560 shares of the company’s stock valued at $1,400,621,000 after buying an additional 1,014,484 shares during the last quarter. 97.93% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CFO Marcel Teunissen acquired 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 7th. The stock was bought at an average price of $96.43 per share, with a total value of $192,860.00. Following the acquisition, the chief financial officer owned 9,144 shares in the company, valued at $881,755.92. The trade was a 28.00% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Michael Wichterich acquired 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 4th. The stock was purchased at an average cost of $93.36 per share, with a total value of $93,360.00. Following the acquisition, the chief executive officer owned 84,498 shares in the company, valued at $7,888,733.28. The trade was a 1.20% increase in their position. The SEC filing for this purchase provides additional information. Company insiders own 0.22% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on EXE. William Blair lowered Expand Energy from an “outperform” rating to a “market perform” rating in a research report on Thursday, April 30th. Benchmark raised their target price on Expand Energy from $112.00 to $124.00 and gave the company a “buy” rating in a research report on Thursday, March 5th. Barclays lowered Expand Energy from an “overweight” rating to a “reduce” rating in a research report on Tuesday, May 26th. Piper Sandler raised their target price on Expand Energy from $136.00 to $138.00 and gave the company an “overweight” rating in a research report on Thursday, March 12th. Finally, KeyCorp reaffirmed a “sector weight” rating on shares of Expand Energy in a research report on Thursday, April 2nd. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $131.45.

Expand Energy Trading Up 2.0%

Shares of Expand Energy stock opened at $88.78 on Friday. Expand Energy Corporation has a 1 year low of $86.80 and a 1 year high of $126.62. The firm has a market cap of $21.24 billion, a PE ratio of 6.62 and a beta of 0.33. The stock has a fifty day moving average price of $96.23 and a 200-day moving average price of $104.55. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.11 and a quick ratio of 1.11.

Expand Energy (NASDAQ:EXE) last announced its earnings results on Tuesday, April 28th. The company reported $3.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.61 by $0.22. Expand Energy had a return on equity of 10.26% and a net margin of 22.53%.The firm had revenue of $4.40 billion during the quarter, compared to analyst estimates of $3.53 billion. Equities research analysts anticipate that Expand Energy Corporation will post 8.7 EPS for the current year.

Expand Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Thursday, May 14th were issued a $0.575 dividend. The ex-dividend date of this dividend was Thursday, May 14th. This represents a $2.30 annualized dividend and a yield of 2.6%. Expand Energy’s dividend payout ratio (DPR) is 17.15%.

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.