Cibc World Market Inc. Makes New Investment in Expand Energy Corporation $EXE

Cibc World Market Inc. acquired a new stake in Expand Energy Corporation (NASDAQ:EXE) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor acquired 49,598 shares of the company’s stock, valued at approximately $4,523,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. BlackRock Inc. acquired a new stake in shares of Expand Energy during the second quarter worth $1,778,004,000. Capital Research Global Investors lifted its stake in Expand Energy by 33.2% in the fourth quarter. Capital Research Global Investors now owns 21,251,283 shares of the company’s stock valued at $2,345,303,000 after buying an additional 5,291,948 shares during the period. Bank of New York Mellon Corp bought a new position in Expand Energy during the second quarter worth about $267,109,000. Northwestern Mutual Wealth Management Co. boosted its holdings in Expand Energy by 36,574.9% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,420,912 shares of the company’s stock worth $267,172,000 after buying an additional 2,414,311 shares during the last quarter. Finally, Victory Capital Management Inc. grew its position in shares of Expand Energy by 192.0% during the 4th quarter. Victory Capital Management Inc. now owns 3,286,361 shares of the company’s stock worth $362,683,000 after buying an additional 2,160,979 shares during the period. Institutional investors own 97.93% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on EXE shares. Morgan Stanley lowered their price target on Expand Energy from $131.00 to $129.00 and set an “overweight” rating for the company in a research note on Wednesday, August 19th. Barclays lowered their target price on shares of Expand Energy from $110.00 to $107.00 and set an “equal weight” rating for the company in a research note on Monday, August 17th. UBS Group cut their target price on shares of Expand Energy from $127.00 to $124.00 and set a “buy” rating on the stock in a report on Thursday, July 30th. William Blair cut shares of Expand Energy from an “outperform” rating to a “market perform” rating in a research report on Thursday, April 30th. Finally, Weiss Ratings lowered shares of Expand Energy from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday, August 12th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $127.67.

Insiders Place Their Bets

In related news, CEO Michael Wichterich purchased 1,000 shares of the stock in a transaction on Friday, June 12th. The shares were purchased at an average price of $88.90 per share, with a total value of $88,900.00. Following the transaction, the chief executive officer directly owned 85,498 shares of the company’s stock, valued at $7,600,772.20. This trade represents a 1.18% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.22% of the stock is currently owned by corporate insiders.

Expand Energy Trading Down 1.7%

Shares of NASDAQ:EXE opened at $94.66 on Wednesday. The company’s 50-day moving average price is $91.22 and its two-hundred day moving average price is $97.32. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.96 and a quick ratio of 0.96. Expand Energy Corporation has a one year low of $84.99 and a one year high of $126.62. The stock has a market capitalization of $21.91 billion, a PE ratio of 8.17 and a beta of 0.34.

Expand Energy (NASDAQ:EXE) last announced its quarterly earnings data on Tuesday, July 28th. The company reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.20. The company had revenue of $2.96 billion during the quarter, compared to analysts’ expectations of $3.05 billion. Expand Energy had a return on equity of 10.33% and a net margin of 20.46%. On average, equities analysts forecast that Expand Energy Corporation will post 8.84 EPS for the current fiscal year.

Expand Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Thursday, August 13th will be paid a $0.575 dividend. This represents a $2.30 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date is Thursday, August 13th. Expand Energy’s dividend payout ratio (DPR) is currently 19.86%.

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.