Harvey Capital Management Inc. Makes New Investment in Expand Energy Corporation $EXE

Harvey Capital Management Inc. purchased a new position in shares of Expand Energy Corporation (NASDAQ:EXE) in the second quarter, HoldingsChannel reports. The institutional investor purchased 46,033 shares of the company’s stock, valued at approximately $4,198,000.

Several other hedge funds also recently modified their holdings of the business. Public Employees Retirement System of Ohio bought a new position in Expand Energy during the second quarter worth $7,080,000. Proficio Capital Partners LLC bought a new stake in Expand Energy in the 2nd quarter valued at $203,000. Transamerica Financial Advisors LLC bought a new stake in Expand Energy in the 2nd quarter valued at $62,000. Corient Private Wealth LP acquired a new stake in Expand Energy in the 2nd quarter worth $1,326,000. Finally, Palo Duro Investment Partners LP acquired a new stake in Expand Energy in the 2nd quarter worth $40,076,000. 97.93% of the stock is owned by institutional investors.

Analyst Ratings Changes

EXE has been the subject of a number of research analyst reports. Morgan Stanley cut their price objective on shares of Expand Energy from $131.00 to $129.00 and set an “overweight” rating for the company in a research report on Wednesday, August 19th. The Goldman Sachs Group lifted their target price on Expand Energy from $99.00 to $113.00 and gave the stock a “buy” rating in a research report on Wednesday. Wolfe Research reaffirmed an “outperform” rating and issued a $114.00 price target on shares of Expand Energy in a report on Wednesday, July 29th. William Blair downgraded Expand Energy from an “outperform” rating to a “market perform” rating in a research report on Thursday, April 30th. Finally, Truist Financial lifted their price objective on Expand Energy from $117.00 to $121.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, Expand Energy currently has an average rating of “Moderate Buy” and an average target price of $126.89.

Expand Energy Trading Up 1.5%

Shares of EXE stock opened at $98.00 on Friday. The firm has a fifty day moving average of $91.62 and a 200-day moving average of $97.14. The stock has a market cap of $22.69 billion, a price-to-earnings ratio of 8.46 and a beta of 0.34. Expand Energy Corporation has a 52-week low of $84.99 and a 52-week high of $126.62. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.96 and a current ratio of 0.96.

Expand Energy (NASDAQ:EXE) last issued its earnings results 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 business had revenue of $2.96 billion for the quarter, compared to analyst estimates of $3.05 billion. Expand Energy had a net margin of 20.46% and a return on equity of 10.33%. On average, equities research analysts forecast that Expand Energy Corporation will post 8.84 earnings per share for the current fiscal year.

Expand Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Thursday, August 13th will be issued a dividend of $0.575 per share. This represents a $2.30 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend is Thursday, August 13th. Expand Energy’s payout ratio is presently 19.86%.

Insiders Place Their Bets

In related news, CEO Michael Wichterich acquired 1,000 shares of the stock in a transaction dated Friday, June 12th. The shares were bought at an average cost of $88.90 per share, for a total transaction of $88,900.00. Following the purchase, the chief executive officer owned 85,498 shares in the company, valued at approximately $7,600,772.20. This trade represents a 1.18% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.22% of the company’s stock.

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.