Patton Fund Management Inc. Reduces Stock Position in Expand Energy Corporation $EXE

Patton Fund Management Inc. cut its holdings in Expand Energy Corporation (NASDAQ:EXE) by 63.2% in the 1st quarter, Holdings Channel reports. The institutional investor owned 22,103 shares of the company’s stock after selling 37,894 shares during the period. Patton Fund Management Inc.’s holdings in Expand Energy were worth $2,426,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of EXE. Capital Research Global Investors grew its position in shares of 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 purchasing an additional 5,291,948 shares in the last quarter. State Street Corp lifted its holdings in Expand Energy by 8.3% during the 3rd quarter. State Street Corp now owns 13,183,560 shares of the company’s stock worth $1,400,621,000 after purchasing an additional 1,014,484 shares in the last quarter. Invesco Ltd. boosted its stake in Expand Energy by 16.5% in the 3rd quarter. Invesco Ltd. now owns 4,359,372 shares of the company’s stock worth $463,140,000 after purchasing an additional 619,001 shares during the period. Victory Capital Management Inc. boosted its stake in Expand Energy by 192.0% in the 4th quarter. Victory Capital Management Inc. now owns 3,286,361 shares of the company’s stock worth $362,683,000 after purchasing an additional 2,160,979 shares during the period. Finally, Morgan Stanley boosted its stake in Expand Energy by 4.5% in the 4th quarter. Morgan Stanley now owns 3,183,177 shares of the company’s stock worth $351,296,000 after purchasing an additional 138,381 shares during the period. 97.93% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CFO Marcel Teunissen acquired 2,000 shares of the stock in a transaction dated Thursday, May 7th. The shares were purchased at an average price of $96.43 per share, for a total transaction of $192,860.00. Following the transaction, the chief financial officer owned 9,144 shares in the company, valued at $881,755.92. This represents a 28.00% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Michael Wichterich acquired 1,000 shares of the stock in a transaction dated Friday, June 12th. The shares were bought at an average price of $88.90 per share, for a total transaction of $88,900.00. Following the transaction, the chief executive officer owned 85,498 shares in the company, valued at approximately $7,600,772.20. This represents a 1.18% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought a total of 4,000 shares of company stock worth $375,120 in the last three months. Insiders own 0.22% of the company’s stock.

Expand Energy Price Performance

Shares of NASDAQ EXE opened at $88.47 on Monday. The stock’s 50-day simple moving average is $93.81 and its two-hundred day simple moving average is $102.19. Expand Energy Corporation has a twelve month low of $86.37 and a twelve month high of $126.62. The firm has a market capitalization of $21.17 billion, a P/E ratio of 6.60 and a beta of 0.33. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.21.

Expand Energy (NASDAQ:EXE) last issued its quarterly earnings data on Tuesday, April 28th. The company reported $3.83 EPS for the quarter, topping the consensus estimate of $3.61 by $0.22. The company had revenue of $4.40 billion during the quarter, compared to analyst estimates of $3.53 billion. Expand Energy had a return on equity of 10.26% and a net margin of 22.53%. As a group, equities analysts anticipate that Expand Energy Corporation will post 8.7 EPS for the current fiscal year.

Expand Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Thursday, May 14th were paid a $0.575 dividend. This represents a $2.30 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend was Thursday, May 14th. Expand Energy’s payout ratio is currently 17.15%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on EXE shares. Barclays cut Expand Energy from an “overweight” rating to a “reduce” rating in a research report on Tuesday, May 26th. Benchmark raised their price objective on shares of Expand Energy from $112.00 to $124.00 and gave the company a “buy” rating in a research report on Thursday, March 5th. Morgan Stanley reduced their price objective on shares of Expand Energy from $141.00 to $139.00 and set an “overweight” rating for the company in a research note on Friday, May 22nd. Truist Financial reaffirmed a “buy” rating and set a $134.00 target price (up from $133.00) on shares of Expand Energy in a report on Thursday, April 30th. Finally, KeyCorp reiterated a “sector weight” rating on shares of Expand Energy in a research note on Thursday, April 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Expand Energy has a consensus rating of “Moderate Buy” and an average price target of $131.45.

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.