Expand Energy

EXE · NASDAQ

$92.67−$0.25 (−0.27%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $92.92

EXE analyst rating

BuyConsensus of 16 analysts over the last 12 months. 81% rate it a buy.

Strong buy1
Buy12
Hold3
Underperform0
Sell0

12-month price target · 27 analysts

Average $128.86 (+39.1% upside)

Low: $93.93
Now: $92.67
High: $168.00

Upgrades and downgrades

The latest rating actions, newest first

EXE analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
UBS	Oct 15, 2026	Maintains	Buy	$122.00 → $120.00	55%
Morgan Stanley	Oct 15, 2026	Maintains	Overweight	$129.00 → $124.00	66%
Mizuho	Oct 6, 2026	Maintains	Outperform	$145.00 → $138.00	60%
Raymond James	Oct 5, 2026	Maintains	Strong Buy	$147.00 → $141.00	62%
Bernstein	Oct 5, 2026	Maintains	Outperform	$160.00 → $127.00	59%
Truist Securities	Oct 5, 2026	Maintains	Buy	$121.00 → $120.00	63%
UBS	Oct 2, 2026	Maintains	Buy	$129.00 → $122.00	55%
Jefferies	Oct 2, 2026	Maintains	Buy	$143.00 → $136.00	58%
UBS	Sep 14, 2026	Maintains	Buy	$124.00 → $129.00	55%
Raymond James	Sep 9, 2026	Maintains	Strong Buy	$145.00 → $147.00	62%

The case for and against

Updated Oct 21, 2026

Bull case

Expand Energy is well positioned because its merged scale across Appalachia and Haynesville gives it one of the largest, lowest-cost North American gas footprints, with Haynesville especially leveraged to nearby LNG demand and Appalachia supported by strong Northeast and mid-Atlantic market access. The company’s dominant acreage, robust operating base, and exposure to structural natural gas demand trends support volume growth, resilient cash generation, and a strategic role in lower-carbon energy supply. Fundamental strength is reinforced by a solid balance sheet and attractive valuation metrics, including roughly 4.7x 2026E EV/EBITDA and a low-cost structure that should enhance returns as demand for LNG-linked gas expands.

Bear case

Expand Energy is viewed negatively because its core upstream cash flows remain highly exposed to volatile commodity prices, geopolitics, and supply-demand shifts, with a decline in gas pricing potentially impairing FCF generation and shareholder returns. While Haynesville’s proximity to LNG demand and Appalachia’s access to Northeast and mid-Atlantic markets are structural positives, they do not offset the risks of legislative pressure, interest-rate-driven demand weakness, or dilution from potentially value-destructive M&A. On the operational side, the company’s recent 118% YoY NOI increase was aided by acquisitions and organic growth, but the 12.9% adjusted NOI margin declined 60 bps, underscoring cost pressure and execution risk that could weaken sustainability.

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