Oklahoma City, Oklahoma-based Expand Energy Corporation (EXE) operates as an independent natural gas production company. Valued at $22.3 billion by market cap, the company discovers, develops, and acquires conventional and unconventional natural gas, oil, and natural gas liquids reserves.
Shares of this independent natural gas production company have underperformed the broader market over the past year. EXE has gained 1.8% over this time frame, while the broader S&P 500 Index ($SPX) has rallied nearly 18.3%. In 2026, EXE stock is down 12.7%, compared to the SPX’s 11.8% rise on a YTD basis.
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Narrowing the focus, EXE’s underperformance is also apparent compared to the iShares U.S. Oil & Gas Exploration & Production ETF (IEO). The exchange-traded fund has gained about 49% over the past year. Moreover, the ETF’s 51.7% returns on a YTD basis outshine the stock’s losses over the same time frame.
www.barchart.com EXE, following its merger with Southwestern Energy, has faced underperformance driven primarily by broader weakness and oversupply in the natural gas market, alongside compressing operating margins. Investors have expressed caution over significant margin contractions, with operating margins dropping substantially year-over-year, as well as lingering uncertainties around executive leadership transitions and analyst target price cuts. Furthermore, market expectations of an ongoing natural gas oversupply stretching into 2027 have dampened short-term sentiment, overriding the company’s long-term growth positioning in LNG exports and power generation.
On Jul. 28, EXE shares closed down more than 2% after reporting its Q2 results. Its adjusted EPS of $1.33 surpassed Wall Street expectations of $1.22. The company’s revenue declined 19.8% from the year-ago quarter to $3 billion.
For the current fiscal year, ending in December, analysts expect EXE’s EPS to grow 44.9% to $8.84 on a diluted basis. The company’s earnings surprise history is impressive. It beat the consensus estimate in each of the last four quarters.
Among the 26 analysts covering EXE stock, the consensus is a “Strong Buy.” That’s based on 17 “Strong Buy” ratings, three “Moderate Buys,” and six “Holds.”
www.barchart.com This configuration is less bullish than a month ago, with 18 analysts suggesting a “Strong Buy,” and two recommending a “Moderate Buy.”
On Aug. 20, Scott Hanold from RBC Capital maintained a “Buy” rating on EXE, with a price target of $131, implying a potential upside of 36% from current levels.
The mean price target of $125.29 represents a 30.1% premium to EXE’s current price levels. The Street-high price target of $160 suggests an ambitious upside potential of 66.1%.
On the date of publication, Neha Panjwani did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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