Expand Energy Corp

EXE

Market cap $24.5B

As the calendar has already turned to 2026, many leading Wall Street firms have released their top stock picks for the new year.

Natural gas strip prices for 2026 have gone down around $0.75 since late November/early December. This reduces Expand's projected 2026 free cash flow by approximately $1 billion, although this reduction would have been around $1.5 billion without hedges. Expand is still projected to generate around $2 billion in 2026 free cash flow at $3.35 to $3.40 natural gas.

Expand Energy Corporation looks good ending the year, growing net income by $613 million TTM vs prior TTM and increasing merger synergies by $200 million. Oil and gas seems promising for 2026 due to more supportive policies and increases in demand due to AI and data centers. Expand has been consolidating aggressively, acquiring ~82,500 net acres of value-accretive leasehold across Western Haynesville and Southwest Appalachia in Q3.

Expand Energy Corporation (EXE) Presents at Goldman Sachs Energy, CleanTech & Utilities Conference Transcript

EQT, EXE and CTRA could see long-term gains even as natural gas prices slip on mild weather and strong U.S. output.

Faced with excess supply that is likely to carry over into the new year, crude oil prices are likely to continue to struggle in 2026. The U.S. Energy Information Administration (EIA) expects the supply glut to persist through 2026, which should, in turn, put downward pressure on oil prices—crude oil could fall to $55 per barrel on average for the first quarter.

Energy badly lagged this year, and I underestimated how severe the supply glut would be. I was early - but the long-term thesis remains firmly intact. Today's oil prices aren't sustainable. Low prices are forcing discipline, squeezing supply, and creating a rare setup where sentiment and fundamentals are deeply misaligned. With positioning extremely bearish and costs rising, I see energy setting up for a powerful reversal - offering both income and upside for patient investors.

EXE, LNG and EE may benefit as natural gas finds footing after a 20% drop sparked by shifting weather forecasts.

Expand Energy stock cleared a buy point as natural gas prices climbed. LNG and AI data centers may make this a golden age for natural gas.

PGIM Jennison Natural Resources Fund generated a strong return and outperformed its Lipper Global Natural Resources Index benchmark for the quarter. Key contributors include Agnico Eagle Mines (AEM), Hudbay Minerals (HBM), and Eldorado Gold (EGO). Key detractors include EQT Corp (EQT), Expand Energy Corporation (EXE), and ARC Resources (AETUF).