Expand Energy (EXE) PT Lowered to $119 at UBS

UBS analyst Josh Silverstein lowered the price target on Expand Energy (NASDAQ: EXE) to $119.00 (from $123.00) while maintaining a Buy rating.

The analyst comments: "Following a model review, we lower our FY25/26 Adj. EBITDAX estimates from $4,807/ $5,805mm to $4,611/$5,731mm. The drivers are mostly GP&T, G&A, and wider differentials. For GP&T, we increase our FY25/26 estimate from $0.97/$0.96/mmbtu to $1.08/mmbtu, reflecting legacy SWN's derivatives related FMV liability. The increase in GP&T expenses is then added back to our Adj. EBITDAX estimate, resulting in no impact. For G&A, we model $0.15/mmbtu for FY25/26, up from $0.13/$0.11/mmbtu in prior estimates. We also slightly widen our unhedged HH realization differential from $0.25/ $0.28/mmbtu to $0.32/$0.30/mmbtu, reflecting the most recent feedback from EXE's marketing team. We keep our total volume unchanged at 7.0Bcfepd/7.4Bcfepd."

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