Expand Energy (EXE) PT Raised to $146 at Stephens

Stephens analyst Mike Scialla raised the price target on Expand Energy (NASDAQ: EXE) to $146.00 (from $145.00) while maintaining a Overweight rating.

The analyst commented: "We view the release as positive. 4Q25 CFPS/FCF/production were 15%/13%/1% above consensus while 2026 guidance was unchanged. Like last year, net debt reduction will remain a top FCF priority (> $1B) in 2026, although variable dividends will be eliminated from the framework. While 1Q26 capex guidance was 6% above consensus, FY26 capex guidance was in-line. The quarter topped off a strong year in which the company lowered its break-even price across its Haynesville portfolio by 15%; it returned $865MM to investors via dividends and buybacks; it reduced net debt by $1.0B (4Q25 vs. 4Q24); and it lowered its 2026 maintenance capex by $225MM. In addition, the Western Haynesville increased the drilling inventory by 200 locations after EXE drilled its first well in the play at a cost below its nearest competitor. We reiterate our OW rating and are tweaking our target price to $146 from $145."

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