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Key Takeaways Expand Energy is set to report Q3 earnings on Oct. 27, with EPS pegged at $1.28 and revenues at $2.1B.EXE's gas production is expected to rise 2.2%, aided by drilling efficiencies and improved productivity.Weaker gas prices, projected to decline 8.9% year over year, could pressure EXE's revenues and margins.
Expand Energy Corporation (EXE - Free Report) is set to release third-quarter 2026 results on Oct. 27. The Zacks Consensus Estimate for the to-be-reported quarter is pegged at a profit of $1.28 per share on revenues of $2.1 billion.

Let’s delve into the factors that might have influenced the exploration and production firm’s performance in the September quarter. But it’s worth taking a look at HAL’s previous-quarter performance first.

Highlights of Q2 Earnings & Surprise HistoryIn the last reported quarter, this U.S.-based natural gas producer beat the consensus mark, reflecting strong production and lower operating expenses. Expand Energy reported adjusted earnings per share of $1.33, beating the Zacks Consensus Estimate by 9%. Revenues of $1.8 billion, however, missed the Zacks Consensus of $2 billion due to lower realized prices.

EXE beat the Zacks Consensus Estimate in each of the last four quarters. This is depicted in the graph below:

Trend in Estimate RevisionThe Zacks Consensus Estimate for the third-quarter bottom line has been revised 3% downward over the past seven days. The estimated figure indicates a 32% improvement year over year. The Zacks Consensus Estimate for revenues suggests an 11.4% increase from the year-ago period.

Factors to ConsiderExpand Energy's substantial natural gas production capacity is likely to have supported its third-quarter performance. The Zacks Consensus Estimate for average daily natural gas production is pegged at 6,870 million cubic feet (MMcf), indicating approximately 2.2% growth from 6,721 MMcf in the year-ago quarter. Strong well productivity in Southwest Appalachia, alongside optimized completions in Haynesville, could have supported volumes.

Expand Energy's ongoing efforts to improve drilling efficiency and lower development costs could have favorably influenced third-quarter earnings. During the second quarter, Southwest Appalachia achieved a record Marcellus drilling efficiency of 2,724 feet per day, approximately 33% above the third-quarter 2025 level. Development costs also declined around 14% from 2024 levels to roughly $730 per foot in 2026. Meanwhile, enhanced Haynesville completions demonstrated 5-10% improvements in six-month cumulative well production. The continuation of these efficiencies into the September quarter could have lowered unit development costs, supported margins and strengthened cash generation.

On a somewhat bearish note, weaker natural gas realizations could have pressured Expand Energy's third-quarter 2026 revenues and profitability, partly offsetting the benefits of sustained production. The Zacks Consensus Estimate for the average natural gas sales price is $2.56 per thousand cubic feet (Mcf), representing a roughly 8.9% decline from the year-ago quarter's reported $2.81 and a 3% decrease from the second-quarter 2026 consensus mark of $2.64. Given the company's significant exposure to natural gas production, weaker realized pricing could have reduced revenue per unit sold and compressed operating margins, although hedging and marketing activities might have provided some protection.

What Does Our Model Say?The proven Zacks model does not conclusively predict an earnings beat for Expand Energy for the third quarter. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of beating estimates.  That’s not the case here.

You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Earnings ESP: Earnings ESP, which represents the difference between the Most Accurate Estimate and the Zacks Consensus Estimate, for this company is -0.08%.

Zacks Rank: EXE currently carries a Zacks Rank #3.

Stocks to ConsiderWhile an earnings beat looks uncertain for Expand Energy, here are some energyfirms that you may want to consider on the basis of our model:

PBF Energy (PBF - Free Report) : It has an Earnings ESP of +0.34% and a Zacks Rank #1.PBF Energy is scheduled to release earnings on Oct. 29.

You can see the complete list of today’s Zacks #1 Rank stocks here.

PBF Energy beat the Zacks Consensus Estimate for earnings in three of the last four quarters and missed in the other, with the average being 123.4%. Valued at more than $9.8 billion, it has surged 176.6% over the past year.

TechnipFMC plc (FTI - Free Report) : It has an Earnings ESP of +2.67% and a Zacks Rank #2.TechnipFMC is scheduled to release earnings on Oct. 29.

For 2026, TechnipFMC has a projected earnings growth rate of 30.6%. Valued at around $27 billion, it has gained 86.7% in a year.

Chevon (CVX - Free Report) : It has an Earnings ESP of +2.69% and a Zacks Rank #1.Chevron is scheduled to release earnings on Oct. 30.

Chevron beat the Zacks Consensus Estimate for earnings in each of the last four quarters, with the average being 18.7%. Valued at nearly $446 billion, it has gone up 45.8% in a year.

The market expects Expand Energy (EXE - Free Report) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended September 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on October 27. On the other hand, if they miss, the stock may move lower.

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.

Zacks Consensus EstimateThis oil and gas company is expected to post quarterly earnings of $1.28 per share in its upcoming report, which represents a year-over-year change of +32%.

Revenues are expected to be $2.06 billion, up 11.4% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 0.64% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Expand Energy?For Expand Energy, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -0.08%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination makes it difficult to conclusively predict that Expand Energy will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Expand Energy would post earnings of $1.22 per share when it actually produced earnings of $1.33, delivering a surprise of +9.02%.

Over the last four quarters, the company has beaten consensus EPS estimates four times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Expand Energy doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

An Industry Player's Expected ResultsBloom Energy (BE - Free Report) , another stock in the Zacks Alternative Energy - Other industry, is expected to report earnings per share of $0.71 for the quarter ended September 2026. This estimate points to a year-over-year change of +373.3%. Revenues for the quarter are expected to be $1.07 billion, up 106.3% from the year-ago quarter.

Over the last 30 days, the consensus EPS estimate for Bloom Energy has been revised 3.9% down to the current level. Nevertheless, the company now has an Earnings ESP of -5.63%, reflecting a lower Most Accurate Estimate.

This Earnings ESP, combined with its Zacks Rank #3 (Hold), makes it difficult to conclusively predict that Bloom Energy will beat the consensus EPS estimate. The company beat consensus EPS estimates in each of the trailing four quarters.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Key Takeaways Expand Energy's shares have declined 17.4% YTD, trailing the sector's 41% and the industry's 33.8% gains.EXE's 2026 earnings are projected to rise 40.8%, while its price-to-sales ratio of 2.28X trails the industry.Twin Eagle's $1.25B deal offers growth potential, but gas price volatility and high capital costs pose risks. Since the beginning of the year, shares of Expand Energy Corporation (EXE - Free Report) have slumped 17.4%, significantly underperforming the broader oil and energy sector as well as the U.S. exploration and production sub-industry, which gained 41% and 33.8%, respectively. The company’s relative weakness is also evident when compared to peers like Range Resources Corporation (RRC - Free Report) and Antero Resources Corporation (AR - Free Report) , which advanced 18.7% and 6.3%, respectively, year to date (YTD).

EXE Underperforms Industry, Sector & Peer Companies (RRC and AR)
Image Source: Zacks Investment Research

Expand Energy is the largest independent natural gas producer in the United States, which focuses on exploring, developing and producing natural gas, oil and natural gas liquids across major U.S. shale formations. Its operations span the Haynesville and Bossier Shales in Louisiana and Texas, the Marcellus Shale in Pennsylvania and West Virginia, and the Utica Shale in Ohio. Formed following the merger of Chesapeake Energy and Southwestern Energy in October 2024, Expand Energy has established a substantial portfolio of natural gas assets. Its business strategy emphasizes operational efficiency, disciplined capital investment, financial flexibility and responsible resource development. Expand Energy also focuses on strengthening its commercial operations and expanding access to growing domestic natural gas markets and international LNG demand.

The company benefits from rising U.S. natural gas demand, backed by its extensive drilling inventory, operating scale and access to LNG markets. Strong cash generation and the Twin Eagle acquisition could support growth and shareholder returns. However, substantial capital requirements, volatile gas prices and pipeline constraints pose risks. Twin Eagle also brings integration and financing challenges, while future growth depends partly on LNG infrastructure expansion. Before we dive into how investors should react, let us take a quick look at its current standing and outcomes.

Factors Favoring Expand Energy StockEXE’s 2026 Earnings Estimates Are Going Up: The Zacks Consensus Estimate for EXE’s 2026 earnings is pegged at $8.59 per share, indicating a 40.8% year-over-year rise. The Zacks Consensus Estimate for Range Resources indicates year-over-year earnings growth of 30% for 2026. However, Antero Resources runs far ahead, with the Zacks Consensus Estimate projecting a 154.4% year-over-year rise in 2026 earnings.

EXE’s Earnings Estimate
Image Source: Zacks Investment Research

EXE’s Discounted Valuation: EXE’s shares are cheap on a relative basis, with its price-to-sales ratio being 2.28X compared with its industry average of 3.59X.

Valuation Comparison
Image Source: Zacks Investment Research

Twin Eagle Acquisition Expands Commercial Earnings Potential: Expand Energy's announced $1.25 billion acquisition of Twin Eagle could significantly expand its natural gas marketing capabilities and customer reach. The transaction is expected to contribute more than $200 million in annual EBITDA initially, rising to approximately $350 million as synergies develop. Management also increased its incremental marketing and commercial free cash flow target to $750 million. Access to established customers, transportation infrastructure and storage capacity could help EXE capture premium pricing opportunities while diversifying its earnings beyond upstream production.

Financial Strength Supports Continued Shareholder Returns: Expand Energy has strengthened its balance sheet while maintaining substantial shareholder distributions. Gross debt declined approximately $1.3 billion during the first half of 2026, leaving quarter-end net debt near $3.1 billion and a leverage ratio of roughly 0.5 times. The company repurchased approximately $849 million of shares through July 24, reducing outstanding shares by about 4%. An additional $1 billion repurchase authorization provides flexibility for future distributions. Its investment-grade credit profile and sizable liquidity position further support financial stability.

Challenges for EXE StockNatural Gas Price Volatility Threatens Profitability: Expand Energy's substantial reliance on natural gas leaves earnings and cash generation sensitive to commodity price movements. Natural gas accounted for approximately 92% of second-quarter 2026 production. Its average realized natural gas price, excluding derivatives, declined to $2.42 per Mcf from $2.93 a year earlier. Natural gas, oil and NGL revenues consequently fell to $1.83 billion from $2.02 billion. Although hedging provides some protection, prolonged pricing weakness could reduce drilling returns, constrain free cash flow and limit the company's ability to fund shareholder distributions. Since RRC and AR operate in the same industry, the companies are equally sensitive to commodity price volatility affecting their earnings and cash flow.

Significant Capital Requirements Could Limit Free Cash Flow: Expand Energy requires substantial investment to sustain production and replace declining well volumes. Management projects 2026 capital expenditures of $2.75-$2.95 billion, including $2.25-$2.35 billion for drilling and completions. Second-quarter capital spending reached $851 million, while quarterly operating cash flow declined to $1.10 billion from $1.32 billion a year earlier. Continued spending requirements, alongside potential service-cost inflation, could pressure free cash flow during weaker commodity markets and reduce funds available for shareholder returns.

Twin Eagle Integration Creates Financial and Execution Risks: The planned Twin Eagle acquisition introduces execution and financing uncertainties despite its strategic appeal. The $1.25 billion all-cash purchase is expected to be funded through existing cash and revolving credit borrowings, potentially increasing debt after recent balance-sheet improvements. Management's $350 million annual EBITDA expectation depends partly on realizing $150 million of synergies by year-end 2028. Delayed integration, weaker marketing performance or slower synergy realization could reduce the transaction's expected benefits and constrain EXE's financial flexibility.

Transportation Costs and Regional Pricing Discounts Pressure Margins: Expand Energy faces high costs in delivering natural gas from producing regions to end markets. Gathering, processing and transportation expenses increased to $634 million in the second quarter of 2026 from $563 million a year earlier. Management expects these costs to range from $1.01 to $1.13 per Mcfe for the full year. Meanwhile, projected natural gas basis discounts of $0.30-$0.40 per Mcf to NYMEX prices could further restrict realized revenues. Persistent transportation expenses and unfavorable regional pricing differentials may limit profitability even when benchmark gas prices improve.

Final Verdict on EXE StockThe Zacks Rank #3 (Hold) company benefits from its strong natural gas production portfolio, rising earnings estimates and discounted valuation. The Twin Eagle acquisition could strengthen commercial operations and diversify earnings, while a healthy balance sheet and continued shareholder returns provide additional support.

However, natural gas price volatility, substantial capital spending and rising transportation costs could weigh on profitability and cash generation. Moreover, integration challenges and potential debt increases associated with Twin Eagle add uncertainty. With the stock significantly underperforming its industry and peers — Range Resources and Antero Resources — investors should remain cautious despite its long-term growth prospects. Given these offsetting factors, retaining EXE shares appears prudent for investors.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

WhiteHawk Income (NYSE:WHK – Get Free Report) and Phillips 66 (NYSE:PSX – Get Free Report) are both energy companies, but which is the better investment? We will compare the two companies based on the strength of their earnings, analyst recommendations, institutional ownership, risk, valuation, dividends and profitability.

Dividends WhiteHawk Income pays an annual dividend of $0.44 per share and has a dividend yield of 1.7%. Phillips 66 pays an annual dividend of $5.08 per share and has a dividend yield of 1.8%. WhiteHawk Income pays out -176.0% of its earnings in the form of a dividend. Phillips 66 pays out 28.9% of its earnings in the form of a dividend. Both companies have healthy payout ratios and should be able to cover their dividend payments with earnings for the next several years. Phillips 66 has raised its dividend for 14 consecutive years. Phillips 66 is clearly the better dividend stock, given its higher yield and longer track record of dividend growth.

Insider and Institutional Ownership 76.9% of Phillips 66 shares are held by institutional investors. 0.4% of Phillips 66 shares are held by insiders. Strong institutional ownership is an indication that endowments, large money managers and hedge funds believe a company is poised for long-term growth.

Profitability This table compares WhiteHawk Income and Phillips 66’s net margins, return on equity and return on assets. Net Margins Return on Equity Return on Assets WhiteHawk Income N/A N/A N/A Phillips 66 4.54% 19.93% 7.62% Analyst Ratings This is a summary of recent recommendations for WhiteHawk Income and Phillips 66, as provided by MarketBeat.com.

Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score WhiteHawk Income 1 2 3 1 2.57 Phillips 66 0 7 11 2 2.75 WhiteHawk Income currently has a consensus price target of $32.00, indicating a potential upside of 21.86%. Phillips 66 has a consensus price target of $256.31, indicating a potential downside of 7.67%. Given WhiteHawk Income’s higher probable upside, equities analysts plainly believe WhiteHawk Income is more favorable than Phillips 66.

Earnings and Valuation This table compares WhiteHawk Income and Phillips 66″s gross revenue, earnings per share (EPS) and valuation.

Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio WhiteHawk Income $67.60 million 10.70 -$3.59 million ($0.25) -105.04 Phillips 66 $136.56 billion 0.81 $4.40 billion $17.55 15.82 Phillips 66 has higher revenue and earnings than WhiteHawk Income. WhiteHawk Income is trading at a lower price-to-earnings ratio than Phillips 66, indicating that it is currently the more affordable of the two stocks.

Summary Phillips 66 beats WhiteHawk Income on 14 of the 17 factors compared between the two stocks.

(Get Free Report)

WhiteHawk is focused on being the premier natural gas mineral and royalty business in the United States. We are committed to delivering cash flow and total returns to our investors through the disciplined acquisition, active management and ownership of high-quality mineral and royalty interests. Our assets are concentrated in the Marcellus and Haynesville Shales, which are located in the Appalachian and Haynesville Basins, which are among the most productive and lowest-cost U.S. natural gas basins(1). Upon completion of the offering, we will own the largest, high-quality publicly traded natural gas mineral portfolio in the United States(2). As a mineral and royalty business, we do not pay any drilling-related capital expenditures and only minimal operating expenses on our properties. This results in a high-margin business and allows us to distribute a meaningful portion of our cash flow to investors, while providing them with potential for significant capital appreciation over time. As of March 31, 2026, our portfolio spans approximately 3.4 million gross DSU acres, including 1.6 million gross DSU acres across the Appalachian and Haynesville Basins and represents an economic interest in approximately 13%(3) of all natural gas produced in the United States as of December 31, 2025. Further, we have more than 10,900 producing wells and more than 8,000 remaining identified undeveloped locations as of December 31, 2025. The Appalachian and Haynesville Basins form the core of U.S. natural gas production and are among the most prolific energy-producing regions globally. If measured against sovereign nations, the Appalachian Basin would rank as the world’s second-largest natural gas producer, with daily production of approximately 33 Bcf/d, and the Haynesville Basin would rank eighth with daily production of approximately 13 Bcf/d(4). In 2025, the Appalachian and Haynesville Basins together accounted for more than 50%(5) of total U.S. dry gas production, providing the foundation of domestic natural gas supply and export growth. Our mineral interests are concentrated in the core of these premier natural gas regions and offer long-term participation in two of the largest, most active and lowest-cost natural gas weighted basins in the United States(6). WhiteHawk’s mineral interests are developed by many of the largest, most active and well-capitalized natural gas operators in the United States, including EQT (NYSE: EQT), Range Resources (NYSE: RRC), CNX Resources (NYSE: CNX), Antero Resources (NYSE: AR), Expand Energy (NASDAQ: EXE), Comstock Resources (NYSE: CRK) and Aethon Energy. In 2025, approximately 18%(7) of all wells drilled in the Appalachian and Haynesville Basins were located on acreage in which we hold royalty interests. Our significant footprint across both basins provides alignment and scale with these premier operators. In 2025, EQT was the largest natural gas producer in the Appalachian Basin, and Expand Energy was the largest producer in the Haynesville Basin(8). In the same year, approximately 49% of EQT’s Appalachian production and 57% of Expand Energy’s Haynesville production were sourced from acreage in which we hold royalty interests(9). Because our mineral interests are concentrated within these operators’ active and planned development areas, we can benefit directly from their scale, financial strength and efficiency. Our exposure to leading operators enables us to gain from their continuous development across commodity cycles and provides a resilient base for predictable cash flow growth. Leveraging our scale and position alongside leading operators, we believe we are well positioned to capitalize on two powerful natural gas demand catalysts: artificial intelligence (“AI”) driven electricity demand growth and expanding U.S. liquefied natural gas (“LNG”) exports. Natural gas remains the most reliable, scalable and cost-effective source of baseload power and accounted for approximately 41%(10) of total U.S. electricity generation in 2025. The rapid buildout of AI and cloud-computing infrastructure is projected to create additional demand for natural gas-fired power generation, with a management-estimated 7.8 Bcf/d of total natural gas demand associated with new power plants expected to be constructed by 2031,(11) largely within WhiteHawk’s Appalachian Basin footprint. In addition to an increase in domestic demand, global demand for U.S. natural gas is expected to further accelerate through LNG export growth. The EIA projects the United States will nearly double its LNG export capacity from approximately 17 Bcf/d(12) in 2025 to nearly 34 Bcf/d by 2031(13) as European and Asian buyers seek to diversify supply and reduce exposure to higher regional benchmark prices. The Haynesville Basin’s proximity and pipeline connectivity to the Gulf Coast LNG corridor position our mineral interests to benefit directly from this expansion in export capacity and feed-gas demand. Together, accelerating power demand from AI and the continued buildout of LNG export capacity, inclusive of announced projects, are expected to drive a structural step-change in U.S. natural gas demand—driving roughly a 38%(14) increase in combined demand by 2031 compared to 2025 levels. WhiteHawk believes it offers public investors direct equity exposure to the powerful tailwinds of AI-driven power demand and expanding U.S. LNG exports without drilling-related capital expenditures. WhiteHawk is led by one of the most experienced and acquisitive management teams in the minerals and royalties sector. Collectively, our leadership has more than 125 years of industry experience and has completed over $31 billion of energy transactions across the upstream, midstream, and minerals and royalty value chain. Members of our team previously served as senior executives or founders of Atlas Energy (NYSE: ATLS), Atlas Pipeline Partners (NYSE: APL) and Falcon Minerals Corporation (NASDAQ: FLMN), each of which were successful public companies that generated substantial shareholder value through disciplined growth, accretive acquisitions and strategic monetizations. Since its inception, WhiteHawk has completed eight large acquisitions, making it the most active acquirer of natural gas mineral and royalty properties in the United States(15). More importantly, these acquisitions have been highly accretive to shareholders and have resulted in approximately 38%(16) cash-on-cash return to our initial investors through 49 months of consecutive cash dividend payments, plus an additional 41% increase in shareholder value through three share dividends through March 31, 2026. We continue to execute a focused consolidation strategy in a fragmented market, targeting accretive acquisitions to expand scale, enhance returns and extend development visibility. Our ability to consistently source, evaluate and close accretive transactions ahead of broader market consolidation underscores WhiteHawk’s leadership as a focused, data-driven consolidator with a proven track record of value creation. Our principal executive offices are located in Philadelphia, PA.

About Phillips 66 (Get Free Report)

Phillips 66 operates as an energy manufacturing and logistics company in the United States, the United Kingdom, Germany, and internationally. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks; delivers refined petroleum products to market; provides terminaling and storage services for crude oil and refined petroleum products; transports, stores, fractionates, exports, and markets natural gas liquids; provides other fee-based processing services; and gathers, processes, transports, and markets natural gas. The Chemicals segment produces and markets ethylene and other olefin products; aromatics and styrenics products, such as benzene, cyclohexane, styrene, and polystyrene; and various specialty chemical products, including organosulfur chemicals, solvents, catalysts, and chemicals used in drilling and mining. The Refining segment refines crude oil and other feedstocks into petroleum products, such as gasolines, distillates, aviation, and renewable. The M&S segment purchases for resale and markets refined petroleum products, including gasolines, distillates, and aviation fuels. This segment also manufactures and markets specialty products, such as base oils and lubricants. Phillips 66 was founded in 1875 and is headquartered in Houston, Texas.

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Extendicare Inc. (TSE:EXE – Get Free Report)’s share price crossed below its 200-day moving average during trading on Tuesday. The stock has a 200-day moving average of C$32.04 and traded as low as C$26.64. Extendicare shares last traded at C$26.68, with a volume of 1,283,242 shares changing hands.

Analysts Set New Price Targets A number of brokerages have recently weighed in on EXE. Canaccord Genuity Group upped their target price on Extendicare from C$37.00 to C$44.00 and gave the stock a “buy” rating in a research report on Monday, August 10th. Desjardins decreased their price target on shares of Extendicare from C$40.00 to C$39.00 and set a “buy” rating for the company in a research note on Monday, August 10th. Finally, Royal Bank Of Canada upped their price objective on shares of Extendicare from C$38.00 to C$39.00 and gave the stock an “outperform” rating in a report on Friday, August 14th. Seven equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of C$37.00.

Get Our Latest Analysis on EXE

Extendicare Price Performance The company has a market capitalization of C$2.54 billion, a P/E ratio of 20.43 and a beta of 1.39. The business’s 50-day moving average is C$31.53 and its two-hundred day moving average is C$32.04. The company has a quick ratio of 0.98, a current ratio of 0.75 and a debt-to-equity ratio of 159.54. Extendicare (TSE:EXE – Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported C$0.38 EPS for the quarter. Extendicare had a net margin of 6.13% and a return on equity of 36.33%. The firm had revenue of C$611.04 million during the quarter. As a group, analysts predict that Extendicare Inc. will post 0.6134729 earnings per share for the current year.

Extendicare Announces Dividend The firm also recently disclosed a monthly dividend, which was paid on Monday, August 17th. Shareholders of record on Monday, August 17th were given a $0.0441 dividend. The ex-dividend date of this dividend was Friday, July 31st. This represents a $0.53 annualized dividend and a yield of 2.0%. Extendicare’s payout ratio is currently 39.23%.

Extendicare Company Profile (Get Free Report)

Extendicare is a leading provider of care and services for seniors across Canada, operating under the Extendicare, ParaMed, Extendicare Assist, and SGP Purchasing Network brands. We are committed to delivering quality care to meet the needs of the growing seniors’ population, inspired by our mission to provide people with the care they need, wherever they call home. We deliver more than 27 million hours of home health care services annually, operate a network of 97 long-term care homes (58 owned, 39 under management contracts), and provide group purchasing services to third parties representing approximately 161,700 beds across Canada.

See Also Five stocks we like better than Extendicare Constellation Energy’s Google Deal Shows Why Nuclear Uprates Matter for AI Lamb Weston’s Turnaround Is Starting to Look Real These 3 Stocks Got the Most Love From Analysts in September Record French Debt Could Create Opportunities for U.S. Market Operators Receive News & Ratings for Extendicare Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Extendicare and related companies with MarketBeat.com's FREE daily email newsletter.

Key Takeaways WMB, RRC and EXE offer different ways to participate in a potential natural gas recovery.Inventories rose to 3,415 Bcf, staying 138 Bcf below last year but 79 Bcf above the five-year average.Winter demand, LNG activity and supply disruptions could shift pricing sentiment after near-term weakness. Natural gas prices ended the week on a weaker note as mild weather and strong U.S. production outweighed support from LNG demand and lingering supply concerns. The market remained near the $3-per-MMBtu level, with traders balancing softer near-term consumption against inventories that remain below last year’s level.

At this stage, investors may want to focus on natural gas-related stocks such as The Williams Companies (WMB - Free Report) , Range Resources (RRC - Free Report) and Expand Energy (EXE - Free Report) .

Natural Gas Ends Week LowerU.S. front-month natural gas futures lost about 3% for the week ending Oct. 2, finishing at $3.035 per MMBtu. Prices came under pressure as milder weather forecasts reduced expectations for heating and power-sector demand, while record U.S. production reinforced supply concerns. The market also gave back part of the previous week’s pipeline-disruption-driven gains as flows normalized. Still, prices found some support near the $3 mark late in the week, helped by uncertainty over winter weather and continued liquefied natural gas (“LNG”) activity. The weekly decline highlights near-term softness, but the market remains sensitive to colder forecasts and any supply disruptions this winter.

Storage Build Matches ExpectationsThe EIA reported a 64 billion cubic feet (Bcf) storage injection for the week ended Sept. 25, matching the average market estimate. Working gas inventories rose to 3,415 Bcf, 138 Bcf below the year-ago level but 79 Bcf above the five-year average. The build was also smaller than the five-year average injection of 80 Bcf for the same week, although it exceeded last year’s 56-Bcf increase. The data suggest that inventories remain comfortable overall, yet the year-over-year deficit could become more supportive if colder weather lifts demand later in the season.

Winter Could Improve the SetupNear-term fundamentals remain mixed, with abundant production and mild weather limiting immediate upside. However, the setup is not entirely bearish. U.S. LNG exports remain healthy, gas inventories are still below year-ago levels and winter weather uncertainty can quickly change demand expectations. If temperatures turn colder, stronger heating demand could tighten the balance and improve pricing sentiment. Lower prices may also encourage additional consumption from power generators and industrial users, helping absorb elevated supply.

For natural gas-focused investors, the current weakness may offer a chance to stay selective rather than abandon the space. Strong operators exposed to growing gas demand can benefit if the market strengthens into winter. LNG expansion and rising takeaway capacity also support the longer-term demand outlook.

3 Stocks to Focus OnAgainst this backdrop, investors may consider maintaining exposure through The Williams Companies, Range Resources and Expand Energy — each carrying Zacks Rank #3 (Hold) — providing different ways to participate in a potential natural gas recovery. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Williams Companies: Williams Companies is a natural gas infrastructure operator with businesses spanning transmission, gathering, processing, storage and related marketing. Its network is concentrated around major U.S. supply and demand centers, with Transco serving as a key pipeline corridor. The company also has large gathering positions in the Marcellus, Utica and Haynesville, which together account for most of its gathering volumes.

In the Haynesville, Williams is expanding its wellhead-to-market system, supported by gathering capacity, Gulf Coast connections and 120 Bcf of storage. Its assets are positioned to move gas toward power plants, industrial users and LNG export facilities, giving the company broad exposure to rising natural gas demand.

The Zacks Consensus Estimate for the company’s 2026 earnings per share indicates 21% year-over-year growth. Williams Companies’ expected EPS growth rate for three to five years is 19.6%, which compares favorably with the industry's growth rate of 11.3%.

Range Resources: Range Resources is a natural gas-focused producer centered in Pennsylvania’s Appalachian Basin, with development led by its core Marcellus acreage in southwest Pennsylvania. The company controls about 450,000 net acres there and another 70,000 in northeast Pennsylvania. Its large, contiguous position supports efficient drilling and gives RRC more than 30 years of high-quality Marcellus inventory.

Range Resources sells natural gas into several markets rather than relying on one local outlet. Roughly 30% goes to the Midwest, while about 25% each reaches the Gulf Coast and LNG/premium Gulf markets, with the balance serving local and Northeast customers. This market reach supports its long-term gas production strategy.

Range Resources beat the Zacks Consensus Estimate for earnings in each of the last four quarters. The natural gas producer has a trailing four-quarter earnings surprise of roughly 22.5%, on average. The Zacks Consensus Estimate for its 2026 earnings per share indicates a 29.7% year-over-year improvement.

Expand Energy: Expand Energy is North America’s largest natural gas producer, with about 2 million net acres and 2026 production near 7.5 Bcfe per day. Its operations span three main areas: Haynesville, northeast Appalachia and southwest Appalachia. These assets provide deep drilling inventory and place production close to major demand centers, while an interconnected transportation network helps move gas to higher-value markets.

The company is also building a broader natural gas platform beyond production. Its planned Twin Eagle acquisition would expand marketing, storage and firm transportation capabilities across North America. That combination is designed to connect Expand’s gas supply with power, industrial and LNG customers from coast to coast.

The Zacks Consensus Estimate for Expand Energy’s 2026 earnings per share indicates a 42.8% year-over-year improvement. The firm has a trailing four-quarter earnings surprise of roughly 7.2%, on average.

Shares of Expand Energy Corporation (NASDAQ:EXE – Get Free Report) hit a new 52-week low during trading on Tuesday. The company traded as low as $83.70 and last traded at $84.3740, with a volume of 189461 shares trading hands. The stock had previously closed at $85.31.

Analyst Ratings Changes A number of research analysts have weighed in on the stock. The Goldman Sachs Group raised their price objective on shares of Expand Energy from $99.00 to $113.00 and gave the company a “buy” rating in a research note on Wednesday, August 26th. Benchmark decreased their target price on shares of Expand Energy from $124.00 to $109.00 and set a “buy” rating for the company in a research report on Wednesday, August 12th. Stifel Nicolaus started coverage on shares of Expand Energy in a report on Wednesday, September 9th. They issued a “buy” rating and a $135.00 target price on the stock. Freedom Broker raised shares of Expand Energy to a “strong-buy” rating in a research report on Thursday, September 3rd. Finally, Truist Financial lifted their price target on Expand Energy from $117.00 to $121.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. Three analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $127.42.

Get Our Latest Analysis on EXE

Expand Energy Price Performance The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.19. The business’s 50-day moving average is $93.39 and its two-hundred day moving average is $94.99. The company has a market capitalization of $19.47 billion, a P/E ratio of 7.26 and a beta of 0.34. Expand Energy (NASDAQ:EXE – Get Free Report) last issued its quarterly earnings data on Tuesday, July 28th. The company reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.20. Expand Energy had a net margin of 20.46% and a return on equity of 10.33%. The business had revenue of $2.96 billion during the quarter, compared to the consensus estimate of $3.05 billion. As a group, analysts predict that Expand Energy Corporation will post 8.7 earnings per share for the current year.

Expand Energy Announces Dividend The firm also recently announced a quarterly dividend, which was paid on Thursday, September 3rd. Stockholders of record on Thursday, August 13th were issued a $0.5750 dividend. The ex-dividend date of this dividend was Thursday, August 13th. This represents a $2.30 annualized dividend and a dividend yield of 2.7%. Expand Energy’s dividend payout ratio is currently 19.86%.

Institutional Trading of Expand Energy A number of hedge funds have recently bought and sold shares of the business. SJS Investment Consulting Inc. grew its position in Expand Energy by 379.6% during the first quarter. SJS Investment Consulting Inc. now owns 259 shares of the company’s stock valued at $28,000 after buying an additional 205 shares during the period. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Expand Energy during the 4th quarter worth approximately $30,000. Ascentis Independent Advisors purchased a new stake in shares of Expand Energy during the 1st quarter worth approximately $32,000. Eastern Bank bought a new stake in shares of Expand Energy in the 2nd quarter worth approximately $27,000. Finally, N.E.W. Advisory Services LLC bought a new stake in shares of Expand Energy in the 2nd quarter worth approximately $32,000. 97.93% of the stock is currently owned by institutional investors.

Expand Energy Company Profile (Get Free Report)

Expand Energy Corporation is an independent energy company engaged in the exploration, development and production of oil, natural gas and natural gas liquids in the United States. The company’s operations are focused primarily on unconventional, or shale, formations, and its products are sold to customers in domestic energy and industrial markets.

Expand Energy was created through the combination of Chesapeake Energy Corporation and Southwestern Energy Company, a transaction completed in October 2024.

Further Reading Five stocks we like better than Expand Energy Deutsche Bank Makes a Contrarian Call on Netflix—What Does It Mean for Investors? O’Reilly Automotive’s Stock Slump Hides a Stronger Business McDonald’s Stock Slump Makes Its AI Pricing Bet Even Riskier Broadcom’s AI Growth Story Faces a $161 Billion Anthropic Test Receive News & Ratings for Expand Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Expand Energy and related companies with MarketBeat.com's FREE daily email newsletter.

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Since the Scores were created to work together with the Zacks Rank, the direction of a stock's earnings estimate revisions should be a key factor when choosing which stocks to buy.

Here's an example: a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one with Style Scores of A and B, still has a downward-trending earnings outlook, and a bigger chance its share price will decrease too.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: Expand Energy (EXE - Free Report) Expand Energy Corporation is a leading U.S.-based natural gas producer formed through the merger of Chesapeake Energy Corporation and Southwestern Energy Company. The all-stock merger, completed on Oct. 1, 2024, established a natural gas-focused company with positions in the Haynesville and Appalachian basins, drilling inventory and proximity to key liquefied natural gas (LNG) and domestic demand markets. The merger strengthened scale, operational efficiencies and financial resilience, supporting an investment-grade balance sheet, enhanced credit capacity and significant shareholder returns, while positioning the company to meet growing global energy demand.

EXE is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.

Additionally, the company could be a top pick for growth investors. EXE has a Growth Style Score of B, forecasting year-over-year earnings growth of 42.8% for the current fiscal year.

For fiscal 2026, four analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.50 to $8.71 per share. EXE boasts an average earnings surprise of +7.2%.

With a solid Zacks Rank and top-tier Growth and VGM Style Scores, EXE should be on investors' short list.

 | Source: Expand Energy Corporation

SPRING, Texas, Sept. 15, 2026 (GLOBE NEWSWIRE) -- Expand Energy Corporation (NASDAQ: EXE) (“Expand Energy”) announced today the pricing of its offering (the “Notes Offering”) of $500,000,000 aggregate principal amount of its 5.650% senior notes due 2031 (the “Notes”) at a price to the public of 99.889% of their face value. The Notes Offering is expected to close on September 17, 2026, subject to the satisfaction of customary closing conditions. Expand Energy intends to use the net proceeds from the Notes Offering for general corporate purposes.

Citigroup Global Markets Inc. and J.P. Morgan Securities LLC acted as joint book-running managers for the Notes Offering. The Notes Offering is being made pursuant to an effective shelf registration statement on Form S-3 previously filed with the U.S. Securities and Exchange Commission (the “SEC”) on November 20, 2024, and only by means of a prospectus supplement and accompanying base prospectus. Copies of the prospectus supplement and accompanying base prospectus relating to the Notes Offering may be obtained from the following addresses:

You may also obtain these documents free of charge by visiting the Electronic Data Gathering and Analysis Retrieval System (EDGAR) on the SEC’s website at www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of any securities. There shall not be any sale of the Notes in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Expand Energy
Expand Energy Corporation (NASDAQ: EXE) is North America’s largest natural gas producer, powered by dedicated and innovative employees focused on expanding the value of natural gas by connecting global scale to growing markets. Expand Energy’s returns-driven strategy strives to create sustainable value for its stakeholders by leveraging its advantaged portfolio, financial strength and operational excellence. Expand Energy is committed to expanding America’s energy reach to fuel a more affordable, reliable, lower carbon future.

Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements relating to the anticipated timing of the closing of the Notes Offering and Expand Energy’s intended use of proceeds therefrom, as well as statements reflecting expectations, intentions, assumptions or beliefs about future events and other statements that do not relate strictly to historical or current facts. Although Expand Energy’s management believes the expectations reflected in such forward-looking statements are reasonable, they are inherently subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond Expand Energy’s control. No assurance can be given that such forward-looking statements will be correct or achieved or that the assumptions are accurate or will not change over time. Particular uncertainties that could cause Expand Energy’s actual results to be materially different than those expressed in such forward-looking statement include those described in the prospectus supplement and accompanying base prospectus relating to the Notes Offering and other risks and uncertainties detailed in Expand Energy’s Annual Report on Form 10-K for the year ended December 31, 2025, Expand Energy’s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2026 and June 30, 2026, and any other documents that Expand Energy files with the SEC. For a discussion of these risks, uncertainties and assumptions, investors are urged to refer to Expand Energy’s documents filed with the SEC that are available through Expand Energy’s website at www.expandenergy.com or through EDGAR at www.sec.gov. We caution you not to place undue reliance on the forward looking statements contained in this release, which speak only as of the date of the release, and we undertake no obligation to update this information. We urge you to carefully review and consider the disclosures in this release and our filings with the SEC that attempt to advise interested parties of the risk and factors that may affect our business.

INVESTOR CONTACT:
Brittany Raiford
(405) 935-8870
[email protected] CONTACT:
Brooke Coe
(405) 935-8878
[email protected]  

Extendicare Inc. (TSE:EXE – Get Free Report)’s share price passed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$31.46 and traded as low as C$30.76. Extendicare shares last traded at C$30.95, with a volume of 418,634 shares.

Wall Street Analyst Weigh In Several equities analysts recently issued reports on EXE shares. Desjardins reduced their price objective on shares of Extendicare from C$40.00 to C$39.00 and set a “buy” rating on the stock in a research note on Monday, August 10th. BMO Capital Markets boosted their price target on Extendicare from C$30.00 to C$38.00 in a report on Wednesday, May 13th. Canaccord Genuity Group raised their price objective on Extendicare from C$37.00 to C$44.00 and gave the stock a “buy” rating in a report on Monday, August 10th. National Bank Financial lifted their price objective on Extendicare from C$34.00 to C$40.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. Finally, Royal Bank Of Canada upped their target price on Extendicare from C$38.00 to C$39.00 and gave the company an “outperform” rating in a research note on Friday, August 14th. One research analyst has rated the stock with a Strong Buy rating and seven have given a Buy rating to the stock. According to data from MarketBeat, Extendicare has a consensus rating of “Buy” and a consensus price target of C$37.00.

View Our Latest Stock Report on Extendicare

Extendicare Trading Down 1.1% The firm’s 50 day simple moving average is C$34.23 and its 200-day simple moving average is C$31.46. The company has a quick ratio of 0.98, a current ratio of 0.75 and a debt-to-equity ratio of 159.54. The company has a market capitalization of C$2.94 billion, a PE ratio of 23.70 and a beta of 1.36. Extendicare (TSE:EXE – Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported C$0.32 EPS for the quarter. The company had revenue of C$611.04 million for the quarter. Extendicare had a return on equity of 36.33% and a net margin of 6.13%. As a group, equities research analysts anticipate that Extendicare Inc. will post 0.6134729 EPS for the current year.

Extendicare Dividend Announcement The firm also recently announced a monthly dividend, which was paid on Monday, August 17th. Stockholders of record on Monday, August 17th were given a dividend of $0.0441 per share. This represents a c) dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend was Friday, July 31st. Extendicare’s payout ratio is presently 39.23%.

Extendicare Company Profile (Get Free Report)

Extendicare Inc, operating solely in Canada, is the largest private-sector owner and operator of long-term care (LTC”) homes and one of the largest private-sector providers of publicly funded home health care services.

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Brigade Capital Management LP acquired a new position in shares of Expand Energy Corporation (NASDAQ:EXE – Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 105,871 shares of the company’s stock, valued at approximately $9,649,000. Expand Energy comprises about 1.8% of Brigade Capital Management LP’s portfolio, making the stock its 2nd biggest holding.

Other large investors have also recently bought and sold shares of the company. Atlantic Union Bankshares Corp raised its stake in Expand Energy by 74.6% during the 4th quarter. Atlantic Union Bankshares Corp now owns 234 shares of the company’s stock worth $26,000 after buying an additional 100 shares during the period. Eastern Bank acquired a new stake in Expand Energy during the 2nd quarter worth approximately $27,000. SJS Investment Consulting Inc. lifted its stake in Expand Energy by 379.6% in the first quarter. SJS Investment Consulting Inc. now owns 259 shares of the company’s stock valued at $28,000 after buying an additional 205 shares in the last quarter. University of Texas Texas AM Investment Management Co. acquired a new position in shares of Expand Energy in the fourth quarter valued at approximately $30,000. Finally, Ascentis Independent Advisors acquired a new position in Expand Energy in the 1st quarter worth $32,000. Institutional investors own 97.93% of the company’s stock.

Insider Activity at Expand Energy In related news, CEO Michael Wichterich purchased 1,000 shares of the firm’s stock in a transaction that occurred on Friday, June 12th. The shares were acquired at an average price of $88.90 per share, for a total transaction of $88,900.00. Following the purchase, the chief executive officer owned 85,498 shares in the company, valued at approximately $7,600,772.20. This represents a 1.18% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.22% of the company’s stock.

Expand Energy Stock Performance Shares of NASDAQ EXE opened at $96.33 on Tuesday. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.19. The company has a market capitalization of $22.30 billion, a P/E ratio of 8.32 and a beta of 0.34. Expand Energy Corporation has a 12 month low of $84.99 and a 12 month high of $126.62. The stock has a 50 day moving average of $91.10 and a 200-day moving average of $97.42. Expand Energy (NASDAQ:EXE – Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The company reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.20. Expand Energy had a return on equity of 10.33% and a net margin of 20.46%.The business had revenue of $2.96 billion during the quarter, compared to the consensus estimate of $3.05 billion. As a group, equities research analysts predict that Expand Energy Corporation will post 8.84 EPS for the current year.

Expand Energy Dividend Announcement The business also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Thursday, August 13th will be paid a dividend of $0.575 per share. This represents a $2.30 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date is Thursday, August 13th. Expand Energy’s dividend payout ratio (DPR) is currently 19.86%.

Analyst Upgrades and Downgrades Several analysts have issued reports on EXE shares. Weiss Ratings downgraded Expand Energy from a “hold (c+)” rating to a “hold (c)” rating in a research note on Wednesday, August 12th. William Blair cut shares of Expand Energy from an “outperform” rating to a “market perform” rating in a research note on Thursday, April 30th. Barclays cut their price objective on shares of Expand Energy from $110.00 to $107.00 and set an “equal weight” rating on the stock in a research report on Monday, August 17th. Johnson Rice cut shares of Expand Energy from a “buy” rating to an “accumulate” rating and reduced their target price for the stock from $135.00 to $125.00 in a report on Monday, August 17th. Finally, UBS Group decreased their target price on shares of Expand Energy from $127.00 to $124.00 and set a “buy” rating for the company in a research report on Thursday, July 30th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Expand Energy currently has a consensus rating of “Moderate Buy” and a consensus target price of $127.67.

Get Our Latest Research Report on EXE

Expand Energy Company Profile (Free Report)

Expand Energy Corporation is an independent natural gas producer principally in the United States. Expand Energy Corporation, formerly known as Chesapeake Energy Corporation, is based in OKLAHOMA CITY.

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Danske Bank A S bought a new position in shares of Expand Energy Corporation (NASDAQ:EXE – Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 6,805 shares of the company’s stock, valued at approximately $621,000.

A number of other hedge funds have also modified their holdings of the business. Siemens Fonds Invest GmbH boosted its position in Expand Energy by 6.8% during the third quarter. Siemens Fonds Invest GmbH now owns 1,383 shares of the company’s stock worth $147,000 after acquiring an additional 88 shares during the last quarter. Atlantic Union Bankshares Corp grew its stake in Expand Energy by 74.6% during the 4th quarter. Atlantic Union Bankshares Corp now owns 234 shares of the company’s stock valued at $26,000 after acquiring an additional 100 shares in the last quarter. McGowan Group Asset Management Inc. raised its holdings in Expand Energy by 0.4% in the 4th quarter. McGowan Group Asset Management Inc. now owns 24,073 shares of the company’s stock valued at $2,657,000 after acquiring an additional 105 shares during the last quarter. Smartleaf Asset Management LLC raised its holdings in Expand Energy by 25.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 543 shares of the company’s stock valued at $61,000 after acquiring an additional 110 shares during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its stake in Expand Energy by 4.5% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,590 shares of the company’s stock worth $286,000 after purchasing an additional 111 shares in the last quarter. 97.93% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling In other Expand Energy news, CEO Michael Wichterich acquired 1,000 shares of the stock in a transaction that occurred on Friday, June 12th. The stock was bought at an average cost of $88.90 per share, for a total transaction of $88,900.00. Following the completion of the transaction, the chief executive officer owned 85,498 shares of the company’s stock, valued at approximately $7,600,772.20. The trade was a 1.18% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.22% of the company’s stock.

Wall Street Analysts Forecast Growth Several research analysts have recently weighed in on the company. Benchmark lowered their target price on Expand Energy from $124.00 to $109.00 and set a “buy” rating on the stock in a report on Wednesday, August 12th. Johnson Rice cut Expand Energy from a “buy” rating to an “accumulate” rating and cut their price target for the company from $135.00 to $125.00 in a report on Monday, August 17th. Citigroup cut their price target on Expand Energy from $125.00 to $115.00 and set a “buy” rating for the company in a report on Thursday, July 9th. Truist Financial lifted their price objective on Expand Energy from $117.00 to $121.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. Finally, William Blair lowered Expand Energy from an “outperform” rating to a “market perform” rating in a research note on Thursday, April 30th. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, Expand Energy currently has a consensus rating of “Moderate Buy” and a consensus price target of $127.67. Check Out Our Latest Stock Report on Expand Energy

Expand Energy Price Performance Shares of EXE stock opened at $96.09 on Friday. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.96 and a quick ratio of 0.96. The firm’s 50-day moving average is $90.93 and its two-hundred day moving average is $97.58. Expand Energy Corporation has a 12 month low of $84.99 and a 12 month high of $126.62. The company has a market capitalization of $22.24 billion, a PE ratio of 8.30 and a beta of 0.34.

Expand Energy (NASDAQ:EXE – Get Free Report) last posted its earnings results on Tuesday, July 28th. The company reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.20. The company had revenue of $2.96 billion for the quarter, compared to analyst estimates of $3.05 billion. Expand Energy had a net margin of 20.46% and a return on equity of 10.33%. Analysts predict that Expand Energy Corporation will post 8.84 earnings per share for the current year.

Expand Energy Dividend Announcement The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Thursday, August 13th will be issued a $0.575 dividend. The ex-dividend date is Thursday, August 13th. This represents a $2.30 dividend on an annualized basis and a yield of 2.4%. Expand Energy’s dividend payout ratio is currently 19.86%.

Expand Energy Profile (Free Report)

Expand Energy Corporation is an independent natural gas producer principally in the United States. Expand Energy Corporation, formerly known as Chesapeake Energy Corporation, is based in OKLAHOMA CITY.

Read More Five stocks we like better than Expand Energy 2 Biotech Stocks Shaping Up for Major Breakouts 3 Stocks Came Roaring Back—Now They’re Flashing Warning Signs 3 Beaten-Down Stocks That Haven’t Gotten the Message About the S&P 500’s Record Run Darden Restaurants Just Hit a 52-Week High–Is the Olive Garden Comeback Story Legit? Want to see what other hedge funds are holding EXE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Expand Energy Corporation (NASDAQ:EXE – Free Report).

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Stock to Watch: Expand Energy (EXE - Free Report) Expand Energy Corporation is a leading U.S.-based natural gas producer formed through the merger of Chesapeake Energy Corporation and Southwestern Energy Company. The all-stock merger, completed on Oct. 1, 2024, established a premier natural gas-focused company with leading positions in the Haynesville and Appalachian basins, premium drilling inventory and proximity to key liquefied natural gas (LNG) and domestic demand markets. The merger strengthened scale, operational efficiencies and financial resilience, supporting an investment-grade balance sheet, enhanced credit capacity and significant shareholder returns, while positioning the company to meet growing global energy demand.

EXE is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.

Additionally, the company could be a top pick for growth investors. EXE has a Growth Style Score of B, forecasting year-over-year earnings growth of 46.2% for the current fiscal year.

Four analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $0.25 to $8.92 per share. EXE also boasts an average earnings surprise of +7.2%.

With a solid Zacks Rank and top-tier Growth and VGM Style Scores, EXE should be on investors' short list.

Extendicare TSE: EXE reported sharply higher second-quarter revenue and adjusted EBITDA as its recently completed acquisitions contributed for a full quarter, while management said it remains focused on integrating CBI Home Health and advancing its Ontario long-term-care redevelopment program.

Revenue rose 59.4% from a year earlier to C$611 million in the second quarter, while adjusted EBITDA increased 71% to C$68.3 million. President and CEO Michael Guerriere said the results reflected execution of the company’s acquisition strategy over the past 18 months, including the C$570 million purchase of CBI, which closed April 1.

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The quarter also included contributions from nine long-term-care homes acquired from Revera in June 2025 and Closing the Gap, a home-health-care acquisition completed in July 2025. Guerriere said all three acquisitions were exceeding the adjusted EBITDA levels originally underwritten when the transactions were announced.

CBI adds scale to home health operations CBI contributed C$145.7 million of revenue and C$18.5 million of adjusted EBITDA during the quarter, according to management. The business generated average daily visits of 33,609, representing an annualized run rate of about 12 million hours of care and approximately 20% growth from 2024 volumes.

Guerriere said CBI expands Extendicare’s presence in Western Canada and adds business models that create additional organic-growth opportunities. He said the combined scale of CBI and ParaMed should support further technology investment and future operating synergies after integration is completed.

Management said the integration remains in its early stages. Chief Financial Officer David Bacon said the immediate priority is exiting remaining transitional service arrangements, with that work targeted for the beginning of 2027. The company plans to integrate CBI methodically by geography rather than through a single cutover.

Extendicare continues to expect C$7.4 million in cost synergies once CBI is fully integrated. Management maintained its expectation that the integration will take roughly 18 to 24 months. Bacon said the company expects CBI-related integration expenses of about C$3 million to C$4 million annually over the next couple of years.

Guerriere said CBI integration will be the company’s principal focus through the rest of 2026, although Extendicare’s strengthened balance sheet gives it the ability to consider opportunities that fit its strategy. He said additional acquisition activity is more likely later in 2027 at the earliest, barring an unusually compelling opportunity.

Home health growth remains strong, margins affected by investment Home health-care volumes increased 132.6% year over year, driven by acquisitions and organic demand. Excluding CBI, average daily visits rose 31.7% from the prior-year period, reflecting both the Closing the Gap purchase and market growth.

Home health-care revenue increased by C$201.7 million year over year, while net operating income rose C$25.2 million, or 117.8%. However, the segment’s NOI margin declined 60 basis points to 12.9%.

Management attributed the margin decline to additional investment in technology and frontline-support functions, including scheduling, coordination and supervisory resources, as well as the absence of a 2026 Ontario home-care rate increase to offset labor-cost inflation.

Bacon said the company had made a “fairly large step up” in the size of its supporting back-office team over the past six months and does not expect another comparable step-up. He said management still views home health care as a higher-margin business over the medium to long term, though the timing of expansion will depend partly on funding-rate increases.

Guerriere said provincial home-care funding increases have historically tracked labor-cost inflation over the long term, though announcements are less regular than in long-term care and may include retroactive adjustments. Ontario’s two recent C$1.1 billion home-care funding announcements were primarily aimed at volumes rather than rates, he said.

Despite recent rapid expansion, Extendicare continues to expect long-run home-health-care volume growth of approximately 6% to 8% annually. Management cited roughly 4% demographic growth and continued shortages of long-term-care beds, while noting that recent higher growth likely reflects unmet demand and healthcare-system backlogs.

Long-term care and managed services contribute to earnings growth Long-term-care revenue rose C$26.5 million, or 12.8%, supported by the nine acquired homes, funding increases and improved preferred occupancy. Segment NOI increased C$5.7 million, or 23.9%, and the quarterly NOI margin rose 110 basis points to 12.7%.

Bacon said long-term-care margins tend to be higher during the second and third quarters because of the timing of funding and wage increases. For the trailing 12 months ended June, normalized long-term-care NOI margin was about 11.8%, which management said is consistent with its recent expectations.

Managed Services revenue declined C$0.6 million to C$17.1 million, partly because certain management contracts were not renewed. Still, NOI increased C$0.2 million to C$9.9 million, supported by 8.3% organic growth in SGP clients and higher management fees from the newly opened Extendicare Beauclaire home. The segment’s NOI margin was 57.6%, above the company’s expected annualized range of 50% to 55%.

Financing changes lower leverage and borrowing costs Extendicare completed its inaugural unsecured notes offering during the quarter, issuing C$450 million of five-year senior unsecured notes bearing interest at 4.345% and maturing in April 2031. Morningstar DBRS assigned both the company and the notes a BBB stable rating.

The company also established a new C$250 million unsecured credit facility maturing in April 2029 and repaid certain higher-cost and nearer-term long-term-care mortgages and loans. Bacon said these changes reduced Extendicare’s weighted-average interest rate by 80 basis points to 4.4% and extended its weighted-average debt maturity to 5.1 years.

At quarter-end, the company had C$208 million of liquidity, consisting of C$93 million of cash and C$115 million available under its unsecured revolving facility. Pro forma debt to adjusted EBITDA was approximately 2.5 times, below management’s original estimate of about 3.3 times following the CBI acquisition.

Second-quarter net earnings were C$30.9 million, down C$1.1 million from a year earlier, reflecting financing, debt-prepayment, transaction and integration costs. AFFO rose 47% to C$36.5 million, but was affected by C$8.7 million of payroll withholding taxes related to deferred share-unit settlements for two retiring directors. Excluding that impact, AFFO increased 73% to C$42.9 million, or C$0.448 per basic share.

Looking ahead, Extendicare plans to complete the Closing the Gap integration this year, continue integrating CBI and advance its redevelopment agenda. The company opened the 320-bed Extendicare Beauclaire home in Ottawa in May and has six redevelopment projects under construction, including the 256-bed Extendicare Forest Trail home in Peterborough, which is scheduled to open next month. Management said it remains on track to open four additional homes in 2027, adding 832 beds.

About Extendicare (TSE:EXE)Extendicare Inc, operating solely in Canada, is the largest private-sector owner and operator of long-term care (LTC") homes and one of the largest private-sector providers of publicly funded home health care services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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Posted by Defense World Staff on Aug 1st, 2026

Arrowstreet Capital Limited Partnership bought a new stake in shares of Expand Energy Corporation (NASDAQ:EXE – Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 95,571 shares of the company’s stock, valued at approximately $10,492,000.

Several other large investors also recently modified their holdings of EXE. Caxton Associates LLP increased its stake in Expand Energy by 200.7% in the 1st quarter. Caxton Associates LLP now owns 12,037 shares of the company’s stock valued at $1,321,000 after buying an additional 8,034 shares during the last quarter. Inceptionr LLC acquired a new stake in shares of Expand Energy during the first quarter worth $483,000. Sei Investments Co. boosted its position in shares of Expand Energy by 86.9% in the first quarter. Sei Investments Co. now owns 251,984 shares of the company’s stock valued at $27,663,000 after acquiring an additional 117,163 shares during the period. Lido Advisors LLC bought a new position in Expand Energy during the first quarter worth about $350,000. Finally, Cetera Investment Advisers boosted its stake in shares of Expand Energy by 7.8% in the first quarter. Cetera Investment Advisers now owns 39,239 shares of the company’s stock valued at $4,308,000 after buying an additional 2,826 shares during the period. 97.93% of the stock is currently owned by institutional investors.

Insider Buying and Selling In other Expand Energy news, CEO Michael Wichterich purchased 1,000 shares of the firm’s stock in a transaction on Friday, June 12th. The stock was purchased at an average cost of $88.90 per share, for a total transaction of $88,900.00. Following the transaction, the chief executive officer owned 85,498 shares in the company, valued at $7,600,772.20. The trade was a 1.18% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Marcel Teunissen purchased 2,000 shares of the business’s stock in a transaction dated Thursday, May 7th. The shares were acquired at an average price of $96.43 per share, for a total transaction of $192,860.00. Following the acquisition, the chief financial officer owned 9,144 shares of the company’s stock, valued at $881,755.92. This trade represents a 28.00% increase in their position. The SEC filing for this purchase provides additional information. Insiders have acquired a total of 4,000 shares of company stock worth $375,120 over the last three months. Insiders own 0.22% of the company’s stock.

Key Stories Impacting Expand Energy Here are the key news stories impacting Expand Energy this week:

Positive Sentiment: Q2 earnings beat estimates: Expand Energy reported adjusted earnings of $1.33 per share, above the $1.13 consensus estimate. Higher production and lower operating costs helped offset weaker revenue and natural-gas prices. Expand Energy Q2 Earnings Beat Estimates on Strong Production Positive Sentiment: Analyst support strengthened: Truist raised its price target from $117 to $121 and maintained a Buy rating, while Morgan Stanley and UBS also reiterated or issued Buy ratings. These targets imply substantial potential upside from recent trading levels. Truist Raises Expand Energy Price Target Morgan Stanley Keeps Their Buy Rating on Expand Energy Expand Energy Receives a Buy from UBS Positive Sentiment: Growth strategy gains traction: The acquisition of Twin Eagle Holdings expands Expand Energy’s gas-marketing platform and could improve access to LNG, power and industrial customers. Management also retained its full-year production target and highlighted the potential for a larger buyback authorization. Expand Energy Sticks to Full-Year Production Goal Expand Energy Agrees to Buy Twin Eagle Holdings Neutral Sentiment: Barclays maintained a Hold rating, indicating that some analysts remain cautious despite the earnings beat and strategic expansion. Barclays Keeps Their Hold Rating on Expand Energy Negative Sentiment: Lower natural-gas prices, weaker quarterly revenue versus expectations and potential infrastructure constraints remain risks to near-term cash flow and the pace of growth. Wall Street Analysts Forecast Growth Several analysts have recently issued reports on the company. Truist Financial increased their target price on Expand Energy from $117.00 to $121.00 and gave the stock a “buy” rating in a report on Thursday. Roth Capital reiterated a “neutral” rating and set a $93.00 price objective on shares of Expand Energy in a research note on Wednesday. Barclays lowered shares of Expand Energy from an “overweight” rating to a “reduce” rating in a report on Tuesday, May 26th. Citigroup cut their price target on shares of Expand Energy from $125.00 to $115.00 and set a “buy” rating for the company in a report on Thursday, July 9th. Finally, Weiss Ratings lowered shares of Expand Energy from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, May 19th. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $129.00.

Check Out Our Latest Report on Expand Energy

Expand Energy Price Performance Shares of NASDAQ:EXE opened at $94.03 on Friday. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.96 and a quick ratio of 1.11. Expand Energy Corporation has a one year low of $84.99 and a one year high of $126.62. The company has a market cap of $21.77 billion, a price-to-earnings ratio of 8.12 and a beta of 0.34. The firm has a 50 day simple moving average of $89.98 and a 200 day simple moving average of $98.77.

Expand Energy (NASDAQ:EXE – Get Free Report) last issued its earnings results on Tuesday, July 28th. The company reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.20. The business had revenue of $2.96 billion during the quarter, compared to analysts’ expectations of $3.05 billion. Expand Energy had a return on equity of 10.33% and a net margin of 20.46%. Research analysts predict that Expand Energy Corporation will post 8.66 earnings per share for the current fiscal year.

Expand Energy Dividend Announcement The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Thursday, August 13th will be given a dividend of $0.575 per share. The ex-dividend date is Thursday, August 13th. This represents a $2.30 annualized dividend and a yield of 2.4%. Expand Energy’s dividend payout ratio (DPR) is currently 19.86%.

About Expand Energy (Free Report)

Expand Energy Corporation is an independent natural gas producer principally in the United States. Expand Energy Corporation, formerly known as Chesapeake Energy Corporation, is based in OKLAHOMA CITY.

Further Reading Five stocks we like better than Expand Energy Chevron’s Strong Quarter Shows Why It Still Leads the Energy Sector Amazon’s Earnings Beat Shows Why AWS Is Back at the Center of the Bull Case Apple’s Record Quarter Could Not Outrun Its Guidance Problem McKesson’s Compounding Keeps Adding Up Want to see what other hedge funds are holding EXE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Expand Energy Corporation (NASDAQ:EXE – Free Report).

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Expand Energy Corporation (EXE) Q2 2026 Earnings Call Transcript

Posted by Defense World Staff on Jul 29th, 2026

Bank of Nova Scotia trimmed its stake in Expand Energy Corporation (NASDAQ:EXE – Free Report) by 37.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 38,576 shares of the company’s stock after selling 23,300 shares during the period. Bank of Nova Scotia’s holdings in Expand Energy were worth $4,235,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in EXE. Capital Research Global Investors increased its stake in Expand Energy by 33.2% during the fourth quarter. Capital Research Global Investors now owns 21,251,283 shares of the company’s stock valued at $2,345,303,000 after acquiring an additional 5,291,948 shares during the period. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Expand Energy by 36,574.9% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,420,912 shares of the company’s stock worth $267,172,000 after purchasing an additional 2,414,311 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Expand Energy by 94.7% during the 1st quarter. Bank of New York Mellon Corp now owns 4,498,905 shares of the company’s stock worth $493,890,000 after purchasing an additional 2,188,422 shares in the last quarter. Victory Capital Management Inc. increased its position in shares of Expand Energy by 192.0% during the fourth quarter. Victory Capital Management Inc. now owns 3,286,361 shares of the company’s stock valued at $362,683,000 after purchasing an additional 2,160,979 shares during the period. Finally, Dragoneer Investment Group LLC acquired a new position in shares of Expand Energy in the fourth quarter valued at $145,633,000. Institutional investors own 97.93% of the company’s stock.

Analyst Upgrades and Downgrades Several research analysts recently commented on EXE shares. Barclays cut Expand Energy from an “overweight” rating to a “reduce” rating in a research report on Tuesday, May 26th. KeyCorp reaffirmed a “sector weight” rating on shares of Expand Energy in a report on Thursday, April 2nd. Weiss Ratings downgraded shares of Expand Energy from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, May 19th. William Blair lowered shares of Expand Energy from an “outperform” rating to a “market perform” rating in a research report on Thursday, April 30th. Finally, Citigroup lowered their target price on shares of Expand Energy from $125.00 to $115.00 and set a “buy” rating on the stock in a research note on Thursday, July 9th. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $130.19.

Read Our Latest Analysis on Expand Energy

Expand Energy Stock Performance Shares of NASDAQ:EXE opened at $88.52 on Wednesday. The business’s fifty day moving average price is $90.29 and its two-hundred day moving average price is $98.95. Expand Energy Corporation has a fifty-two week low of $84.99 and a fifty-two week high of $126.62. The stock has a market capitalization of $21.18 billion, a price-to-earnings ratio of 6.60 and a beta of 0.34. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.11 and a quick ratio of 1.11.

Expand Energy (NASDAQ:EXE – Get Free Report) last issued its quarterly earnings data on Tuesday, July 28th. The company reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.20. Expand Energy had a return on equity of 10.26% and a net margin of 22.53%.The company had revenue of $2.96 billion during the quarter, compared to analysts’ expectations of $3.05 billion. As a group, analysts predict that Expand Energy Corporation will post 8.41 EPS for the current fiscal year.

Expand Energy Announces Dividend The company also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Thursday, August 13th will be given a dividend of $0.575 per share. The ex-dividend date is Thursday, August 13th. This represents a $2.30 dividend on an annualized basis and a dividend yield of 2.6%. Expand Energy’s dividend payout ratio (DPR) is 17.15%.

Insider Activity In other news, CFO Marcel Teunissen purchased 2,000 shares of the business’s stock in a transaction that occurred on Thursday, May 7th. The stock was purchased at an average cost of $96.43 per share, with a total value of $192,860.00. Following the acquisition, the chief financial officer directly owned 9,144 shares of the company’s stock, valued at approximately $881,755.92. This trade represents a 28.00% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Michael Wichterich purchased 1,000 shares of Expand Energy stock in a transaction on Friday, June 12th. The stock was purchased at an average price of $88.90 per share, for a total transaction of $88,900.00. Following the completion of the transaction, the chief executive officer owned 85,498 shares of the company’s stock, valued at approximately $7,600,772.20. This represents a 1.18% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have purchased a total of 4,000 shares of company stock valued at $375,120 over the last three months. 0.22% of the stock is currently owned by insiders.

Expand Energy News Summary Here are the key news stories impacting Expand Energy this week:

Positive Sentiment: Second-quarter earnings beat expectations. Expand Energy reported adjusted earnings of $1.33 per share, above consensus estimates ranging from $1.13 to $1.22 and up from $1.10 a year earlier. Expand Energy Q2 Earnings Beat Estimates Positive Sentiment: Twin Eagle acquisition offers growth and integration benefits. EXE agreed to acquire privately held natural-gas marketer Twin Eagle for $1.25 billion. Management expects the deal to contribute more than $200 million in annual EBITDA initially and generate $150 million in annual synergies by the end of 2028, expanding Expand Energy’s reach across major U.S. and Canadian demand markets. Expand Energy to Acquire Twin Eagle Neutral Sentiment: The deal shifts EXE toward an integrated natural-gas model. Combining North America’s largest gas producer with a marketing and optimization platform could improve value capture and diversify earnings, but investors will likely monitor transaction funding, closing conditions and the pace of synergy realization. Expand Energy to Acquire Twin Eagle in $1.25 Billion Deal Negative Sentiment: Revenue missed forecasts. Quarterly revenue was $2.96 billion, below analysts’ $3.05 billion estimate. The revenue shortfall may be overshadowing the EPS beat, particularly as pre-earnings coverage cited downward estimate revisions. Expand Energy Earnings Results About Expand Energy (Free Report)

Expand Energy Corporation is an independent natural gas producer principally in the United States. Expand Energy Corporation, formerly known as Chesapeake Energy Corporation, is based in OKLAHOMA CITY.

See Also Five stocks we like better than Expand Energy These 3 Stocks Have Soared in 2026—Can They Keep Climbing? Hasbro’s Earnings Beat Shows Why This Is No Longer Just a Toy Story Rambus: Another AI Phoenix Ready to Rise From the Ashes of Correction Chips & Clips: Memory Tariffs Rewire Tech Supply Chains Want to see what other hedge funds are holding EXE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Expand Energy Corporation (NASDAQ:EXE – Free Report).

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SPRING, Texas, July 28, 2026 (GLOBE NEWSWIRE) -- Expand Energy Corporation (NASDAQ: EXE) ("Expand Energy" or the "Company") today reported second quarter 2026 financial and operating results.

Net cash provided by operating activities of $1,096 million, driven by continued operational executionNet income of $522 million, or $2.19 per fully diluted share; adjusted net income(1) of $317 million, or $1.33 per diluted shareAdjusted EBITDAX(1) of $1,183 millionNet production of ~7.48 Bcfe/d (92% natural gas), reaffirmed full-year 2026 guidance of 7.4 – 7.6 Bcfe/dTotal debt of $3.7 billion as of quarter-end, down ~$1.3 billion from year-end as a result of senior note redemption in April 2026Reported quarter-end net debt(1) of $3.1 billion and peer-leading leverage ratio of ~0.5xApproximately $530 million of common stock repurchases in the second quarter; year-to-date repurchases total approximately $850 million or 4% of shares outstandingAnnounced additional ~$1 billion buyback authorization, facilitating continued opportunistic share repurchasesReleased 2025 Sustainability Report with consistent, transparent performance data disclosureAnnounced the acquisition of Twin Eagle Holdings, N.A. LLC ("Twin Eagle"), creating North America's leading integrated natural gas company (1) Definitions of non-GAAP financial measures and reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure are included at the end of this release.

“This year, the team has been focused on two key initiatives, executing with discipline and accelerating our marketing and commercial strategy. I'm pleased with the significant progress we've made on both fronts,” said Mike Wichterich, Interim President and Chief Executive Officer of Expand Energy. “We’ve strengthened our balance sheet and achieved a peer-leading leverage ratio, giving us the flexibility to opportunistically allocate capital. We acted decisively with our buyback program, reduced outstanding shares by 4%, and authorized an additional $1 billion of share repurchases. Through our leasing program, we’ve organically extended our inventory across our portfolio at a significant discount to recent industry acquisitions. Most importantly, our recently announced acquisition of Twin Eagle immediately establishes Expand as the leading integrated natural gas company, extends our access to demand markets from coast to coast, and meaningfully accelerates our strategy. The team is executing on all fronts, delivering as promised, and creating sustainable value for our shareholders.”

Operations Update

Expand Energy operated an average of 12 rigs during the second quarter, drilling 55 wells and turning 48 wells in line, resulting in net production of approximately 7.48 Bcfe/d (92% natural gas). A detailed breakdown of second quarter production, capital expenditures and activity can be found in the supplemental slides which have been posted at https://investors.expandenergy.com/events-presentations.

2026 Capital and Operating Outlook

In 2026, Expand Energy expects to run 11 – 12 rigs and invest approximately $2.75 – $2.95 billion. Average daily production is expected to be approximately 7.4 – 7.6 Bcfe/d.

A detailed breakdown of the Company's 2026 annual capital and operating outlook can be found in the supplemental slides.

Shareholder Returns Update

Expand Energy expects to continue its returns-focused allocation of capital, including to share repurchases, while preserving balance sheet capacity to capitalize on attractive opportunities through the cycle. Year-to-date through July 24, 2026, the Company has redeemed approximately $1.3 billion of gross debt and executed $849 million of share repurchases. The Company plans to pay its quarterly base dividend of $0.575 per share on September 3, 2026 to shareholders of record at the close of business on August 13, 2026.

Conference Call Information

A conference call to discuss Expand Energy's second quarter 2026 financial and operating results and 2026 outlook has been scheduled for 9 a.m. EDT on July 29, 2026. Participants can access the live webcast at https://edge.media-server.com/mmc/p/w7azq3eg/. Participants who would like to ask a question, can register at https://register-conf.media-server.com/register/BIa5617126d27645d887bff8d8eefaf1c6, and will receive the dial-in info and a unique PIN to join the call. Links to the conference call will be provided at https://investors.expandenergy.com/. A replay will be available on the website following the call.

Financial Statements, Non-GAAP Financial Measures and 2026 Guidance and Outlook Projections

This news release contains the non-GAAP financial measures described below in the section titled "Non-GAAP Financial Measures." Reconciliations of each non-GAAP financial measure used in this news release to the most directly comparable GAAP financial measure are provided below. Additional detail on the Company’s 2026 second quarter financial and operational results, along with non-GAAP measures that adjust for items typically excluded by securities analysts, are available on the Company’s website. Non-GAAP measures should not be considered as an alternative to, or more meaningful than, GAAP measures. Management’s guidance for 2026 can be found on the Company’s website at www.expandenergy.com.

Expand Energy Corporation (NASDAQ: EXE) is North America’s largest natural gas producer, powered by dedicated and innovative employees focused on expanding the value of natural gas by connecting global scale to growing markets. Expand Energy’s returns-driven strategy strives to create sustainable value for its stakeholders by leveraging its advantaged portfolio, financial strength and operational excellence. Expand Energy is committed to expanding America’s energy reach to fuel a more affordable, reliable, lower carbon future.

Forward-Looking Statements

This release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include our current expectations or forecasts of future events, including matters relating to armed conflict between Russia and Ukraine, instability in the Middle East and Venezuela and changes in China-Taiwan relations, along with the effects of the current global economic environment, and the impact of each on our business, financial condition, results of operations and cash flows, actions by, or disputes among or between, members of OPEC+ and other foreign oil-exporting countries, market factors, market prices, our ability to meet debt service requirements, our ability to continue to pay cash dividends, the amount and timing of any cash dividends and our sustainability initiatives. Forward-looking and other statements in this news release regarding our environmental, social and other sustainability plans and goals are not an indication that these statements are necessarily material to investors or required to be disclosed in our filings with the Securities and Exchange Commission ("SEC"). In addition, historical, current, and forward-looking environmental, social and sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. Forward-looking statements often address our expected future business, financial performance and financial condition, and often contain words such as "aim", "predict", "should", "expect," “could,” “may,” "anticipate," "intend," "plan," “ability,” "believe," "seek," "see," "will," "would," “estimate,” “forecast,” "target," “guidance,” “outlook,” “opportunity” or “strategy.” The absence of such words or expressions does not necessarily mean the statements are not forward-looking.

Although we believe the expectations and forecasts reflected in our forward-looking statements are reasonable, they are inherently subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. No assurance can be given that such forward-looking statements will be correct or achieved or that the assumptions are accurate or will not change over time. Particular uncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements include:

Reduced demand for natural gas, oil, and natural gas liquids ("NGLs");negative public perceptions of our industry;competition in the natural gas and oil exploration and production industry;the volatility of natural gas, oil and NGL prices, which are affected by general economic and business conditions, as well as increased demand for (and availability of) alternative fuels and electric vehicles;risks from regional epidemics or pandemics and related economic turmoil, including supply chain constraints;write-downs of our natural gas and oil asset carrying values due to low commodity prices;significant capital expenditures are required to replace our reserves and conduct our business;our ability to replace reserves and sustain production;uncertainties inherent in estimating quantities of natural gas, oil and NGL reserves and projecting future rates of production and the amount and timing of development expenditures;drilling and operating risks and resulting liabilities;our ability to generate profits or achieve targeted results in drilling and well operations;leasehold terms expiring before production can be established;risks from our commodity price risk management activities;uncertainties, risks and costs associated with natural gas and oil operations;our need to secure adequate supplies of water for our drilling operations and to dispose of or recycle the water used;pipeline and gathering system capacity constraints and transportation interruptions;risks related to our plans to participate in the global LNG value chain;terrorist activities and/or cyber-attacks adversely impacting our operations;risks from failure to protect personal information and data and compliance with data privacy and security laws and regulations;disruption of our business by natural or human causes beyond our control;a deterioration in general economic, business or industry conditions;the impact of inflation and commodity price volatility, including as a result of decisions made by OPEC+ and armed conflict between Russia and Ukraine, instability in the Middle East and Venezuela, and changes in China-Taiwan relations, along with the effects of the current global economic environment, on our business, financial condition, employees, contractors, vendors and the global demand for natural gas and oil and on U.S. and global financial markets;our inability to access the capital markets on favorable terms;the limitations on our financial flexibility due to our level of indebtedness and restrictive covenants from our indebtedness;challenges with employee recruitment and retention and an increasingly competitive labor market;risks related to acquisitions or dispositions, or potential acquisitions or dispositions;security threats, including cybersecurity threats and disruptions to our business and operations from breaches of our information technology systems, or from breaches of information technology systems of third parties with whom we transact business;our ability to achieve and maintain sustainability certifications, goals and commitments;environmental and sustainability legislation and regulatory initiatives, including those addressing the impact of climate change or further regulating hydraulic fracturing, greenhouse gas emissions, flaring or water disposal;federal and state tax proposals affecting our industry;risks related to an annual limitation on the utilization of our tax attributes, which was triggered upon the completion of our merger with Southwestern Energy Company, as well as trading in our common stock, additional issuance of common stock, and certain other stock transactions, which could lead to an additional, potentially more restrictive, annual limitation;the actual consummation of the acquisition of Twin Eagle (the "Twin Eagle Acquisition") and the expected timetable for completion thereof, the results, effects and benefits of the Twin Eagle Acquisition, future opportunities for the Company, other plans with respect to the Twin Eagle Acquisition, and the anticipated impact of the Twin Eagle Acquisition on the Company’s results of operations, financial position, growth opportunities and competitive position;the integration of acquisitions, including the Twin Eagle Acquisition; andother factors that are described under Risk Factors in Item 1A of Part I of our Annual Report on Form 10-K filed with the SEC. We caution you not to place undue reliance on the forward-looking statements contained in this news release, which speak only as of the filing date, and we undertake no obligation and have no intention to update any forward-looking statement, except as required by law. We urge you to carefully review and consider the disclosures in this news release and our filings with the SEC that attempt to advise interested parties of the risks and factors that may affect our business.

All forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.

INVESTOR CONTACT:
Brittany Raiford
(405) 935-8870
[email protected] CONTACT:
Brooke Coe
(405) 935-8878
[email protected]   CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)    ($ in millions, except per share data)June 30,
2026 December 31,
2025Assets   Current assets:   Cash and cash equivalents$663  $616 Restricted cash 101   80 Accounts receivable, net 1,098   1,599 Derivative assets 602   264 Other current assets 378   357 Total current assets 2,842   2,916 Property and equipment:   Natural gas and oil properties, successful efforts method   Proved natural gas and oil properties 28,092   26,606 Unproved properties 5,501   5,478 Other property and equipment 547   509 Total property and equipment 34,140   32,593 Less: accumulated depreciation, depletion and amortization (9,690)  (8,278)Property and equipment held for sale, net —   40 Total property and equipment, net 24,450   24,355 Long-term derivative assets 113   47 Deferred income tax assets —   168 Other long-term assets 625   801 Total assets$28,030  $28,287     Liabilities and stockholders' equity   Current liabilities:   Accounts payable$942  $753 Accrued interest 78   100 Derivative liabilities 1   3 Other current liabilities 1,944   2,045 Total current liabilities 2,965   2,901 Long-term debt, net 3,685   5,009 Long-term derivative liabilities —   1 Asset retirement obligations, net of current portion 723   688 Long-term contract liabilities 835   975 Other long-term liabilities 412   135 Total liabilities 8,620   9,709 Contingencies and commitments   Stockholders' equity:   Common stock, $0.01 par value, 450,000,000 shares authorized: 234,349,727 and 239,249,874 shares issued 2   2 Additional paid-in capital 13,774   13,746 Retained earnings 5,634   4,830 Total stockholders' equity 19,410   18,578 Total liabilities and stockholders' equity$28,030  $28,287          CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)     Three Months
Ended June 30, Six Months
Ended June 30,($ in millions, except per share data) 2026   2025   2026   2025 Revenues and other:       Natural gas, oil and NGL$1,830  $2,021  $5,145  $4,321 Marketing 681   788   1,893   1,698 Gains (losses) on derivatives 449   877   320   (137)Gains (losses) on sales of assets —   4   (1)  4 Total revenues and other 2,960   3,690   7,357   5,886 Operating expenses:       Production 168   151   353   298 Gathering, processing and transportation 634   563   1,324   1,126 Severance and ad valorem taxes 60   49   120   97 Exploration 16   20   30   27 Marketing 649   791   1,770   1,710 General and administrative 50   40   113   87 Separation and other termination costs —   —   9   — Depreciation, depletion and amortization 722   769   1,433   1,480 Other operating expense, net —   38   13   60 Total operating expenses 2,299   2,421   5,165   4,885 Income from operations 661   1,269   2,192   1,001 Other income (expense):       Interest expense (43)  (60)  (102)  (119)Gains on purchases, exchanges or extinguishments of debt 37   3   37   3 Other income, net 17   16   34   24 Total other income (expense) 11   (41)  (31)  (92)Income before income taxes 672   1,228   2,161   909 Income tax expense 150   260   480   190 Net income$522  $968  $1,681  $719 Earnings per common share:       Basic$2.19  $4.07  $7.03  $3.04 Diluted$2.19  $4.02  $7.02  $2.99 Weighted average common shares outstanding (in thousands):       Basic 238,224   237,973   239,058   236,213 Diluted 238,357   240,560   239,559   240,628                  CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)     Three Months
Ended June 30, Six Months
Ended June 30,($ in millions) 2026   2025   2026   2025 Cash flows from operating activities:       Net income$522  $968  $1,681  $719 Adjustments to reconcile net income to net cash provided by operating activities:       Depreciation, depletion and amortization 722   769   1,433   1,480 Deferred income tax expense 146   171   465   134 Derivative (gains) losses, net (449)  (877)  (320)  137 Cash receipts (payments) on derivative settlements, net 294   16   (92)  (29)Share-based compensation 12   13   22   22 (Gains) losses on sales of assets —   (4)  1   (4)Contract amortization (68)  (72)  (98)  (124)Gains on purchases, exchanges or extinguishments of debt (37)  (3)  (37)  (3)Other (1)  20   34   16 Changes in assets and liabilities (45)  321   409   70 Net cash provided by operating activities 1,096   1,322   3,498   2,418 Cash flows from investing activities:       Capital expenditures (753)  (657)  (1,460)  (1,220)Property acquisitions (3)  —   (7)  — Receipts of deferred consideration 56   56   116   116 Contributions to investments —   (5)  (1)  (9)Distributions from investments —   —   10   — Proceeds from divestitures of property and equipment 2   15   43   15 Net cash used in investing activities (698)  (591)  (1,299)  (1,098)Cash flows from financing activities:       Proceeds from credit facility —   100   —   825 Payments on credit facility —   (100)  —   (825)Proceeds from warrant exercise —   1   15   22 Cash paid to repurchase and retire common stock (514)  (99)  (580)  (99)Cash paid to purchase debt (1,287)  (117)  (1,287)  (553)Cash paid for common stock dividends (138)  (137)  (279)  (279)Net cash used in financing activities (1,939)  (352)  (2,131)  (909)Net increase (decrease) in cash, cash equivalents and restricted cash (1,541)  379   68   411 Cash, cash equivalents and restricted cash, beginning of period 2,305   427   696   395 Cash, cash equivalents and restricted cash, end of period$764  $806  $764  $806         Cash and cash equivalents$663  $731  $663  $731 Restricted cash 101   75   101   75 Total cash, cash equivalents and restricted cash$764  $806  $764  $806                  NATURAL GAS, OIL AND NGL PRODUCTION AND AVERAGE SALES PRICES (unaudited)   Three Months Ended June 30, 2026 Natural Gas Oil NGL Total MMcf per day $/Mcf MBbl per day $/Bbl MBbl per day $/Bbl MMcfe per day $/McfeHaynesville3,187 2.62 — — — — 3,187 2.62Northeast Appalachia2,625 2.15 — — — — 2,625 2.15Southwest Appalachia1,084 2.47 14 84.71 83 26.26 1,670 3.64Total6,896 2.42 14 84.71 83 26.26 7,482 2.69                Average NYMEX Price  2.90   92.79        Average Realized Price (including realized derivatives)  2.90   81.37   25.82   3.12                  Three Months Ended June 30, 2025 Natural Gas Oil NGL Total MMcf per day $/Mcf MBbl per day $/Bbl MBbl per day $/Bbl MMcfe per day $/McfeHaynesville2,978 3.12 — — — — 2,978 3.12Northeast Appalachia2,662 2.65 — — — — 2,662 2.65Southwest Appalachia956 3.11 18 54.47 83 23.19 1,562 3.75Total6,596 2.93 18 54.47 83 23.19 7,202 3.08                Average NYMEX Price  3.44   63.74        Average Realized Price (including realized derivatives)  2.98   55.89   23.08   3.14                  Six Months Ended June 30, 2026 Natural Gas Oil NGL Total MMcf per day $/Mcf MBbl per day $/Bbl MBbl per day $/Bbl MMcfe per day $/McfeHaynesville3,167 3.50 — — — — 3,167 3.50Northeast Appalachia2,705 3.96 — — — — 2,705 3.96Southwest Appalachia1,033 3.39 15 74.47 78 25.90 1,587 4.16Total6,905 3.67 15 74.47 78 25.90 7,459 3.81                Average NYMEX Price  3.97   82.36        Average Realized Price (including realized derivatives)  3.59   73.01   25.67   3.73                  Six Months Ended June 30, 2025 Natural Gas Oil NGL Total MMcf per day $/Mcf MBbl per day $/Bbl MBbl per day $/Bbl MMcfe per day $/McfeHaynesville2,798 3.29 — — — — 2,798 3.29Northeast Appalachia2,665 3.20 — — — — 2,665 3.20Southwest Appalachia963 3.24 16 58.34 79 26.66 1,533 4.01Total6,426 3.24 16 58.34 79 26.66 6,996 3.41                Average NYMEX Price  3.55   67.58        Average Realized Price (including realized derivatives)  3.24   59.30   26.04   3.40                 CAPITAL EXPENDITURES ACCRUED (unaudited)     Three Months
Ended June 30, Six Months
Ended June 30,($ in millions) 2026  2025  2026  2025Drilling and completion capital expenditures:       Haynesville$335 $348 $631 $634Northeast Appalachia 132  117  248  220Southwest Appalachia 189  138  345  303Total drilling and completion capital expenditures 656  603  1,224  1,157Non-drilling and completion - field 152  86  258  142Non-drilling and completion - corporate 43  38  85  90Total capital expenditures$851 $727 $1,567 $1,389                         NON-GAAP FINANCIAL MEASURES

As a supplement to the financial results prepared in accordance with U.S. GAAP, Expand Energy’s quarterly earnings releases contain certain financial measures that are not prepared or presented in accordance with U.S. GAAP. These non-GAAP financial measures include Adjusted Net Income, Adjusted Diluted Earnings Per Common Share, Adjusted EBITDAX, Free Cash Flow, Adjusted Free Cash Flow and Net Debt. A reconciliation of each financial measure to its most directly comparable GAAP financial measure is included in the tables below. Management believes these adjusted financial measures are a meaningful adjunct to earnings and cash flows calculated in accordance with GAAP because (a) management uses these financial measures to evaluate the Company’s trends and performance, (b) these financial measures are comparable to estimates provided by securities analysts, and (c) items excluded generally are one-time items or items whose timing or amount cannot be reasonably estimated. Accordingly, any guidance provided by the Company generally excludes information regarding these types of items.

Expand Energy's definitions of each non-GAAP measure presented herein are provided below. Because not all companies or securities analysts use identical calculations, Expand Energy’s non-GAAP measures may not be comparable to similarly titled measures of other companies or securities analysts.

Adjusted Net Income: Adjusted Net Income is defined as net income (loss) adjusted to exclude unrealized (gains) losses on derivatives, separation and other termination costs, (gains) losses on sales of assets, and certain items management believes affect the comparability of operating results, less a tax effect using applicable rates. Expand Energy believes that Adjusted Net Income facilitates comparisons of the Company's period-over-period performance, by excluding the impact of items that, in the opinion of management, do not reflect Expand Energy's core operating performance. Adjusted Net Income should not be considered an alternative to, or more meaningful than, net income (loss) as presented in accordance with GAAP.

Adjusted Diluted Earnings Per Common Share: Adjusted Diluted Earnings Per Common Share is defined as diluted earnings (loss) per common share adjusted to exclude the per diluted share amounts attributed to unrealized (gains) losses on derivatives, separation and other termination costs, (gains) losses on sales of assets, and certain items management believes affect the comparability of operating results, less a tax effect using applicable rates. Expand Energy believes that Adjusted Diluted Earnings Per Common Share facilitates comparisons of the Company's period-over-period performance, by excluding the impact of items that, in the opinion of management, do not reflect Expand Energy's core operating performance. Adjusted Diluted Earnings Per Common Share should not be considered an alternative to, or more meaningful than, earnings (loss) per common share as presented in accordance with GAAP.

Adjusted EBITDAX: Adjusted EBITDAX is defined as net income (loss) before interest expense, income tax expense (benefit), depreciation, depletion and amortization expense, exploration expense, unrealized (gains) losses on derivatives, separation and other termination costs, (gains) losses on sales of assets, and certain items management believes affect the comparability of operating results. Adjusted EBITDAX is presented as it provides investors an indication of the Company's ability to internally fund exploration and development activities and service or incur debt. Adjusted EBITDAX should not be considered an alternative to, or more meaningful than, net income (loss) as presented in accordance with GAAP.

Free Cash Flow: Free Cash Flow is defined as net cash provided by operating activities less cash capital expenditures. Free Cash Flow is a liquidity measure that provides investors additional information regarding the Company's ability to service or incur debt and return cash to shareholders. Free Cash Flow should not be considered an alternative to, or more meaningful than, net cash provided by (used in) operating activities, or any other measure of liquidity presented in accordance with GAAP.

Adjusted Free Cash Flow: Adjusted Free Cash Flow is defined as net cash provided by operating activities less cash capital expenditures and cash contributions to investments, adjusted to exclude certain items management believes affect the comparability of operating results. Adjusted Free Cash Flow is a liquidity measure that provides investors additional information regarding the Company's ability to service or incur debt and return cash to shareholders. Adjusted Free Cash Flow should not be considered an alternative to, or more meaningful than, net cash provided by (used in) operating activities, or any other measure of liquidity presented in accordance with GAAP.

Net Debt: Net Debt is defined as GAAP total debt excluding premiums, discounts, and deferred issuance costs less cash and cash equivalents. Net Debt is useful to investors as a widely understood measure of liquidity and leverage, but this measure should not be considered as an alternative to, or more meaningful than, total debt presented in accordance with GAAP.

Net debt to Adjusted EBITDAX: Net debt to Adjusted EBITDAX is a non-GAAP measure and is defined as Net Debt divided by an annualized Adjusted EBITDAX measure on a trailing twelve month calculation. Management uses Net Debt to Adjusted EBITDAX to assess liquidity and leverage. The Company believes this measure is useful to investors because it provides supplemental information to investors regarding its ability internally fund exploration and development activities and service or incur debt. However, this measure should not be considered as an alternative to, or more meaningful than, total debt or net income (loss) as presented in accordance with GAAP.

 RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED NET INCOME (unaudited)     Three Months
Ended June 30, Six Months
Ended June 30,($ in millions) 2026   2025   2026   2025 Net income (GAAP)$522  $968  $1,681  $719         Adjustments:       Unrealized (gains) losses on derivatives (153)  (842)  (432)  127 Separation and other termination costs —   —   9   — (Gains) losses on sales of assets —   (4)  1   (4)Other operating expense, net 3   32   13   58 Gains on purchases, exchanges or extinguishments of debt (37)  (3)  (37)  (3)Contract amortization (68)  (72)  (98)  (124)Other (6)  (8)  (18)  (12)Tax effect of adjustments(a) 56   194   121   (9)Adjusted net income (Non-GAAP)$317  $265  $1,240  $752  (a)The three- and six-month periods ended June 30, 2026 and June 30, 2025 include a tax effect attributed to the reconciling adjustments using a statutory rate of 22%.   RECONCILIATION OF EARNINGS (LOSS) PER COMMON SHARE TO ADJUSTED DILUTED EARNINGS PER COMMON SHARE (unaudited)     Three Months
Ended June 30, Six Months
Ended June 30,($/share) 2026   2025   2026   2025 Earnings per common share (GAAP)$2.19  $4.07  $7.03  $3.04 Effect of dilutive securities —   (0.05)  (0.01)  (0.05)Diluted earnings per common share (GAAP)$2.19  $4.02  $7.02  $2.99         Adjustments:       Unrealized (gains) losses on derivatives (0.64)  (3.50)  (1.80)  0.53 Separation and other termination costs —   —   0.04   — (Gains) losses on sales of assets —   (0.02)  0.01   (0.02)Other operating expense, net 0.01   0.13   0.05   0.24 Gains on purchases, exchanges or extinguishments of debt (0.16)  (0.01)  (0.16)  (0.01)Contract amortization (0.29)  (0.30)  (0.41)  (0.51)Other (0.03)  (0.03)  (0.08)  (0.05)Tax effect of adjustments(a) 0.25   0.81   0.50   (0.04)Adjusted diluted earnings per common share (Non-GAAP)$1.33  $1.10  $5.17  $3.13  (a)The three- and six-month periods ended June 30, 2026 and June 30, 2025 include a tax effect attributed to the reconciling adjustments using a statutory rate of 22%.   RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDAX (unaudited)     Three Months
Ended June 30, Six Months
Ended June 30,($ in millions) 2026   2025   2026   2025 Net income (GAAP)$522  $968  $1,681  $719         Adjustments:       Interest expense 43   60   102   119 Income tax expense 150   260   480   190 Depreciation, depletion and amortization 722   769   1,433   1,480 Exploration 16   20   30   27 Unrealized (gains) losses on derivatives (153)  (842)  (432)  127 Separation and other termination costs —   —   9   — (Gains) losses on sales of assets —   (4)  1   (4)Other operating expense, net 3   32   13   58 Gains on purchases, exchanges or extinguishments of debt (37)  (3)  (37)  (3)Contract amortization (68)  (72)  (98)  (124)Other (15)  (12)  (31)  (18)Adjusted EBITDAX (Non-GAAP)$1,183  $1,176  $3,151  $2,571                  RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO ADJUSTED FREE CASH FLOW (unaudited)     Three Months
Ended June 30, Six Months
Ended June 30,($ in millions) 2026   2025   2026   2025 Net cash provided by operating activities (GAAP)$1,096  $1,322  $3,498  $2,418 Cash capital expenditures (753)  (657)  (1,460)  (1,220)Free cash flow (Non-GAAP) 343   665   2,038   1,198 Cash distributions from investments —   —   10   — Cash contributions to investments —   (5)  (1)  (9)Cash paid for merger expenses —   32   —   80 Adjusted free cash flow (Non-GAAP)$343  $692  $2,047  $1,269                  RECONCILIATION OF TOTAL DEBT TO NET DEBT (unaudited)    ($ in millions)June 30,
2026 December 31,
2025Total debt (GAAP)$3,685  $5,009 Premiums, discounts and issuance costs on debt 53   16 Principal amount of debt 3,738   5,025 Cash and cash equivalents (663)  (616)Net debt (Non-GAAP)$3,075  $4,409          RECONCILIATION OF NET INCOME TO ADJUSTED EBITDAX TRAILING TWELVE MONTHS (unaudited)           Three Months Ended
June 30, 2026 Three Months Ended
March 31, 2026 Three Months Ended
December 31, 2025 Three Months Ended
September 30, 2025 Trailing Twelve
Months($ in millions)         Net income (GAAP)$522  $1,159  $553  $547  $2,781           Adjustments:         Interest expense 43   59   59   57   218 Income tax expense 150   330   134   139   753 Depreciation, depletion and amortization 722   711   759   741   2,933 Exploration 16   14   16   3   49 Unrealized gains on derivatives (153)  (279)  (179)  (309)  (920)Separation and other termination costs —   9   —   5   14 Losses on sales of assets —   1   68   1   70 Other operating expense (income), net 3   10   11   (40)  (16)Impairments —   —   37   —   37 Gains on purchases, exchanges or extinguishments of debt (37)  —   —   (1)  (38)Contract amortization (68)  (30)  (32)  (47)  (177)Other (15)  (16)  (1)  (14)  (46)Adjusted EBITDAX (Non-GAAP)$1,183  $1,968  $1,425  $1,082  $5,658                      NET DEBT TO ADJUSTED EBITDAX (unaudited)  ($ in millions)June 30,
2026Net debt (Non-GAAP)$3,075Adjusted EBITDAX (Non-GAAP)(a)$5,658Net debt to Adjusted EBITDAX (Non-GAAP) 0.5 (a)Adjusted EBITDAX using a trailing twelve month calculation.  

North America’s largest natural gas producer will become leading gas marketer, reaching customers across key demand markets in the United States and CanadaTransaction will accelerate Expand’s marketing and commercial ambitions, combining industry-leading natural gas supply with sophisticated and experienced asset-backed gas marketing capabilities Immediately accretive transaction, initially expected to contribute more than $200 million of projected annual EBITDA; $150 million per year of synergies by year-end 2028
SPRING, Texas and HOUSTON, July 27, 2026 (GLOBE NEWSWIRE) -- Expand Energy Corporation (NASDAQ: EXE) (“Expand” or the “Company”), the largest natural gas producer in North America, announced today that it has entered into a definitive merger agreement to acquire Twin Eagle Holdings, N.A., LLC (“Twin Eagle”), a leading private asset-backed natural gas marketing and optimization business, for $1.25 billion from Five Point Infrastructure. The transaction is subject to typical purchase price adjustments, including working capital, and is expected to close in the third quarter of 2026, pending customary closing conditions and required regulatory approvals. The Company expects to fund the transaction through a combination of cash on hand and borrowings under its revolving credit facility.

The transaction unites Expand’s industry-leading supply and financial strength with Twin Eagle’s premier physical marketing platform, creating a fully integrated natural gas company positioned to capture value across the entire chain in key U.S. and Canadian markets. Twin Eagle’s earnings are primarily supported by recurring physical supply and delivery relationships, asset-backed portfolio optimization, and experienced commercial, logistics and operating capabilities, consistently delivering earnings growth across a wide range of market conditions.

“This transaction accelerates Expand’s evolution into a leading integrated natural gas company with a commercial and marketing advantage compared to peers,” said Michael Wichterich, Expand Energy’s Interim President and Chief Executive Officer. “We’re already North America’s largest natural gas producer, and now we’ll be its leading gas marketer, with direct access to customers and structural demand growth. By combining Expand’s scale, resource depth and financial strength with Twin Eagle’s marketing and optimization platform, we’ll capture additional margin across the natural gas value chain and deliver more durable shareholder returns.”

Founded in 2010, Twin Eagle has established itself as one of the leading independent natural gas and power marketers in North America. Its business spans wholesale marketing, asset management, structuring and analytics, logistics and market intelligence.

“This is an exciting day for Twin Eagle, our employees and our customers,” said Jeremy Davis, Twin Eagle’s President and Chief Executive Officer. “This powerful combination pairs Expand’s enviable financial position and large, lower-cost natural gas supply with the talented team and marketing platform we have spent the past 16 years developing. We thank Five Point Infrastructure for their partnership and vision over the last dozen years. Together, with our new partner, we can create additional value in ways neither company could have accomplished on its own.”

“We saw a tremendous opportunity to partner with Twin Eagle management to expand its platform and capitalize on the growing demand for North American gas,” said David Capobianco, CEO and Managing Partner of Five Point Infrastructure. “Twin Eagle has generated exceptional returns for all stakeholders, while solidifying its standing as one of the leading independent asset-backed natural gas marketing and optimization platforms. We wish Jeremy and the team all the best as they move forward in partnership with Expand.”

Today, Twin Eagle markets more than 5 billion cubic feet per day (Bcf/d) of natural gas and manages roughly 44 Bcf of storage capacity and approximately 2 Bcf/d of firm transportation. It serves more than 1,000 customers across a diversified footprint spanning the U.S. and Canada. On a pro forma basis, the combined portfolio will have approximately 14 Bcf/d of marketed volume supported by roughly 9 Bcf/d of firm transportation and 49 Bcf of storage capacity.

The combination does more than add scale, it will enhance how Expand creates value by:

Accelerating the Company’s Marketing and Commercial strategy. The Company now expects to deliver $750 million per year of incremental free cash flow from its marketing and commercial strategy. This is an increase of 50% from its previous target, reflecting the value of the new integrated platform and the repeatable earnings of Twin Eagle. Expanding customer and market reach to capture greater value from every molecule. The acquisition will broaden access to premium demand centers across the U.S. and Canada, reaching approximately 90% of the natural gas market. The combined production, transportation and storage capacity will enable the Company offer additional reliability and flexibility to respond to customers’ needs and provide optimization opportunities. Leveraging scale and financial strength. Expand’s diversified portfolio and financial strength will elevate Twin Eagle’s asset-backed natural gas marketing and optimization business, enabling the combined business to extend contract terms, attract additional high-quality customers, and reach high-value markets. Adding experienced team with highly successful track record. Since its inception, Twin Eagle has consistently grown cash flows by leveraging its natural gas market expertise and effective risk management. Following the close of the merger, Twin Eagle will become a wholly-owned subsidiary of Expand, with key members of Twin Eagle’s management, including Jeremy Davis, continuing with the Company after closing.
Advisors
PJT Partners is serving as exclusive financial advisor to Expand Energy in connection with its acquisition of Twin Eagle. White & Case, LLP served as legal counsel and DrivePath Advisors served as communications advisor to Expand. Lazard is serving as financial advisor for Twin Eagle, Latham & Watkins LLP is serving as the lead legal counsel for Twin Eagle and Kekst CNC served as communications advisor to Five Point Infrastructure.

About Expand Energy
Expand Energy Corporation (NASDAQ: EXE) is North America’s largest natural gas producer, powered by dedicated and innovative employees focused on expanding the value of natural gas by connecting global scale to growing markets. Expand Energy’s returns-driven strategy strives to create sustainable value for its stakeholders by leveraging its advantaged portfolio, financial strength and operational excellence. Expand Energy is committed to expanding America’s energy reach to fuel a more affordable, reliable, lower carbon future.

About Twin Eagle
Founded in 2010, Twin Eagle is a leading physical energy marketer. Today, Twin Eagle is a recognized leader in customized and reliable energy products and services to suppliers, customers, and asset owners across the U.S. and Canada. The basis for Twin Eagle’s success is the depth of its customer relationships, the capabilities of its talented staff, and emphasis on culture, grounded by its Core Values: Safety, Integrity, Performance, Learning, and Teamwork.

About Five Point Infrastructure
Five Point Infrastructure LLC is a private equity and infrastructure investor focused on investments within the North American water management, surface management, powered land, and sustainable infrastructure sectors. The firm was founded by industry veterans with demonstrated records of success investing in, building, and running infrastructure companies. Headquartered in Houston, Texas, Five Point has approximately $7.2 billion of assets under management across multiple investment funds. For more information, please visit www.fpinfra.com.

Forward-Looking Statements
This release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include our current expectations or forecasts of future events, including statements regarding the proposed transaction with Twin Eagle, including the expected closing of the proposed transaction and the timing thereof, expected synergies, EBITDA and free cash flow contributions from the proposed transaction, the acceleration of Expand Energy’s marketing and commercial ambitions and the operations, strategies and plans of the combined company, and anticipated future performance. Information adjusted for the proposed transaction should not be considered a forecast of future results. Forward-looking statements often address our expected future business, financial performance and financial condition, and often contain words such as "aim", "predict", "should", "expect," “could,” “may,” "anticipate," "intend," "plan," “ability,” "believe," "seek," "see," "will," "would," “estimate,” “forecast,” "target," “guidance,” “outlook,” “opportunity” or “strategy.” The absence of such words or expressions does not necessarily mean the statements are not forward-looking.

Although we believe the expectations and forecasts reflected in our forward-looking statements are reasonable, they are inherently subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. No assurance can be given that such forward-looking statements will be correct or achieved or that the assumptions are accurate or will not change over time. Particular uncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements include: the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement; the risk that we or Twin Eagle may be unable to obtain governmental and regulatory approvals required for the proposed transaction, or required governmental and regulatory approvals may delay the transaction or result in the imposition of conditions that could cause the parties to abandon the merger; the risk that the parties may not be able to satisfy the conditions to the proposed transaction in a timely manner or at all; risks related to disruption of management time from ongoing business operations due to the proposed transaction; the risk of any unexpected costs or expenses resulting from the proposed transaction; the risk that the proposed transaction and its announcement could have an adverse effect on the ability of the Company or Twin Eagle to retain and hire key personnel, on the ability of the Company and Twin Eagle to attract customers and maintain its relationships with counterparties and on the Company’s and Twin Eagle’s operating results and businesses generally; the risk that problems may arise in successfully integrating Twin Eagle’s business with the Company’s; the risk that the Company may be unable to achieve synergies or other anticipated benefits of the proposed transaction or it may take longer than expected to achieve those synergies or benefits and other important factors that could cause actual results to differ materially from those projected; the volatility in commodity prices; the effect of future regulatory or legislative actions on the companies or the industries in which they operate; the ability of management to execute its plans, to meet its goals and other risks inherent in the Company’s and Twin Eagle's businesses; the potential disruption or interruption of the Company’s or Twin Eagle’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the Company’s or Twin Eagle’s control; and the combined company's ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and other factors that are described under Risk Factors in Item 1A of Part I of our Annual Report on Form 10-K filed with the SEC.

We caution you not to place undue reliance on the forward-looking statements contained in this news release, which speak only as of the filing date, and we undertake no obligation and have no intention to update any forward-looking statement, except as required by law. We urge you to carefully review and consider the disclosures in this news release and our filings with the SEC that attempt to advise interested parties of the risks and factors that may affect our business.

All forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.

Non-GAAP measures
The Company has not provided projected net income or a reconciliation of projected EBITDA to projected net income, the most comparable financial measure calculated in accordance with GAAP. Net income includes the impact of one-time, non-recurring and non-cash changes and certain other items that impact comparability between periods and the tax effect of such items, which may be significant and difficult to project with a reasonable degree of accuracy. Therefore, projected net income, and a reconciliation of projected EBITDA to projected net income (loss), are not available without unreasonable effort.

The Company has not provided projected net cash provided by operating activities or a reconciliation of projected free cash flow to projected net cash provided by operating activities, the most comparable financial measure calculated in accordance with GAAP. The Company is unable to project net cash provided by operating activities for any future period because this metric includes the impact of changes in operating assets and liabilities related to the timing of cash receipts and disbursements that may not relate to the period in which the operating activities occurred. The Company is unable to project these timing differences with any reasonable degree of accuracy without unreasonable efforts such as predicting the timing of its payments and its customers' payments, with accuracy to a specific day, months in advance. Furthermore, the Company does not provide guidance with respect to its average realized price, among other items, that impact reconciling items between net cash provided by operating activities and free cash flow. Natural gas prices are volatile and out of the Company's control, and the timing of transactions and the income tax effects of future transactions and other items are difficult to accurately predict. Therefore, the Company is unable to provide projected net cash provided by operating activities, or the related reconciliation of projected free cash flow to projected net cash provided by operating activities, without unreasonable effort.

INVESTOR CONTACT:MEDIA CONTACT:Brittany Raiford
(405) 935-8870
[email protected] Coe
(405) 935-8878
[email protected]

Key Takeaways Expand Energy to report Q2 results on July 28, with earnings seen rising while revenues edges lower.EXE faces higher CapEx, weather disruptions and softer gas prices, but production guidance remains intact.Expand Energy may benefit from marketing gains, LNG access, hedging and efficiency improvements. Expand Energy Corporation (EXE - Free Report) is set to release second-quarter 2026 earnings on July 28. The Zacks Consensus Estimate for the to-be-reported quarter is pegged at a profit of $1.16 per share on revenues of $2.01 billion.

Let us delve into the factors that might have influenced EXE’s performance in the to-be-reported quarter. Before that, it is worth taking a look at the company’s performance in the last reported quarter.

Highlights of EXE’s Q1 Earnings & Surprise HistoryIn the first quarter, the U.S.-based natural gas producer’s adjusted earnings of $3.83 per share beat the Zacks Consensus Estimate of $3.69, driven by strong production and higher natural gas price realization. Moreover, revenues of $3.3 billion beat the Zacks Consensus Estimate of $3.1 billion.

Expand Energy’s earnings beat the consensus estimate in three of the trailing four quarters and missed in one, delivering an average surprise of 4.1%.

This is depicted in the graph below.

Trend in Estimate Revision for EXEThe Zacks Consensus Estimate for the second-quarter bottom line has remained unchanged in the past seven days. The estimated figure indicates a 5.5% year-over-year surge. However, the top-line estimate implies a 0.4% decrease from the year-ago period’s level.

Factors to Consider Ahead of EXE’s Q2 ReleaseExpand Energy's second-quarter results could face pressure from higher capital spending, as management indicated that this quarter would represent the year's peak CapEx due to increased drilling and completion activity, leasehold acquisitions and seasonal workovers, while production is expected to remain flat sequentially. The Gulf Coast also experienced weather-related disruptions that shifted spending into the quarter to be reported, potentially weighing on free cash flow. Additionally, management acknowledged exposure to softer natural gas prices, noting it could defer activity if markets weaken, while diesel inflation tied to geopolitical tensions may modestly increase operating costs.

However, on a positive note, Expand Energy could outperform expectations, supported by resilient operations, strong marketing gains and improved commercial execution. The company generated nearly $90 million from market volatility in the first quarter, expanded access to premium LNG markets through the Delfin agreement and maintained full-year production guidance. Strong hedging, stable operating costs and continued efficiency improvements could further support earnings in the quarter to be reported.

What Does Our Model Say About EXE?The proven Zacks model does not predict an earnings beat for Expand Energy this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of beating estimates. However, this is not the case here.

EXE’s Earnings ESP: Earnings ESP, which represents the difference between the Most Accurate Estimate and the Zacks Consensus Estimate, for this company is -1.82%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

EXE’s Zacks Rank: Expand Energy currently carries a Zacks Rank #4 (Sell).

Stocks to ConsiderHere are some firms from the energy space that you may want to consider, as these have the right combination of elements to post an earnings beat this reporting cycle.

ProPetro Holding Corp. (PUMP - Free Report) has an Earnings ESP of +52.38% and a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

ProPetro is scheduled to release earnings on July 29. The Zacks Consensus Estimate for current quarter earnings indicates year-over-year growth of about 85.7%. Valued at around $1.6 billion, PUMP’s shares have surged 122.4% in a year.

Cactus, Inc. (WHD - Free Report) has an Earnings ESP of +7.04% and a Zacks Rank #2 at present. It is scheduled to release earnings on July 29.

The Zacks Consensus Estimate for WHD’s 2026 earnings indicates year-over-year growth of about 8.6%. Valued at around $4.4 billion, WHD’s shares rose 21% in a year.

Oil States International, Inc. (OIS - Free Report) currently has an Earnings ESP of +27.27% and a Zacks Rank #3. It is scheduled to release earnings on July 30.

Notably, the Zacks Consensus Estimate for OIS’ 2026 earnings indicates year-over-year growth of about 43.2%. Valued at around $517.1 million, OIS’ shares have gained 55.3% in a year.

Howard Marks hunts dislocation. His latest Oaktree 13F reveals five common-stock equity positions that look nothing like a bull-market portfolio: a leveraged turbo maker, the largest US gas producer bleeding YTD, a gold miner that just gave back a fifth of its price in three months, a tanker riding a geopolitical spike, and a specialty pharma with negative book value. Every one of these has moved sharply since the filing date. That’s the setup. Below, whether each is still a buy at today’s prices.

1. Garrett Motion (The Surprise Pick) Garrett Motion (NASDAQ:GTX) is the position hiding in plain sight. Turbochargers sound like a fading auto-parts story until you read the Q1 filing: commercial vehicle and industrial sales climbed, aftermarket demand is accelerating, and management is buying back stock at a scale that dwarfs the dividend. Marks is betting on the internal combustion engine having a longer, more profitable tail than the market prices in, not on electrification playing out on the Street’s timeline.

The Q1 2026 report made the case. EPS of $0.49 beat the $0.428 estimate by 14.49%, revenue of $985M beat by 6.59% and grew 12.2% year over year, and net income jumped 53.2% to $95M. Management raised the FY26 guide to net sales of $3.6B to $3.9B and adjusted free cash flow of $355M to $475M, and authorized a $250M buyback program for 2026 on top of $87M already repurchased in Q1.

The stock has already responded. GTX is up 82.26% year to date and 171.99% over one year, and trades at roughly 18 times trailing earnings against an analyst price target of $35.67. That’s a low-single-digit percent of upside to consensus after a monster run. The buyback backstop supports the stock at current prices, with a more compelling risk/reward on any pullback into the high $20s. Marks got there first. Whether you follow is now a question of entry, not thesis.

2. Expand Energy (The Gas Heavyweight) Expand Energy (NASDAQ:EXE | EXE Price Prediction) is the largest common-stock position in Marks’ book and the most bruised. The post-Southwestern merger left EXE as the largest US natural gas producer, which sounds like a category winner until you look at the stock. YTD, this stock has done the opposite of what the fundamentals suggest it should.

Q1 2026 was a blowout. Revenue of $4.40B crushed the $3.05B estimate by 43.96% and doubled year over year, net income surged 565% to $1.16B, and free cash flow hit $1.70B, up 218%. The company redeemed roughly $1.3B of gross debt year to date, ran $150M in buybacks, and locked in a 20-year LNG supply agreement with Delfin FLNG for about 1.15M tonnes per year targeting 2031. And yet shares are down 19.19% YTD and down 19.20% since Marks’ filing snapshot of March 31, 2026.

The disconnect is the trade. EXE trades at 7 times trailing earnings versus an analyst target of $125.32, with 3 strong-buy, 17 buy, and 6 hold ratings. Sentiment reads bullish at 63.79 with medium confidence. This screens as the cleanest setup on the list at current prices. Marks accumulated. The market handed him a lower entry after the fact. That’s a gift, not a warning.

3. AngloGold Ashanti (The Gold Heavyweight) AngloGold Ashanti (NYSE:AU) is the macro trade inside a value portfolio. Gold has run. AU has run harder. And now it’s giving some back.

The fundamentals remain unmistakable. Gold price received per ounce climbed 69% year over year, the Sukari mine acquired via Centamin in November 2024 is fully integrated, and management declared a record interim dividend of $585M, or 116 cents per share, under a 50% of free cash flow policy. The Arthur Gold discovery in Nevada added substantial new reserves. One year of stock performance: up 71.21%. Three months of stock performance since Marks’ filing snapshot: down 20.64%.

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At 11 times trailing earnings, a 5.81% dividend yield, and an analyst target of $114 against a current $76.55, the setup looks like a buy. The catch: news sentiment scores neutral at 56.30 with low confidence, and one analyst carries a sell rating against three strong-buys and four buys. AU screens attractively on this drawdown, with volatility argued for smaller sizing. The pullback is the entry Marks didn’t get.

4. TORM plc (The Rate Spike Trade) TORM (NASDAQ:TRMD) is the position where the catalyst is on the front page. The Strait of Hormuz closure tied to the US/Israel-Iran conflict constrained roughly 14% of global clean petroleum product flows, and TORM’s fleet sits directly in the rerouting. Product tanker rates went vertical.

Fleet-wide time charter equivalent rates rose 30% year over year to $34,937 per day, LR2 spot rates jumped 73% to $50,811 per day, and 57% of Q2 earning days were already covered at an average $71,494 per day. Management raised the FY26 guide to TCE earnings of $1.15B to $1.45B and EBITDA of $800M to $1.10B. A $0.70 interim dividend equal to 58% of net profit went out the door.

The trade is where the trap lives. TRMD is up 58.04% YTD and 84.95% over one year, trading at 9 times trailing earnings and 5 times forward earnings with a 9.45% dividend yield. Analyst target: $34.50, roughly where the 52-week high sits, against one buy and one hold rating. The forward multiple screams cheap; the ratings tell you the Street thinks rates normalize. The yield anchors the thesis; position sizing should assume rates fade. If Hormuz reopens, the cushion is that dividend.

5. Indivior (The Payoff) Indivior (NASDAQ:INDV) is what happens when the market gives up on a stock right before the operating leverage kicks in. Marks bought when the stock was ugly. The price has since caught up.

Q1 2026 obliterated estimates. EPS of $0.96 crushed the $0.66 estimate by 45.45%, revenue of $317M beat by 16.19% and grew 19.2%, net income jumped 89% to $89M, and adjusted EBITDA margin expanded to 52% from 29% year over year. The single asset driving it: SUBLOCADE net revenue of $232M, up 32% year over year, with US dispense units up 20% and a record 31,800 new patient starts. Management raised FY26 revenue guidance to $1.215B to $1.285B and adjusted EBITDA to $620M to $660M, roughly 50% higher year over year at the midpoint.

The TAM math is what makes this the payoff slot. 7.8M Americans misuse opioids, 4.8M are diagnosed with OUD, only 2.0M receive BMAT, and long-acting injectable penetration of about 8.5% is expected to grow to 20% to 30%. INDV trades at 13 times forward earnings against an analyst target of $50.83, with one strong-buy and five buy ratings and zero holds or sells. Shares are up 33.17% since the filing snapshot and 160.19% over one year. This screens as compelling at current prices with a runway measured in years.

The Bottom Line Marks’ top-five equity book is a study in mispricing. EXE screens as the clearest setup, priced below where Marks accumulated. AU is the volatility trade, on sale after a sharp pullback. INDV is the compounder the market kept mistaking for a lawsuit. TRMD and GTX have already run, and now demand discipline on entry. The window on the first three is the one closing fastest.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Expand Energy didn't make the cut. Grab the names FREE today.

Contact [email protected] for any questions or corrections.

Posted by Defense World Staff on Jul 21st, 2026

D.A. Davidson & CO. increased its holdings in Expand Energy Corporation (NASDAQ:EXE – Free Report) by 177.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,535 shares of the company’s stock after purchasing an additional 13,772 shares during the quarter. D.A. Davidson & CO.’s holdings in Expand Energy were worth $2,364,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Capital Research Global Investors grew its position in shares of Expand Energy by 33.2% in the 4th quarter. Capital Research Global Investors now owns 21,251,283 shares of the company’s stock worth $2,345,303,000 after buying an additional 5,291,948 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Expand Energy by 36,574.9% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,420,912 shares of the company’s stock valued at $267,172,000 after acquiring an additional 2,414,311 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Expand Energy by 94.7% during the first quarter. Bank of New York Mellon Corp now owns 4,498,905 shares of the company’s stock valued at $493,890,000 after acquiring an additional 2,188,422 shares in the last quarter. Victory Capital Management Inc. lifted its stake in Expand Energy by 192.0% in the fourth quarter. Victory Capital Management Inc. now owns 3,286,361 shares of the company’s stock worth $362,683,000 after acquiring an additional 2,160,979 shares during the period. Finally, Dragoneer Investment Group LLC purchased a new stake in Expand Energy in the fourth quarter worth $145,633,000. Hedge funds and other institutional investors own 97.93% of the company’s stock.

Insider Buying and Selling In related news, CFO Marcel Teunissen purchased 2,000 shares of the company’s stock in a transaction dated Thursday, May 7th. The shares were purchased at an average cost of $96.43 per share, with a total value of $192,860.00. Following the transaction, the chief financial officer directly owned 9,144 shares in the company, valued at $881,755.92. This trade represents a 28.00% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael Wichterich purchased 1,000 shares of the business’s stock in a transaction that occurred on Friday, June 12th. The stock was bought at an average price of $88.90 per share, for a total transaction of $88,900.00. Following the purchase, the chief executive officer directly owned 85,498 shares in the company, valued at $7,600,772.20. The trade was a 1.18% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders bought 4,000 shares of company stock worth $375,120. Insiders own 0.22% of the company’s stock.

Expand Energy Trading Down 1.3% EXE opened at $86.95 on Tuesday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.21. Expand Energy Corporation has a 52 week low of $84.99 and a 52 week high of $126.62. The stock has a market cap of $20.80 billion, a PE ratio of 6.48 and a beta of 0.34. The business has a 50 day moving average of $91.11 and a 200-day moving average of $99.69.

Expand Energy (NASDAQ:EXE – Get Free Report) last issued its quarterly earnings results on Tuesday, April 28th. The company reported $3.83 earnings per share for the quarter, topping the consensus estimate of $3.61 by $0.22. The company had revenue of $4.40 billion for the quarter, compared to analysts’ expectations of $3.53 billion. Expand Energy had a return on equity of 10.26% and a net margin of 22.53%. Equities research analysts predict that Expand Energy Corporation will post 8.4 earnings per share for the current fiscal year.

Expand Energy Announces Dividend The firm also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Thursday, May 14th were issued a dividend of $0.575 per share. This represents a $2.30 annualized dividend and a dividend yield of 2.6%. The ex-dividend date was Thursday, May 14th. Expand Energy’s dividend payout ratio (DPR) is presently 17.15%.

Wall Street Analysts Forecast Growth Several research firms recently weighed in on EXE. Morgan Stanley cut their price target on shares of Expand Energy from $139.00 to $131.00 and set an “overweight” rating on the stock in a report on Monday, June 29th. KeyCorp reaffirmed a “sector weight” rating on shares of Expand Energy in a research report on Thursday, April 2nd. William Blair cut shares of Expand Energy from an “outperform” rating to a “market perform” rating in a research report on Thursday, April 30th. Barclays lowered shares of Expand Energy from an “overweight” rating to a “reduce” rating in a research note on Tuesday, May 26th. Finally, Weiss Ratings cut shares of Expand Energy from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, May 19th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $130.19.

Get Our Latest Report on EXE

Expand Energy Company Profile (Free Report)

Expand Energy Corporation is an independent natural gas producer principally in the United States. Expand Energy Corporation, formerly known as Chesapeake Energy Corporation, is based in OKLAHOMA CITY.

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Key Takeaways WMB handles a third of U.S. natural gas and has major expansion projects positioned for demand growth.AR pairs low-cost Appalachian assets with export exposure, midstream access and a low debt profile.EXE is the largest U.S. gas producer, with Haynesville and Marcellus assets tied to rising demand. Natural gas prices have fallen even though electricity demand remains strong during the summer. This has created a mixed picture for investors, making it important to distinguish between short-term price weakness and the long-term importance of natural gas for electricity generation and liquefied natural gas (“LNG”) exports.

In this environment, investors may want to keep an eye on The Williams Companies (WMB - Free Report) , Antero Resources (AR - Free Report) and Expand Energy (EXE - Free Report) , as each is exposed to a different part of the natural gas industry. The recent decline in gas prices should not be viewed as a negative signal on its own. Instead, it highlights the need to understand the temporary factors weighing on prices today and the conditions that could support a recovery over time.

Freeport Maintenance Weighs on Gas PricesPlanned maintenance at the Freeport LNG export terminal in Texas has lowered demand for natural gas used to produce and ship LNG overseas.

When a major export facility uses less gas, more supply remains in the U.S. market. This can put pressure on Henry Hub prices because domestic buyers must absorb gas that would otherwise have been exported.

The pressure is also evident in futures trading. Nymex natural gas settled at roughly $3 per million British thermal units on Friday and has declined about 10% so far in July.

This decline can hurt investor sentiment toward natural gas stocks. Although the maintenance is temporary, investors often react negatively when export demand falls at a time when domestic supplies are already sufficient.

High Storage Levels Keep Gas Market Sentiment UncertainNatural gas inventories remain a concern for the market. The U.S. Energy Information Administration reported that storage increased by 61 billion cubic feet (Bcf) for the week ended July 3, 2026, exceeding the five-year average build of 51 Bcf.

Total working gas in storage reached 2,983 Bcf. This was 185 Bcf, or 7%, above the five-year average, showing that supplies remain comfortable despite strong summer demand.

High inventory levels can continue to weigh on natural gas prices and investor sentiment toward producers. Traders may stay cautious until the storage surplus declines or stronger demand absorbs more of the available supply.

Here is a clearer and easier-to-understand version:

Power Demand and LNG Exports Could Improve the OutlookThe outlook is not entirely negative. Hot weather usually increases electricity use, which supports demand for natural gas from power plants. The EIA expects gas consumption in the power sector to rise 2% in 2026 and another 4% in 2027, reaching 38.1 Bcf per day.

This steady demand suggests that the current weakness in natural gas prices may be temporary rather than long-lasting. Once maintenance at the Freeport LNG terminal is completed, investors may again focus on LNG exports, weather conditions and storage levels.

Weak Henry Hub prices can pressure market sentiment in the near term. However, strong power demand and a recovery in export activity could quickly improve the outlook.

Although near-term pricing pressure may keep the sector volatile, the longer-term demand outlook remains encouraging. Against this mixed backdrop, investors may consider companies that are positioned to benefit from expanding power consumption and LNG exports.

3 Stocks to Focus OnThe Williams Companies: U.S. natural gas demand is projected to grow significantly in the long term, and The Williams Companies seems to be well-positioned to capitalize on the same, owing to its impressive portfolio of large-scale value-creating projects. With its extensive network handling a third of the U.S. natural gas and significant expansion projects in the pipeline, Zacks Rank #3 (Hold), Williams is set to benefit from favorable industry dynamics and growth prospects. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Zacks Consensus Estimate for the company’s 2026 earnings per share indicates 12.4% year-over-year growth. Williams Companies’ expected EPS growth rate for three to five years is 16.8%, which compares favorably with the industry's growth rate of 11.1%.

Antero Resources: This is an independent energy producer focused on natural gas and liquids in the Appalachian Basin. Headquartered in Denver, this company, with a Zacks Rank of 3, develops low-cost assets in the Marcellus and Utica shales, holding about 515,000 net acres. Antero Resources’ production mix is weighted toward natural gas and NGLs, with minimal oil exposure. AR is also one of the largest U.S. suppliers of natural gas and LPG to export markets.

Antero Resources is supported by its midstream affiliate, Antero Midstream, in which it owns roughly 29%. This integrated setup secures transportation and market access from Appalachia to the Gulf Coast. A low debt profile and steady drilling results provide flexibility and support long-term growth. The Zacks Consensus Estimate for Antero Resources’ 2026 earnings per share indicates a 153.8% year-over-year surge.

Expand Energy: Expand Energy has emerged as the largest natural gas producer in the United States after completing the Chesapeake-Southwestern merger. With a strong footprint in the Haynesville and Marcellus basins, the company is well-positioned to benefit from rising natural gas demand fueled by LNG exports, growing AI and data-center power needs, EV adoption and broader electrification trends.

The Zacks Consensus Estimate for Expand Energy’s 2026 earnings per share indicates a 39.7% year-over-year improvement. The firm, currently a #3 Ranked stock, has a trailing four-quarter earnings surprise of roughly 4.1%, on average.

Expand Energy is rated a Strong Buy, with a $132 price target vs. sub-$90 current levels, driven by resilient free cash flow at low gas prices. EXE's dual-basin Marcellus-Haynesville footprint enables flexibility: Low-cost Marcellus supports cash flow in weak markets, while Haynesville offers upside as prices rise. Despite bearish speculative sentiment and near-term headwinds, intermediate-term catalysts include LNG export growth, industrial demand, and power sector expansion.

Markham, Ontario--(Newsfile Corp. - June 15, 2026) - Extendicare Inc. (TSX: EXE) ("Extendicare" or the "Company") announced that it has declared a cash dividend of C$0.0441 per common share of the Company for the month of June 2026, which is payable on July 15, 2026 to shareholders of record at the close of business on June 30, 2026. This dividend is designated as an "eligible dividend" within the meaning of the Income Tax Act (Canada).

About Extendicare

Extendicare is a leading provider of care and services for seniors across Canada, operating under the Extendicare, ParaMed, Extendicare Assist, and SGP Purchasing Network brands. We are committed to delivering quality care to meet the needs of the growing seniors' population, inspired by our mission to provide people with the care they need, wherever they call home. We operate a network of 99 long-term care homes (59 owned, 40 under management contracts), deliver approximately 24.5 million hours of home health care services annually, and provide group purchasing services to third parties representing approximately 157,100 beds across Canada. Extendicare proudly employs approximately 31,500 individuals and manages an additional 5,000 joint venture employees, all of whom are highly qualified, trained and dedicated team members and passionate about providing high-quality care and services to help people live better.

Forward-looking Statements

Information provided by Extendicare from time to time, including this release, contains or may contain forward-looking statements concerning anticipated future events, results, circumstances, economic performance or expectations with respect to Extendicare and its subsidiaries, including, without limitation: statements regarding its dividend levels, business operations, business strategy, growth strategy, results of operations and financial condition. Forward-looking statements can often be identified by the expressions "anticipate", "believe", "estimate", "expect", "intend", "objective", "plan", "project", "will", "may", "should" or other similar expressions or the negative thereof. These forward-looking statements reflect the Company's current expectations regarding future results, performance or achievements and are based upon information currently available to the Company and on assumptions that the Company believes are reasonable. These statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to differ materially from those expressed or implied in the statements. Given these risks and uncertainties, readers are cautioned not to place undue reliance on Extendicare's forward-looking statements. Further information can be found in the disclosure documents filed by Extendicare with the securities regulatory authorities, available at www.sedarplus.ca and on Extendicare's website at www.extendicare.com. Except as required by applicable securities laws, the Company assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/301480

Source: Extendicare Inc.

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