Expand Energy upgraded to Overweight from Neutral at Piper Sandler

Piper Sandler upgraded Expand Energy (EXE) to Overweight from Neutral with a price target of $136, up from $103, which is primarily driven by the firm’s revised gas price forecast, including its mid-cycle gas price which goes to $3.50 from $3.25. Piper continues to see Expand Energy as best positioned to take advantage of improving demand driven by increasing LNG export capacity in the Gulf Coast. Plaquemines quickly ramped up to 2 bcf/d of capacity in Q1 2025, and with LNG’s Corpus Christi Phase 3 expected to ramp up shortly and Golden Pass expected in early FY26, investors have been focused on the limited activity response by operators to meet this demand. Expand Energy has been one of few to respond in a meaningful way, the firm adds.