Expand Energy reinstated with a Buy at BofA

BofA reinstated coverage of Expand Energy (EXE) with a Buy rating and $114 price target Since reemerging in 2021, Chesapeake, now Expand, has been on “a deal spree” to reposition its commodity exposure away from oil and move full-tilt towards natural gas, with the Southwestern merger-of-equals “the fully formed version of this strategy,” the analyst tells investors. Expand represents 11%-12% of total U.S. supply, “making it the face of an increasingly consolidated gas E&P landscape that we believe has increased agility to respond to market signals,” the analyst added.