Billionaire Howard Marks’ 5 Stock Picks with Huge Upside Potential

4. Expand Energy Corporation (NASDAQ:EXE)

Oaktree Capital Management’s Stake: $559 Million

Analyst Upside Potential: 65%

Expand Energy Corporation (NASDAQ:EXE) has been a long-term holding in the 13F portfolio of Oaktree Capital Management. The fund first disclosed a stake in the company in the first quarter of 2021. This position comprised just under 12 million shares. Oaktree started trimming this position in the first quarter of 2022, reducing it by 8%, 4%, 6%, and 11% in the coming four quarters. Filings for the fourth quarter of 2025 show that the fund owned just over 5 million shares in the company, the same as in the previous quarter. The firm operates as an independent natural gas production company in the United States. It engages in acquisition, exploration, and development of properties to produce oil, natural gas, and natural gas liquids.

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Expand Energy Corporation (NASDAQ:EXE) has become a top-tier holding for hedge funds focused on the AI-Natural Gas convergence. The firm is currently ranked as the largest natural gas producer in North America, and the institutional narrative around it has shifted from a cyclical commodity play to a structural energy infrastructure play. The company delivered a staggering 506% year-over-year EPS growth in late 2025, reflecting significant operational leverage and the benefit of a tightening supply environment. Analysts at Wells Fargo note that supply deals and end-user delivery improvements are expected to drive a $500 million annual structural increase in EBITDA.