Roth Capital Downgrades Expand Energy Corporation (EXE) to Neutral, Price Target Lowered to $98

Expand Energy Corporation (NASDAQ:EXE) is among the 13 Best S&P 500 Stocks to Buy According to Wall Street Analysts, based on upside potential. However, on August 18, Roth Capital downgraded the stock to Neutral from Buy and slashed its price target to $98 from $125.

A close up of the hand of a financial analyst, holding a copy of a report from a rating agency.

The adjustment by the firm was part of a wider cut for four natural gas stocks, citing the return of gas oversupply and the likelihood of the situation lingering next year. Analyst Leo Mariani says the prices will not improve until supply growth is constrained, despite domestic demand growth.

Natural gas oversupply in the U.S. has hurt the market, with producers ramping up volumes over the past month from spring levels. Mariani believes the extra production was enough for the market to become oversupplied, with domestic storage now far above the five-year average and poised to further grow.

In other related news, on August 14, Piper Sandler also lowered Expand Energy Corporation (NASDAQ:EXE)’s price target to $136 from $140, while maintaining an Overweight rating for its shares.

Expand Energy Corporation (NASDAQ:EXE) is an independent natural gas producer in the U.S. The stock is down 6.55% year-to-date, as of the close on August 18.

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