Goldman Sachs resumes coverage on Expand Energy with buy, cuts Occidental to sell

Investing.com

31 Jan

EXPAND ENERGY CORPORATION-0.10%Post-market

Investing.com -- Goldman Sachs reinstated coverage on Expand Energy Corp (NASDAQ:EXE) with a "Buy" rating and a $121 price target, citing operational efficiency and strategic exposure to key natural gas basins following its merger with Chesapeake Energy (NYSE:CHK) and Southwestern Energy (NYSE:SWN).

The bank highlighted EXE’s balanced presence in both Appalachia and Haynesville, which offers a cost-effective core business with growth potential to meet rising LNG export demand. Goldman expects the company’s focus on disciplined capital management to drive long-term value.

While the brokerage downgraded Magnolia Oil&Gas (NYSE:MGY) to "Neutral," trimming its price target to $26, and Occidental Petroleum Corporation (NYSE:OXY) to "Sell," citing weaker capital returns and balance sheet concerns.

“While we see longer-term catalysts for OXY to achieve its debt target and return to focusing on capital returns to shareholders, in the near-term as the company continues to focus on deleveraging the balance sheet, we believe that share price improvement will remain more limited,” analyst added.

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