Is Expand Energy Stock Underperforming the S&P 500?

With a market cap of $20.5 billion, Expand Energy Corporation (EXE) is North America’s largest natural gas producer, focused on connecting natural gas resources with growing global markets. The company aims to create sustainable stakeholder value through its advantaged portfolio, financial strength, and operational excellence. 

Companies valued at $10 billion or more are generally considered "large-cap" stocks, and Expand Energy fits this criterion perfectly. Expand Energy is also committed to strengthening America’s energy reach while supporting a more affordable, reliable, and lower-carbon energy future.

Shares of the Spring, Texas-based company have declined 31.6% from its 52-week high of $126.62. The stock has fallen 1.7% over the past three months, lagging behind the S&P 500 Index’s ($SPX) 4.8% gain over the same time frame. 

The stock is down 21.2% on a YTD basis, underperforming the SPX’s 12.6% increase. Shares of Expand Energy have decreased 16.7% over the past 52 weeks, compared to the 16.7% return of the SPX over the same time frame.

EXE stock has been moving below its 50-day moving average since early December 2025. 

Expand Energy has underperformed due to management instability, rising unit costs, and declining operating margins and capture rates, which have limited the benefits of its production and volume growth. The stock has also faced pressure from weaker natural gas prices, broader energy-sector volatility, and investor concerns over increased leverage related to the Twin Eagle acquisition.

In comparison, rival ConocoPhillips (COP) has outpaced EXE stock. COP stock has soared 36.7% on a YTD basis and 32.2% over the past 52 weeks.

Despite the stock’s underperformance over the past year, analysts remain strongly optimistic on EXE. The stock has a consensus rating of “Strong Buy” from 28 analysts in coverage, and the mean price target of $125.58 represents a premium of 45.1% to current levels.