BUZZ-TD Cowen lowers PT on US energy companies

Reuters2025-04-17
BUZZ-TD Cowen lowers PT on US energy companies

** TD Cowen cuts price targets on U.S. oil producers as it continues to see the risk that crude will continue to weaken, assuming a modest demand reduction from a limited trade war scenario

** Brokerage expects operators to slow down drilling new wells in a lower priced environment and shift to sub-maintenance modes to preserve inventory

** This strategy is expected to be validated once OPEC's spare capacity is further cleared

** TD Cowen believes pragmatic move to be a shift towards gas-weighted exploration and production companies

** Adds that these companies will benefit from growing LNG and power burn demand, plus potential supply pressure from less associated gas activity

TD Cowen changes PT on the following firms:

Company

New PT

Old PT

APA Corp APA.O

$18

$28

Civitas Resources CIVI.N

$41

$65

CNX Resources CNX.N

$27

$28

ConocoPhillips COP.N

$120

$125

Devon Energy DVN.N

$35

$45

Diamondback Energy FANG.O

$175

$225

Hess Corp HES.N

$140

$157

Ovintiv OVV.N

$57

$59

SM Energy SM.N

$42

$56

(Reporting by Pooja Menon in Bengaluru)

((Pooja.Menon@thomsonreuters.com;))

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