BUZZ-Piper Sandler cuts PT on US energy companies

Reuters01-08

BUZZ-Piper Sandler cuts PT on US energy companies

** Piper Sandler cuts PT on several US-based energy companies due to a bearish outlook for crude and global gas, which is expected to limit sector outperformance versus the broader market

** Brokerage sees refining market stronger than 2025 on tighter supply-demand and crude differential tailwinds

** "...while the resilience and sustainability of the international oil companies' free cash flow generation remains significantly underappreciated, we are not quite ready to play for the eventual 'upcycle' in crude."

** Among the exceptions, Brokerage raises rating for HF Sinclair DINO.N to "overweight" from "neutral" and PBF energy PBF.N to "overweight" from "underweight", citing West Coast exposure, strong crude differential leverage and positive earnings revision momentum

** Raises PT on DINO to $68 from $64

Brokerage lowers PT on following companies:

Company	New PT	Old PT	Upside/Downside to stock's last close
ExxonMobilXOM.N	$142	$144	19.84% upside
Chevron CVX.N	$174	$178	12.11% upside
Valero Energy VLO.N	$217	$223	18.02% upside
Marathon Petroleum MPC.N	$184	$231	6.66% upside
Phillips 66 PSX.N	$155	$171	12.41% upside
PBF Energy PBF.N	$40	$42	41.64% upside
Delek US Holdings DK.N	$40	$47	36.79% upside
Conocophillips COP.N	$109	$115	22.41% upside

(Reporting by Varun Sahay in Bengaluru)

((Varun.sahay@thomsonreuters.com))

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underappreciated, we are not quite ready to play for the eventual 'upcycle' in crude.\"</p><p>** Among the exceptions, Brokerage raises rating for <a href=\"https://laohu8.com/S/DINO\">HF Sinclair</a> <span>DINO.N</span> to \"overweight\" from \"neutral\" and PBF energy <span>PBF.N</span> to \"overweight\" from \"underweight\", citing West Coast exposure, strong crude differential leverage and positive earnings revision momentum</p><p>** Raises PT on DINO to $68 from $64</p><p>Brokerage lowers PT on following companies:</p><table><tbody><tr><td><p>Company</p></td><td><p>New PT</p></td><td><p>Old PT</p></td><td><p>Upside/Downside to stock's last close</p></td></tr><tr><td><p>ExxonMobil<span>XOM.N</span> </p></td><td><p>$142</p></td><td><p>$144</p></td><td><p>19.84% upside</p></td></tr><tr><td><p>Chevron</p><p><span>CVX.N</span> </p></td><td><p>$174</p></td><td><p>$178</p></td><td><p>12.11% upside</p></td></tr><tr><td><p>Valero Energy <span>VLO.N</span> </p></td><td><p>$217</p></td><td><p>$223</p></td><td><p>18.02% upside</p></td></tr><tr><td><p><a href=\"https://laohu8.com/S/MARA\">Marathon</a> Petroleum <span>MPC.N</span> </p></td><td><p>$184</p></td><td><p>$231</p></td><td><p>6.66% upside</p></td></tr><tr><td><p><a href=\"https://laohu8.com/S/PSX\">Phillips 66</a>  <span>PSX.N</span> </p></td><td><p>$155</p></td><td><p>$171</p></td><td><p>12.41% upside</p></td></tr><tr><td><p><a href=\"https://laohu8.com/S/PBF\">PBF Energy</a> <span>PBF.N</span> </p></td><td><p>$40</p></td><td><p>$42</p></td><td><p>41.64% upside</p></td></tr><tr><td><p><a href=\"https://laohu8.com/S/DK\">Delek US Holdings</a> <span>DK.N</span> </p></td><td><p>$40</p></td><td><p>$47</p></td><td><p>36.79% upside</p></td></tr><tr><td><p>Conocophillips <span>COP.N</span> </p></td><td><p>$109</p></td><td><p>$115</p></td><td><p>22.41% upside</p></td></tr></tbody></table><p> (Reporting by Varun Sahay in Bengaluru)</p><p> 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class=\"title\">\nBUZZ-Piper Sandler cuts PT on US energy companies\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1032215980\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/4567337cbdf294b657b1fa87c5488b48);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2026-01-08 21:58</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html xmlns=\"http://www.w3.org/1999/xhtml\"><head><title>BUZZ-Piper Sandler cuts PT on US energy companies</title></head><body><p>** Piper Sandler cuts PT on several US-based energy companies due to a bearish outlook for crude and global gas, which is expected to limit sector outperformance versus the broader market</p><p>** Brokerage sees refining market stronger than 2025 on tighter supply-demand and crude differential tailwinds</p><p>** \"...while the resilience and sustainability of the international oil companies' free cash flow generation remains significantly underappreciated, we are not quite ready to play for the eventual 'upcycle' in crude.\"</p><p>** Among the exceptions, Brokerage raises rating for <a href=\"https://laohu8.com/S/DINO\">HF Sinclair</a> <span>DINO.N</span> to \"overweight\" from \"neutral\" and PBF energy <span>PBF.N</span> to \"overweight\" from \"underweight\", citing West Coast exposure, strong crude differential leverage and positive earnings revision momentum</p><p>** Raises PT on DINO to $68 from $64</p><p>Brokerage lowers PT on following companies:</p><table><tbody><tr><td><p>Company</p></td><td><p>New PT</p></td><td><p>Old PT</p></td><td><p>Upside/Downside to stock's last close</p></td></tr><tr><td><p>ExxonMobil<span>XOM.N</span> </p></td><td><p>$142</p></td><td><p>$144</p></td><td><p>19.84% upside</p></td></tr><tr><td><p>Chevron</p><p><span>CVX.N</span> </p></td><td><p>$174</p></td><td><p>$178</p></td><td><p>12.11% upside</p></td></tr><tr><td><p>Valero Energy <span>VLO.N</span> </p></td><td><p>$217</p></td><td><p>$223</p></td><td><p>18.02% upside</p></td></tr><tr><td><p><a href=\"https://laohu8.com/S/MARA\">Marathon</a> Petroleum <span>MPC.N</span> </p></td><td><p>$184</p></td><td><p>$231</p></td><td><p>6.66% upside</p></td></tr><tr><td><p><a href=\"https://laohu8.com/S/PSX\">Phillips 66</a>  <span>PSX.N</span> </p></td><td><p>$155</p></td><td><p>$171</p></td><td><p>12.41% upside</p></td></tr><tr><td><p><a href=\"https://laohu8.com/S/PBF\">PBF Energy</a> <span>PBF.N</span> </p></td><td><p>$40</p></td><td><p>$42</p></td><td><p>41.64% upside</p></td></tr><tr><td><p><a href=\"https://laohu8.com/S/DK\">Delek US Holdings</a> <span>DK.N</span> </p></td><td><p>$40</p></td><td><p>$47</p></td><td><p>36.79% upside</p></td></tr><tr><td><p>Conocophillips <span>COP.N</span> </p></td><td><p>$109</p></td><td><p>$115</p></td><td><p>22.41% upside</p></td></tr></tbody></table><p> (Reporting by Varun Sahay in Bengaluru)</p><p> ((Varun.sahay@thomsonreuters.com))</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4201","symbol_name":"综合性石油与天然气企业","start_time":0,"source_url":"https://api.refinitiv.com/data/news/v1/stories/urn:newsml:reuters.com:20260108:nL4N3Y90UD:1","article_id":"2601672623","we_media_id":"1032215980","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2601672623","pubTimestamp":1767880682,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Reuters","introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"id":"1032215980","head_image":"https://community-static.tradeup.com/news/4567337cbdf294b657b1fa87c5488b48"},"summary":"BUZZ-Piper Sandler cuts PT on US energy companies** Piper Sandler cuts PT on several US-based energy companies due to a bearish 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