BUZZ-Bernstein cuts PT on US energy companies

Reuters01-05
BUZZ-Bernstein cuts PT on US energy companies

** Brokerage Bernstein cuts PT on U.S.-based energy companies over weak oil demand growth, lack of geopolitical price support, and resilient production limiting upside

** Bernstein expects choppiness in the near term; reduces Brent crude outlook for 2026 to $65 per barrel from $73

** Brokerage says oil prices reflect current inventories, risks lean to the upside, but valuations already price in part of the recovery

** Bernstein slightly raises PT on oil and gas major Chevron CVX.N to $172 from $170

Brokerage cuts PT on the following companies:

Company

New PT

Old PT

Upside/Downside to stock's last close

Exxon Mobil XOM.N

$137

$142

11.69% upside

ConocoPhillips COP.N

$98

$116

1.34% upside

Devon Energy Corp DVN.N

$42

$48

10.90% upside

EOG Resources EOG.N

$126

$144

17.46% upside

Diamondback Energy FANG.O

$190

$199

24.72% upside

(Reporting by Varun Sahay in Bengaluru)

((Varun.sahay@thomsonreuters.com))

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