ConocoPhillips and EOG Have Outperformed on Relative Liquidity, Oil Leverage, BofA Says

MT Newswires Live00:10

Large-caps ConocoPhillips (COP) and EOG Resources (EOG) have outperformed on relative liquidity and oil leverage, BofA said in a research report Monday. Within large caps, BofA said it favors Diamondback Energy (FANG) over EOG and COP.

The firm lifted price targets across its oil-levered exploration & production coverage by an average of 17%, supported by higher commodity assumptions.

BofA analysts said they find greater value in mid-caps like Devon Energy (DVN) and Ovintiv (OVV). The Devon and Coterra Energy (CTRA) merger creates a higher-quality platform, while Ovintiv has peer-leading oil inventory and a strong balance sheet, making it a top pick.

The bank raised its 2026 Brent oil price forecast to $77.50 from $61, given the ongoing impasse at the Strait of Hormuz. In case of a fast resolution where oil flows normalize by April, analysts forecast a $70 price scenario, and a longer conflict spilling over into Q2 would result in a $85 price scenario, according to the note.

When the war ends, BofA said oil markets would be in a surplus, driving Brent back to $65 in 2027, assuming no ongoing supply losses.

About 200 million barrels of crude oil have been restricted from entering the global market as trade via the Strait halted almost two weeks ago, the firm said, adding that, with no resolution to the war in sight, oil stockpiles are draining. BofA updated its mid-cycle oil view from $65 to $70 to align with the forward curve, according to the note.

Price: 121.47, Change: -0.42, Percent Change: -0.34

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