** 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))