** 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))