** J.P. Morgan changes PT and rating on oil and gas companies citing supply side risks and long-awaited demand inflection for natural gas
** Brokerage says the magnitude of the oversupply plus the potential easing of geopolitical tensions would make this a speculative call at best
** Sees potential for global oil stocks to swell by a whopping 2.8 million barrels of oil per day in 2026 absent any intervention from the OPEC+ cartel or producer capex cuts
Brokerage changes PT and rating on the following companies:
Company | Old PT | New PT | Upside/downside to the stock's last close | Rating Change |
APA Corp APA.O | $28 | $26 | 4.06% downside | - |
ConocoPhillips COP.N | $112 | $102 | 8.9% upside | - |
EOG Resources EOG.N | $131 | $121 | 7.9% upside | - |
Diamondback Energy FANG.O | $166 | $159 | 0.25% upside | - |
Occidental Petroleum OXY.N | $51 | $44 | 3.7% upside | downgrades to "Underweight" from "Neutral" |
Expand Energy EXE.O | $130 | $132 | 7.4% upside | - |
EQT Corp EQT.N | $62 | $64 | 5.5% upside | - |
(Reporting by Sumit Saha in Bengaluru)
((Sumit.Saha@thomsonreuters.com;))