** Mizuho changes price targets for oil and gas companies to reflect its outlook for oil's rebound by 2H26, higher U.S. gas prices on structural undersupply, and refining margins normalizing as global capacity expands
** Brokerage suggest reallocation of risk toward oil E&Ps with selective bias in gas stocks, while they turn more neutral on refining
** Despite negative sentiment on oversupply and high gas storage, brokerage sees underappreciated long-term value in E&Ps starting in 2026
Brokerage changes PT and rating for the following companies:
Companies | Old PT | New PT | Upside/downside to the stock's last close | Rating change |
APA Corp APA.O | $20 | $22 | 15.2% downside | - |
Chevron CVX.N | $204 | $206 | 36.7% upside | - |
Devon Energy DVN.N | $40 | $43 | 14.5% upside | - |
Diamondback Energy FANG.O | $176 | $195 | 24.2% upside | - |
EQT Corp EQT.N | $60 | $68 | 21.3% upside | - |
Exxon Mobil XOM.N | $129 | $132 | 10.4% upside | - |
PBF Energy PBF.N | $31 | $38 | 23.3% upside | upgrades to "neutral" from "underperform" |
Marathon Petroleum MPC.N | $188 | $198 | 5.8% upside | - |
Phillips 66 PSX.N | $145 | $150 | 4.6% upside | - |
Valero Energy VLO.N | $190 | $192 | 11.7% upside | downgrades to "neutral" from "outperform" |
(Reporting by Sumit Saha in Bengaluru)
((Sumit.Saha@thomsonreuters.com;))