Citigroup raises PT on US energy companies
20/05/2026 11:59
** Citigroup raises price targets on U.S. energy companies, citing a gap between exploration and production (E&P) stock valuations and oil prices ** Brokerage says investors should focus on companies that remain attractive even if crude prices fall ** Citi upgrades Ovintiv OVV.N rating to "buy" from "neutral" citing strong operations, a stronger balance sheet and potential inflows after a peer deal ** Brokerage also upgrades California Resources Corp CRC.N, citing better margins, a more stable production outlook and rising investor interest
| Company | Old PT | New PT | Upside/downside to the stock last close |
| APA Corp APA.O | $40 | $44 | 7.5% upside |
| Devon Energy DVN.N | $60 | $65 | 30.8% upside |
| Diamondback Energy FANG.O | $225 | $245 | 17.9 upside |
| EOG ResourcesEOG.N | $142 | $147 | 1.9% upside |
| Ovintiv OVV.N | $62 | $70 | 14.9% upside |
| California Resources Corp CRC.N | $74 | $78 | 24.8% upside |
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