Mizuho trims PT on key oil stocks over OPEC+ supply surge

Chord Energy

15/09/2025 14:37

** Mizuho says the sheer volume of oil coming to market from OPEC+ should overwhelm robust demand and escalate geopolitical tensions early in 2026

** "Weak power generation demand, higher than expected supply, and unexpected LNG maintenance combined to push gas storage back above 5-year averages" - Mizuho

** However, brokerage raises price targets for refiners to reflect sustained strength in cracks

   Brokerage changes PT on following companies:

Company
New PT
Old PT
Upside/downside to last close
Exxon Mobil XOM.N
$123
$124
9.6%
Chevron CVX.N
$191
$192
21.5%
ConocoPhillips COP.N
$120
$125
30%
Viper Energy VNOM.O
$51
$55
32.2%
EQT Corp EQT.N
$60
$66
10%
Occidental Petroleum OXY.N
$58
$65
27%
Permian Resources PR.N
$19
$20
38.6%
Devon Energy DVN.N
$40
$43
16%
APA Corp APA.O
$18
$19
21% downside
Crescent Energy CRGY.N
$10
$12
15.3%
Phillips 66 PSX.N
$142
$140
8.6%
Marathon Petroleum MPC.N
$188
$184
4.3%

 (Reporting by Dharna Bafna)

 ((Dharna.bafna@thomsonreuters.com))