JP Morgan changes PT and rating on energy cos citing supply risks
08/12/2025 12:02
** 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 | - |
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