Piper Sandler cuts PT on US energy companies

Delek US Holdings

08/01/2026 13:58

** Piper Sandler cuts PT on several US-based energy companies due to a bearish outlook for crude and global gas, which is expected to limit sector outperformance versus the broader market

** Brokerage sees refining market stronger than 2025 on tighter supply-demand and crude differential tailwinds

** "...while the resilience and sustainability of the international oil companies' free cash flow generation remains significantly underappreciated, we are not quite ready to play for the eventual 'upcycle' in crude."

** Among the exceptions, Brokerage raises rating for HF Sinclair DINO.N to "overweight" from "neutral" and PBF energy PBF.N to "overweight" from "underweight", citing West Coast exposure, strong crude differential leverage and positive earnings revision momentum

** Raises PT on DINO to $68 from $64

Brokerage lowers PT on following companies:

Company
New PT
Old PT
Upside/Downside to stock's last close
ExxonMobilXOM.N
$142
$144
19.84% upside
Chevron
CVX.N
$174
$178
12.11% upside
Valero Energy VLO.N
$217
$223
18.02% upside
Marathon Petroleum MPC.N
$184
$231
6.66% upside
Phillips 66 PSX.N
$155
$171
12.41% upside
PBF Energy PBF.N
$40
$42
41.64% upside
Delek US Holdings DK.N
$40
$47
36.79% upside
Conocophillips COP.N
$109
$115
22.41% upside

 (Reporting by Varun Sahay in Bengaluru)

 ((Varun.sahay@thomsonreuters.com))