Bernstein cuts PT on US energy companies

EOG Resources

05/01/2026 13:08

** Brokerage Bernstein cuts PT on U.S.-based energy companies over weak oil demand growth, lack of geopolitical price support, and resilient production limiting upside

** Bernstein expects choppiness in the near term; reduces Brent crude outlook for 2026 to $65 per barrel from $73

** Brokerage says oil prices reflect current inventories, risks lean to the upside, but valuations already price in part of the recovery

** Bernstein slightly raises PT on oil and gas major Chevron CVX.N to $172 from $170

Brokerage cuts PT on the following companies:

Company
New PT
Old PT
Upside/Downside to stock's last close
Exxon Mobil XOM.N
$137
$142
11.69% upside
ConocoPhillips COP.N
$98
$116
1.34% upside
Devon Energy Corp DVN.N
$42
$48
10.90% upside
EOG Resources EOG.N
$126
$144
17.46% upside
Diamondback Energy FANG.O
$190
$199
24.72% upside

 (Reporting by Varun Sahay in Bengaluru)

 ((Varun.sahay@thomsonreuters.com))