Citigroup raises PT on US energy companies

EOG Resources

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

 (Reporting by Varun Sahay in Bengaluru)

 ((Varun.sahay@thomsonreuters.com))