JP Morgan changes PT and rating on energy cos citing supply risks

EOG Resources

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
-

 (Reporting by Sumit Saha in Bengaluru)

 ((Sumit.Saha@thomsonreuters.com;))