Piper Sandler cuts PT on oil and gas producers as crude prices cool

Murphy Oil

13/06/2023 13:21

** Piper Sandler cuts PT on some oil and gas producers 
    ** "Oil is having a difficult time breaking out of the range
it's been in for the past six months" - brokerage 
    ** Piper also lowers its forecast for Brent crude  LCOc1  by
$20 per barrel 
    ** Brent crude  LCOc1  is trading at $73.23/barrel below the
Q2 average of $110.73/barrel in 2022 
    ** Says recent OPEC cut has raised additional concerns on
supply and demand fundamentals
    ** Brokerage adds that higher capital spending by oil and
gas producers in first half of 2023 would allow the cos to have
strong free-cash-flow and shareholder returns in the second half
    ** Here are a few companies whose PT have been cut by Piper:
    
 Company name           PT change   Upside/dow  YTD change
                                    nside to    till last
                                    last close  close
 Devon Energy  DVN.N    $71 from    Upside of   Down 19.7%
                        $82         43.7%       
 EOG Resources  EOG.N   $155 from   Upside of   Down 11.2%
                        $170        36.1%       
 Diamondback Energy     $184 from   Upside of   Down 5.2%
  FANG.O                $202        41.8%       
 Murphy Oil  MUR.N      $51 from    Upside of   Down 11.6%
                        $59         34.2%       
 Marathon Oil  MRO.N    $32 from    Upside of   Down 14.1%
                        $35         37.7%       
 

 (Reporting by Sourasis Bose in Bengaluru)
 ((Sourasis.bose@thomsonreuters.com))