Mizuho changes PT for US oil and gas companies to reflect crude price rebound

PBF Energy

12/12/2025 13:30

** Mizuho changes price targets for oil and gas companies to reflect its outlook for oil's rebound by 2H26, higher U.S. gas prices on structural undersupply, and refining margins normalizing as global capacity expands

** Brokerage suggest reallocation of risk toward oil E&Ps with selective bias in gas stocks, while they turn more neutral on refining

** Despite negative sentiment on oversupply and high gas storage, brokerage sees underappreciated long-term value in E&Ps starting in 2026

Brokerage changes PT and rating for the following companies:

Companies
Old PT
New PT
Upside/downside to the stock's last close
Rating change
APA Corp APA.O
$20
$22
15.2% downside
-
Chevron CVX.N
$204
$206
36.7% upside
-
Devon Energy DVN.N
$40
$43
14.5% upside
-
Diamondback Energy FANG.O
$176
$195
24.2% upside
-
EQT Corp EQT.N
$60
$68
21.3% upside
-
Exxon Mobil XOM.N
$129
$132
10.4% upside
-
PBF Energy PBF.N
$31
$38
23.3% upside
upgrades to "neutral" from "underperform"
Marathon Petroleum MPC.N
$188
$198
5.8% upside
-
Phillips 66 PSX.N
$145
$150
4.6% upside
-
Valero Energy VLO.N
$190
$192
11.7% upside
downgrades to "neutral" from "outperform"

 (Reporting by Sumit Saha in Bengaluru)

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