TD Cowen lowers PT on US energy companies
TD Cowen cuts price targets on U.S. oil producers as it continues to see the risk that crude will continue to weaken, assuming a modest demand reduction from a limited trade war scenario
Brokerage expects operators to slow down drilling new wells in a lower priced environment and shift to sub-maintenance modes to preserve inventory
This strategy is expected to be validated once OPEC's spare capacity is further cleared
TD Cowen believes pragmatic move to be a shift towards gas-weighted exploration and production companies
Adds that these companies will benefit from growing LNG and power burn demand, plus potential supply pressure from less associated gas activity
TD Cowen changes PT on the following firms:
Company | New PT | Old PT |
APA Corp APA.O | $18 | $28 |
Civitas Resources CIVI.N | $41 | $65 |
CNX Resources CNX.N | $27 | $28 |
ConocoPhillips COP.N | $120 | $125 |
Devon Energy DVN.N | $35 | $45 |
Diamondback Energy FANG.O | $175 | $225 |
Hess Corp HES.N | $140 | $157 |
Ovintiv OVV.N | $57 | $59 |
SM Energy SM.N | $42 | $56 |
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