Citigroup raises price target on U.S. energy companies, citing a longer-term return of investor interest in oil and gas
Brokerage says the energy sector still dominates global energy demand, while renewables remain a small share
Energy stocks outperformed oil prices and the broader market, showing investors are starting to view oil and gas as a growth sector again despite lower buybacks - Citigroup
Brokerage raises PT on the following companies:
Company | Old PT | New PT | Upside/downside to the stock last close |
Exxon Mobil XOM.N | $150 | $175 | 8.8% upside |
Chevron CVX.N | $210 | $235 | 19% upside |
ConocoPhillipsCOP.N | $135 | $150 | 16.8% upside |