** J.P. Morgan expects natural gas producers to benefit from three distinct demand trends; build-out of LNG export capacity, rising power demand from electrification and coal-to-gas switching
** Says expectations of record U.S. oil supply, OPEC+ barrels return in 2025, Non-OPEC 2025 supply growth and potential policy de-regulations due to Republicans gaining control of the presidency and both chambers of Congress, has softened near-term enthusiasm for the oil macro outlook
** Brokerage will "continue to favor natgas levered producers given the supply response to low gas prices, the imminent start-up of meaningful LNG feedgas flows, and a number of positive data center/AI data points"
** Upgrades ConocoPhillips COP.N to "overweight"; downgrades Devon Energy DVN.N, SM Energy SM.N to "neutral" from "overweight" and CNX Resources CNX.N to "underweight" from "neutral"
Brokerage changes PT on the following firms:
Company | New PT | Old PT | Upside/downside to stock's last close |
Civitas Resources CIVI.N | $68 | $66 | 40% |
CNX Resources CNX.N | $37 | $31 | 3% downside |
ConocoPhillips COP.N | $123 | $120 | 19% |
Coterra Energy Inc CTRA.N | $31 | $29 | 21% |
Crescent Energy CRGY.N | $16 | $14 | 10% |
EOG Resources EOG.N | $141 | $132 | 9% |
EQT Corp EQT.N | $50 | $44 | 12% |
SM Energy SM.N | $53 | $51 | 26% |
(Reporting by Pooja Menon in Bengaluru)
((Pooja.Menon@thomsonreuters.com;))
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