** 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 |
(Reporting by Pooja Menon in Bengaluru)
((Pooja.Menon@thomsonreuters.com;))
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