** UBS says for oil and gas companies, free cash flow forecasts have improved in Q2 via operational efficiency, new cost-saving programs, and Bipartisan Budget Bill tax benefits
** "However, persistent commodity headwinds continue to dampen upside potential, with greater downside risk to crude oil price" - UBS
** Brokerage remains more defensive on the oil side and sticks with its natural gas preference, as risk/reward is stronger following the 15% sub-sector decline in the past month
Brokerage changes PT on the following companies:
Company | New PT | Old PT | Upside/downside to stock's last close |
Exxon Mobil XOM.N | $143 | $130 | 33.1% upside |
Chevron CVX.N | $197 | $186 | 22.8% upside |
ConocoPhillips COP.N | $124 | $116 | 24.4% upside |
EOG Resources EOG.N | $144 | $142 | 22.7% upside |
Diamondback Energy FANG.O | $171 | $163 | 23.1% upside |
APA Corp APA.O | $23 | $21 | 13.6% upside |
Devon Energy DVN.N | $40 | $37 | 19.1% upside |
Occidental Petroleum OXY.N | $45 | $42 | 2.4% upside |
EQT Corp EQT.N | $65 | $64 | 28.6% upside |
Halliburton HAL.N | $21 | $20 | 0.5% downside |
(Reporting by Sumit Saha in Bengaluru)
((Sumit.Saha@thomsonreuters.com;))
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