Northern Oil & Fuel (NYSE:NOG) -1.4% and Chord Power (NASDAQ:CHRD) -1% in Friday’s buying and selling as Financial institution of America double downgraded the shares to Underperform from Purchase, a part of the financial institution’s shuffle of mid-size vitality names in an setting the place “absolute worth is much less compelling than any time since COVID” with a couple of stock-specific exceptions.
“2024 received’t be any simpler for vitality buyers,” BofA analysts led by Doug Leggate wrote, anticipating oil will “stay unstable, exacerbated by outsize paper market affect, knowledgeable by geopolitics and OPEC coverage,” and foreseeing “few eventualities that permit OPEC to regain market share with out hurting value.”
BofA additionally upgraded Coterra Power (CTRA) to Purchase from Impartial and CNX Sources (CNX) to Impartial from Underperform, and downgraded Gulfport Power (GPOR), EOG Sources (EOG) and California Sources (CRC) to Impartial from Purchase, whereas trimming value targets amongst vitality shares by a mean of 11% throughout the board.
“With tailwinds from latest M&A we see ‘huge oil’ with a few of the biggest threat adjusted worth,” BofA wrote, tapping Occidental Petroleum (OXY), Exxon Mobil (XOM) and Chevron (CVX) as its “prime concepts” within the oil group.
The financial institution mentioned its “rangebound commodity outlook sector technique leans defensive oil, opportunistic refiners and prefers gasoline on renewed value weak point vs. a rising ahead curve,” prompting it to retain Purchase scores for many pure gasoline producers, led by Chesapeake Power (CHK) and Southwestern Power (SWN).
Extra on Chord Power and Northern Oil & Fuel
Northern Oil & Fuel (NYSE:NOG) -1.4% and Chord Power (NASDAQ:CHRD) -1% in Friday’s buying and selling as Financial institution of America double downgraded the shares to Underperform from Purchase, a part of the financial institution’s shuffle of mid-size vitality names in an setting the place “absolute worth is much less compelling than any time since COVID” with a couple of stock-specific exceptions.
“2024 received’t be any simpler for vitality buyers,” BofA analysts led by Doug Leggate wrote, anticipating oil will “stay unstable, exacerbated by outsize paper market affect, knowledgeable by geopolitics and OPEC coverage,” and foreseeing “few eventualities that permit OPEC to regain market share with out hurting value.”
BofA additionally upgraded Coterra Power (CTRA) to Purchase from Impartial and CNX Sources (CNX) to Impartial from Underperform, and downgraded Gulfport Power (GPOR), EOG Sources (EOG) and California Sources (CRC) to Impartial from Purchase, whereas trimming value targets amongst vitality shares by a mean of 11% throughout the board.
“With tailwinds from latest M&A we see ‘huge oil’ with a few of the biggest threat adjusted worth,” BofA wrote, tapping Occidental Petroleum (OXY), Exxon Mobil (XOM) and Chevron (CVX) as its “prime concepts” within the oil group.
The financial institution mentioned its “rangebound commodity outlook sector technique leans defensive oil, opportunistic refiners and prefers gasoline on renewed value weak point vs. a rising ahead curve,” prompting it to retain Purchase scores for many pure gasoline producers, led by Chesapeake Power (CHK) and Southwestern Power (SWN).