New U.S. energy analyst ratings from Seaport Research drew clear distinctions among oil and gas producers as the firm initiated coverage across a broad group of companies.
Seaport assigned Buy ratings to Occidental Petroleum (NYSE: OXY) with a $73 price target and Devon Energy (NYSE: DVN) with a $65 target. It also started Permian Resources (NYSE: PR) at Buy with a $29 target and Viper Energy (Nasdaq: VNOM) at Buy with a $45 target.
At the other end of the review, the firm initiated Crescent Energy (NYSE: CRGY) at Sell with a $12 target and SM Energy (NYSE: SM) at Sell with a $35 target. Those calls indicate a more cautious view of the two companies’ prospective risk-adjusted returns.
U.S. Energy Analyst Ratings Separate Preferred Producers
Seaport began coverage of California Resources (NYSE: CRC), Chord Energy (Nasdaq: CHRD), ConocoPhillips (NYSE: COP), EOG Resources (NYSE: EOG), Magnolia Oil & Gas (NYSE: MGY), Ovintiv (NYSE: OVV) and Murphy Oil (NYSE: MUR) with Neutral ratings.
The firm also assigned Neutral ratings to Diamondback Energy (Nasdaq: FANG), APA Corporation (Nasdaq: APA) and Matador Resources (NYSE: MTDR). The range of recommendations shows that the analyst did not apply a uniformly bullish or bearish view across the exploration-and-production industry.
Ratings and price targets are Seaport Research’s opinions rather than company guidance or guaranteed outcomes. Their usefulness depends on the firm’s assumptions about oil and gas prices, production, costs, balance sheets and valuation multiples, all of which can change materially as market conditions evolve.
