JP Morgan praised E&P companies heading into 2024
J.P. Morgan Securities chimed in on oil & gas today, noting better risk-and-reward for oil exploration and production (E&P) companies in 2024. The firm also chimed in with two opposing notes, downgrading EOG Resources Inc (NYSE:EOG) to "neutral" from "overweight," with a price-target cut to $150 from $156, and upgrading Devon Energy Corp (NYSE:DVN) to "overweight" from "neutral," with a price-target hike to $58 from $57.
Both stocks are seeing fairly muted price action after the notes. EOG is down 0.2% to trade at $121.67 at last glance, and on track for its fifth loss in the last six sessions. The equity is starting off December on a low note, following four-straight months in the red. Since the start of the year, the stock is down 5%.
Devon Energy stock is up 0.3% at $43.90 at last look, though still headed for its fifth-straight weekly loss. Not too far from its early-October roughly two-year lows, the security is down 28.5% in 2023. However, according to its 14-day relative strength index (RSI) of 28.3, which sits in "oversold" territory, the stock is due for a short-term bounce.