Bernstein cuts targets on XOM, CVX and COP and warns oil stocks may struggle

what happened

Bernstein has revised price targets on three large oil producers: ExxonMobil, Chevron and ConocoPhillips, according to Stocktwits. The ExxonMobil target was cut to $186 from $193, with the Outperform rating kept. The Chevron target fell to $233 from $248, with a Market Perform rating kept. ConocoPhillips was moved to Market Perform from Outperform, and its target was reduced to $122 from $129.

The analyst, as reported, sees a de-escalation between the US and Iran as more likely than an escalation, and expects oil prices to normalize. It finds oil companies attractive above $75 a barrel, but thinks oil equities may have trouble rising. Bernstein also worries about profit-taking into year-end and rotation into beaten-down sectors, so it prefers gas-weighted exploration and production companies.

Oil fell on Thursday after President Donald Trump said the US does not need a deal with Iran. Brent crude traded at $95.43 a barrel, down about 0.41%, while WTI was 0.47% lower at $88.32. Retail sentiment on Stocktwits toward XOM, CVX and COP was bearish. So far in 2026, XOM is up nearly 44%, CVX has gained 46% and COP is up nearly 53%.

why it matters

Price target changes are a routine analyst call, but they show some brokers see limited room for oil majors after strong gains in their shares this year. For the sector, oil price moves and Iran headlines are likely to matter more for stock prices than these revisions.

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