Scotiabank Starts Coverage of EOG, Matador, Murphy Oil and Permian Resources
Scotiabank initiated coverage of four US oil producers. Three got Sector Perform, Permian Resources got Sector Outperform. Targets set for three.
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what happened
Scotiabank has started coverage of four US oil and gas producers: EOG Resources, Matador Resources, Murphy Oil and Permian Resources.
The bank rated EOG, Matador and Murphy Oil at Sector Perform, while Permian Resources received Sector Outperform.
Price targets were set at $144 per share for EOG, $59 for Matador and $41 for Murphy Oil. No target was reported for Permian Resources.
why it matters
For energy investors, initiations from a major bank offer a fresh view of how analysts assess these companies' valuations and outlook. Sector Perform generally signals a neutral stance relative to the sector, while Sector Outperform suggests expected performance ahead of it. The reports give no further detail on the reasoning behind the ratings.
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