<div id="readability-page-1"><div>** Mizuho changes price targets for oil and gas companies to reflect its outlook for oil's rebound by 2H26, higher U.S. gas prices on structural undersupply, and refining margins normalizing as global capacity expands** Brokerage suggest reallocation of risk toward oil E&amp;Ps with selective bias in gas stocks, while they turn more neutral on refining** Despite negative sentiment on oversupply and high gas storage, brokerage sees underappreciated long-term value in E&amp;Ps starting in 2026Brokerage changes PT and rating for the following companies:<div><table><tbody><tr><td>Companies</td><td>Old PT</td><td>New PT</td><td>Upside/downside to the stock's last close</td><td>Rating change</td></tr><tr><td>APA Corp </td><td>$20</td><td>$22</td><td>15.2% downside</td><td>-</td></tr><tr><td>Chevron </td><td>$204</td><td>$206</td><td>36.7% upside</td><td>-</td></tr><tr><td>Devon Energy </td><td>$40</td><td>$43</td><td>14.5% upside</td><td>-</td></tr><tr><td>Diamondback Energy </td><td>$176</td><td>$195</td><td>24.2% upside</td><td>-</td></tr><tr><td>EQT Corp </td><td>$60</td><td>$68</td><td>21.3% upside</td><td>-</td></tr><tr><td>Exxon Mobil </td><td>$129</td><td>$132</td><td>10.4% upside</td><td>-</td></tr><tr><td>PBF Energy </td><td>$31</td><td>$38</td><td>23.3% upside</td><td>upgrades to &#34;neutral&#34; from &#34;underperform&#34;</td></tr><tr><td>Marathon Petroleum </td><td>$188</td><td>$198</td><td>5.8% upside</td><td>-</td></tr><tr><td>Phillips 66 </td><td>$145</td><td>$150</td><td>4.6% upside</td><td>-</td></tr><tr><td>Valero Energy </td><td>$190</td><td>$192</td><td>11.7% upside</td><td>downgrades to &#34;neutral&#34; from &#34;outperform&#34;</td></tr></tbody></table></div></div></div>

FANG

Mizuho adjusts price targets for US oil and gas companies, anticipating a crude price rebound by 2H26, higher US gas prices due to structural undersupply, and normalizing refining margins. They suggest reallocating risk towards oil E&Ps, with selective bias in gas stocks, while turning neutral on refining. Changes include APA Corp, Chevron, Devon Energy, Diamondback Energy, EQT Corp, Exxon Mobil, PBF Energy, Marathon Petroleum, Phillips 66, and Valero Energy.

- Mizuho has adjusted price targets for oil and gas companies, anticipating a rebound in oil prices by the second half of 2026 and higher U.S. gas prices due to structural undersupply.  
- The brokerage recommends reallocating risk towards oil exploration and production companies while adopting a neutral stance on refining, despite concerns over oversupply and high gas storage levels.  
- Specific changes include new price targets and ratings for several companies, with notable upgrades and downgrades reflecting their outlook on the sector's long-term value.

Mizuho changes PT for US oil and gas companies to reflect crude price rebound