<p>** 瑞穗证券调整油气公司的目标价格，以反映其对油价在 2026 年下半年反弹的展望、美国天然气价格因结构性供应不足而上涨，以及随着全球产能扩张，炼油利润率正常化的预期。</p>
<p>** 该券商建议将风险重新分配到油气勘探与生产公司（E&amp;Ps），并对天然气股票采取选择性偏向，同时对炼油行业的看法变得更加中立。</p>
<p>** 尽管对供应过剩和高天然气库存的情绪较为负面，但该券商认为，从 2026 年开始，E&amp;Ps 中存在被低估的长期价值。</p>
<p>该券商对以下公司的目标价格和评级进行了调整：</p>
<table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>公司</td>
<td>原目标价格</td>
<td>新目标价格</td>
<td>相较于股票最后收盘的涨跌幅</td>
<td>评级变动</td>
</tr>
<tr>
<td>APA Corp</td>
<td>$20</td>
<td>$22</td>
<td>15.2% 下跌</td>
<td>-</td>
</tr>
<tr>
<td>Chevron</td>
<td>$204</td>
<td>$206</td>
<td>36.7% 上涨</td>
<td>-</td>
</tr>
<tr>
<td>Devon Energy</td>
<td>$40</td>
<td>$43</td>
<td>14.5% 上涨</td>
<td>-</td>
</tr>
<tr>
<td>Diamondback Energy</td>
<td>$176</td>
<td>$195</td>
<td>24.2% 上涨</td>
<td>-</td>
</tr>
<tr>
<td>EQT Corp</td>
<td>$60</td>
<td>$68</td>
<td>21.3% 上涨</td>
<td>-</td>
</tr>
<tr>
<td>Exxon Mobil</td>
<td>$129</td>
<td>$132</td>
<td>10.4% 上涨</td>
<td>-</td>
</tr>
<tr>
<td>PBF Energy</td>
<td>$31</td>
<td>$38</td>
<td>23.3% 上涨</td>
<td>从 “表现不佳” 上调至 “中立”</td>
</tr>
<tr>
<td>Marathon Petroleum</td>
<td>$188</td>
<td>$198</td>
<td>5.8% 上涨</td>
<td>-</td>
</tr>
<tr>
<td>Phillips 66</td>
<td>$145</td>
<td>$150</td>
<td>4.6% 上涨</td>
<td>-</td>
</tr>
<tr>
<td>Valero Energy</td>
<td>$190</td>
<td>$192</td>
<td>11.7% 上涨</td>
<td>从 “表现优于大盘” 下调至 “中立”</td>
</tr>
</tbody>
</table>

戴文能源

Diamondback能源

埃克森美孚

<p>瑞穗证券调整了对美国石油和天然气公司的目标价格，预计到 2026 年下半年原油价格将反弹，由于结构性供应不足，美国天然气价格将上涨，炼油利润率将恢复正常。他们建议将风险重新分配到石油勘探与生产公司（E&Ps），在天然气股票中采取选择性偏向，同时对炼油持中性态度。调整的公司包括 APA Corp、Chevron、Devon Energy、Diamondback Energy、EQT Corp、埃克森美孚、PBF Energy、Marathon Petroleum、Phillips 66 和 Valero Energy</p>

<p>** 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</p>
<div class="lb-trans"><p>** 瑞穗证券调整油气公司的目标价格，以反映其对油价在 2026 年下半年反弹的展望、美国天然气价格因结构性供应不足而上涨，以及随着全球产能扩张，炼油利润率正常化的预期。</p>
</div><p>** Brokerage suggest reallocation of risk toward oil E&amp;Ps with selective bias in gas stocks, while they turn more neutral on refining</p>
<div class="lb-trans"><p>** 该券商建议将风险重新分配到油气勘探与生产公司（E&amp;Ps），并对天然气股票采取选择性偏向，同时对炼油行业的看法变得更加中立。</p>
</div><p>** Despite negative sentiment on oversupply and high gas storage, brokerage sees underappreciated long-term value in E&amp;Ps starting in 2026</p>
<div class="lb-trans"><p>** 尽管对供应过剩和高天然气库存的情绪较为负面，但该券商认为，从 2026 年开始，E&amp;Ps 中存在被低估的长期价值。</p>
</div><p>Brokerage changes PT and rating for the following companies:</p>
<div class="lb-trans"><p>该券商对以下公司的目标价格和评级进行了调整：</p>
</div><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<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 class="lb-trans"><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>公司</td>
<td>原目标价格</td>
<td>新目标价格</td>
<td>相较于股票最后收盘的涨跌幅</td>
<td>评级变动</td>
</tr>
<tr>
<td>APA Corp</td>
<td>$20</td>
<td>$22</td>
<td>15.2% 下跌</td>
<td>-</td>
</tr>
<tr>
<td>Chevron</td>
<td>$204</td>
<td>$206</td>
<td>36.7% 上涨</td>
<td>-</td>
</tr>
<tr>
<td>Devon Energy</td>
<td>$40</td>
<td>$43</td>
<td>14.5% 上涨</td>
<td>-</td>
</tr>
<tr>
<td>Diamondback Energy</td>
<td>$176</td>
<td>$195</td>
<td>24.2% 上涨</td>
<td>-</td>
</tr>
<tr>
<td>EQT Corp</td>
<td>$60</td>
<td>$68</td>
<td>21.3% 上涨</td>
<td>-</td>
</tr>
<tr>
<td>Exxon Mobil</td>
<td>$129</td>
<td>$132</td>
<td>10.4% 上涨</td>
<td>-</td>
</tr>
<tr>
<td>PBF Energy</td>
<td>$31</td>
<td>$38</td>
<td>23.3% 上涨</td>
<td>从 “表现不佳” 上调至 “中立”</td>
</tr>
<tr>
<td>Marathon Petroleum</td>
<td>$188</td>
<td>$198</td>
<td>5.8% 上涨</td>
<td>-</td>
</tr>
<tr>
<td>Phillips 66</td>
<td>$145</td>
<td>$150</td>
<td>4.6% 上涨</td>
<td>-</td>
</tr>
<tr>
<td>Valero Energy</td>
<td>$190</td>
<td>$192</td>
<td>11.7% 上涨</td>
<td>从 “表现优于大盘” 下调至 “中立”</td>
</tr>
</tbody>
</table>
</div>

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

- 瑞穗证券调整油气公司目标价，预计油价将在 2026 年下半年反弹。  
- 由于美国天然气价格因结构性短缺上升，建议重新配置风险。  
- 尽管市场对过剩和高库存持负面看法，长期价值在 2026 年后被低估。  

瑞穗银行调整了美国石油和天然气公司的目标价格，以反映原油价格的反弹