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Defensive Oil Stocks To Watch In 2025 Amid $70 Brent Forecast: JP Morgan

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JP Morgan analyst John M Royall highlighted key trends for the North American Integrated Oils sector entering 2025, with updates on forecasts, price targets, and ratings on major companies.

Rating/Price Target Update:

  • The analyst maintained an Overweight rating and a price target of $125 on Exxon Mobil Corporation (NYSE:XOM), citing its defensive characteristics in downside scenarios and portfolio of high-value projects in both upstream and downstream operations.
  • JP Morgan remains ‘Not Rated’ on Chevron Corporation (NYSE:CVX) due to its involvement in the HES acquisition.
  • Also, Royall reiterated the Overweight rating on Cenovus Energy Inc (NYSE:CVE), viewing it as a unique execution story with the most attractive valuation in the coverage group.
  • The analyst downgraded the rating for Imperial Oil Limited (AMEX:IMO) to Underweight from Neutral, citing its low free cash flow yield and free cash flow to enterprise …

Full story available on Benzinga.com

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