Wells Fargo issued new ratings for three oil stocks on Wednesday morning. The firm upgraded Exxon Mobil Corporation XOM to Outperform, raising its price target to $106-$108, from $96-$88.
On the flip side, the firm downgraded Chevron Corporation CVX and Murphy Oil Corporation MUR to Market Perform, setting respective price targets of $108-116 (from $121-$132), and $46-$50 (from $59-$63).
Many analysts seem to disagree with Wells Fargo in relation to Exxon. Since the beginning of the year, three major firms weighed in on the stock and their sentiment seemed relatively bearish.
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Most recently, Jefferies reiterated a Hold and trimmed its price target from $93 to $86. Barclays maintained an Underweight rating, accompanied by a $95 price target. Citigroup had also repeated a Neutral rating, escorted by a $93 price target.
The stock closed Tuesday at $91.09.
Jefferies, Barclays and Citigroup also rated Chevron this year and gave it a Buy, Equal-weight and Neutral rating, respectively.
Murphy saw only one firm (on top of Wells Fargo) issue a rating this year: Raymond James downgraded the stock to Underperform on January 6.
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