New Price Targets from Mizuho Securities - Jan 25

[dan_s]

RRC $10
EQT $21
EOG $83
FANG $85
XEC $63

We maintain our constructive view on US E&Ps into 4Q20 earnings, with a bias to oil over gas, following our January 11 integrated launch - " Oil Strikes Back: Transitioning to
Undersupplied " (Boyd). Investors are cautiously optimistic on the space, waiting for confirmation on capital constraint from upcoming budgets. E&Ps recognize this, and we think they plan sustaining-first budgets with debt reduction and cash return the priorities for excess cash. We maintain Cimarex Energy (XEC) as our top pick in E&P.