Raymond James Price Target Adjustments pre Q3 results

[dan_s]

10/24/2023: Raymond James upgrades AR, CTRA, RRC; downgrades BSM, DVN, HES, and PXD

Upgrades: Tells me that RJ is becoming more bullish on natural gas prices

Antero Resources (AR) upgraded to strong buy from market perform; target is $37

Coterra Energy (CTRA) upgraded to outperform from market perform; target is $34

Range Resources Corp. (RRC) upgraded to outperform from market perform; target is $41

Downgrades:

Devon Energy (DVN) downgraded to outperform from strong buy; target increased however to $63 from $61

Black Stone Minerals (BSM) downgraded to market perform from outperform

Hess Corporation (HES) downgraded to market perform from outperform < Merging into Chevron

Pioneer Natural Resources (PXD) downgraded to market perform from strong buy < Merging into Exxon



Analyst is John Freeman