Energy Prospectus

We are adjusting estimates and PT’s across our upstream coverage on the back of updated
oil and natural gas price forecasts from our Energy Macro Research team. As a result of
the reduced price forecast, our upstream coverage PT’s are reduced by a median 8%. Our
favorite ideas in E&P are FANG, PXD, CHRD, PR and EQT.

I said this 4 months ago

Lower prices means lower stock prices and when q2 comes out many names will fall then analysts will cut targets