Mizuho analysts downgraded eight names in oil and gas sector – Exxon Mobil (XOM), Occidental Petroleum (XOM), Antero Resources (AR), Gulfport Energy (GPOR), Callon Petroleum (CPE) and Crescent Energy (CRGY) to Neutral from Buy and Southwestern Energy (SWN) and Comstock Resources (CRK) to Underperform from Neutral – and upgraded three names – Civitas Resources (CIVI) and PBF Energy (PBF) to Buy from Neutral and CNX Resources (CNX) to Neutral from Underperform. The firm enters 2024 with a preference for more defensive stock selection in oil and gas. Mizuho’s top picks for 2024 are Chevron (CVX), Coterra Energy (CTRA) and Civitas. It maintains a Buy rating on Diamondback Energy (FANG), but removed the stock from the top pick list.
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