Scotiabank shakes up major oil ratings and price targets

As previously reported, Scotiabank upgraded Chevron to Outperform with a $195 price target, up from $170, and upgraded Occidental Petroleum (OXY) to Outperform with a $90 price target, up from $63, while the firm also downgraded EOG Resources (EOG) to Sector Perform with a $155 price target, up from $135, and downgraded Murphy Oil (MUR) to Sector Perform with a $50 price target, up from $46. The rating changes reflect the firm’s newly published commodity price deck, in which it raised its near- and long-term oil price outlook, as well as valuations across multiple metrics, the analyst tells investors.