XOM, CVX, COP: This Analyst Trims Price Targets, Warns Oil Stocks May 'Struggle To Appreciate'

• The analyst lowered the target on ExxonMobil to $186 from $193 and kept an ‘Outperform’ rating on the shares. 
• On Chevron, Bernstein cut the price target to $233 from $248 and maintained a ‘Market Perform’ rating on the shares.
• The analyst downgraded ConocoPhillips to ‘Market Perform’ from ‘Outperform’ and slashed the price target on the company to $122, down from $129. 

Oil companies are in focus following the midterm elections and the ongoing Iran war, with energy prices fluctuating on anticipation of a deal. 

Meanwhile, Bernstein revised its price target on three oil majors: ExxonMobil Corp. (XOM), Chevron Corp. (CVX), and Conoco Phillips (COP) following the midterm elections. The analyst lowered the target on all three firms, saying that oil equities may struggle to appreciate. 

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XOM, CVX, COP: Bernstein’s Targets

Bernstein lowered the price target on ExxonMobil to $186 from $193 and kept an ‘Outperform’ rating on the shares. The revised target implies an upside of about 9.5% from the stock’s last close. 

On Chevron, Bernstein cut the price target to $233 from $248 and maintained a ‘Market Perform’ rating on the shares, which suggests an upside of about 7.7%. 

The analyst downgraded ConocoPhillips to ‘Market Perform’ from ‘Outperform’ and slashed the price target on the company to $122, down from $129. The revised target implies a downside of nearly 13% from its last close. 

Analyst Rationale On Lowered Targets

According to The Fly, Bernstein said that it updated its ratings and targets in the oil and gas space following the midterm elections, adding that it believes a de-escalation between the U.S. and Iran is more probable than an escalation. 

The analyst added that it expects oil prices to normalize. It said that it finds oil companies attractive at oil prices above $75 per barrel, but says oil equities may struggle to appreciate. 

The analyst also added that it is concerned about profit-taking into year-end or rotation into beaten-down sectors, and noted that it prefers gassy exploration and production companies as a result.

Oil Prices Fall On Trump’s Remarks

Oil prices fell late Thursday after U.S. President Donald Trump said the U.S. does not need a deal with Iran, instead asking Vice President JD Vance to focus "his complete and total attention" on alleged crime and corruption in Democratic-run cities and states.

Oil prices declined at the time of writing. Brent crude futures were trading at $95.43 a barrel, down about 0.41%, while WTI crude futures traded 0.47% lower at $88.32 per barrel.

What Does Retail Think About The Oil Stocks?

On Stocktwits, retail sentiment around XOM, CVX and COP stocks was ‘bearish’ at the time of writing. 

XOM stock is up nearly 44% so far in 2026, while CVX stock has gained 46% and COP is up nearly 53% in the same time. 

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