⚡️UBS Cuts Price Targets for Halliburton and Devon Energy Amid Rising Geopolitical Tensions and Unexpected U.S. Crude Inventory Surge | Energy Sector Insights
Among its top holdings, Exxon Mobil (XOM), Marathon Petroleum (MPC), Halliburton (HAL), Devon Energy Corp (DVN), and Baker Hughes Co (BKR) all posted negative returns, contributing to the fund's performance.
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Wednesday, September 18
XLE [+0.4%]
Among its top holdings, Exxon Mobil (XOM), Marathon Petroleum (MPC), Halliburton (HAL), Devon Energy Corp (DVN), and Baker Hughes Co (BKR) all posted negative returns, contributing to the fund's performance. UBS analyst Josh Silverstein has lowered the price targets for Halliburton to $37.00 from $41.00 and Baker Hughes to $40.00 from $42.00, both maintaining Buy and Neutral ratings respectively. Additionally, Devon Energy's price target was reduced to $47.00 from $53.00 with a Neutral rating. Geopolitical tensions are rising, particularly involving Hezbollah and Israel, potentially affecting energy prices. Furthermore, U.S. crude oil inventories unexpectedly increased by nearly 2 million barrels last week after three weeks of decline, which may influence market sentiment regarding supply dynamics.