Roth Capital analyst Leo Mariani downgraded EOG Resources (EOG) to Neutral from Buy with a price target of $134, down from $140. The firm cites concerns that global oil prices are close to a near-term top foe the downgrade. It sees risk to the downside for oil prices in the second half of 2025. OPEC+ seems likely to add back around 2.5 MMBopd of oil to global markets between April 1 and September 30, and these volumes will put global oil markets into an oversupplied state, the analyst tells investors in a research note.
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