EOG Resources price target lowered to $121 from $131 at JPMorgan

JPMorgan lowered the firm’s price target on EOG Resources (EOG) to $121 from $131 and keeps a Neutral rating on the shares. The firm adjusted ratings and targets in the exploration and production space as part of its 2026 outlook. JPMorgan sees supply side risks for oil and liquids, but says the “long-awaited demand inflection for natural gas has finally arrived.” The magnitude of the crude oil oversupply, plus a potential end to the Russia-Ukraine conflict in 2026, is a “double whammy” for lower oil prices, the analyst tells investors in a research note.