Infinity Natural Resources price target lowered to $24 from $26 at KeyBanc

KeyBanc lowered the firm’s price target on Infinity Natural Resources (INR) to $24 from $26 and keeps an Overweight rating on the shares. The firm marks to market Q1 estimates ahead of earnings season, lowers its oil price forecast, and raises its natural gas price forecast. KeyBanc believes oil prices are overly pressured near term, pricing in worst case outlooks on OPEC+ growth, U.S. oil growth, and a global recession, and it remains above the current NYMEX WTI futures strip. On natural gas, the firm says it did not have two polar vortexes on its “winter bingo card.” Weather and recent LNG export project start-ups have done much to heal markets. KeyBanc remains somewhat concerned by relentless L48 production, but believes moderating oil production may moderate associated gas production.