Wells Fargo Downgrades Energy Sector, Maintains Equal-Weight Rating, PT to $120.

Wells Fargo Downgrades Energy Sector, Maintains Equal-Weight Rating, PT to $120.

Title: Wells Fargo Downgrades Energy Sector, Maintains Equal-Weight Rating, PT to $120

Wells Fargo & Company has issued a series of stock ratings and price targets for various companies, with a notable focus on the energy sector. The financial services giant has downgraded several energy companies, maintaining an equal-weight rating for most, but with a significant upward adjustment in price targets for some. The changes were announced on June 27, 2025.

Among the energy sector stocks affected, BP (NYSE:BP) and Shell (NYSE:SHEL) saw their price targets increased. BP's target was raised from $27.00 to $32.00, while Shell's target was adjusted from $80.00 to $79.00. These changes reflect the analysts' optimism about the recovery of energy prices and the companies' ability to navigate market volatility.

Conversely, Hess Corporation (NYSE:HES) and Occidental Petroleum (NYSE:OXY) had their price targets lowered. Hess's target was reduced from $193.00 to $184.00, while Occidental's target was lowered from $42.00 to $47.00. These adjustments are likely due to concerns about the companies' operational challenges and the ongoing impact of the energy transition on their business models.

Wells Fargo's analysts have also reiterated their equal-weight rating for Chevron (NYSE:CVX), with a price target of $165.00, reflecting a cautious but optimistic view of the company's prospects. Similarly, ConocoPhillips (NYSE:COP) saw its target adjusted from $113.00 to $117.00, maintaining the equal-weight rating and indicating a balanced view of the company's performance.

These changes highlight Wells Fargo's nuanced approach to the energy sector, balancing optimism with caution. The financial services giant's ratings and price targets provide valuable insights for investors, helping them make informed decisions about their portfolios.

References:
[1] https://www.marketbeat.com/ratings/by-issuer/wells-fargo-co-stock-recommendations/