Exxon upgraded to outperform while Chevron downgraded at RBC

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Exxon Mobil
XOM,
+0.23%
was upgraded to outperform from sector perform and its target price raised to $100 from $90 by RBC Capital Markets, saying the company will be one of the key beneficiaries of a tight refined oil products market. „With the world (and energy policy) now turned on its head, we believe XOM has two key advantages relative to peers 1) it is the largest refiner among the majors; and 2) it screens well on upstream portfolio longevity, an area we expect to be under increased scrutiny in a high commodity price environment,“ said analysts led by Biraj Borkhataria. The same analysts downgraded Chevron
CVX,
+0.41%
to sector perform from outperform though raised the target price to $165 from $160, saying the current valuation leaves less room for positive surprise, and there’s risk to Tengiz volumes in Kazakhstan, which are transported through a pipeline that runs through Russia and is exported via a Russian port. Exxon shares ended Wednesday at $87.96 and have climbed 44% this year, and Chevron shares ended Wednesday at $172.53 and have jumped 47% this year.

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