Raymond James has revised its price target for Antero Resources (AR, Financial), reducing it from $63 to $56, while maintaining a Strong Buy rating on the stock. This adjustment comes as the energy sector faces significant challenges, with oil prices dropping approximately $10 per barrel since Exploration & Production firms released their fourth-quarter results in late February.
The current market conditions have shifted dramatically, primarily due to the recent fluctuations in the oil market driven by tariff tensions and decisions made by OPEC+. This has led many companies in the sector to adopt a cautious stance, opting for a 'wait and see' approach amid the commodity price downturn.
Despite these uncertainties, Raymond James anticipates that the performance of its covered Exploration & Production companies for the first quarter will largely meet expectations.
