分析师称，这“使得市场心理受挫，不愿充分认识到人工智能/液化天然气需求增长的背景”，但该行提到，资本纪律将使2025年有所不同，因为“生产商纪律今年已经很明显，并为2025年建立了看涨的基础。”On Monday, Bank of America resumed coverage of North American natural gas leveraged exploration and production companies (e&p) and held a bullish view on the natural gas sector.
According to the Securities Times APP, on Monday, Bank of America resumed coverage of North American natural gas leveraged exploration and production companies (e&p) and held a bullish view on the natural gas sector, believing that most natural gas leveraged stocks are currently undervalued and provided buy ratings for 6 companies: Antero Resources(AR.US), ARC Resources(AETUF.US), Comstock Resources(CRK.US), EQT (EQT.US), Exelon (EXC.US), and Tourmaline Oil(TRMLF.US).
Bank of America stated that it maintains an optimistic outlook on the long-term prospects of natural gas, despite challenges such as the delayed cold winter or increased natural gas supply, factors that have led to natural gas fluctuating within a range over the past 10 years, causing the market to be cautious about natural gas.
Analysts stated that this "has caused market psychology to be frustrated, unwilling to fully recognize the background of the increasing demand for ai/liquefied natural gas", but the bank mentioned that capital discipline will make a difference by 2025, as "producer discipline has been evident this year and has laid the foundation for a bullish outlook for 2025."
Bank of America analysts believe that the trade of USA's largest natural gas companies EQT and Exelon is attractive, with a good balance between risk and value currently, with a forward-looking price estimate of 3.20 US dollars, while the forward curve price they see is closer to 3.75 US dollars. At the same time, smaller-scale, well-hedged cnx resources corp (CNX.US) and National Fuel Gas (NFG.US) have achieved significant gains this year, hence rated as "underperforming the large cap".
Bank of America stated that Antero Resources still has upside potential; in contrast, Range Resources (RRC.US) with a neutral rating has attracted market attention due to its lower relative cost structure, seeming to have performed excellently. Additionally, Gulfport Energy (GPOR.US) with a neutral rating showed slightly better risk balance as the strong momentum it demonstrated in 2023 has weakened in 2024.
