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Exxon Gets an Upgrade to Buy, but Analyst Takes ‘Chips Off Table’ for 2 Other Oil Stocks

Energy stocks have emerged winners in this period of volatility and historically high inflation, reporting record profits and boosting shareholder returns as oil prices have surged. For Evercore ISI analyst Stephen Richardson, that time may be nearing. The backdrop for energy stocks remains solid, Richardson added, but the industry will soon have to navigate higher operating costs, capital expenditure inflation, cash taxes, and the eventual deflation of gas prices — and investors should be prepared.
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