RBC Capital Markets evaluated a number of large players in the oil and gas industry, including ConocoPhillips (NYSE:COP), Chevron Corp. (NYSE:CVX) and Marathon Oil (NYSE:MRO).
In the view of RBC, the major determinant is how exposed the oil companies are to natural gas. With the weak market, the less exposed, the better.
Their two favorites were Conoco and Chevron, with Conoco rated as a "Outperform," Chevron as a "Top Pick," and Marathon rated as "Sector Perform."
The price target on Conoco is $65 a share; Chevron, $93 a share; and Marathon, $35 a share.
RBC sees Chevron outperforming Exxon (NYSE:XOM) over the next two years on earnings per barrel.
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