Goldman Sachs Research: Updating Estimates for Select Oil E&Ps (TALO, APA, MUR, MGY)

Key Takeaways

• 1.Goldman Sachs reiterates a Buy rating on Talos Energy (TALO) and raises its price target to $20 (from $17), citing a 13% 2027/2028 estimated FCF yield vs. peers at 10%, low-cost exploration expansion, and strong capital returns.
• 2.Goldman Sachs maintains a Sell rating on APA Corp. while raising its 12-month price target to $43 (from $31) by lowering its target FCF yield to 11.0% to reflect longer-term exploration upside in Alaska, Uruguay, and Suriname.
• 3.Murphy Oil (MUR) remains Neutral rated with a target price trimmed to $34 (from $35), and Magnolia Oil & Gas (MGY) is maintained at Neutral with an unchanged $26 price target.

Table of Contents

• Updating Estimates for Select Oil E&Ps; Continue to Screen for Idiosyncratic Upstream Opportunities with Compelling Valuation Relative to Peers; Reiterate TALO Buy
• Talos Energy (TALO):
• APA Corp. (APA):
• Valuation & Key Risks

Report data

Exhibit 1: We see more upside skew than downside skew to TALO shares at current levels, and see 16% upside potential at our base case of $75/bbl Brent

Reports in this series

Americas Energy: Oil & Gas - E&P is shown in chronological order through this edition, published on September 4, 2026.

1. May 22Americas Energy Oil & Gas - E&P Updating Estimates for MGY and CRK