Merrill Lynch Downgrades, Cut Targets On Independent Oil & Gas Stocks (APC, DVN, KWK, SM, More ...)
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Merrill Lynch downgraded and cut its price target on a number of Independent Oil & Gas companies today.
The firm downgraded Anadarko Petro (NYSE: APC) (tgt cut to $42), Devon Energy (NYSE: DVN) (tgt cut to $80), and Quicksilver Resources (NYSE: KWK) (tgt cut to $7) from Buy to Neutral.
The firm downgraded Berry Petroleum (NYSE: BRY) from Neutral to Underperform, target cut from $28 to $11
The firm downgraded St. Mary Lnd/Expl (NYSE: SM) from Buy to Underperform, target cut form $38 to $21.
The firm upgraded Legacy Reserves (Nasdaq: LGCY) from Underperform to Buy but lowered its price target from $13 to $8.
The firm also cut its price targets from Concho Resources, Inc. (NYSE: CXO) from $31 to $25 (Buy), Atlas Energy Resources LLC (NYSE: ATN) from $19 to $13 (Underperform), EV Energy Partners LP (Nasdaq: EVEP) from $14 to $9 (Underperform), Linn Energy, LLC (Nasdaq: LINE) from $13 to $11 (Underperform), Bill Barrett Corp. (NYSE: BBG) from $26 to $24 (Neutral), Whiting Petroleum Corp. (NYSE: WLL) from $74 to $47 (Buy), Cimarex Energy Co. (NYSE: XEC) from $45 to $26 (Underperform), Continental Resources Inc. (NYSE: CLR) from $38 to $24 (Buy), Delta Petroleum Corp. (Nasdaq: DPTR) from $13 to $5 (Underperform), XTO Energy (NYSE: XTO) from $53 to $47 (Buy), Chesapeake Energy Corp. (NYSE: CHK) from $40 to $25 (Buy), Denbury Resources Inc. (NYSE: DNR) from $15 to $8 (Underperform), EOG Resources, Inc. (NYSE: EOG) from $95 to $90 (Neutral), Cabot Oil & Gas Corp. (NYSE: COG) from $33 to $30
The firm also raised its price target on Buy-rated Range Resources Corp. (NYSE: RRC) from $44 to $52. The maintained their Buy rating and $21 target on Petrohawk Energy Corporation (NYSE: HK).
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One says up the other down
Ecomike on Dec 6, 2008 03:57 PMFunny but Citi upgraded some of these, natural gas, recently.