Deutsche Bank Downgrades Exploration & Production Companies (BBG, DPTR, FST, PXD, KWK, UPL)
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Deutsche Bank lowered its ratings on a number of Oil/Gas Exploration & Production companies today after the firm lowered its 2009 oil forecast from $92.50 to $60 and gas forecast from $9.25 to $7.75, due to the global recession.
Deutsche Bank downgraded Bill Barrett Corp. (NYSE: BBG), Delta Petroleum Corp. (Nasdaq: DPTR), Forest Oil Corp. (NYSE: FST), Pioneer Natural Resources Co. (NYSE: PXD), Quicksilver Resources Inc. (NYSE: KWK) and Ultra Petroleum Corp. (NYSE: UPL) from Buy to Hold.
The firm is maintaining Buy ratings on Chesapeake Energy Corp. (NYSE: CHK), Devon Energy Corporation (NYSE: DVN), EXCO Resources Inc. (NYSE: XCO), Range Resources Corp. (NYSE: RRC), Southwestern Energy Co. (NYSE: SWN) ant XTO Energy Inc. (NYSE: XTO). The firm said, "We favor producers that can grow even in an extremely difficult environment and/or are already discounting extreme scenarios (i.e. bankruptcy) that we deem highly unlikely."
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