Deutsche Bank Downgrades Exploration & Production Companies (BBG, DPTR, FST, PXD, KWK, UPL)

October 20, 2008 2:54 PM EDT

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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Downgrades

Stocks Mentioned

BBG 32.26

-0.24 -0.74%
Volume: 174,647
Track BBG

CHK 25.44

+0.10 +0.39%
Volume: 4,551,924
Track CHK

DPTR 0.97

-0.05 -4.90%
Volume: 5,835,500
Track DPTR

DVN 68.84

-0.94 -1.35%
Volume: 832,955
Track DVN

FST 21.08

-0.35 -1.63%
Volume: 563,645
Track FST

KWK 13.85

-0.09 -0.65%
Volume: 943,989
Track KWK

PXD 43.78

-0.36 -0.82%
Volume: 211,262
Track PXD

RRC 51.38

-0.66 -1.27%
Volume: 540,428
Track RRC

SWN 44.93

-0.58 -1.27%
Volume: 1,134,008
Track SWN

UPL 47.46

-1.00 -2.06%
Volume: 558,417
Track UPL

XCO 17.70

-0.17 -0.95%
Volume: 749,742
Track XCO

XTO 44.25

-0.37 -0.83%
Volume: 1,617,624
Track XTO


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