Goldman Sachs Downgraded Oil & Gas - E&P to Neutral; UPL & SWN Cut to Neutral, ECA Cut to Sell; XCO Reinstate at Buy

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Goldman Sachs downgraded Oil & Gas - E&P from Attractive to Neutral after lowering 2011 gas price forecasts from $6.00 to $5.25. The firm said the catalysts for more bullish natural gas prices appear delayed.

Goldman Sachs downgrades Ultra Petroleum Corp. (NYSE: UPL) and Southwestern Energy Co. (NYSE: SWN) from Buy to Neutral. The firm said outperformance may be delayed until there is greater clarity regarding 2011 growth and FCF barring more optimistic macro or M&A sentiment.

EnCana Corp. (NYSE: ECA) was downgraded from Neutral to Sell on negative leverage to lower gas prices, less attractive valuation/upside.

The firm also reinstates coverage on EXCO Resources Inc. (NYSE: XCO) with a Buy rating, citing the overly negative valuation discount.

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