Goldman Sachs Upgrades a Number of Oil Stocks (CAM, RIG, DO, FTI)

Goldman Sachs maintains its Attractive rating on oil service/drilling sector, but is further shifting their preference toward "oily" stocks versus "gassy."

The firm no longer expects early-cycle high beta stocks with US natural gas leverage to outperform.

Upgraded

• Cameron International Corporation (NYSE: CAM) from Neutral to Conviction Buy, $42 target.
  
• Transocean Ltd. (NYSE: RIG) from Neutral to Buy, $107 target
  
• Diamond Offshore Drilling Inc. (NYSE: DO) from Sell to Neutral, $103 target
  
• FMC Technologies, Inc. (NYSE: FTI) from Sell to Neutral, $51 target

Downgraded:

• Halliburton Company (NYSE: HAL) from Buy to Neutral, $28 target. Removed from Conviction Buy List
  
• Nabors Industries Ltd. (NYSE: NBR) from Buy to Sell, $17 target.
  
• Oil States International Inc. (NYSE: OIS) from Neutral to Sell, $29 tgt
  
• Patterson-UTI Energy Inc. (Nasdaq: PTEN) from Buy to Neutral, $15 tgt

Weatherford International Ltd. (NYSE: WFT) remains their Top Pick. The stock is on the Conviction Buy List with a $31 price target.

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