UBS Downgrades Oil/Gas Stocks, Slashes Price Targets (BJS, SLB, HAL, RIG, more...)

January 5, 2009 9:36 AM EST

UBS downgraded and adjusted their price targets number of Oil & Gas stocks today

Downgraded from Buy to Neutral:
BJ Services (NYSE: BJS) (tgt cut to $13)
Chart Indust (Nasdaq: GTLS) (tgt cut to $12)
Complete Production Services (NYSE: CPX) (tgt cut to $9)
Diamond Offshore (NYSE: DO) (tgt cut to $65)
ENSCO International (NYSE: ESV) (tgt cut to $32)
Geokinetics (NYSE: GOK) (tgt cut to $3)
PHI Inc (Nasdaq: PHIIK) (tgt cut to $15)
Rowan Companies (NYSE: RDC) (tgt cut to $18)
Schlumberger (NYSE: SLB) (tgt cut to $45)
Weatherford (NYSE: WFT) (tgt cut to $12)

The firm also downgraded Hercules Offshore (Nasdaq: HERO) from Neutral to Sell ($4 tgt).

The firm maintained a Buy on:
Halliburton Company (NYSE: HAL) (tgt cut to $25)
Baker Hughes Inc. (NYSE: BHI) (tgt cut to $40)
Atwood Oceanics Inc. (NYSE: ATW) (tgt cut to $22)
Nobel Corp (NYSE: NE) (tgt cut to $35)
Transocean (NYSE: RIG) (tgt cut to $70)

The firm maintained a Neutral on:
Smith International Inc. (NYSE: SII) (tgt cut to $25)


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Downgrades

Stocks Mentioned

ATW 26.28

+1.30 +5.20%
Volume: 438,296
Track ATW

BHI 26.25

-10.20 -27.98%
Volume: 458,363
Track BHI

BJS 25.18

+11.68 +86.52%
Volume: 452,469
Track BJS

CPX 26.24

+19.46 +287.02%
Volume: 442,624
Track CPX

DO 28.76

-53.09 -64.86%
Volume: 441,258
Track DO

ESV 27.48

-7.50 -21.44%
Volume: 442,281
Track ESV

GOK 26.19

+12.08 +85.61%
Volume: 442,702
Track GOK

GTLS 18.21

-1.10 -5.70%
Volume: 254,436
Track GTLS

HAL 27.40

+6.70 +32.37%
Volume: 444,353
Track HAL

HERO 3.47

-0.34 -8.92%
Volume: 2,209,949
Track HERO

NE 27.50

-2.77 -9.15%
Volume: 446,980
Track NE

PHIIK 17.42

-0.44 -2.46%
Volume: 43,508
Track PHIIK

RDC 27.52

+8.18 +42.30%
Volume: 440,153
Track RDC

RIG 27.47

-46.00 -62.61%
Volume: 443,162
Track RIG

SII 27.58

+1.72 +6.65%
Volume: 447,197
Track SII

SLB 27.58

-26.70 -49.19%
Volume: 438,823
Track SLB

WFT 27.47

+8.03 +41.31%
Volume: 447,981
Track WFT


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