Goldman Makes A Number of Changes In the Energy Patch (ACK, CHK, PXD, APC, more...)

March 27, 2009 10:34 AM EDT

Goldman Sachs made a number of changes in the energy patch today. Broadly the sector is down 3%, as represented by the move in the Energy Select Sector SPDR (NYSE: XLE).

New Ratings:

• Consol Energy (NYSE: CNX) at Sell, $24 target
  
• Patriot Coal (NYSE: PCX) with Sell, $3 target
  
• Alpha Natural Resources (NYSE: ANR) with a Neutral, $19 target
  
• Peabody Energy (NYSE: BTU) with a Neutral, $25 target
  
• Massey Energy (NYSE: MEE) with a Neutral, $12 target
  
• Arch Coal (NYSE: ACI) with a Buy rating and $19 target
  
• Foundation Coal (NYSE: FCL) with a Buy, $19 target

Downgrades:

• Talisman Energy Inc. (NYSE: TLM) downgraded from Neutral to Sell
  
• XTO Energy Inc. (NYSE: XTO) downgraded from Buy to Neutral, target cut from $46 to $39

Upgrades:

• Pioneer Natural Resources Co. (NYSE: PXD) upgraded from Sell to Buy, target raised from $16 to $23

Price target Changes:

• Anadarko Petroleum Corp. (NYSE: APC) target raised from $40 to $42, Sell rating maintained
  
• Apache Corp. (NYSE: APA) target lowred from $88 to $77, Neutral rating maintained.
  
• Berry Petroleum Co. (NYSE: BRY) target raised from $9 to $12, Neutral rating maintained.
  
• Cabot Oil & Gas Corp. (NYSE: COG) target lowered from $33 to $32, Buy rating maintained.
  
• EOG Resources, Inc. (NYSE: EOG) target lowered from $80 to $74, Neutral rating maintained.
  
• Noble Energy, Inc. (NYSE: NBL) target raised from $53 to $65, Neutral rating maintained.
  
• Questar Corp. (NYSE: STR) target lowered from $45 to $40, Buy rating maintained.
  
• NEXEN (NYSE: NXY) target raised from $20.92 to $24.62, Neutral rating maintained.
  
• Forest Oil Corp. (NYSE: FST) target lowered from $19 to $18, Neutral rating maintained.
  
• Canadian Natural Resources Limited (NYSE: CNQ) target raised from $51.71 to $57.86, Neutral rating maintained.
  
• EnCana Corp. (NYSE: ECA) target lowered from $61.53 to $57.86, Neutral rating maintained.
  
• Ultra Petroleum Corp. (NYSE: UPL) target raised from $46 to $47, Neutral rating maintained.
  
• Chesapeake Energy Corporation (NYSE: CHK) target raised from $23 to $25, Buy rating maintained.
  
• Newfield Exploration Co. (NYSE: NFX) target raised from $29 to $32, Buy rating maintained.
  
• Mariner Energy, Inc. (NYSE: ME) target lowered from $12 to $10, Neutral rating maintained.
  
• Devon Energy Corporation (NYSE: DVN) target lowered from $71 to $62, Neutral rating maintained.
  
• Encore Acquisition Co. (NYSE: EAC) target lowered from $35 to $32, Buy rating maintained.
  
• Bill Barrett Corp. (NYSE: BBG) target raised from $24 to $26, Sell rating maintained.
  
• SandRidge Energy, Inc. (NYSE: SD) target lowered from $9 to $8, Neutral rating maintained.
  
• EXCO Resources Inc. (NYSE: XCO) target lowered from $15 to $14, Buy rating maintained.

Related Categories

Analyst Comments
Downgrades
New Coverage
Upgrades

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• Goldman Sachs

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