Deutsche Bank Starts Coverage on 18 E&P Stocks; Calls Anadarko (APC), Newfield (NFX) Top Picks

Analysts at Deutsche Bank initiated coverage on the Exploration & Production sector Monday afternoon.

While the firm began coverage on a wide range of companies in the group, the main thesis boils down to accelerating liquids production growth leading to margin expansion next year. Deutsche Bank said, "New liquids resource plays are maturing, as past investments gain traction and growth accelerates." The firm also believes M&A in the group remains "investable."

In the Large-cap group:

• Apache (NYSE: APA) - With a Buy, $126 price target
  
• Anadarko (NYSE: APC) - With a Buy, $91 price target
  
• Noble Energy (NYSE: NBL) - With a Buy, $120 price target
  
• Newfield Exploration (NYSE: NFX) - With a Buy, $72 price target
  
• Pioneer Natural Resources (NYSE: PXD) - With a Buy, $97 price target
  
• Chesapeake (NYSE: CHK) - With a Hold, $39 price target
  
• Encana (NYSE: ECA) - With a Hold, $26 price target
  
• EOG Resources (NYSE: EOG) - With a Hold, $116 price target
  
• Range Resources (NYSE: RRC) - With a Hold, $77 price target
  
• Southwestern Energy (NYSE: SWN) - With a Hold, $43 price target
  
• Ultra Petroleum (NYSE: UPL) - With a Hold, $39 price target
  
• Devon Energy (NYSE: DVN) - With a Hold, $93 price target

The firm called Anadarko and Newfield its top picks in the Large-cap group.

In the Small- to Mid-cap group:

• Cimarex Energy (NYSE: XEC) - With a Buy, $96 price target
  
• Oasis Petroleum (NYSE: OAS) - With a Buy, $38 price target
  
• Concho Resources (NYSE: CXO) - With a Buy, $115 price target
  
• SM Energy (NYSE: SM) - With a Buy, $105 price target
  
• Whiting Petroleum (NYSE: WLL) - With a Hold, $54 price target
  
• Brigham Exploration (Nasdaq: BEXP) - With a Hold, $37 price target

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