JPMorgan Reshuffles E&P Ratings; 2 Upgrades, 7 Downgrades

Analyst Michael Glick adjusts his recommendations on nine Exploration and Production names. The analyst notes that Overweight names are weighted toward those companies that screen well in utilizing the cross-plot of sustaining FCF and debt-adjust growth while Neutrals fall in the middle of the pack and Underweights screen toward the bottom relative to peers.

Glick Upgrades: GPOR (to OW) and MRO (to N).

Glick Downgrades: NFX (to N), NBL (to N), EGN (to UW), HES (to UW), JONE (to UW), LPI (to UW) and SN (to UW).

Overweight rated (one name)

• Gulfport Energy (NASDAQ: GPOR) upgraded to Overweight (from Neutral), price target $17.50.

Neutral rated (three names)

• Marathon Oil (NYSE: MRO) upgraded to Neutral (from Underweight), price target $15.00 (from $14.00).
• Newfield Exploration (NYSE: NFX) downgraded to Neutral (from Overweight), price target $37.00.
• Noble Energy (NYSE: NBL) downgraded to Neutral (from Overweight), price target $30.00 (from ($33.00).

Underweight rated (five names)

• Energen (NYSE: EGN) downgraded to Underweight (from Neutral), price target $57.00.
• Hess Corp. (NYSE: HES) downgraded to Underweight (from Neutral), price target $44.00 (from $45.00).
• Jones Energy (NYSE: JONE) downgraded to Underweight (from Neutral).
• Laredo Petroleum (NYSE: LPI) downgraded to Underweight (from Neutral), price target $13.00.
• Sanchez Energy (NYSE: SN) downgraded to Underweight (from Neutral).

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