Morgan Keegan E&P Update
Morgan Keegan issued an update on the outperformance of E&P stocks, specifically Whiting Petroleum Corporation (NYSE: WLL), Concho Resources Inc. (NYSE: CXO) and Continental Resources Inc (NYSE: CLR) which are up about 60%.
In the update, Morgan Keegan says “E&P stocks have rallied dramatically since August 31, 2010 (up about 60%) with oil-levered equities responsible for the lion's share of the outperformance (up nearly 100%), as shown in the chart below. While this outperformance has been welcome given our bullish investment thesis on many oily names, we note that the recent surge far outpaces any relevant benchmark including oil prices (up 40%) and the broader market (up 30%).”
Whiting Petroleum Corporation is selling currently at $65.75. Concho Resources Inc is currently selling at $103.82. Continental Resources Inc. is currently selling at $64.76.
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