UPDATE: Raymond James Upgrades Nexen To Outperform

Raymond James raises its rating on Nexen

to Outperform from Perform as Q4 results come in on track. Raymond James notes, "NXY reported 4Q CFPS of $1.11 and production of 208,000 boe/d, slightly better than we expected and right in-line with consensus; 2P reserves of 2,306 mmboe at the end of 2011, up 8% y/y. On the exploration front, the N reported an oil discovery in the northeast fault block of the Appomattox field (wi 20%), a follow up to the previous success on the south fault block." NXY closed at $19.65 yesterday.