UPDATE: Raymond James Upgrades Nexen To Outperform
Raymond James raises its rating on Nexen (NYSE: NXY) 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.
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