UPDATE: Societe Generale Upgrades 4 NA E&Ps

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According to a research report published this morning, Societe Generale has upgraded several NA E&Ps. These include Anadarko
APC
, Marathon
MRO
, Murphy Oil
MUR
and Occidental Petroleum
OXY
from Hold to Buy. In the report, Societe Generale commented, "From their 1Q12 highs, the shares of APC, MUR, MRO, and OXY have fallen 17%-24% beyond that of the 10% drop of WTI, but not as severely as the 26% of HH natural gas. For MUR, MRO and OXY, which are 57%, 67% and 72% oil production leveraged, respectively, US gas pricing shouldn't be as large an issue. And with APC, whose 2012 output is 54% natural gas and 43% hedged @ $4.69/Mcf, investors appear to overlook their DeepH2O and Niobrara program potential." Societe Generale maintains the following: APC, $92 PT, closed Friday at $69.01. MUR, $63 PT (up from $65), closed Friday at $50.86. MRO, $33 PT (up from $31), closed Friday at $26.80. OXY, $112 PT, closed Friday at $87.88.
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Posted In: Analyst ColorUpgradesPrice TargetAnalyst RatingsSociete Generale
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