UPDATE: Canaccord Genuity Upgrades Nexen

According to a research report published this morning, Canaccord Genuity has upgraded Nexen

from Hold to Buy. In the report, Canaccord Genuity said, "While shares are up 4% YTD, the second best performance amongst the Sr. E&Ps/ Integrateds, shares are down 22% since the end of 2008 as the biggest underperformer vs. peers (Figure 1). It is also down 21% since reaching its high this year on 2/24/2012, which is the second worst in the sector." Canaccord Genuity maintains its $24 PT on Nexen, which closed yesterday at $16.81.