UPDATE: Societe Generale Upgrades 4 NA E&Ps

According to a research report published this morning, Societe Generale has upgraded several NA E&Ps. These include Anadarko (NYSE: APC), Marathon (NYSE: MRO), Murphy Oil (NYSE: MUR) and Occidental Petroleum (NYSE: 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.