Guggenheim Upgrades Oil Exploration And Production Stocks

In a note released Wednesday, Guggenheim analyst Michael LaMotte upgraded a number of stocks involved in the exploration and production of petroleum from Sell to Buy.

The companies that received an upgrade by the firm are Baker Hughes BHI, Helmerich & Payne HP and Patterson-UTI Energy PTEN.

As reason for the upgrades, LaMotte pointed to forecast for another three percent increase to 2014 capex budgets and an estimated eight to 10 percent growth in 2015.