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Upstream Rating Updates for the Week That Ended October 12

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Whiting Petroleum

Whiting Petroleum (WLL) saw a rating update and three target price revisions in the week that ended on October 12. Capital One Securities downgraded WLL to an “equal-weight,” which is equivalent to a “hold,” from an “overweight,” which is equivalent to a “buy.” The stock’s target price revisions in the week included the following:

  • BMO Capital Markets: to $60 from $55
  • Morgan Stanley: to $67 from $68
  • Raymond James: to $65 from $67

A total of 55.2% of analysts surveyed by Reuters have rated WLL as a “hold,” and the remaining 44.8% have rated it as a “buy.” WLL is currently trading below the low range ($44) of analysts’ target price. Its average target price of $60.3 offers a ~40% upside potential from its current price level.

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Continental Resources

Continental Resources (CLR) saw two rating updates and four target price revisions last week. BMO Capital Markets lowered CLR to a “market perform,” which is equivalent to a “hold,” from an “outperform,” which is equivalent to a “buy.” On the other hand, Seaport Global Securities raised CLR to a “buy” from a “neutral,” which is equivalent to a “hold.” The company’s target price updates included the following:

  • BMO Capital Markets: to $73 from $65
  • Morgan Stanley: to $84 from $87
  • Raymond James: to $105 from $107
  • Seaport Global Securities: to $75 from $64

A total of 68.8% of analysts have rated CLR as a “buy,” and the remaining 31.2% have rated it as a “hold.” CLR’s average target price of $75.7 implies a ~23% upside potential from its current price level.

Pioneer Natural Resources

Seaport Global Securities lowered Pioneer Natural Resources Company (PXD) to a “neutral” from a “buy.” Apart from this, the company saw five target price updates last week, including the following:

  • BMO Capital Markets: from $250 from $270
  • Seaport Global Securities: from $210 from $230
  • Barclays: from $219 from $221
  • Morgan Stanley: from $234 from $240
  • Raymond James: from $325 from $320

A total of 86.4% of analysts surveyed by Reuters have rated PXD as a “buy” as of October 12, and the remaining 13.5% have rated it as a “hold.” PXD is currently trading below the low range ($198) of analysts’ target price. Its average target price of $246.9 offers a ~42% upside potential from its current price level.

Murphy Oil

Murphy Oil (MRO) saw two upward target price revisions following its recent announcement of its joint venture with Petrobras. Credit Suisse increased MRO’s target price to $39 from $37, and Morgan Stanley increased its target price to $30 from $24. A total of 57.1% of analysts have rated Murphy Oil as a “hold,” 14.3% have rated it as a “buy,” and the remaining 28.6% have rated it as a “sell.” MUR is currently trading above its average target price.

For more coverage on the US oil and gas sector, check out Market Realist’s Oil, Gas, Coal, and Consumable Fuels page.

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