Exxon Mobil Sees Downgrade at Goldman, Concho Resources Upgraded: Energy Biz Report
Credit Suisse analysts have put together a list with more than 20 stocks that should potentially benefit from the domestic shale boom, commenting that “What started in a field in Texas has turned into a worldwide phenomenon, with ramifications spreading across various commodities and industries.” The list includes firms such as Anadarko Petroleum Corporation (NYSE:APC) and Noble Energy (NYSE:NBL), who are top players in the Wattenberg fields in Colorado and both “producing some of the highest returns in the sector.”
Exxon Mobil Corporation (NYSE:XOM) saw its rating cut from Buy to Neutral at Goldman Sachs Friday, and its price target lowered from $100 to $97. Reasons given were a laid out by analyst Arjun N. Murti: ”We have downgraded ExxonMobil shares to Neutral from Buy for two primary reasons: (1) we have a less robust outlook for its E&P production and profitability in 2013 versus our more optimistic expectations at the time we upgraded its shares; and (2) we expect to see increased investor appetite for higher beta energy equities as we move into 2013 given our economists’ and portfolio strategists’ expectations for recovering global GDP growth.”
Are these stocks a buy or sell? Let us help you decide. Check out our Stock Picker Newsletter now >>
On Friday, Lucas Energy (AMEX:LEI) announced that its Co-Founder, Chief Executive Officer and Director William A. Sawyer stepped down effective December 12th to pursue other endeavors. The firm’s board has named the Chief Financial Officer, Treasurer, and Secretary of the Company Anthony C. Schnur, chief executive officer to replace Sawyer.
Shares of Concho Resources (NYSE:CXO) moved up modestly Friday following their upgrade to Top Pick at RBC Capital, due to the company’s dominant position in the Permian Basin, along with upcoming catalysts that include well tests in its emerging horizontal sites. The price target remains at $120.