Wednesday, July 8, 2009

Position Update: ERX (Oil Stocks)

Yesterday, Barclays Capital adjusted estimates for major oil companies:

Barclays raised Hess Corp to overweight from equal weight.

But Alon USA Energy saw its Barclays price target cut to $8 from $9 with an underweight rating.

Barclays dropped its price target for Chevron to $96 from $99, which is still way above its

ConocoPhillips saw its Barclays price target edge down from $61 to $59.

The price target for Exxon Mobil was upped by Barclays to $91 from $87.

Murphy Oil saw its Barclays price target rise to $73 from $72.

Petro Canada’s price target got cut by Barclays to C$63 from C$64, but had an overweight rating.

Also in Canada, Suncor Energy had its price target reduced to C$49 from C$50 by Barclays.

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