Upgrade or Downgrade: Oil is All Over the Map
Why are we experiencing high oil prices? Is it a good thing or a bad thing? This whole thing can be a bit confusing, don’t you think? Well, here is some reasoning and explanation to bring some clarity to the situation. Paul Ausick, provides some rhyme and some reason.
"Goldman Sachs raised Exxon Mobil Corp. (NYSE: XOM) to ‘Buy’; cut Occidental Petroleum Corp. (NYSE: OXY) from its ‘Conviction Buy’ list; and cut Devon Energy Corp. (NYSE: DVN) and Murphy Oil Corp. (NYSE: MUR) to ‘Neutral’. Bank of America Merrill Lynch also raised Chevron Corp. (NYSE: CVX) to ‘Buy’.
The upgrades are no doubt the result of higher valuations for the oil companies based on prices and announced reserves. The ink was barely dry, though, before prices took a serious turn southward, raising the question of when the decline would stop…"
Read the entire article here: http://247wallst.com/2011/03/15/analyst-calls-fight-over-oil-stocks-xom-oxy-dvn-mur-cvx/