- Wells Fargo (NYSE:WFC) downgrades Anadarko Petroleum (APC -8.1%) and some of APC's peers that operate in the same geographic area following the fatal home explosion caused by gas related to an APC well.
- Along with APC, Wells also downgrades Extraction Oil & Gas (XOG -5.9%) and SRC Energy (SRCI -6.8%) to Market Perform, saying all names exposed to the Denver-Julesburg Basin will remain under pressure given the fear of a potential regulatory response; the firm keeps two other prominent DJ Basin players, Noble Energy (NBL -3.9%) and PDC Energy (PDCE -4.7%), at Market Perform.
- Meanwhile, Citigroup (NYSE:C) cuts Cobalt Energy (CIE -9.8%) to Sell from Neutral with a $0.10 price target, slashed from $0.50, saying APC's news that the Shenandoah-6 appraisal well and a subsequent sidetrack did not encounter an oil-water contact on the discovery's eastern edge "further undermines" CIE's value.
- Now read: PDC Energy (PDCE) Investor Presentation - Slideshow
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