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Wunderlich analysts Irene Haas and Jason Wangler downgraded and cut price targets on numerous oil companies Tuesday amid a bearish outlook.
“While the impact of WTI oil moving from basically $100/bbl to $60/bbl in just a few months hasn't been felt just yet, rest assured the pain is coming - and coming soon. What is even more scary about this downturn than the 2008/2009 difficulty is that this time it looks as if there is no basin or commodity to shift activity into,” according to the analyst note.
Hass and Wangler commented, “our friends who run private U.S. oil and gas companies are aggressively cutting rig counts. This group of producers has operations in these plays: Williston, Niobrara, Eagle Ford, Permian, Utica, and Marcellus. We found the chats very insightful in helping us map a way out of this downturn. Some private producers believe that there will be more than 500 rigs idling in the next 60 days. If this is true, we are talking about 26 percent of the rigs being off the market very soon; this is drastic.”
The companies are grouped below according to their current rating along with each company’s price target cut.
Downgraded to Sell:
Basic Energy Services, Inc (NYSE: BAS) - From $17 to $4 Key Energy Services, Inc. (NYSE: KEG) - From $3 to $0.00 Emerald Oil Inc (NYSE: EOX) - From $3 to $0.50 SandRidge Energy Inc. (NYSE: SD) - From $5 to $1
Downgraded to Hold:
Resolute Energy Corp (NYSE: REN) - From $5 to $2 Northern Oil & Gas, Inc. (NYSE: NOG) - From $16 to $5 Oasis Petroleum Inc. (NYSE: OAS) - From $47 to $13 Approach Resources Inc. (NASDAQ: AREX) - From $30 to $5 American Eagle Energy Corp (NYSE: AMZG) - From $4 to $1 Pioneer Energy Services Corp (NYSE: PES) - From $15 to $4
Latest Ratings for BAS
Date | Firm | Action | From | To |
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Dec 2014 | Goldman Sachs | Maintains | | Sell | Dec 2014 | Wunderlich | Downgrades | Hold | Sell | Dec 2014 | Imperial Capital | Maintains | | Outperform |
View More Analyst Ratings for BAS
View the Latest Analyst Ratings
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Northern Oil and Gas Inc.
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CODE : NOG |
ISIN : US6655311099 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Northern Oil and Gas is based in United states of america. Northern Oil and Gas holds various exploration projects in USA. Its main exploration properties are BAKKEN SHALE, MONTANA RED RIVER and TRENTON/BLACK RIVER in USA. Northern Oil and Gas is listed in United States of America. Its market capitalisation is US$ 2.9 billions as of today (€ 2.7 billions). Its stock quote reached its lowest recent point on March 20, 2020 at US$ 0.50, and its highest recent level on April 26, 2024 at US$ 43.27. Northern Oil and Gas has 65 944 133 shares outstanding. |