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  • sushibn sushibn Jan 7, 2013 11:31 AM Flag

    Energy stocks lag with refiners the worst hit


    Energy stocks lag with refiners the worst hit
    Analysts downgrade refiners, coal producers

    By Claudia Assis, MarketWatch
    SAN FRANCISCO (MarketWatch) — Energy stocks traded lower Monday, with analysts busily re-rating and mostly downgrading several energy companies under their watch.

    Analysts at Howard Weil downgraded oil-field services company Baker Hughes Inc. /quotes/zigman/219109/quotes/nls/bhi BHI -1.15% and refiners Phillips 66 /quotes/zigman/9483013/quotes/nls/psx PSX -4.29% , Valero Energy Corp. /quotes/zigman/186158/quotes/nls/vlo VLO -2.37% , and Tesoro Corp. /quotes/zigman/243084/quotes/nls/tso TSO -4.56% to sector perform, among other revisions.

    Shares of Baker Hughes declined 1.3%. Shares of Phillips 66 were down 4%, one of the worst hit energy stocks on the S&P 500.

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    Valero and Tesoro declined 2.5% and 3.8%, respectively, also among the top losers of the day.

    Big Oil shares were also in the red Monday, with ConocoPhillips /quotes/zigman/294662/quotes/nls/cop COP -0.69% down 0.5%. Chevron Corp. /quotes/zigman/289939/quotes/nls/cvx CVX -1.08% shares declined 0.8%, while larger rival Exxon Mobil Corp. /quotes/zigman/203975/quotes/nls/xom XOM -1.32% was down 1%.

    Exxon said Friday it will spend $14 billion to develop the Hebron oil field offshore in northeastern Canada, a project the company expects to yield 700 million barrels of oil.

    Exxon said production will start in 2017 and eventually reach 150,000 barrels of oil a day. Exxon will own a 36% share in the project, with Chevron, Canada’s Suncor Energy Inc. /quotes/zigman/43692/quotes/nls/su SU -1.18% and Nalcor Energy & Gas, and Norway’s Statoil ASA /quotes/zigman/285454/quotes/nls/sto STO -0.99% also holding stakes.

    The drilling will take place more than 200 miles southeast of St. John’s, in the Canadian province of Newfoundland and Labrador, in about 300 feet of water.

    Hess Corp. /quotes/zigman/417764/quotes/nls/hes HES +1.06% was one of the few energy stocks in the black. Deutsche Bank recently upgraded the stock to buy from hold.

    Devon Energy Corp. /quotes/zigman/204018/quotes/nls/dvn DVN +0.37% stock also rose. The firm was upgraded to buy from neutral by Bank of America-Merrill Lynch.

    Analysts at Raymond James took another look at their recommendations for coal companies.

    In a note to clients Monday, the analysts said they revisited their call for higher natural-gas prices due to warmer-than-expected winter weather, and consequently also turned more bearish on coal names.

    They downgraded Consol Energy Inc. /quotes/zigman/190880/quotes/nls/cnx CNX -0.91% to outperform from strong buy, and James River Coal Co. /quotes/zigman/93670/quotes/nls/jrcc JRCC -2.79% to market perform, they said.

    Consol shares declined 1.3%. James River shares were down 2.8%.

    Sentiment: Strong Sell

    This topic is deleted.
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