Published on Friday, 14 December 2012 09:53
Written by Super User
The oil majors are under pressure; this morning we look at the recent downgrades suffered by BG Group plc (LON:BG) and BP plc (LON:BP) at the hands of a number of brokers.
We also note that a technical analysis of the BG Group share price chart confirms bearish momentum.
Barclays have today maintained BG stock at their Overweight rating, but in a sign that momentum behind the oil group is slowing they have dropped their target price from 1490 to 1450.
From a technical point-of-view analyst J Wong at Investors Intelligence says he is calling time on his 'long' position on BG:
"I close BG long as the stock is encountering growing resistance at 1100p. A re-test of the 1000p is possible."
Credit Suisse have meanwhile dropped their rating on BP shares from Outperform to Neutral.
Barclays keep BP at Underweight but reassess their target; moving it to 480 from 500.