Friday, May 27, 2011

Anadarko (APC) (CXO) (NBL) Jump on Upgrades, Higher Oil Prices

Shares of Anadarko Petroleum (NYSE: APC), Concho Resources Inc. (NYSE: CXO) and Noble Energy (NYSE: NBL) were trading up today after being upgraded by analysts and oil prices trading up.

At just before 12:00 PM EDT, U.S. crude for July delivery was up 26 cents at $100.49 a barrel. Earlier in the day it traded as high as $101.24.

In London, ICE July Brent fell 23 cents to $114.82.

Sterne Agee upgraded Noble Energy (NBL) from a “neutral” rating to a “buy” rating. They have a price target of $107.00 on the company.

Sterne Agee upgraded Anadarko Petroleum (APC) from a “neutral” rating to a “buy” rating. They have a price target of $97.00 on the company.

Wunderlich upgraded Concho Resources Inc. (CXO) from a “hold” rating to a “buy” rating. They have a price target of $105.00 on the company.

Noble Energy was trading at $91.87, gaining $1.08, or 1.19 percent, as of 1:06 PM EDT. Concho Resources was at $96.15, jumping $1.99, or 2.11 percent. Anadarko Petroleum was at $78.54, up $0.65, or 0.83 percent.

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