Diamond (DO) (CQP) (LNT) (ACMP) (HOC) (NR) (GEL) (MGEE) (QRE) (RTI) Ratings Changes and Initiations

Diamond Offshore Drilling, Inc. (DO), Cheniere Energy Partners L P (CQP), Alliant Energy Corporporation (LNT), Access Midstream Partners LP (ACMP), Hochschild Mining (HOC), Newpark Resources, Inc. (NR), Genesis Energy, L.P. (GEL), MGE Energy Inc. (MGEE), QR Energy LP (QRE) and RTI International Metals, Inc. (RTI) had ratings on them adjusted by analysts or initiated.

Credit Suisse (CS) upgraded Cheniere Energy Partners L P (CQP) from a "Neutral" rating to an "Outperform" rating.

Wunderlich upgraded Alliant Energy Corporation (LNT) from a "Hold" rating to a "Buy" rating. They have a price target of $50.00 on the company.

Credit Suisse downgraded Access Midstream Partners LP (ACMP) from an "Outperform" rating to a "Neutral" rating.

Iberia Capital downgraded Diamond Offshore Drilling, Inc. (DO) from an "Outperform" rating to a "Sector Perform" rating.

Fox-Davies Capital downgraded Hochschild Mining (HOC) to a "Sell" rating.

BB&T (BBT) downgraded Newpark Resources, Inc. (NR) from a "Buy" rating to a "Hold" rating.

Barclays Capital initiated coverage on Genesis Energy, L.P. (GEL). They have an "Overweight" rating on the company.

Gabelli initiated coverage on MGE Energy Inc. (MGEE). They have a "Hold" rating on the company.

Credit Suisse initiated coverage on QR Energy LP (QRE). They have a "Neutral" rating on the company.

Bank of America (BAC) initiated coverage on RTI International Metals, Inc. (RTI). They have a "Buy" rating on the company.

Cliffs (NYSE:CLF), Alpha Natural Resources (NYSE:ANR), Peabody Energy (NYSE:BTU) and Freeport (NYSE:FCX) Top Bank of America (NYSE:BAC) Picks

Natural resource stocks enjoyed some renewed attention today, and overall the news was good, as a couple of them were upgraded, and some were among the top picks of stocks going forward, specifically Cliffs (NYSE:CLF), Alpha Natural Resources (NYSE:ANR), Peabody Energy (NYSE:BTU) and Freeport (NYSE:FCX) from Bank of America (NYSE:BAC), which along with Citigroup (NYSE:C) upgraded AK Steel (NYSE:AKS), and Bank of America also upgraded RTI International Metals (NYSE:RTI).

Metal stocks were particularly strong today, based on the conclusion they've been vastly over-corrected, which means they're cheap and have a lot of upside, even in the uncertain market and unknown demand factors, which have been skewed by the European sovereign debt crisis, as well as the inflation challenges faced in China, which could result in lower demand for a number of raw materials than previously expected.

Bank of America (NYSE:BAC) Upgrades RTI (NYSE:RTI), AK Steel (NYSE:AKS)

Metal stocks were back in favor today, as Citigroup (NYSE:C) and Bank Of America (NYSE:BAC) both upgraded AK Steel (NYSE:AKS), with Bank of America analyst Kuni Chen adding RTI International Metals (NYSE:RTI) as an upgrade as well.

Most of the change in opinion on metals stocks is related to the idea that there has been an overresponse to market conditions, and the stocks have a higher value than the market is giving them.

Overall, the metal sector enjoyed a good day, with most stocks talked about in reference to being undervalued were in the positive at close.

The upgrades should help RTI and AK Steel, which have been hit hard recently.