BofA upgrades RRC; downgrades CLR, EOG, NOG; others < Each member of the Wall Street Gang has their own commodity price decks that their analysts are required to use. As a stock approaches their price targets they often move them from a BUY to NEUTRAL. All of the Sweet 16 are going to report solid Q3 results and update their guidance. A few may give preliminary guidance for 2022. I expect BofA to move all of these to BUY once they have more information.
Upgrade: Range Resources (RRC) upgraded to buy from neutral; target increased to $30 from $18 < My current valuation is $29
Downgrade: Continental Resources (CLR) downgraded to neutral from buy; target increased however to $55 from $48 < My current valuation is $61.50
EOG Resources (EOG) downgraded to neutral from buy; target increased however to $104 from $99 < My current valuation is $142
Northern Oil & Gas (NOG) downgraded to neutral from buy; target increased however to $30 from $28 < My current valuation is $36.50
Reinstated: Coterra Energy (CTRA) reinstated neutral; target is $27, 29% upside < My current valuation is $32
Upgrades and Downgrades from BofA - Oct 14
Upgrades and Downgrades from BofA - Oct 14
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group