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Bill Barrett shares hit new year-low on downgrade
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NEW YORK - Shares of Bill Barrett Corp. tumbled on Friday after Morgan Keegan downgraded the Denver-based natural gas and oil explorer and as crude prices sank even deeper to a new low.
Bill Barrett shares fell $2.09, or 12 percent, to $15.30, after hitting a 52-week low of $14.93. The company's stock is off 74 percent since its summer peak of $60.29.
Shares have plunged along with the sinking price of crude oil, which has shed over 70 percent since it tumbled month over month from its summer high of $142.27.
On Friday crude prices dropped even deeper to $40.85, a new year-low, the lowest its been since 2005.
Morgan Keegan analyst Chris Pikul on Friday downgraded the company to Market Perform.
Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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