SunTrust downgrades entire oil exploration and production sector on 'upcoming energy Armageddon'

Oil operations in the Permian Basin near Midland, Texas
Nick Oxford | Reuters

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SunTrust no longer has a buy rating on any company in the oil exploration and production space.

On Monday, the firm downgraded the entire sector, saying the energy "Armageddon" is upcoming.

"We believe oil prices are set to collapse to potentially the $20's & stay in the range for a moderate period," SunTrust analyst Neal Dingmann said Monday in a note to clients. "Given the current market, we have taken the unprecedented steps of bringing our full coverage group to Hold or Sell even after the recent selloff that puts many of our names already at multi-year lows," he said.