Barclays Adjusts Its Oil Stock Price Targets
As the price of oil hovered above $64 a barrel Tuesday, Barclays made sweeping changes to its price targets and ratings for some of the biggest players in the crude industry.
Barclays raised Hess Corp to overweight from equal weight, sending shares of the oil company more than 2 percent higher in pre-market trading.
But Alon USA Energy saw its Barclays price target cut to $8 from $9 with an underweight rating. Alon’s shares closed 7.7 percent lower at $9.46 Monday.
Barclays dropped its price target for Chevron to $96 from $99, which is still way above its Monday close price of $64.14.
ConocoPhillips saw its Barclays price target edge down from $61 to $59. It closed at $40.83 Monday.
The price target for Exxon Mobil was upped by Barclays to $91 from $87. It closed Monday at $68.10.
Barclays cut Marathon Oil’s price target to $38 from $39, which is still more than double its close price of $28.76.
Murphy Oil saw its Barclays price target rise to $73 from $72, even higher above its Monday close of $51.10.
Petro Canada’s price target got cut by Barclays to C$63 from C$64, but had an overweight rating.
Also in Canada, Suncor Energy had its price target reduced to C$49 from C$50 by Barclays.