SunTrust identifies E&P companies with 'most optionality' SunTrust says that Carrizo Oil & Gas (CRZO), Concho Resources (CXO), Gulfport Energy (GPOR), and PDC Energy (PDCE) "can thrive" if oil prices rise to $55 per barrel and can "easily survive" if oil prices fall to $35 per barrel. The firm says these four companies are "best positioned to take advantage of either type of oil environment." It keeps Buy ratings on all four names.
Canadian Natural downgraded to Neutral from Overweight at JPMorgan JPMorgan downgraded Canadian Natural to Neutral to reflect the choppy near-term environment. The firm said balance sheet pressures are building in 2016 at a time when the company's hedges are rolling off and production could decline.