Exploration and Production equities have significantly lagged the price of oil over the past two years, which creates a "rather compelling" setup, Capital One analysts tell investors in a research note. The firm sees valuation support for the E&P sector with enterprise value to EBITDA multiples having "compressed significantly." It points out that its coverage universe currently has 50% upside to net asset value at the median. To reflect a more bullish stance on the sector, Capital One upgraded Bonanza Creek (BCEI), Berry Petroleum (BRY), Callon Petroleum (CPE), Marathon Oil (MRO), Noble Energy (NBL), Penn Virginia (PVAC), SM Energy (SM) and Cimarex Energy (XEC) to Overweight from Equal Weight. The firm also upgraded Comstock Resources (CRK), Laredo Petroleum (LPI) and W&T Offshore (WTI) to Equal Weight from Underweight. Capital One's price targets are as follows: Berry Petroleum - $44, Berry Petroleum - $18, Callon Petroleum - $13, Marathon Oil - $21, Noble Energy - $32, Penn Virginia - $75, SM Energy - $27, Cimarex Energy - $7, Laredo Petroleum - $5, W&T Offshore - $6.