After OPEC failed to reach an agreement on a production freeze, Stifel expects oil prices to give up most of their gains of the past several months. The firm continues to recommend only "defensive" E&P stocks, i.e. "companies with solid balance sheets, strong hedges, high quality assets, and plans to spend within cash flow.." It says that the following companies have those characteristics: Concho Resources (CXO), Noble Energy (NBL), PDC Energy (PDCE), Parsely Energy (PE), Pioneer Natural (PXD), Synergy Resources (SYRG), and Cimarex Energy (XEC). Stifel keeps Buy ratings on those names.