Morgan Stanley analyst Evan Calio upgraded Energen (EGN) to Overweight from Equal Weight while downgrading Range Resources (RRC) to Underweight from Equal Weight to reflect his preference for oil over natural gas. The analyst expects oil markets to tighten and gas to remain weak in 2018. Energen is likely to see multiple expansion as investors recognize its improved execution, rising capital efficiency, and strong asset quality, Calio tells investors in a research note. The analyst raised his price target for the shares to $75 from $56. He believes the company is underappreciated with a positive risk/reward.