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Fly News Breaks for January 24, 2018
EGN, RRC
Jan 24, 2018 | 06:09 EDT
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. Range Resources is at risk for further multiple compression, with few potential positive catalysts, Calio tells investors in a research note. The analyst believes the company's "frustrated shareholder base is likely to continue capitulating." He cut his priced target for the shares to $14 from $17.