XOM - ConocoPhillips three other E&Ps cut at BofA on 'high-grading'

ConocoPhillips ([[COP]] -2.1%), EOG Resources ([[EOG]] -0.7%), Cimarex Energy ([[XEC]] +0.7%) and Continental Resources ([[CLR]] -1.9%) are all downgraded at Bank of America, which says it is "high-grading" its energy stock picks amid crude oil's rise.The four E&P names boast free cash yields that support greater return of cash to shareholders, but the value of unlevered free cash flow net of debt suggests upside is more limited vs. the broader sector, BofA analyst Doug Leggate says.Occidental Petroleum ([[OXY]] -4.4%) remains BofA's top U.S. pick among a number of Buy rated oil-levered names, including top sector ideas Exxon Mobil ([[XOM]] -2.7%) for yield, Hess ([[HES]] -1.6%) and APA ([[APA]] +1.1%) for exploration plays, and Pioneer Natural Resources ([[PXD]] +0.0%) and Devon Energy ([[DVN]] +2.1%) for consolidation and portfolio high grading.

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ConocoPhillips, three other E&Ps cut at BofA on 'high-grading'