FANG - EOG Cimarex Murphy upgraded at Scotiabank; Pioneer OXY FANG lowered

Scotiabank's Paul Cheng issues a raft of ratings changes among major oil producers and refiners, with upgrades to Sector Outperform led by EOG Resources (EOG), since the company remains one of the industry's best operators and the stock's valuation is attractive.In upgrading Cimarex Energy (XEC), Scotiabank says it underestimated its free cash flow generation and now thinks the company will generate ~2% higher average FCF yield vs. the group average through 2025.Murphy Oil (MUR) should generate significant free cash flow over the next several years now that its major Gulf of Mexico developments are set to begin coming onstream soon.Leading the firm's downgrades to Sector Perform, Pioneer Natural Resources' (PXD) management is repositioning the company to "the right business model," but the stock seems to have largely reflected these favorable developments.Occidental Petroleum (OXY) has been one of the better performers among large-cap E&P companies since October, but Scotiabank's Cheng sees

For further details see:

EOG, Cimarex, Murphy upgraded at Scotiabank; Pioneer, OXY, FANG lowered