- Bonanza Creek Energy (BCEI +3.8%) is upgraded to Buy from Neutral and Hess (HES -0.7%) is cut to Neutral from Buy at Mizuho on valuation as part of the firm's broader sector outlook, which sees crude prices remaining above breakeven for key basins despite headwinds.
- The firm expects further efficiency gains as key players in the Bakken (HES), Permian (APA, APC), Eagle Ford (MRO, APC) and DJ Basin (APC, NBL, PDCE, SYRG, BCEI) continue to hone skills; its top picks going into 2014 are APA, Kosmos (KOS) and, on the riskier side, APC.
- With APA, the firm sees a continued turnaround to a leaner, shareholder-focused E&P with material catalysts; with KOS, a seasoned explorer with big drilling upside alongside cash flow generation; with APC, market caution until a Tronox damages number is revealed but rebounding given solid assets and liquidity.
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