Swap out Exxon for ConocoPhillips, Imperial Oil or Suncor, Barclays says

|About: Exxon Mobil Corporation (XOM)|By:, SA News Editor

Exxon Mobil (XOM -1.2%) is downgraded to Underweight from Equal Weight at Barclays, primarily due to its relative valuation in the belief that potential upside is limited compared to peers.

XOM will continue to face relative headwinds concerning the lack of meaningful near-term production growth and the likelihood of a relatively steady high oil price environment, Barclays believes.

The firm recommends switching out of XOM to ConocoPhillips (COP -0.3%), Imperial Oil (IMO -1.3%) or Suncor (SU -0.3%).

Barclays also cuts Cenovus Energy (CVE -1.7%) to Equal Weight from Overweight, seeing operating issues at Foster Creek and Pelican Lake remaining a drag on shares over the next several quarters (Briefing.com).