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“In a downward oil price environment, being the ultimate energy blue chip...

“In a downward oil price environment, being the ultimate energy blue chip helps," Raymond James writes in upgrading Exxon Mobil (XOM) to Outperform. "In the context of our below-consensus oil view for 2013, Exxon stands out for its free cash flow generation." But the firm cuts Hess (HES) and Murphy Oil (MUR), as both stocks are tightly correlated to the price of oil.
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