Also downgraded at Macquarie: BP, Chevron, Shell, Eni, Whiting Petroleum

|About: BP p.l.c. (BP)|By:, SA News Editor

In addition to its big downgrade of Chesapeake, Macquarie also lowered several other oil and gas producers, including BP (BP -0.9%) to Underperform, and Chevron (CVX -1.9%), Royal Dutch Shell (RDS.A -1.3%) and Eni (E -0.1%) to Neutral as the firm cuts its oil price estimates and says the global majors will slip back into deficits and suffer additional painful cost reductions.

Whiting Petroleum (WLL -9.3%) is cut to Neutral from Outperform with an $8 price target, citing increasing liquidity concerns given its 2019 debt maturities which will negatively impact activity and production levels; Macquarie says WLL has limited options to boost its balance sheet despite improving results.

The firm also downgrades Cenovus (CVE -3.5%) to Underperform from Neutral a day after CEO Brian Ferguson's retirement announcement, and Canadian peer Encana (ECA -4.2%) to Neutral from Outperform.

Subscribe for full text news in your inbox