Barclays upgrades Tullow, downgrades EnQuest

Barclays upgraded Tullow Oil but downgraded Enquest on Friday as it changed its rating on the European oil and gas sector to ‘neutral’ from ‘negative’.

"Updated valuations and estimates highlight the positive impact of higher near-term oil prices, offset by signs of higher costs/spending," the bank said.

"A realignment of relative upside results in us upgrading Tullow Oil to overweight and downgrading Enquest to equalweight."

Barclays lifted its price target on Tullow to 75p from 60p and cut the target on EnQuest to 25p from 32p.