Barclays upgrades Tullow, downgrades EnQuest
EnQuest
11.82p
16:38 14/11/24
3.50%
0.40p
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’.
FTSE All-Share
4,417.25
16:54 14/11/24
n/a
n/a
FTSE Small Cap
6,809.22
16:39 14/11/24
n/a
n/a
Oil & Gas Producers
7,938.55
16:38 14/11/24
0.88%
69.09
Tullow Oil
21.68p
16:45 14/11/24
5.24%
1.08p
"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.