Analysts Downgrading Oil Patch (NOV, PDE, REP, SII, STO, SU, RIG)

It is probably no huge shock that downgrades are coming more than upgrades now that oil has come down so much.  Too bad these were not the calls several months ago.  Here are some of the downgrades this Wednesday in the oil patch:

• National Oilwell Varco (NYSE: NOV) Cut to Underweight at JPMorgan.
• Pride International (NYSE: PDE) Cut to Underweight at JPMorgan.
• Repsol SA (NYSE: REP) Cut to Neutral at UBS.
• Smith International (NYSE: SII) Cut to Neutral at JPMorgan.
• Statoil (NYSE: STO) Cut to Neutral at UBS.
• Suncor Energy (NYSE: SU) Cut to Sector Perform at RBC.
• Transocean (NYSE: RIG) Cut to Neutral at JPMorgan.

Jon C. Ogg
January 14, 2009