Goldman (NYSE:GS) Changes Ratings on Plains (NYSE:PXP), Consol (NYSE:CNX), Apache (NYSE:APA), Newfield (NYSE:NFX)

After the outlook for oil turned more bullish today, Goldman Sachs (NYSE:GS) responded by either making ratings changes to Plains Exploration (NYSE:PXP), Consol Energy (NYSE:CNX), Apache Corp. (NYSE:APA) and Newfield Exploration (NYSE:NFX).

Reasoning behind the changes, according to Goldman, was probable upside for oil prices, lower natural gas prices, and higher value for M&A potential within the Goldman model.

They added Apache Corp. to its "Conviction Buy" list, while removing Newfield Exploration. Apache was added because of their strong exposure to the Permian Basin.

Plains Exploration was upgraded from "Neutral" to "Buy," and added to the "Conviction Buy" list as well. Particularly noted was their exposure to Eagle Ford and Granite Wash. Possible assets sales in the Gulf of Mexico could also improve the valuation of the company.

Consol Energy was downgraded from "Buy" to "Sell," saying downside from "sustained low gas prices will outweigh potential upside from expected non-core met coal reserve sales...."

Plains was trading at $28.61, falling $0.05, or 0.17 percent at 2:31 PM EST. Goldman has a price target of $36 on them. Consol was at $43.97, gaining $2.01, or 4.79 percent. Goldman lowered their price target on them from $44 to $38. Apache soared to $111.13, rising by $3.49, or 3.24 percent. Newfield was up to $68.57, gaining $1.74, or 2.60 percent.