Sonic (SONC) (EOG) (JKHY) (END) (SUNH) (ARB) Ratings, Price Targets

Sonic Co. (NASDAQ: SONC), EOG Resources (NYSE: EOG), Jack Henry & Associates, Inc. (NASDAQ: JKHY), Endeavour International Co. (NYSE: END), Sun Healthcare Group, Inc. (NASDAQ: SUNH) and Arbitron Inc. (NYSE: ARB) ratings and price targets.

Sonic Co. (SONC) had its price target lowered by RBC Capital from $11.00 to $9.00. They have an “Outperform” rating on the company.

EOG Resources (EOG) is now covered by Bank of America (NYSE:BAC). They placed a “Neutral” rating on the company.

Jack Henry & Associates, Inc. (JKHY) is now covered by Evercore Partners. They placed an “Equal Weight” rating on the company.

Endeavour International Co. (END) had its price target raised by Rodman & Renshaw from $12.50 to $15.00. They have an “Outperform” rating on the company.

Sun Healthcare Group, Inc. (SUNH) had its price target raised by Morgan Keegan to $4.25.

Arbitron Inc. (ARB) was downgraded by JPMorgan Chase & Co. (NYSE:JPM) from an “Overweight” rating to a “Neutral” rating.

EOG (EOG) (TRLG) (EZCH) (TXRH) (UNM) (CLDX) Price Targets Changed

EOG Resources (NYSE: EOG), True Religion Apparel, Inc. (NASDAQ: TRLG), EZchip (NASDAQ: EZCH), Texas Roadhouse (NASDAQ: TXRH), Unum Group (NYSE: UNM) and Celldex Therapeutics Inc. (NASDAQ: CLDX) had price targets on them adjusted by analysts.

EOG Resources (EOG) had its price target raised by MKM Partners from $103.00 to $108.00. They have a “Buy” rating on the company.

True Religion Apparel, Inc. (TRLG) had its price target raised by Brean Murray to $42.00.

EZchip (EZCH) had its price target lowered by Benchmark Co. from $43.00 to $41.00. They have a “Buy” rating on the company.

Texas Roadhouse (TXRH) had its price target lowered by RBC Capital from $20.00 to $17.00. They have an “Outperform” rating on the company.

Unum Group (UNM) had its price target raised by RBC Capital from $29.00 to $31.00. They have a “Sector Perform” rating on the company.

Celldex Therapeutics Inc. (CLDX) had its price target lowered by Brean Murray from $16.00 to $14.00. They have a “Buy” rating on the company.

EOG (EOG) (AYI) (VOD) (UPL) (FTE) (FXEN) Get New Coverage

EOG Resources (NYSE: EOG), Acuity Brands Inc. (NYSE: AYI), Vodafone (NYSE: VOD), Ultra Petroleum Corp. (NYSE: UPL), France Telecom SA (NYSE: FTE) and FX Energy, Inc. (NASDAQ: FXEN) are getting new coverage from analysts.

Sterne Agee initiated coverage on Acuity Brands Inc. (AYI). They placed an “Underperform” rating and a price target of $26.00 on the company.

ING Group initiated coverage on Vodafone (VOD). They placed a “Buy” rating on the company.

Brean Murray initiated coverage on EOG Resources (EOG). They placed a “Buy” rating and a price target of $130.00 on the company.

Brean Murray initiated coverage on Ultra Petroleum Corp. (UPL). They placed a “Hold” rating on the company.

ING Group initiated coverage on France Telecom SA (FTE). They placed a “Hold” rating on the company.

Brean Murray initiated coverage on FX Energy, Inc. (FXEN). They placed a “Buy” rating and a price target of $9.25 on the company.

Woodward (WWD) (ALL) (EOG) (ITRI) (AZO) (LCC) Upgraded

Woodward Inc (NYSE: WWD), Allstate (NYSE: ALL), EOG Resources (NYSE: EOG), Itron, Inc. (NASDAQ: ITRI), AutoZone, Inc. (NYSE: AZO) and US Airways Group, Inc. (NYSE: LCC) upgraded by analysts.

Woodward Inc. (WWD) was upgraded by Robert W. Baird from a “Neutral” rating to an “Outperform” rating. They have a price target of $39.00 on the company.

Allstate (ALL) was upgraded by UBS AG (NYSE:UBS) from a “Neutral” rating to a “Buy” rating. They have a price target of $33.00 on the company.

EOG Resources (EOG) was upgraded by Ticonderoga from a “Neutral” rating to a “Buy” rating. They have a price target of $110.00 on the company.

Itron, Inc. (ITRI) was upgraded by Robert W. Baird from an “Underperform” rating to a “Neutral” rating. They have a price target $41.00 on the company.

AutoZone, Inc. (AZO) was upgraded by Citigroup (NYSE:C) from a “Hold” rating to a “Buy” rating. They have a price target of $326.00 on the company.

US Airways Group, Inc. (LCC) was upgraded by Ticonderoga from a “Neutral” rating to a “Buy” rating. They have a price target of $9.00 on the company.

Newfield (NFX) (DVN) (EOG) (KOS) (NBL) Price Targets Changed

Newfield Exploration Co. (NYSE: NFX), Devon Energy Co. (NYSE: DVN), EOG Resources (NYSE: EOG), Kosmos Energy Ltd (NYSE: KOS) and Noble Energy (NYSE: NBL) have price targets adjusted by analysts.

Devon Energy Co. (DVN) had its price target lowered by Barclays Capital from $102.00 to $94.00. They have an “Overweight” rating on the company.

EOG Resources (EOG) had its price target lowered by Barclays Capital from $148.00 to $129.00. They have an “Overweight” rating on the company.

Kosmos Energy Ltd (KOS) had its price target lowered by Barclays Capital from $21.00 to $17.00. They have an “Equal Weight” rating on the company.

Noble Energy (NBL) had its price target lowered by Barclays Capital from $119.00 to $107.00. They have an “Overweight” rating on the company.

Newfield Exploration Co. (NFX) had its price target lowered by Barclays Capital from $93.00 to $80.00. They have an “Overweight” rating on the company.

Noble (NBL) (CLR) (CRM) (CSTR) (EOG) (IPI) (NBL) Upgraded

Noble Energy (NYSE: NBL), Continental Resources, Inc. (NYSE: CLR), Salesforce.com (NYSE: CRM), Coinstar (NASDAQ: CSTR), EOG Resources (NYSE: EOG), Intrepid Potash, Inc. (NYSE: IPI) and Noble Energy (NYSE: NBL) upgraded by analysts.

Continental Resources, Inc. (CLR) was upgraded by Global Hunter Securities from an “Accumulate” rating to a “Buy” rating. They have a price target of $78.00 on the company.

Salesforce.com (CRM) was upgraded by Wells Fargo & Co. (NYSE:WFC) from a “Market Perform” rating to an “Outperform” rating.

Coinstar (CSTR) was upgraded by JPMorgan Chase & Co. (NYSE:JPM) from an “Underweight” rating to a “Neutral” rating.

EOG Resources (EOG) was upgraded by Howard Weil from a “Market Perform” rating to an “Outperform” rating. They have a price target of $118.00 on the company, up from $114.00.

Intrepid Potash, Inc. (IPI) was upgraded by Scotia Capital to a “Sector Perform” rating.

Noble Energy (NBL) was upgraded by Macquarie from a “Neutral” rating to an “Outperform” rating.

Arch Coal (ACI) (BSYBY) (EOG) (EXC) (ITYBY) (STJ) Upgraded by Analysts

Arch Coal, Inc. (NYSE: ACI) was upgraded by Citigroup from a “neutral” rating to a “buy” rating. They cited valuation as the catalyst behind the call.

British Sky Broadcasting Group (BSYBY) was upgraded by UBS AG from a “neutral” rating to a “buy” rating.

EOG Resources (EOG) was upgraded by FBR Capital from a “market perform” rating to an “outperform” rating. They have a price target of $130.00 on the company.

Exelon Co. (EXC) was upgraded by Ticonderoga from a “neutral” rating to a “buy” rating. They have price target of $49.00 on the company.

Imperial Tobacco Group (ITYBY) was upgraded by Citigroup (NYSE:C) from a “hold” rating to a “buy” rating.

St. Jude Medical, Inc. (STJ) was upgraded by Barclays Capital from an “equal weight” rating to an “overweight” rating. They cited valuation as the catalyst behind their call.

Petrohawk (HK) Bid from BHP (BHP) Pushes Up (PXD) (SM) (SFY)

Shares of companies like Pioneer Natural Resources (NYSE:PXD), SM Energy (NYSE:SM) and Swift Energy (NYSE:SFY), which own acreage in Eagle Ford, got a big boost from the premium offered from BHP Billiton (NYSE:BHP) for Petrohawk (NYSE:HK).

BHP's bid of $38.75 a share, was a 60 percent premium over the Thursday close of $23.79 a share by Petrohawk. The $12.1 billion bid was an all-cash offer.

Immediate response from some analysts is this deal is more than likely specific to Petrohawk, rather than an industry consolidation trend. Even so, it is good news for some in the natural gas industry, which could benefit from possible higher valuations as a result.

Swift Energy was trading at $40.92, gaining $3.18, or 8.43 percent, as of 10:51 AM EDT. SM Energy was at $77.97, up $5.83, or 8.08 percent. Pioneer Natural Resources was trading at $92.91, up $6.82, or 7.92 percent. HK was at $28.21, jumping $14.72, or 62.66 percent.

Other companies with large exposure to natural gas were also trading up on the day. EOG Resources (NYSE:EOG) was trading at $100.98, up $4.27, or 4.42 percent. EQT Corporation was at $57.13, gaining $2.40, or 4.39 percent. Carrizo Oil & Gas was at $39.44, up $1.45, or 3.82 percent. Chesapeake Energy (NYSE:CHK) was at $32.12, soaring $1.91, or 6.32 percent.

Pioneer Natural Resources holds 310,000 acres in the Eagle Ford. SM Energy holds 250,000 acres in the Eagle Ford, and Swift Energy holds 79,000 acres in the Eagle Ford.

BHP was trading at $91.15, down $1.13, or 1.22 percent.

Big Movers (FLS) (LSTZA) (REGN) (EOG) (SINA) on May 6

Among the big, positive movers on Friday, May 6, were Flowserve Corp. (FLS), Liberty Media Corp. (LSTZA), Regeneron Pharmaceutical (REGN), Eog Resources (EOG) and Sina Corp. (SINA).

Flowserve Corp. (FLS) jumped $3.32, to close at $122.55, a gain of 2.78 percent.

Liberty Media Corp. (LSTZA) was up $3.24 on the day to close at $77.49, a gain of 4.36 percent.

Regeneron Pharmaceutical (REGN) climbed $3.20 to close at $50.25, a gain of 6.80 percent.

Eog Resources (EOG) rose $3.09 to close the session at $107.44, a gain of 2.96 percent.

Sina Corp. (SINA) was up $2.93 to end the day at $125.19, a gain of 2.40 percent.

Dividend Yields for (EOG) (BTU) (HES) (APC) (APA)

Indicated dividend yields for Standard & Poor's 500 Index companies EOG Resources Inc (EOG), Peabody Energy Corp (BTU), Hess Corp (HES), Anadarko Petroleum Corp (APC) and Apache Corp (APA).

These dividend data indicate dividend yields of companies in the Standard & Poor's 500 Index as of Saturday, April 30. The yield is determined by taking the latest declared dividend, annualized and divided by the price of the stock. Payout ratios are calculated based on latest quarterly dividend paid divided by earnings.

EOG Resources Inc (EOG) has a dividend yield of 0.57 percent on a declared dividend of $0.16. The payout ratio is 72.6 percent.

Peabody Energy Corp (BTU) has a dividend yield of 0.51 percent on a declared dividend of $0.09. The payout ratio is 13.1 percent.

Hess Corp (HES) has a dividend yield of 0.47 percent on a declared dividend of $0.10. The payout ratio is 3.7 percent.

Anadarko Petroleum Corp (APC) has a dividend yield of 0.46 percent on a declared dividend of $0.09. The payout ratio is 40.2 percent.

Apache Corp (APA) has a dividend yield of 0.45 percent on a declared dividend of $0.15. The payout ratio is 5.2 percent.

Natural Gas Bill (BP) (CLNE) (CHK) (DVN) (EOG) Pushed by House Republicans

House Republicans are offering up a newly revised version of a bill that aims to increase U.S. consumption of natural gas, a fuel source that is in abundant supply in the U.S., and decrease dependence on foreign oil imports.

“People are fed up and they want to see us lessen our dependence on foreign oil,” said Rep. John Sullivan, R-Okla., on “Mad Money” Wednesday night.

Sullivan also pointed out that the U.S. has a 120-year supply of natural gas and that almost 70 percent of the oil consumed everyday in America comes from foreign sources, something the bill, the New Alternative Transportation to Give Americans Solutions of 2011, has the goal of changing.

T. Boone Pickens has also been a pressuring Congress to take up enhanced natural gas legislation. Pickens is the largest shareholder of Clean Energy Fuels (NASDAQ:CLNE), a major supplier of natural gas for heavy vehicles, and his firm, BP Capital Management, held stakes in several major natural gas producers at the end of last year.

Pickens is of course in it for himself, as evidenced by similar pushes for so-called alternative energy sources in the past.

Chesapeake Energy (NYSE:CHK), Devon Energy (NYSE:DVN), EOG Resources (NYSE:EOG) and BP (NYSE:BP), are companies held in BP Capital Management.

Pickens in BP (BP) (OXY), While Touting (CHK) (DVN) (EOG)

T. Boone Pickens is investing in all angles of the energy play, holding shares of BP (NYSE:BP) and Occidental Petroleum (NYSE:OXY) while pushing the benefits of natural gas, where he holds companies like Chesapeake Energy (NYSE:CHK), Devon Energy (NYSE:DVN) and EOG Resources (NYSE:EOG).

He is also the largest shareholder in Clean Energy Fuels (NASDAQ:CLNE), which focuses on supplying natural gas for vehicles.

Pickens says, “We can get to 8 million 18-wheelers with natural gas in seven years, and that would cut our OPEC oil in half.”

Being very obvious in his pushing of energy in general, as he stands to gain whatever way and pace the market goes and grows, Pickens also said in a recent interview he sees oil rising to $300 a barrel in a decade if the U.S. doesn't change its energy consumption habits.

Whether you agree with Pickens or not, you do have to take things he says with a healthy grain of salt, as he has a huge stake in almost every outcome in the sector, a reason he's been out over the last couple of years being very vocal and available to the media.

Cabot Oil & Gas (COG), Range Resources (RRC), Chesapeake Energy (CHK), EOG Resources (EOG), Console Energy (CNX) Led the S&P 500

Stocks fell for the second straight session as continued violence in Libya fueled concerns about oil disruptions in the Middle East, sending oil prices up to two-and-a-half-year highs.

The Dow Jones Industrial Average dropped 107 points, or 0.9%, at 12,106. The S&P 500 finished lower by 8 points, or 0.6%, at 1,307, and the Nasdaq shed 33 points, or 1.2%, at 2,722.

The energy sector showed the mildest losses during Wednesday's session, with Chevron (CVX) and Exxon Mobil (XOM) trading at the top of the Dow along with Kraft Foods (KFT).

Market sentiment was bearish, with 61%, of shares trading on the New York Stock Exchange ending in the red while 36% advanced. Volume on the NYSE was 1.1 billion shares while 2.3 billion shares changed hands on the Nasdaq.




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EOG Resources (NYSE:EOG) Clarifies Guidance Cut

A number of investors were stymied and concerned over the guidance cut by EOG Resources (NYSE:EOG), which wasn't communicated clearly, and left many with concerns over the performance of the company.

Barclays says, "The November guidance cut had little to do with operating performance/execution. EOG provided little help at the time to investors trying to understand the negative guidance on its Q3 call but it has, in subsequent meetings, provided explanations. The 11%/18% cuts in 2011/2012 volumes were more a result of reduced drilling activity than of any other factor. Confused investors assumed drilling results, especially in the Eagleford, were the main reason for the disappointment. We expect investors to be more willing to focus on the positives going forward."

Barclays reiterates an "Overweight" rating on EOG Resources (EOG), which closed Wednesday at $102.28, gaining $2.41, or 2.41 percent. Barclays boosted their price target on EOG from $117 to $124.

Apache (NYSE:APA), EOG Resources (NYSE:EOG), Devon (NYSE:DVN), QEP Resources (NYSE:QEP) Top Picks for Barclays

In the Integrated Oil And Refiners, Barclays (NYSE:BCS) named their top picks in the category, which were Apache (NYSE:APA), EOG Resources (NYSE:EOG), Devon (NYSE:DVN) and QEP Resources (NYSE:QEP), as well as commenting on the sector.

Weekly Highligths: CNQ'S Horizon Fire: Canadian Natural
Resources (NYSE:CNQ) shares made up a little ground on Monday 01/10 after falling sharply on Friday 01/07/11 in reaction to a fire reported at its Primary Upgrading facility at the Horizon Oil Sands Plant. Production at the plant is now shut in. While still early, electronic and instrument communication exists with two coke drums and visual observations indicate damage to two coke drums is likely to be minimal. Additionally, CNQ has indicated the
Horizon plant could possibly run at 50% of capacity using 2 drums while repairs to the other coke drums cutting deck and derrick infrastructure is completed. We estimate the negative impact on revenue is an estimated $0.25 per share for each month the upgrader would be out of service.

Notable potential catalysts: Newfield Exploration (NYSE:NFX)
update on activity in the Maverick Basin targeting the Eagleford shale.

The group trades at 6.6 x our 2012 debt-adjusted cash-flow
estimates on a price deck of $90/$4.50 (excluding COS, MEG, Range Resources (NYSE:RRC), Southwestern (NYSE:SWN), and Ultra Petroleum (NYSE:UPL)), a 10% premium to historical valuation of 6.0x forward-year cash flow. Our top picks are Apache (APA), EOG Resources (EOG), Devon (DVN) and QEP Resources (QEP) (the only gas stock of the four.)"

Apache (NYSE:APA), EOG Resources (NYSE:EOG), Devon (NYSE:DVN), QEP Resources (NYSE:QEP) Top Integrated Oil And Refiners Picks of Barclays

The top picks of Barclays (NYSE:BCS) in the Integrated Oil And Refiners segment are Apache (NYSE:APA), EOG Resources (NYSE:EOG), Devon (NYSE:DVN) and QEP Resources (NYSE:QEP).

Barclays said, "Highlight of the week: Israel. The Noble-operated Leviathan well confirmed the pre-drill (P50) resource range of 16 tcf and the Sheshinski Committee presented a set of recommendations that would increase the government share of natural gas revenues from about one third to 50-62%. While this is a very substantial discovery, the tax change could be read as punitive. Although the tax changes are not as negative as earlier suggestions, the acceptance of these recommendations would have a material negative impact on the NAV of both Tamar and Leviathan. We believe that Noble will deliver value creation well above peer averages, but we caution that there could be a negative reaction to continuing tax discussions.

"Notable potential catalysts. Monthly production volumes from Canadian Oil Sands operators as well as a budget announcement from Pioneer.

"The group trades at 6.7 times our 2012 debt-adjusted cash-flow estimates on a price deck of $90/$4.50 (excluding COS, MEG, Range Resources (NYSE:RRC), Southwestern Energy (NYSE:SWN), and Ultra Petroleum (NYSE:UPL)), a 12% premium to the historical valuation of 6.0 times forward-year cash flow. Our top picks are Apache, EOG Resources, Devon and QEP Resources (the only gas stock of the four)."

Apache closed Tuesday at $121.86, up $0.83, or 0.69 percent. EOG closed at $92.14, down $0.21, or 0.23 percent. Devon closed at $78.20, losing $0.48, or 0.61 percent. QEP closed at $36.51, dropping $0.01, or 0.03 percent.

EOG (NYSE:EOG), Newfield (NYSE:NFX) Terminate Marcellus Shale Agreement

EOG Resources (NYSE:EOG) and Newfield Exploration (NYSE:NFX) announced they have terminated their agreement originally announced on November 15, 2010 concerning the Marcellus Shale.

Ticonderoga said, "Last night, EOG Resources and Newfield Exploration (Buy-rated), announced that the companies have mutually agreed to terminate their November 15, 2010, agreement regarding EOG's sale of certain Marcellus Shale acreage to NFX. No additional information was given in the release other than the decision falls under the terms provided for in the purchase and sale agreement. We will attempt to get additional information from both companies.

"At the time of the original announcement, we wrote that the deal could take some of the shine off the NFX story, as the transaction appeared to be a step back from the company’s strengths. NFX shares had been performing extremely well, partly because its gas assets were largely held by production, allowing the company to exert more capital discipline, keep spending within cash flow, and concentrate on developing a strong oil portfolio. Although we wouldn’t expect to see a large move in the shares, today’s reversal of the deal should be somewhat viewed as a shift back to those strengths and a net positive for NFX.

"Subsequently, this will likely be viewed as a net negative for EOG, as speculation about why the deal failed will probably center on the assets themselves (such as ownership, quality, or inaccurate data). More concrete is the fact that EOG had previously stated a goal to sell dry gas assets in order to supplement its cash flow needs and/or help repair its balance sheet, which had seen long-term debt jump 36% through the first 9 months of 2010. Today’s announcement adds to the uncertainty of EOG’s 2011 fiscal goals and capital plans."

Ticonderoga maintains a "Neutral" on EOG Resources, which was trading at $91.10, down $1.10, or 1.19 percent, as of 12:02 PM EST.

Newfield Exploration was trading at $73.18, up $0.18, or 0.25 percent.

Newfield Exploration (NYSE:NFX) Marcellus Acquisition Could Take Shine Off Story, Buying Opportunity

Newfield Exploration's (NYSE:NFX) acquisition of 50,000 acres from EOG Resources (NYSE:EOG) could trigger selling of shares, according to Ticonderoga, taking some shine off of their overall story.

"NFX is acquiring 50,000 net acres in the Marcellus Shale from EOG Resources (NYSE:EOG) (Neutral) for $405MM. The acreage is located in Bradford County, within the Northeastern section of the play and one of the developing core areas where there has been significant industry activity...The transaction could take some shine off the story, providing an attractive entry point...If so, we would be buying on the sell off as NFX’s strengths in this environment are still very apparent," said Ticonderoga.

Ticonderoga maintains a "Buy" on Newfield.

Newfield was trading at $63.67, falling $1.71, or 2.62 percent at 12:22 PM EST. Ticonderoga has a price target of $75 on the company.