Magnum Hunter (NYSE:MHR) Ready to Soar Says Canaccord

Magnum Hunter (NYSE: MHR) has a powerful asset base and strong growth potential, says Canaccord, and is ready to outperform in their view.

Canaccord says, "We are increasingly constructive on Magnum Hunter’s asset base and relative growth potential. In particular, we are very encouraged by the announced transactions and MHR’s strong start in the Eagle Ford and Marcellus projects. We believe the stock is well positioned to outperform based on its leading exposure to the Eagle Ford, Marcellus, and Bakken oil trends and material catalysts (Eagle Ford wells, bolt-on transactions and JV partnerships). In addition, we continue to encourage investors to note that MHR projects very well into 2012 based on the growth and quality of its 2011 investments."

Canaccord Genuity maintains a 'Buy' rating on Magnum Hunter (MHR), which closed Tuesday at $7.00, down $0.19, or 2.64 percent. Canaccord raised their price target on Magnum Hunter to $8.75.

Investors await Newfield Exploration's (NYSE:NFX) Bakken, Eagle Ford Results

Interestingly, Wells Fargo (NYSE:WFC) downgraded Newfield Exploration (NYSE:NFX) even while acknowledging it could be risky before the results from Eagle Ford and Bakken come in.

Wells said, "In 2011, however, we expect shares to take a breather as the share price nears our NAV and investors look to pinpoint exposure to catalyst driven stories. Speaking of catalysts, we recognize the risks to the downgrade ahead of South Alberta Bakken and Eagle Ford results. In the South Alberta Bakken results are not expected until the Q2-Q3 2011 timeframe. In the Eagle Ford, results for the first 13 well batches are expected in Q1 2011, though we include $4.84 per share in our NAV for the Eagle Ford potential. Still a solid company and management team; however, we believe risk/reward favors other names in the current environment."

Wells Fargo downgraded Newfield Exploration from "Outperform" to "Market Perform." Newfield closed Friday at $70.82, down $0.24, or 0.34 percent. Wells has a range of $74 to $78 on the company.

Triangle Petroleum (AMEX:TPLM) Moving from Acquisition Stage to Operational Stage

Triangle Petroleum (AMEX:TPLM) almost had a complete makeover in 2010, prompting Global Hunter Securities to say they're poised to move from an acquisition stage to an operational stage.

Global said, "Triangle Petroleum exits 2010 an entirely different company than when it entered the year. With a new management, new capital structure and a new business plan focused on what has become the hottest oil play in the U.S. (Bakken Shale), Triangle is poised to grab investor attention as it moves from acreage acquirer to operator in 2011."

Global Hunter Securities initiated coverage on Triangle Petroleum with a "Buy" rating. Triangle closed Friday at $6.50, up $0.09, or 1.40 percent. Global has a price target of $8.50 on them.

Voyager Oil & Gas (OTC:VYOG) Investors Should Wait for Growth Capital to be Identified

Voyager Oil & Gas (OTC:VYOG) has a solid asset base in the Bakken Shale, saying Global Hunter Securities, but investors should wait until the source of capital to fund the growth is identified.

Global said, "With a solid asset base in the Bakken Shale and seasoned operators converging on their acreage, Voyager is entering the early innings of the cash conversion cycle. While we like the growth plan the company has laid out, we believe investors would be served best on the sidelines until the source of capital to fund this growth has been identified."

Global Hunter Securities initiated coverage on Voyager Oil & Gas with a "Neutral" rating. Voyager closed Friday at $5.40, gaining $0.25, or 4.85 percent. Global has a price target of $5.25 on them.

Abaxis (NASDAQ:ABAX) Oil Plays Driving Company in 2011

Abaxis Inc. (NASDAQ:ABAX) have wells in the Bakken, Eagle Ford, Niobrara, and Pekisko ready to go online in 2011, and assuming successful execution, should increase the value of the company going forward.

Needham said, "We are reiterating our rating and raising our target price based on Abraxas’s transformation progress, improving balance sheet and growing exposure to an oil-weighted production base. We continue to believe there is significant value embedded in the company’s oil plays that will be unlocked over the next year through the successful execution of its first wells in the Bakken, Eagle Ford, Niobrara, and Pekisko projects. We estimate these trends alone offer an - 23 mmboe of risked (+60 mmboe of unrisked) resource potential."

Needham & Company reiterates a "Buy" on Abaxis Inc., which closed Tuesday at $27.99, up $0.17, or 0.61 percent.

Tesoro (NYSE:TSO) Raising $200 Million in IPO

In a move following other energy companies which have separated pipeline assets into a limited partnership via an IPO, Tesoro (NYSE:TSO) is engaging in the same, with expectations of raising $200 million in an IPO.

How it will work is Tesoro will form a limited partnership where they'll sell a minority stake in to investors.

The new entity will hold crude oil assets in the Williston Basin area and Bakken Shale. Also included will be a crude-oil and products-storage facility, along with eight refined-products terminals.

Saying in a webcast with analysts that separating the refining business from storage, pipelines and terminals will generate "a platform for growth," the new company will increase profits primarily by focusing on a variety of cost-cutting measures, including cutting overhead and operating costs, while producing higher-margin fuel.

Tesoro closed at $17.12, down $0.30, or 1.72 percent.

Occidental Petroleum (NYSE:OXY) Changing Focus to Domestic Energy Supply

Occidental Petroleum Corp. (NYSE:OXY) announced Friday they're investing about $3.2 billion in the U.S. energy sector, while divesting of its Argentine properties, which they're selling for $2.5 billion to Sinopec (NYSE:SHI).

In the near term, the sale of their Argentine properties will give a boost to earnings in the first quarter.

A couple of larger domestic deals for Occidental are the acquisition of South Texas from Royal Dutch Shell (NYSE:RDS-A) for $1.8 billion, which will produce about 200 million cubic feet per day of gas equivalent.

The other deal is the acquisition of 180,000 acres in Three Forks and Bakken for $1.4 billion. They are both located in North Dakota.

Occidental added they're going to raise their dividend to $6 cents a quarter, an increase of 21 percent from the 38 cents a quarter they now pay out. That will be effective for the April 15 payment.

The company said their confidence in increasing free cash flow was behind the dividend decision.

Occidental was trading at $92.37, up $1.30, or 1.43 percent, as of 1:09 PM EST.

Anadarko (NYSE:APC), Rex Energy (Nasdaq: REXX), Carrizo (Nasdaq:CRZO), Petroleum Development (Nasdaq:PETD) and QEP (NYSE:QEP) Niobrara Results Anticipated

Anticipation is growing over the Niobrara well results from energy companies like Anadarko (NYSE:APC), Rex Energy (Nasdaq:REXX), Carrizo (Nasdaq:CRZO), Petroleum Development (Nasdaq:PETD) and QEP (NYSE:QEP), who are expected to release findings over the next several months.

Barclays (NYSE:BCS) noted, "The Niobrara could be the next big oil-shale play. The Eagleford and arguably the Bakken and Barnett are the others. Activity in the area has picked up and we expect a slew of new well results (many in untested areas) over the coming months. Chesapeake's (NYSE:CHK) much anticipated JV deal could add to the buzz.

"News flow is expected to increase soon. Anadarko Petroleum, Rex Energy, Carrizo, Petroleum Development and QEP Resources are all due to report results from horizontal wells targeting the Niobrara between now and late January/mid-February. SM has recently completed its second well in Laramie county and NBL is also drilling its first wells in Wyoming. EOG has been monitoring well performance looking for more proof of matrix support and will provide an update in early 2011. Bill Barrett (NYSE:BBG) is testing the prospectivity of its acreage in the Wind River Basin. Continental Resources (NYSE:CLR) and Marathon Oil (NYSE:MRO) should spud their first wells soon."

Anadarko closed Thursday at $69.07, up $0.43, or 0.63 percent. Rex Energy closed at $12.35, up $0.25, or 2.07 percent. Carrizon ended the session at $30.31, up $1.21, or 4.16 percent. Petroleum Development was at $38.82, up $0.04, or 0.10 percent. QEP Resources ended the day at $37.29, up $0.08, or 0.22 percent.

Hess (NYSE:HES) Enlarges Bakken Play at Low Cost

Hess Corp. (NYSE:HES) has expanded its Bakken play with an acquisition of 167,000 acres at the low price of $4,500 an acre.

UBS said, "HES agreed to acquire 167,000 net acres in the Bakken shale play from privately held TRZ Energy for $1.05 billion in cash, or an attractive price of -$4,500/acre after adjusting for 4.4 MBoed of production. This is well below the $8,500/acre price paid by WMB last week, the $5,000/acre paid for AEZ’s acreage, and other recent deal metrics of $5,500-$6,500/acre. The transaction will be funded by HES’ $2.4 billion cash balance at the end of 3Q, and is expected to close by year-end."

They maintain a "Buy" rating on Hess, which was trading at $68.78, losing $0.91, or 1.31 percent at 12:15 PM EST. UBS has a price target of $78 on Hess, raising it from $76.