MW: Energy stocks cool off on lower oil, analyst downgrade
By Steve Gelsi, MarketWatch
NEW YORK (MarketWatch) -- Energy stocks fell back Thursday after two days of gains, as crude oil consolidated under $83-a-barrel and Lazard Capital Markets cut ratings on three big names in the sector.
The NYSE Arca Oil Index (XOI 1,089, -3.84, -0.35%) fell 0.3% to 1,090. The NYSE Arca Natural Gas Index (XNG 550.81, -2.73, -0.49%) dipped 0.4% to 553. The Philadelphia Oil Service Index (OSX 214.34, -1.15, -0.53%) fell 0.3% to 215.
Crude oil futures dropped 45 cents to $82.48a barrel.
Among stocks in the spotlight, Lazard Capital Markets downgraded Anadarko Petroleum Corp. (APC 71.99, -1.15, -1.57%) , Chesapeake Energy Corp. (CHK 24.63, -0.42, -1.68%) , and Cabot Oil & Gas Corp. (COG 41.11, -0.51, -1.23%) to hold from buy, on lower expected oil and natural gas prices.
Analysts now expect 2011 crude oil prices to remain close to $80 a barrel, instead of $90 a barrel. Natural gas prices are seen at $5 per thousand British thermal units, rather than $6.
Shares of Anadarko fell 1.4% to $72.12. Chesapeake Energy dropped 1.5% to $24.66. Cabot Oil dropped 0.9% to $41.26.
