Howard Weil sent a couple of mixed signals with the oil sector, downgrading ExxonMobil (NYSE:XOM) and Forest Oil (NYSE:FST), while upgrading Hess Corp. (NYSE:HES).
Exxon was downgraded from "Focus Stock" to "Market Outperform" with the price target lowered from $81 to $77.
The oil giant closed at $61.45, providing an approximate 25 percent upside for the stock.
Forest Oil was downgraded from "Market Outperform" to "Market Perform," with the price target lowered from $39 to $34. Forest closed Wednesday at $29.22, down $0.29, or 0.98 percent.
Hess on the other hand was upgraded from "Market Perform" to "Market Outperform. The price target on Hess was downwardly revised from $78 to $73.
Hess closed at $65.40, gaining $0.25, or 0.46 percent.
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