Oil and Gas Companies Hit By Lower Crude Prices

Wunderlich has downgraded oil and gas companies, citing lowered expectations for crude oil prices. West Texas crude is down to just $77.25 a barrel, while Brent crude is almost down to just $100 a barrel.

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Companies cut to hold include BPZ Resources (NYSE:BPZ) -8.1%, Clayton Williams Energy (NASDAQ:CWEI) -9.1%, Concho Resources (NYSE:CXO) -4.1% and Oasis Petroleum (NYSE:OAS) -8.6%.

Wunderlich also lowered its price target for these companies: Endeavour International (AMEX:END) -10% to $9 from $18 and Abraxas Petroleum (NASDAQ:AXAS) -16% to $3.50 from $8.