State oil major Rosneft is reversing its recent buying spree and selling its 50 percent stake in Polar Lights, a joint gas exploration venture with Houston-based energy corporation ConocoPhillips (NYSE:COP), Kommersant reported Wednesday. Polar Lights, valued at between $120 million and $150 million, has poor commercial prospects — ConocoPhillips is also selling its 50 percent stake, a source familiar with the situation said. Rosneft declined to comment on the sale, but the source said that the shares have already attracted interest from potential buyers. ConocoPhillips (NYSE:COP) stock opened at $66.63 in last trading session, and closed at $65.22, trading in the range of $65.09 – $66.79. The stock showed a positive weekly performance of 2.77%.
Credit Suisse downgraded shares of Apache Corp. (NYSE:APA) from an outperform rating to a neutral rating in a report issued on Tuesday, TheFlyOnTheWall.com reports. They currently have $102.00 target price on the stock, down from their previous target price of $104.00. Apache Corporation (NYSE:APA) shares closed at $81.28 on last trade day, by decreasing -0.12%. Stock 52 week range is $67.91 – $94.84. Company’s market capitalization is $32.45 billion.
Exxon Mobil Corporation (NYSE:XOM)’s New Zealand unit isn’t liable for the cost of cleaning up waterfront land it leased in Auckland partly because the country has no laws to deal with the issue, a judge ruled. Exxon Mobil Corporation (NYSE:XOM) stock advanced 0.26% and finished the last session at $91.08. The EPS of the stock remained 7.37. Company’s market capitalization is $397.88 billion.
Barclays cut their price target on shares of Chevron Corp. (NYSE:CVX) from $145.00 to $130.00 in a research note issued on Monday, Analyst Ratings Network.com reports. Barclays’ price objective indicates a potential upside of 16.46% from the stock’s previous close. Chevron Corporation (NYSE:CVX) stock opened at $112.89 in last trading session and closed at $112.03. The 52 week range of the stock is $109.27 – $127.83 and the day range was $111.81 – $112.89.