Schaeffer's Street Stories: Nexen Snags Bearish Brokerage Action, Yet Still Rallies

CINCINNATI--(BUSINESS WIRE)--Formerly Canadian Occidental Petroleum, Nexen Inc. (NYSE: NXY) explores for and produces oil, gas, and chemicals primarily in the U.K. North Sea, U.S., Gulf of Mexico, Western Canada, Yemen, offshore West Africa, and Columbia. This morning, the firm was smacked with some bearish brokerage action. Specifically, Dundee downgraded NXY from "buy" to "neutral," and slashed its price target from C$28 to C$27. Furthermore National Bank lowered its rating from "sector perform" to "underperform."

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