Oil And Gas Shares Fall, But Analyst Sees Rebound

NEW YORK (AP) — Shares of oil and gas companies slid in Monday trading along with crude oil prices and the broader market, but one analyst forecast a hearty rebound for the sector.

The price of oil dipped 84 cents to $58.95 on Monday, a minor dent to its 22 percent gain over the past three weeks. From about a week ago natural gas prices climbed 27 percent to $4.29. All major stock indices were down in early afternoon trading.

Goldman Sachs analyst Brian Singer on Monday upgraded a litany of companies in the oil and gas sector based on expectations of oil price recovery and shale gas growth over the next three to six months.

Singer raised his rating for Devon Energy Corp. as he believes its stock has room to rise and will benefit from a rebound in commodity prices. He added that the company shows potential in its key shale plays, oil sands and deep water Gulf of Mexico. Singer upgraded Devon to "Conviction List-Buy" from "Neutral," and raised his price target for the stock to $80 from $67.

Devon shares fell $1 to $62.81 in afternoon trading.