NEW YORK (TheStreet) -- Shares of Anadarko Petroleum (APC) - Get Report are down 0.44% to $79.14 in morning trading Thursday despite Jefferies' price target raise to $83 from $82, while maintaining its "hold" rating. 

With oil prices falling by more than half since June, exploration and production companies like Anadarko are slashing budgets and cutting rig counts to conserve cash, Reuters reported. 

The Houston-based company plans to cut U.S. onshore rig activity by 40% and defer about 125 onshore well completions in the Wattenberg field in Colorado, the Eagle Ford shale and Permian basin in Texas, according to Reuters. 

So far this year, Anadarko has agreed to sell $700 million in enhanced oil recovery (EOR) assets, Jefferies analysts said.  

WTI Crude Oil is down 0.58% to $47.89 today at 10:42 ET Time, while Brent Crude is up 0.78% to $57.99.

Separately, TheStreet Ratings team rates ANADARKO PETROLEUM CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

"We rate ANADARKO PETROLEUM CORP (APC) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its increase in net income, largely solid financial position with reasonable debt levels by most measures and growth in earnings per share. However, as a counter to these strengths, we also find weaknesses including disappointing return on equity, weak operating cash flow and a generally disappointing performance in the stock itself."

You can view the full analysis from the report here: APC Ratings Report