Two analysts downgraded Anadarko Petroleum (APC) - Get Report saying that it was unlikely there will be a competing bid for the company following last week's offer by Chevron (CVX) - Get Report .

Shares of Anadarko were up 2% to $63 a share.

BMO Capital analyst Phillip Jungwirth downgraded Anadarko to market perform from outperform while raising his price target for the shares to $63 from $53.

Jungwirth said the valuation of Chevron's buyout "looks fair" and a competing bid is unlikely. Acquiring Anadarko will give Chevron access to acreage in West Texas in the Permian Basin and Jungwirth said he expects the deal to put a "valuation floor under Permian pure plays" with large acreage positions.

Separately, Analyst Scott Hanold with RBC Capital Markets downgraded Anadarko to sector perform from outperform due to the Chevron acquisition. 

"We do not expect competing bids and we believe APC shareholders will approve CVX's offer," Hanold said in a note to investors. "We estimate that the offer implies $45-50k/acre for undeveloped Permian assuming reasonable upside value for unbooked potential in other areas."

Chevron (CVX) - Get Report said Friday it plans to buy Anadarko for $33 billion in cash and stock. Chevron said it will pay $65 a share to Anadarko shareholders, who will receive 0.3869 a share of Chevron and $16.25 in cash for each Anadarko share. The total enterprise value of the transaction is $50 billion.

CNBC has reported that Occidental Petroleum  (OXY) - Get Report was talking to Anadarko Petroleum about a deal when Chevron announced its bid.

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