NEW YORK (TheStreet) -- Shares of Anadarko Petroleum Corp. (APC) are down 0.2% to $75.48 as U.S. crude oil futures fell below $60 a barrel for the first time in five years on oversupply fears, CNBC reports.
Deutsche Bank cut its price target on Anadarko stock today to $110 from $120 in its 2015 E&P outlook, while maintaining a "buy" rating and defending the producer's balance sheet.
"While the capital markets remained open through the up cycle, with leverage helping expand resource bases, the market has made a clear bifurcation recently between the liquids producers that have balance sheet flexibility and the ability to execute growth through the downturn," analysts said.
"Within our coverage, APC [is] among the best positioned core large caps which are estimated to remain at 2x (or below) levered," analysts added.
WTI crude was down 1.85% to $59.81 per barrel as of 3:45 p.m. in New York after hitting a session low at $59.85.
Brent and West Texas Intermediate traded near the lowest price since July 2009, as Saudi Arabia questioned the need to cut output, bolstering speculation that OPEC's biggest producer will defend market share.
Traders warned that a bottom for crude oil remained elusive after a six month selloff, CNBC added.
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: