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Gold/Mining/Energy : PetroQuest Energy, Inc (PQUE and T.PQU) -- Ignore unavailable to you. Want to Upgrade?

To: Toni Wheeler who wrote (448)	8/25/1999 9:45:00 AM
From: Toni Wheeler	Read Replies (2) \| Respond to of 686

RESEARCH ALERT - ING raises oil and gas companies NEW YORK, Aug 24 (Reuters) - ING Barings said on Tuesday it has raised its ratings of the shares of several oil and gas companies. ING raised Burlington Resources <BR.N> to strong buy from hold, Transocean Offshore <RIG.N> to strong buy from buy and Ocean Energy Inc. <OEI.N> to buy from hold. On Transocean, analyst Stephen Gengaro wrote: "We believe the stock has lagged the group because of the relatively high level of contract rollovers over the next six months, which includes some of the company's high-specification semis currently working at high day rates. "While these rollovers will likely keep pressure on earnings over the next several quarters, we do not expect the company to sign any long-term contracts at low day rates that would cause a longer-term drag on earnings." Transocean operates one of the highest-quality deep water fleets in the industry and has an excellent management team, he wrote. Share price was down 13/16 at 34-1/8. Burlington Resources raised to strong buy with 12-month target of $52-55 a share, analyst Michael Schmitz wrote. Increasing 1999 estimate to $0.73 a share from $0.54 and 2000 estimate to $1.50 a share from $1.15 based on increased crude oil and gas price forecasts. Shares last traded at 43-5/16. Ocean Energy upgrade also reflects increased crude oil and natural gas price forecasts, he said. Ocean is well-positioned to return to a growth mode. With a strengthened financial position and improved cost structure, company plans to drill 9-12 high impact exploration prospects during the next 18 months which could give it signicantly more reserve potential, he said. Share price was down 5/16 at 11-3/16. 11:08 08-24-99