Nov. 3 (Bloomberg) -- OAO Gasprom, the world’s biggest natural gas producer, OAO Lukoil and OAO Novatek were upgraded to “overweight” from “neutral” at HSBC Holdings Plc, which raised its price estimate on the Russian energy stocks citing a lower equity risk premium.

“The recent market sell-off triggered by the correction in the oil price creates a good buying opportunity,” Anisa Redman, a London-based analyst at HSBC, wrote in a report today.

Gazprom’s price estimate was increased to $32 from $25 and Lukoil’s projection was raised to $84 from $63. Novatek had its estimate lifted to $65 from $50 by HSBC.

OAO Rosneft, Russia’s largest oil producer, had its estimate increased to $12 from $9.50 at the bank, which has an “overweight” recommendation on the stock.

Last Updated: November 3, 2009 01:35 EST