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‘Energy Armageddon’ Has Wall Street Slashing Shale Ratings

  • SunTrust brings full coverage of group to hold or sell
  • ‘The urgency to consolidate has increased,’ Evercore says

Photographer: Ty Wright/Bloomberg

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The oil price war is turning out to be a disaster for energy equities, and Wall Street appears to be throwing in the towel with multiple stock downgrades.

West Texas Intermediate crude for April slumped in early trading, down as much as 34% to $27.34 a barrel in New York, while the SPDR S&P Oil & Gas Exploration & Production ETF (XOP) plunged 30% to a record low.