Oil and gas prices are sliding again, leading to a selloff of oil and gas stocks that has created a buying opportunity, reports The Deal’s Claire Poole, a senior writer covering the energy sector. According to energy-centric investment bank Tudor, Pickering, Holt & Co., the oil and gas companies it covers are now collectively trading at 60% below their net asset value based on their proved, possible and probable reserves. The firm’s top picks include Anadarko Petroleum, Noble Energy and Concho Resources. Anadarko, based in Woodlands, Texas, is an independent oil and gas producer with properties in the U.S. and around the world, both onshore and off, which analysts say is a plus. Its properties in the Wolfcamp area of West Texas’ Delaware Basin are particularly promising and it’s been identified as a prime beneficiary if the U.S. oil export ban is lifted. Like Anadarko, Houston-based Noble Energy has properties scattered throughout the globe, including a $6.5 billion gas field off the coast of Israel (which it was recently cleared to develop after some political pushback). Finally, there’s Concho Resources, which is based in Midland, Texas. Analysts have tabbed Concho as a potential takeover target, mostly because of its dominant position in the Permian Basin — and particularly after Noble’s groundbreaking purchase of Rosetta.
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