JPMorgan (NYSE:JPM) made some bold calls in the energy sector today.
The firm cut both Exxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX) from neutral to underweight today.
JPMorgan's analyst said the stocks are less favorably positioned in the sector.
The firm upgraded shares of Talisman Energy (TLM) and Occidental Petroleum (NYSE:OXY) from neutral to overweight.
Exxon Mobil is trading down 1.3% Thursday, while Chevron trades down 1.9%.
The two are the top holdings in several Energy ETFs, including the Energy Select Sector SPDR (AMEX:XLE) trading down 1% today, and the iShares Dow Jones U.S. Energy Sector Index Fund (AMEX:IYE), trading down over .8%.
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