Jan. 24 (Bloomberg) -- Plains Exploration & Production Co., the independent oil and natural-gas producer that gained 14 percent last year, fell the most in more than a month after Goldman Sachs Group Inc. downgraded the company’s shares.
Plains, based in Houston, fell 3.1 percent to $37.03 at 12:09 p.m. in New York, the largest percentage decline since Dec. 14, 2011.
Goldman Sachs removed the company from its “buy list” because the company isn’t expected to perform as it did previously, Brian Singer, an analyst, wrote in a research note today. He downgraded Plains to “neutral” from “buy.”
Plains is scheduled to release fourth-quarter earnings on Feb. 23.
--Editors: Jessica Resnick-Ault, Charles Siler
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