Halliburton, Consol lead energy stock retreat

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NEW YORK (MarketWatch) � Halliburton Co. and Consol Energy led a pullback in energy stocks Wednesday after big gains in the previous session, as positive analyst comments on Chevron Corp. and Anadarko Petroleum Corp. did little to lift the sector.

Weighing on the sector, Halliburton Co. HAL �dropped by 3.3%, Consol Energy CNX �lost 2.8%, Murphy Oil MUR �fell 2.1% and Peabody Energy BTU �subtracted 2%.

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Also moving lower, Alpha Natural Resources ANR �lost 2.7%, Helmerich & Payne HP �dipped 2.2% and Valero Energy Corp. VLO �moved down by 1.8%.

Among the major sector benchmarks, the NYSE Arca Oil Index XX:XOI �fell 1% and the NYSE Arca Natural Gas Index XX:XNG �moved down by 1.1%, while the Philadelphia Oil Service Index OSX �slipped 1.7%.

In the spotlight, shares of Chevron CVX �dipped 0.5%, a day after the oil major held its annual meeting with analysts.

�We see modest production upside potential in 2013, a 2012 dividend increase ... best balance sheet and lower multiple supporting our overweight rating,� analysts at J.P. Morgan said in a note to clients about Chevron.

Anadarko Petroleum Corp. APC �drew an upgrade to buy from hold at Stifel Nicolaus, setting a target price of $100 for the company�s shares.

�As new projects ramp up in 2012, startup visibility of longer lead-time projects improves, high-impact exploration testing continues, and the balance sheet improves further from planned 2012 asset sales and joint ventures, we believe that the stock will continue to perform well,� analysts at Stifel said in a note to clients.

Cheseapeake Energy CHK �dropped 1.9%. The company said it�ll invest from $400 million to $530 million in pipelines and infrastructure to support Utica shale development in Ohio.

Chesapeake owns 59% of a partnership that plans to invest $900 million over the next five years. Total SA TOT �holds the right to exercise an option that would reduce Chesapeake�s interest to 44%.

�This announcement has a negligible impact on our view,� analysts at Canaccord Genuity said of Chesapeake on Wednesday.