Found an article from last month in regards to Morgan Stanley analyst Adam Martin (who did the research paper) and his thoughts on the industry. Here is a snippet:
Among large-cap oil and gas stocks, Morgan Stanley has an overweight recommendation for both Woodside and Santos. Oil Search and Caltex are equal weight.
For mid caps, it is overweight on one of Woodside’s Senegal partners, FAR, equal weight for Beach Energy, Senex Energy and Karoon Gas, and underweight for AWE.
Article:
https://thewest.com.au/business/energy/broker-gives-woodside-a-bullish-endorsement-ng-b88382080z
Morgan Stanley - First Take: Building on the core, page-3
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