Initiating coverage of 38 U.S. exploration and production, or E&P, companies — as well as Chevron Corporation CVX and Exxon Mobil Corporation XOM — Credit Suisse said it sees relative value in select E&P names, although the firm views the U.S. majors as expensive. Analyst William Featherston said E&Ps now trade at a 10-percent discount to the firm's mid-cycle oil price forecast of $57 per barrel. Relative value exists within the sector, especially among SMID-caps, with capital-efficient growth, resource inventory depth and relative valuation differentiating companies, the analyst said. SourceWe can expect some downside movement towards the lower edge of the rising channel. $CVX, Chevron Corporation / D The price is pretty much ready to break out the rising channel. $XOM, Exxon Mobil Corporation / D