Morgan Stanley upgraded Royal Dutch Shell /zigman2/quotes/206428183/delayed UK:RDSA -0.21% /zigman2/quotes/205095589/composite RDS.A +0.02% to overweight from equal-weight, and BP /zigman2/quotes/202286639/delayed UK:BP -0.59% /zigman2/quotes/207305210/composite BP -0.53% to equal-weight from underweight, while it downgraded Equinor /zigman2/quotes/203290881/delayed NO:EQNR +2.07% to equal-weight from overweight. Shell's new financial framework and dividend policy send a strong signal about management's confidence in the firm's cash generating ability, the broker said. On Equinor, Morgan Stanley said the dividend hike has now materialized, and so its energy transition strategy, exposure to European gas prices and lack of exposure to refining are priced in. Following BP's underperformance and its yield expanding to 8.1%, the broker said concern about its uncertain earnings and cash flow outlook also is priced in. The broker kept its overweight on Total and underweight on Eni /zigman2/quotes/209584888/delayed IT:ENI +0.23% .