by Bob Tippee, EditorInvestors and large oil companies have steered onto paths so divergent that Deutsche Bank Securities Inc. says, "The market is declaring the Major Oil model dead." In a research report, analysts Paul Sankey, David T. Clark, and Silvio Micheloto cite valuation metrics against which the market heavily discounts major oil companies relative to service firms, independent producers, refiners, and the general market.Reasons cited by the analysts include:• The companies follow strategies "fundamentally opposing" market desires. They stress financial conservatism, minimum debt, hedged portfolios, avoidance of make-or-break investments, and 10-50 year ...