Posts for Ticker ‘HES’

Soros Fund Holdings

Yesterday Soros Fund Management Filed a 13-F outlining the fund’s long portfolio as of September 30th, 2009.  The total value of the holdings reported in the filing is $6,198,089.  Twenty holdings represented roughly 50% of the value.  Soros Fund Management is a hedge fund management company that invests primarily based on macroeconomic analysis.  It should be noted that the fund’s equity portfolio likely contains significant short positions, which are not reported in 13-F filings.  Some of the positions in the filing may be in place as hedges or part of a multi-part trade, rather than a directional bet.  With that in mind, a glance at this firm’s major holdings provides clues to its macroeconomic outlook.  

Total stakes in Petroleo Brasileo Brasileiro (NYSE: PBR) represent 9.23% of the value of the positions reported in the filing, with just over 13 million shares held.  This is down from by 2.3 million from the fund’s last filing. Read More »

Posted on: November 17, 2009 – 10:52 am in Uncategorized, , , , , , , , , , , , , , , , , , , , ,

Top 10 Analyst Upgrades, Downgrades, Initiations (DVN, XOM, HES, ITW, LEA, NFLX, PALM, PARD, SPWRA, VRTX)

These are this morning’s top ten analyst upgrades, downgrades, and initiations seen from Wall Street research calls:

Devon Energy (NYSE: DVN) Raised to Outperform at Wells Fargo.
Exxon Mobil Corp. (NYSE: XOM) Raised to Overweight at Barclays.
Hess Corporation (NYSE: HES) Raised to Buy at UBS.
Illinois Tool Works (NYSE: ITW) Raised to Buy at UBS.
Lear Corp. (NYSE: LEA) Started as Overweight at JPMorgan.
Netflix Inc. (NASDAQ: NFLX) Started as Buy at Collins Stewart.
Palm Inc. (NASDAQ: PALM) Raised to Buy at Kaufman.
Poniard Pharmaceuticals, Inc. (NASDAQ: PARD) Cut to Market Perform at Rodman & Renshaw.
Sunpower Corporation (NASDAQ: SPWRA) Cut to Neutral at Piper Jaffray; Cut to Market Perform at FBR Capital Markets.
Vertex Pharmaceuticals (NASDAQ: VRTX) Cut to Neutral at Merriman Curhan Ford.

You can join our open email distribution list to hear more news on key analyst calls, top day trader alerts, Buffett and other investment gurus, IPOs, secondary offerings, mergers and more.

JON C. OGG

Posted on: November 17, 2009 – 8:01 am in Pre-Market Activity, Trading Alert, , , , , , , , , ,

Blackstone (BX) Chief Makes $702 Million

GeithnerThe thoughts of restricting the pay packages of the CEOs of public companies may be in the air, but new data on chief executive compensation show that boards of directors are not taking any of it seriously.

Stephen Schwarzman, head of financial firm Blackstone (BX), made over $702 million in 2008 based on data from The Corporate Library. Read More »

Posted on: August 13, 2009 – 5:54 pm in Compensation, Corporate Governance, Editor's Picks, , , , , , , , , ,

Refiners’ Second Take: Valero’s Risk of Irreparable Harm (VLO, MRO, HES, TSO, SUN, TOT, VSUNQ)

Refinery ImageValero Energy Corp. (NYSE: VLO) may have caused some irreparable harm to itself and to shareholders this week.  Losing money is just not something that the investing public was ready to stomach.  Dumping news of a large secondary offering right on top of projecting a loss was no different than pouring salt and peroxide on your kid’s cut hand when he wasn’t looking.  This has added pressure on other refiners such as Marathon Oil Corporation (NYSE: MRO), Hess Corporation (NYSE: HES), Tesoro Corporation (NYSE: TSO), and Sunoco Inc. (NYSE: SUN).  Valero has always had what always looked like a dirt cheap price to earnings ratio, and now you know why.  This may have put some serious future questions on the sector, even if much of this news is company-specific.
Read More »

Posted on: June 4, 2009 – 12:06 pm in Oil & Gas, Secondary Offering, Trading Alert, Value Investing, , , , , , ,

Refiners in for More Trouble? (VLO, TSO, MRO, HES)

Refinery ImageThis week’s report from the Energy Information Administration noted that “strong supply availability from refiners now running at low utilizations in both Europe and the U.S. is likely to moderate gasoline price increases this summer.” That statement may be true, but even if it is, refiners could still be squeezed before the leaves begin to fall next September.  This has continued implications for Valero Energy Corp. (NYSE: VLO), Tesoro Corp. (NYSE: TSO), Marathon Oil Corporation (NYSE: MRO), Hess Corporation (NYSE: HES) and others.
Read More »

Posted on: May 22, 2009 – 8:53 am in Economy, Oil & Gas, , , ,

Oil Companies & Earnings, Up & Down (MUR, HES, COP)

Murphy Oil Corp. (NYSE:MUR), like other oil companies has been hit hard by declining oil prices. Yesterday, the company posted EPS of $0.83 for the quarter, down from $1.07 EPS a year earlier. Analysts had been expecting EPS of $0.78.

Read More »

Posted on: January 29, 2009 – 10:26 am in Earnings, Oil & Gas, , ,

Top Analyst Upgrades (BKC, CS, FNF, HES, IFX, NUE, OSG)

Money_stack_picThese are the top analyst upgrades we have seen this Monday morning ahead of the opening bell:

  • Burger King (BKC) Raised to Buy at UBS.
  • Credit Suisse (CS) Raised to Buy at Merrill Lynch.
  • Fidelity National (FNF) Raised to Overweight at Barclays.
  • Hess (HES) Raised to Outperform at Credit Suisse.
  • Infineon (IFX) Raised to Neutral from Sell at Deutsche Bank.
  • Nucor (NUE) Raised to Buy at Deutsche Bank.
  • Overseas Shipholding (OSG) Raised to Overweight at JPMorgan.

Jon C. Ogg
December 22, 2008

Posted on: December 22, 2008 – 8:32 am in Analyst Calls, , , , , , ,

Capital Spending Falls Off a Cliff (DVN, SD, ME, HES, EQT)

Oil_well_imageWe’ve been following recent announcements of pullbacks in capital spending in the oil and gas patch. Every day it seems, one or two more companies announce that capital spending will be cut by up to 50% from previously announced numbers.

Today’s crop of thrifty companies includes Devon Energy Corporation (NYSE:DVN), SandRidge Energy Inc. (NYSE:SD), and Mariner Energy, Inc. (NYSE:ME). Actually, Devon only announced that it would announce its 2009 capital budget "in early 2009" when it reports earnings for 2008. This is news because the company historically disclosed its spending plans in December for the following year. This development is not unlike Apple’s announcement that Steve Jobs won’t be attending the Macworld this year.

Read More »

Posted on: December 17, 2008 – 11:19 am in Oil & Gas, , , , ,

Hess Reins in Capital Spending (HES)

In 2006, Hess Corporation (NYSE:HES) invested $3.84 billion in capital spending. Last year, the company spent $3.58 billion, and while the figure for this year isn’t final yet, Hess planned to spend about $5 billion on capex and exploration. The company reported spending for the first nine months of 2008 at nearly $3.3 billion.

Read More »

Posted on: December 8, 2008 – 9:14 am in Oil & Gas,

Great New Hess Discovery: Its Earnings (HES)

Oil_well_logo_2Now that refining margins are once again improving, integrated oil companies like Hess (NYSE:HES) are starting to get well. Today Hess reported EPS of $2.37 for the third quarter of 2008, a nickel short of analysts’ estimates. Revenues of $11.39 billion topped estimates of $10.16, but were about $350 million lower sequentially.

Read More »

Posted on: October 29, 2008 – 12:24 pm in Earnings, Oil & Gas,

Short Selling Very Mixed In Oil Companies (BHI, CVX, XOM, HES, MRO, SLB, HAL, NOV, RIG, VLO)

As you will see below, there were many key changes to short sales in oil stocks.  Some of these would have been expected to have gone up because oil was so weak.  But there were many surprising gains as well.  Here are the mid-September short sale numbers:

COMPANY (TICKER)                      Sep 15       Aug 29     Change
Baker Hughes Inc. (BHI)              6,133,690    6,061,556     1.19%
Chevron Corporation (CVX)           22,795,662   20,202,281    12.84%
Exxon Mobil Corporation (XOM)    31,416,108   29,473,462    6.59%
Hess Corporation (HES)               4,447,432    4,382,553     1.48%
Marathon Oil Corporation (MRO)   7,261,748    5,969,911     21.64%
Schlumberger N.V. (SLB)            14,953,601   13,375,004    11.80%

COMPANY (TICKER)                      Sep 15       Aug 29      Change
Halliburton Company (HAL)          30,099,107   38,571,133   -21.96%
National Oilwell Varco (NOV)        7,514,971    7,778,930     -3.39%
Transocean Inc (RIG)                  13,948,428   14,367,494    -2.92%
Valero Energy Corp. (VLO)          14,846,937   15,028,560    -1.21%

Jon C. Ogg
September 25, 2008

Posted on: September 25, 2008 – 7:44 am in Oil & Gas, Short Interest, , , , , , , , , ,

Caspian Crude Barely Flowing (BP, CVX, STO, E, TOT, COP, HES)

Oil_gas_pipeline_picOil is trading sharply higher this morning, partly because of oil pipeline and delivery disruptions. Platts reported that crude oil flows through the BTC pipeline have dropped from about 800,000 b/d to 250,000-280,000 b/d. The cause of the reduced flows is the shut-in of about 60% of production in a field operated by BP plc (NYSE:BP). The shut-ins followed the appearance of gas bubbles in the sea around one of the platforms.

Read More »

Posted on: September 22, 2008 – 10:55 am in Oil & Gas, , , , , , ,

Ken Heebner & CGM Stick With Commodities (CNX, BTU, FCX, PBR, HES, SLB, WFT, X, CGMFX)

While many funds and money managers are under watch, Ken Heebner and the investments in his CGM FOCUS FUND (CGMFX) are perhaps more closely watched than any other in today’s current market.  Some may love Warren Buffett and his no non-sense approach, but Ken Heebner actually has a better track record since inception and he is known for blowing out of sectors when he feels he should or can.  In fact, you could almost think of the FOCUS FUND as being run more and more like a hedge fund with very loose guidelines on which stocks he can or can’t pick from.  The fund also noted about 14% of the total assest that were sold short, so he does make bets against sectors as well.  As of June 30, Heebner was still extremely focused on the commodity and global growth stories.

We went through to look for his positions in the Focus Fund that are worth more than $500 Million.  Keep in mind that several other positions were just shy of the mark, so the overall values and holdings are better compared down further on at the full list.  Here were his top holdings in the CGM FOCUS FUND:  CONSOL Energy Inc. (NYSE: CNX), Peabody Energy Corp. (NYSE: BTU), Freeport-McMoRan (NYSE: FCX), Petroleo Brasileiro S.A. (NYSE: PBR), Hess Corporation (NYSE: HES), Schlumberger Limited (NYSE: SLB), Weatherford International (NYSE: WFT), and United States Steel Corp. (NYSE: X).

Read More »

Posted on: August 15, 2008 – 10:19 am in Financial Stocks, Mutual Funds, , , , , , , , ,

Goldman Sachs Lifts Oil Services Sector (APC, APA, CVX, COP, DVN, EOG, HES, PBR, SU)

We already noted how Goldman Sachs Group (NYSE: GS) has raised its average oil prices for the years ahead, but the firm has also raised its OIL SERVICES Sector ratings this morning to "Attractive" from "Neutral."  Below are just some of the "BUY-Rated" stocks covered in this call with significant raised estimates:

  • Anadarko Petroleum Corp. (NYSE: APC)
  • Apache Corp. (NYSE: APA)
  • Chevron Corp. (NYSE: CVX)
  • ConocoPhillips (NYSE: COP)
  • Devon Energy Corp. (NYSE: DVN)
  • EOG Resources Inc. (NYSE: EOG)
  • Hess Corp. (NYSE: HES)
  • Petroleo Brasileiro S.A. (NYSE: PBR)
  • Suncor Energy Inc. (NYSE: SU)

The firm believes that $100.00 oil is reality. and is raising price targets by 12% on average with new price targets to reflect the high-end of its trading ranges with what it now sees as a 20% average upside for the Goldman Sachs "Buy-rated" stocks.

The firm had been recommending a strategy of "buy on pullbacks" but it notes that the pullbacks have been shorter and smaller than expected.   The firm believes that the stocks could trade 5% to 10% lower in a correction scenario as of now, but also says it would view any weakness as temporary and would use it as a buying opportunity.

Jon C. Ogg
June 19, 2008

Posted on: June 19, 2008 – 7:40 am in Analyst Calls, Oil & Gas, , , , , , , , ,

Top 10 Pre-Market Analyst Calls (ABH, ETN, HES, LECO, LPX, MVSN, MUR, NVO, SWS, WBS)

These are not all of the analyst calls affecting shares this morning, but these are ten that we are focusing on this Monday morning:

  • AbitibiBowater (NYSE: ABH) started as Outperform at RBC Capital Markets.
  • Eaton Corp. (NYSE: ETN) raised to Overweight at JPMorgan.
  • Hess (NYSE: HES) Added to Goldman Sachs Conviction Buy List.
  • Lincoln Electric (NASDAQ: LECO) started as Buy at Piper Jaffray.
  • Louisiana-Pacific (NYSE: LPX) started as Underperform at RBC Capital Markets.
  • Macrovision (NASDAQ: MVSN) raised to Buy at Piper Jaffray.
  • Murphy Oil (NYSE: MUR) cut to Underweight at JP Morgan.
  • Novo-Nordisk AS (NYSE: NVO) raised to Neutral at HSBC Securities.
  • SWS Group (NYSE: SWS) started as Market Perform at KBW.
  • Webster Financial (NYSE: WBS) raised to Outperform at KBW.

Jon C. Ogg
June 9, 2008

Posted on: June 9, 2008 – 6:33 am in Analyst Calls, , , , , , , , , ,

Oil & Gas Upgrades & Downgrades on Wall Street (HES, SUN, TSO, MRO, VLO, BRY, SWN)

We’ve seen several analyst calls on Wall Street this morning out of the oil patch, and here are some of the key calls:

  • Hess (NYSE: HES), Sunoco (NYSE: SUN), and Tesoro (NYSE: TSO) were all started as "HOLD" ratings at Citigroup.
  • Marathon Oil (NYSE: MRO) and Valero Energy (NYSE: VLO) were started with "BUY" ratings at Citigroup.
  • Berry Petroleum (NYSE: BRY) was started as Outperform at Morgan Keegan.
  • SW Energy (NYSE: SWN) was downgraded to Market Perform from Outperform at FBR.

Jon C. Ogg
May 30, 2008

Posted on: May 30, 2008 – 7:32 am in Analyst Calls, Oil & Gas, , , , , , ,

This Morning in the Oil Patch.. Earnings Away! (NOV, HES, FSLR, BP, VLO)

This morning we have some key earnings from the likes of National-Oilwell Varco (NYSE:NOV) and Hess Corporation (NYSE:HES), and it wouldn’t be fair to pint out the solar earnings competition from First Solar, Inc. (NASDAQ: FSLR).  There was also a key analyst call on in BP plc (NYSE: BP) and Valero (NYSE: VLO).

National-Oilwell Varco (NYSE:NOV) reported earnings of $397.6 million and $1.11 EPS for the first quarter of 2008, up from $275.9 million and $0.78 EPS for the same period last year. Revenues totaled $2.685 billion, up 24% from a year ago and 1% from the fourth quarter of 2007. Analyst estimates for the first quarter were $1.09 EPS on revenues of $2.73 billion.

NOV noted a 10% increase in its backlog for drilling and other capital equipment to $9.9 billion from $9 billion in the fourth quarter of 2007. New orders during the quarter totaled $2 billion, reflecting increased demand for offshore drilling equipment. Operating profit rose more than 3% from a year ago, but dropped by 0.5% compared with the previous quarter, indicating that NOV is facing some of the same pricing pressure as others in the industry.

The company’s stock, which has dropped about 8% since April 22nd when other oilfield services competitors reported poor performance, is actually back up in positive territory this morning.

Hess Corporation (NYSE:HES) also reported first quarter numbers, and they were predictably big. Earnings more than doubled from a year ago to $759 million on revenues of $10.72 billion, and $2.34 EPS vs. $1.17 a year ago. Analysts estimates averaged $2.02 EPS on revenues of $10.55. Virtually all the increase is attributable to a $32.54/b increase in the company’s selling price of oil. Refining and marketing were off $85 million (84%). The company’s stock is up more than $3.00 in pre-open trading.

Credit Suisse has made a coverage switch here of significance in the oil patch: BP plc (NYSE: BP) was raised to Outperform from Neutral, while Valero (NYSE: VLO) was downgraded to Neutral from Outperform.

Yesterday, after the close, oil magnate and billionaire came out on CNBC and said that the equities of energy companies reflect something more like $75 oil rather than $100 oil, which is his vernacular for gross under-priced for an environment where he thinks $100 +/- is the new norm.  Pickens also noted the great need to diversify into alternative energy methods as well.

Speaking of alternative energy, shares of First Solar, Inc. (NASDAQ: FSLR) are trading up 7% at $305.00, almost at the top of its $54.20 to $308.24 trading range over the last year.  The company posted $0.57 EPS and $196.9 million in revenues, versus estimates of $0.47 EPS and $183.6 million in revenues.  The solar leader beat earnings expectations and raised guidance to $975 million to $1.05 Billion in revenues (above its prior $900 to $950 million estimate).  It has also raised its annual production to a range of 420 to 460 megawatts from a prior range of 400 to 430 megawatts.  The company is also expecting a modest rise in Q2 revenues.

Paul Ausick
April 30, 2008

Posted on: April 30, 2008 – 9:17 am in Oil & Gas, , , , ,

Top 10 Pre-Market Analyst Calls (AKAM, MO, AZN, GSK, HES, LVLT, PEP, PIR, UBS, VMW)

These aren’t the only impact analyst calls this morning, but these are the ones we are focusing the Tuesday in pre-market trading hours:

  • Akamai Tech (NASDAQ: AKAM) Raised to Buy from Neutral at Piper Jaffray.
  • Altria (NYSE: MO) Cut to Equalweight from Overweight at Morgan Stanley.
  • AstraZeneca (NYSE: AZN) raised to Neutral at JPMorgan.
  • GlaxoSmithKline (NYSE: GSK) Started as Buy at ING.
  • Hess (NYSE: HES) Raised To Outperform From Market Perform at FBR.
  • Level 3 Communications (NASDAQ: LVLT) Started As Underperform at Wachovia.
  • PepsiCo (NYSE: PEP) Cut To Neutral From Buy at Goldman Sachs.
  • Pier 1 Imports (NYSE: PIR) Raised To Buy From Hold at Deutsche Bank.
  • UBS (NYSE: UBS) Raised To Buy at Deutsche Bank.
  • VMware (NYSE: VMW) Raised To Outperform From Market Perform at Wachovia.

Jon C. Ogg
April 1, 2008

Posted on: April 1, 2008 – 6:39 am in Analyst Calls, , , , , , , , , ,

Top 10 Pre-Market Analyst Calls (ADBE, ADS, JRJC, GILD, HES, JWN, MNST, NEU, RL, YUM)

These are not all of the pre-market research calls during a busy earnings morning, but these are the top calls that 247WallSt.com is looking at:

  • Adobe Systems (NASDAQ: ADBE) downgraded to Underperform from Buy at Jefferies.
  • Alliance Data Systems (NYSE: ADS) upgraded to Outperform at Bear Stearns and upgraded to Outperform at JMP Securities.
  • China Finance Online (NASDAQ: JRJC) started as Buy at Jefferies.
  • Gilead Sciences (NASDAQ: GILD) raised to Outperform at Wachovia.
  • Hess (HES) raised to Overweight at JPMorgan.
  • J.W. Nordstrom (NYSE: JWN) raised to Outperform at Bear Stearns.
  • Monster Worldwide (NASDAQ: MNST) downgraded to Hold from Buy at Deutsche Bank.
  • NeuMarket (NYSE: NEU) started as Outperform at Oppenheimer.
  • Polo Ralph Lauren (NYSE: RL) downgraded to Neutral from Buy at Banc of America.
  • YUM! Brands (NYSE: YUM) downgraded to Hold from Buy at Deutsche Bank.

Jon C. Ogg
January 31, 2008

Posted on: January 31, 2008 – 7:43 am in Analyst Calls, , , , , , , , , ,

Pre-Market Analyst Calls (October 26, 2007)

ABK cut to Mkt Perform at FBR.
ADVNA cut to Mkt Perform at FBR.
BBY started as Mkt Perform at Wachovia.
BEN cut to Mkt PErform at FBR.
BG cut to Neutral at HSBC.
CC started as Mkt Perform at Wachovia.
CPS cut to Equal Weight at Lehman.
ELX cut to Mkt Perform at FBR.
ETEL cut to Mkt Perform at JMP Securities.
EXBD raised to Buy at Deutsche Bank.
FADV cut to Equal Weight at Lehman.
FVE raised to Buy at Jefferies.
GIS raised to Buy at Deutsche Bank.
HES raised to Buy at B of A.
KND raised to Buy at Jefferies.
LVLT cut to Neutral at JPMorgan.
LTM cut to Mkt Perform at Piper Jaffray.
MBI cut to Mkt Perform at FBR.
NILE raised to Hold at Citigroup.
ORCC cut to Sector Perform at CIBC.
PENN cut to Hold at Jefferies.
POWI cut to Hold at Citigroup.
RRI started as outperform at Wachovia.
SE started as Mkt Perform at Wachovia.
STD raised to Buy at Citigroup.
STLD cut to Neutral at UBS.
TRID too 3 downgrades: Jefferies, Deutsche Bank, and Oppenheimer.
TSM raised to Overweight at HSBC.
USU started as Mkt Perform at Wachovia.
WCG raised to Neutral at Goldman Sachs.

Jon C. Ogg
October 26, 2007

Posted on: October 26, 2007 – 7:09 am in Analyst Calls, , , , , , , , , , , , , , , , , , , , , , ,