These are some of the analyst calls we have seen up and down in the oil patch this Tuesday morning:
Jon C. Ogg
These are the top analyst calls we have seen in the oil patch and in the energy sector this Monday morning:
JON C. OGG
We have actually seen a lot of analyst calls in the oil patch this morning. Some are conflicting against each other as you will see.
Jon C. Ogg
February 23, 2009
Flying J Oil, Inc., a privately-held oil company headquartered in Ogden, Utah, filed for bankruptcy protection under Chapter 11 on December 22nd. The company owns and operates more than 250 retail outlets in the western US; produces oil and gas in eastern Utah and eastern Montana; owns and operates a 70,000 barrel/day refinery in Bakersfield, California; and owns the 700-mile Longhorn pipeline that carries 70,000 barrels/day of gasoline from the Gulf Coast to El Paso, Texas.
Details of the filing are scarce, but the Salt Lake Tribune reported that the company estimated its liabilities at $100-$500 million, and its assets at more than $1 billion. According to the newspaper, the company’s president stated that "the decline of oil prices happened so quickly that Flying J didn’t have time to convert assets that weren’t tied to petroleum prices into cash that could fund its obligations."
Falling crude oil prices have hit Russia particularly hard. The country needs a crude price of about $70/b to cover production costs and to fund the government. So, what do they do when the price falls into the $40s?
According to Platts, a vice-president of Gazprom Neft, the giant natural gas company’s oil division, held a press conference and announces that now is a "good time" for foreign oil companies to invest in Russia’s oil and gas sector. The question now is whether or not Big Oil will line up to come to Russia’s rescue.
It may be a stretch to say that oil companies actually like lower oil prices, but these oil companies keep posting great earnings even though oil has fallen from north of $140/barrel in June to the $60’s in October. Exxon Mobil (NYSE:XOM) announced record earnings excluding special items for the third quarter of $13.38 billion (EPS of $2.59). Its chairman credited the company’s "disciplined business approach" for the record quarter.
These are ten of the top analyst upgrades and downgrades we have seen this Monday morning with about 2 hours to the the open:
Jon C. Ogg
October 27, 2008
Even with oil prices well off of recent highs, these are still very much considered as above historical highs. The large integrated oil companies have experienced either declines or very small gains in value over the last year, and these are generally well off of their 52-week highs. Exxon Mobil (NYSE:XOM) has declined almost 4.5% over the last year but is down about 20% from its 52-week highs. BP (NYSE:BP) has fallen over 25% from its highs; Royal Dutch Shell (NYSE:RDS.A) is down 22% from its highs. ConocoPhillips (NYSE:COP) is off about 18% from its highs and Chevron (NYSE:CVX) is off almost 20% from its highs. Among smaller companies, the losses from recent highs are even worse. Apache (NYSE:APA) is down more than 28% from recent highs, Marathon (NYSE:MRO) is down about 28% from its recent highs%, and PetroCanada (NYSE:PCZ) is down about 31% from its recent highs. As you will see below, there are many reasons for these exaggerated drops and perhaps some underlying opportunities as well.
These are some of the top analyst upgrades and positive calls we are seeing this Tuesday morning:
Fluor Corporation (NYSE:FLR) won a contract from Scottish & Southern Energy to construct a 500 MW wind farm, the world’s largest, off the coast of Suffolk in the UK. Fluor will book the $1.8 billion contract in the second quarter of 2008. On Monday, Fluor reported a 63% jump in earnings and revenue growth of 32%, boosting the stock price by nearly $25.00 yesterday. This single project is equal to nearly a third of the company’s reported new business in the first quarter of 2008. Fluor’s stock is off $1.46 in pre-open trading. On any other day besides after a huge earnings move, this contract would have likely moved the stock differently.
The Greater Gabbard Offshore Wind Farm will generate enough electricity to power more than 415,000 homes, approximately the entire demand from Suffolk. Each of the 140 turbines will generate 3.6 MW. A division of Siemens (NYSE:SI) will supply the turbines. Construction is scheduled to begin in 2009, and the project is expected to be completed in 2011.
Earlier this month, Shell (NYSE:RDS.A) withdrew from an 1 GW wind farm project located in the Thames estuary that would have generated enough power to supply one-quarter of the homes in London. Shell’s move was interpreted as a significant blow to the British government’s eventual goal of 33 GW of offshore wind capacity, which would provide electricity to every home in the country. Today’s announcement by Fluor takes some of the sting out of that ill-wind.
Paul Ausick
May 14, 2008
BP raised to Buy at Deutsche Bank.
BRG raised target at Deutsche Bank.
CACH started as Neutral at JP Morgan.
DCEL cut to Hold at Jefferies.
HLT downgraded at Jefferies, Citigroup, and at Susquehanna.
MSFT cut estimates at D.A. Davidson.
OSG raised to Overweight at JP Morgan.
PPDI reiterated outperform at Baird.
RJF raised to Outperform at Wachovia.
RDS.A raised to Buy at Deutsche Bank.
UDRL raised to Peer Perform at Bear Stearns.
Jon C. Ogg
July 6, 2007
Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.
Stock Tickers: RDS/A, HAL, XOM, FCX, LMC, ZEUS
Tonight Cramer discussed his individual stock picks on CNBC’s Mad Money for each sector where he believes we are in a "Wild Bull Market" where he thinks the names will continue rising the rest of this year.
He gave a larger list earlier tonight. Here is his big list of stocks that are in Agriculture, Machinery, Infrastructure, and Aerospace.
5) Oil & Gas, which were down hard today: Halliburton (HAL) is 12% under where it was last year and this is the one to buy; in Oil he likes Royal Dutch Shell (RDS/A); the runner up is Exxon Mobil (XOM) as the go-to name for institutions.
6) Minerals, where the mergers are nuts: The buy for the things the Chinese use is Freeport-McMoRan (FCX) for copper and gold that could see its 9-times earnings go to 12-times. Lundin Mining (LMC) is Cramer’s runner up, but only after the merger closes and then it can go to $15.00. Lundin was also one of 24/7 Wall St.’s "Overlooked Metals Stocks" back on May 11, although the stock is down about 5.5% since that date. Our other pick from around the same time Olympic Steel (ZEUS), and it is up close to 1% since then.
Jon C. Ogg
May 29, 2007
Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.
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