U.S. district court judge Carl Barbier has ruled that Weatherford (NYSE:WFT) wasn't part of the cause leading to the Macondo well oil spill in the Gulf of Mexico.
The decision centered around the float collar provided by Weatherford for the well. The judge said its performance had no part in the failure of the well or the resulting oil spill.
Consequently, all charges against the company have been dismissed.
Weatherford had paid BP (NYSE:BP) $75 million in order to indemnify it against any claims related to the spill. Any other claims against the company are now cleared.
Weatherford was trading at $17.83, up $0.03, or 0.20 percent, as of 10:41 AM EST.
Showing posts with label BP. Show all posts
Showing posts with label BP. Show all posts
Monday, February 13, 2012
Thursday, February 9, 2012
BP (BP) (APC) (MMP) (SD) (SPN) (SLH) (WLL) (CAM) Ratings, Price Targets
BP PLC (NYSE: BP), Anadarko Petroleum (NYSE: APC), Magellan Midstream (NYSE: MMP), SandRidge Energy Inc. (NYSE: SD), Superior Energy Services (NYSE: SPN), Solera Holdings, Inc. (NYSE: SLH), Whiting Petroleum Co. (NYSE: WLL) and Cameron (NYSE: CAM) had ratings and price targets on them adjusted by analysts.
Anadarko Petroleum (APC) had its price target raised by RBC Capital from $100.00 to $103.00. They have an “Outperform” rating on the company.
Magellan Midstream (MMP) had its price target raised by RBC Capital from $74.00 to $78.00. They have an “Outperform” rating on the company.
SandRidge Energy Inc. (SD) had its price target lowered by Deutsche Bank (NYSE:DB) to $9.00.
Superior Energy Services (SPN) had its price target raised by Citigroup (NYSE:C) from $38.00 to $41.00. They have a “Buy” rating on the company.
Solera Holdings, Inc. (SLH) had its price target raised by JPMorgan Chase & Co. (NYSE:JPM) from $53.00 to $54.00. They have an “Overweight” rating on the company.
Whiting Petroleum Co. (WLL) had its price target raised by Stifel Nicolaus from $70.00 to $75.00. They have a “Buy” rating on the company.
BP PLC (BP) was downgraded by Societe Generale from a “Buy” rating to a “Hold” rating.
Cameron (NYSE: CAM) was downgraded by analysts at HSBC from an “overweight” rating to a “neutral” rating.
Anadarko Petroleum (APC) had its price target raised by RBC Capital from $100.00 to $103.00. They have an “Outperform” rating on the company.
Magellan Midstream (MMP) had its price target raised by RBC Capital from $74.00 to $78.00. They have an “Outperform” rating on the company.
SandRidge Energy Inc. (SD) had its price target lowered by Deutsche Bank (NYSE:DB) to $9.00.
Superior Energy Services (SPN) had its price target raised by Citigroup (NYSE:C) from $38.00 to $41.00. They have a “Buy” rating on the company.
Solera Holdings, Inc. (SLH) had its price target raised by JPMorgan Chase & Co. (NYSE:JPM) from $53.00 to $54.00. They have an “Overweight” rating on the company.
Whiting Petroleum Co. (WLL) had its price target raised by Stifel Nicolaus from $70.00 to $75.00. They have a “Buy” rating on the company.
BP PLC (BP) was downgraded by Societe Generale from a “Buy” rating to a “Hold” rating.
Cameron (NYSE: CAM) was downgraded by analysts at HSBC from an “overweight” rating to a “neutral” rating.
Wednesday, February 8, 2012
BP (BP) Earnings Appear Under Pressure for 2012
BP (NYSE:BP) had a couple of analysts express concern over the performance of the company in 2012, pressuring the stock in early trading.
Jefferies (NYSE:JEF) said the oil giant is unlikely to boost production before 2014, which will probably mean earnings estimates will be lower than projected. They also cited higher tax rates and charges as another factor in the earnings performance of BP.
Consequently, Jefferies cut its earnings estimate on BP from $1.24 a share to $1.20 a share. For 2013, it raised its EPS estimate from 94 cents a share to 95 cents a share. Even so, the brokerage reiterated its "Buy" rating on the energy company.
Societe Generale downgraded BP on Wednesday from a "Buy" rating to a "Hold" rating, citing uncertainties surrounding legal liabilities as the Macondo trial date of February 27 approaches.
"The key risk is the start of the Macondo trial on February 27. The impossibility of 'calling' the legal outcome, leads us tactically to a hold rating, following a year of outperformance," the analysts said.
Societe Generale also noted that BP will be the last entity to offer its evidence, meaning the news cycle will probably be negative in the early part of the trial, suggesting pressure on the stock.
Possibly in anticipation of this, BP boosted its dividend to a quarterly rate of 8 cents a share after a solid quarter, where the earnings of the company rose to $7.69 billion on revenue of $96.3 billion.
BP was trading at $46.59, falling $0.01, or 0.02 percent, as of 11:10 AM EST.
Jefferies (NYSE:JEF) said the oil giant is unlikely to boost production before 2014, which will probably mean earnings estimates will be lower than projected. They also cited higher tax rates and charges as another factor in the earnings performance of BP.
Consequently, Jefferies cut its earnings estimate on BP from $1.24 a share to $1.20 a share. For 2013, it raised its EPS estimate from 94 cents a share to 95 cents a share. Even so, the brokerage reiterated its "Buy" rating on the energy company.
Societe Generale downgraded BP on Wednesday from a "Buy" rating to a "Hold" rating, citing uncertainties surrounding legal liabilities as the Macondo trial date of February 27 approaches.
"The key risk is the start of the Macondo trial on February 27. The impossibility of 'calling' the legal outcome, leads us tactically to a hold rating, following a year of outperformance," the analysts said.
Societe Generale also noted that BP will be the last entity to offer its evidence, meaning the news cycle will probably be negative in the early part of the trial, suggesting pressure on the stock.
Possibly in anticipation of this, BP boosted its dividend to a quarterly rate of 8 cents a share after a solid quarter, where the earnings of the company rose to $7.69 billion on revenue of $96.3 billion.
BP was trading at $46.59, falling $0.01, or 0.02 percent, as of 11:10 AM EST.
Tuesday, October 18, 2011
BP (BP) Keeps Moody (MCO) Rating After Settling with Anadarko (APC)
After BP's (NYSE:BP) settlement with Anadarko (NYSE:APC), Moody's (NYSE:MC) said it is maintaining its A2 rating and stable outlook on the company.
Moody's Senior Credit Officer Francois Lauras said, "Clearly the settlement falls short of a full pro-rata recovery of the costs already incurred or provided for by BP in connection with the Macondo accident. Nevertheless, it is within the range of outcomes that we have factored into the group's A2 rating."
Lauras added it shores up BP's assertion its contractors and partners bear responsibility in the failure of the Macondo oil well.
Major companies left to come to a settlement with BP are Halliburton (NYSE:HAL), Transocean (NYSE:RIG) and Cameron International (NYSE:CAM). Weathorford International (NYSE:WFT) and Mitsui have already entered into an agreement with BP.
BP was trading at $40.72, gaining $0.55, or 1.37 percent, as of 2:03 PM EDT.
Moody's Senior Credit Officer Francois Lauras said, "Clearly the settlement falls short of a full pro-rata recovery of the costs already incurred or provided for by BP in connection with the Macondo accident. Nevertheless, it is within the range of outcomes that we have factored into the group's A2 rating."
Lauras added it shores up BP's assertion its contractors and partners bear responsibility in the failure of the Macondo oil well.
Major companies left to come to a settlement with BP are Halliburton (NYSE:HAL), Transocean (NYSE:RIG) and Cameron International (NYSE:CAM). Weathorford International (NYSE:WFT) and Mitsui have already entered into an agreement with BP.
BP was trading at $40.72, gaining $0.55, or 1.37 percent, as of 2:03 PM EDT.
Monday, October 17, 2011
Anadarko (APC) Pays BP (BP) $4 Billion
For its part in the Gulf oil spill, Anadarko Petroleum (NYSE:APC) has agreed to pay BP (NYSE:BP) $4 billion, higher than the $2.66 billion analysts had been looking for.
Also of importance for BP, Anadarko also agreed to drop its gross negligence charge against the oil giant.
Expectations are this will put pressure on Transocean (NYSE:RIG) and Halliburton (NYSE:HAL) to settle with BP.
BP will receive the $4 billion in a single cash payment. They'll apply the money towards the $20 billion compensation fund set up to pay out claims.
For its part, BP agreed to drop its $6.1 billion claim it had against Anadarko.
Mitsui, which had a 10 percent stake the Macondo oil well, already agreed to pay BP $1.1 billion.
According to Anakdarko's CEO Jim Hackett, the settlement will get rid of the "significant uncertainty regarding future liabilities and associated risks" which have weighed on the share price of the company over the last year and a half.
Also of importance for BP, Anadarko also agreed to drop its gross negligence charge against the oil giant.
Expectations are this will put pressure on Transocean (NYSE:RIG) and Halliburton (NYSE:HAL) to settle with BP.
BP will receive the $4 billion in a single cash payment. They'll apply the money towards the $20 billion compensation fund set up to pay out claims.
For its part, BP agreed to drop its $6.1 billion claim it had against Anadarko.
Mitsui, which had a 10 percent stake the Macondo oil well, already agreed to pay BP $1.1 billion.
According to Anakdarko's CEO Jim Hackett, the settlement will get rid of the "significant uncertainty regarding future liabilities and associated risks" which have weighed on the share price of the company over the last year and a half.
BP (BP) Expanding North Sea Oilfields
BP (NYSE:BP) has been given permission to invest about £4bn in the North Sea off of Shetland in order to develop a giant oil field.
British Prime Minister David Cameron supports the effort saying, "We should be looking to try and make these things happen rather than ruling them out."'
"There are some people who you will never reassure, who quite frankly would probably prefer we weren't recovering oil from any part of the North Sea. I don't think you're going to convince them," Cameron added
This follows on the news BP will be able to bid on leases in the Gulf of Mexico.
BP and CEO Bob Dudley welcomes the news after a series of international setbacks for the company after the Gulf oil spill.
Dudley said: "We have a major presence in the North Sea today, operating around 40 oil and gas fields, four onshore terminals and a network of pipelines that transport almost half of the UK's oil and gas production. And as demonstrated by these announcements, the region still offers competitive, attractive investment opportunities, which we will pursue."
BP closed Friday at $39.88, gaining $1.13, or 2.92 percent.
British Prime Minister David Cameron supports the effort saying, "We should be looking to try and make these things happen rather than ruling them out."'
"There are some people who you will never reassure, who quite frankly would probably prefer we weren't recovering oil from any part of the North Sea. I don't think you're going to convince them," Cameron added
This follows on the news BP will be able to bid on leases in the Gulf of Mexico.
BP and CEO Bob Dudley welcomes the news after a series of international setbacks for the company after the Gulf oil spill.
Dudley said: "We have a major presence in the North Sea today, operating around 40 oil and gas fields, four onshore terminals and a network of pipelines that transport almost half of the UK's oil and gas production. And as demonstrated by these announcements, the region still offers competitive, attractive investment opportunities, which we will pursue."
BP closed Friday at $39.88, gaining $1.13, or 2.92 percent.
Friday, October 14, 2011
BP (BP) Cleared to Bid on Gulf Leases
Saying BP (NYSE:BP) doesn't "have a deeply flawed record offshore," the energy giant was cleared to bid on the next round of leases offered in the Gulf of Mexico in December.
According to Michael Bromwich, who heads up the Bureau of Safety and Environmental Enforcement, it wouldn't be appropriate to keep BP from acquiring new leases to drill offshore in the Gulf.
Bromwich said this at the hearing: "The question is, 'Do you administer the administrative death penalty based on one incident?' and we've concluded that's not appropriate."
Approximately 20 million acres in the western portion of the Gulf of Mexico will be offered in a lease sale in December.
According to Michael Bromwich, who heads up the Bureau of Safety and Environmental Enforcement, it wouldn't be appropriate to keep BP from acquiring new leases to drill offshore in the Gulf.
Bromwich said this at the hearing: "The question is, 'Do you administer the administrative death penalty based on one incident?' and we've concluded that's not appropriate."
Approximately 20 million acres in the western portion of the Gulf of Mexico will be offered in a lease sale in December.
Thursday, October 13, 2011
BP (BP) (HAL) (RIG) Receive Citations
BP (NYSE:BP), Halliburton (NYSE:HAL) and Transocean (NYSE:RIG) received citations from officials for the first time, confirming the companies will ultimately be fined for the oil spill in the Gulf of Mexico.
This isn't a surprise with BP, but under normal circumstances, contractors like Halliburton and Transocean would have avoided being liable in the accident, generating consternation in the industry.
The reasoning for giving the contractors citations was a reflection of "the severity of the incident," according to the Interior Department.
BP responded to the citations against Halliburton and Transocean, which should lead to fines, saying it "makes clear that contractors, like operators, are responsible for properly conducting their deepwater drilling activities and are accountable to the U.S. government and the American public for their conduct."
What is shaking the contractor industry is that it will ultimately result in other parties claiming to be damaged to sue them, including businesses and residents in the region.
Brian Petty, an executive vice president of government affairs at the International Association of Drilling Contractors, noted it will "give a green light for others to go after them—on the same basis and on the same level."
Ultimately this could easily backfire, as insurance companies will without a doubt raise their rates, and that will be passed down across the chain, resulting in higher fuel prices for everybody.
BP has already sued Cameron International (NYSE:CAM), Transocean and Halliburton over the incident.
This isn't a surprise with BP, but under normal circumstances, contractors like Halliburton and Transocean would have avoided being liable in the accident, generating consternation in the industry.
The reasoning for giving the contractors citations was a reflection of "the severity of the incident," according to the Interior Department.
BP responded to the citations against Halliburton and Transocean, which should lead to fines, saying it "makes clear that contractors, like operators, are responsible for properly conducting their deepwater drilling activities and are accountable to the U.S. government and the American public for their conduct."
What is shaking the contractor industry is that it will ultimately result in other parties claiming to be damaged to sue them, including businesses and residents in the region.
Brian Petty, an executive vice president of government affairs at the International Association of Drilling Contractors, noted it will "give a green light for others to go after them—on the same basis and on the same level."
Ultimately this could easily backfire, as insurance companies will without a doubt raise their rates, and that will be passed down across the chain, resulting in higher fuel prices for everybody.
BP has already sued Cameron International (NYSE:CAM), Transocean and Halliburton over the incident.
Wednesday, September 14, 2011
BP (BP) (ORCL) (BRCM) (ETFC) (GR) Price Targets Changed
BP PLC (NYSE: BP), Oracle (NASDAQ: ORCL), Broadcom Corp (NASDAQ: BRCM), E TRADE Financial Co. (NASDAQ: ETFC) and Goodrich Co. (NYSE: GR) had their price targets adjusted by analysts.
BP PLC (BP) had its price target lowered by The Benchmark Company from $70.00 to $55.00. They have a “Buy” rating on the company.
Oracle (ORCL) had its price target lowered by Jefferies (NYSE:JEF) to $35.00.
Broadcom Corp. (BRCM) had its price target lowered by Auriga from $44.00 to $40.00. They have a “Buy” rating on the company.
E TRADE Financial Co. (ETFC) had its price target lowered by FBR Capital from $18.00 to $14.00. They have an “Outperform” rating on the company.
Goodrich Co. (GR) had its price target lowered by Bank of America (NYSE:BAC) from $110.00 to $98.00.
BP PLC (BP) had its price target lowered by The Benchmark Company from $70.00 to $55.00. They have a “Buy” rating on the company.
Oracle (ORCL) had its price target lowered by Jefferies (NYSE:JEF) to $35.00.
Broadcom Corp. (BRCM) had its price target lowered by Auriga from $44.00 to $40.00. They have a “Buy” rating on the company.
E TRADE Financial Co. (ETFC) had its price target lowered by FBR Capital from $18.00 to $14.00. They have an “Outperform” rating on the company.
Goodrich Co. (GR) had its price target lowered by Bank of America (NYSE:BAC) from $110.00 to $98.00.
Tuesday, September 6, 2011
Halliburton (HAL) (RIG) (BP) (APC) (CAM) Drop on Recession Fear
The weak jobs report, tropical storm Lee, and continual fallout from the Macondo Well disaster in the Gulf of Mexico are pressuring the shares of major participants Halliburton (NYSE:HAL), Transocean (NYSE:RIG), BP (NYSE:BP), Anadarko (NYSE:APC) and Cameron International (NYSE:CAM). The price of oil also dropped on Friday.
On the New York Mercantile Exchange, crude for October delivery settled at $86.45 a barrel, falling $2.48, or 2.79 percent.
For the week, front-month crude climbed $1.08, or 1.27 percent, from the $85.37 close on Aug. 26 and extended gains for a second straight week.
ICE Brent for October delivery settled at $112.33 a barrel, dropping $1.96, or 1.71 percent.
For the week front-month Brent jumped 97 cents, or 0.87 percent, from the $111.36 settlement on August 26, up for the third week in a row.
Brent crude's premium against U.S. crude expanded to a record $26.98, surpassing the former high of $26.69. The premium was at $25.88 at the close of trading.
Transocean ended the week at $53.73, falling $2.08, or 3.73 percent on Friday. Cameron International closed at $49.63, down $1.96, or 3.80 percent. Halliburton closed at $41.54, declining $1.48, or 3.44 percent. Anadarko ended the session at $69.71, falling $2.31, or 3.21 percent. BP closed at $36.63, down $1.26, or 3.33 percent.
On the New York Mercantile Exchange, crude for October delivery settled at $86.45 a barrel, falling $2.48, or 2.79 percent.
For the week, front-month crude climbed $1.08, or 1.27 percent, from the $85.37 close on Aug. 26 and extended gains for a second straight week.
ICE Brent for October delivery settled at $112.33 a barrel, dropping $1.96, or 1.71 percent.
For the week front-month Brent jumped 97 cents, or 0.87 percent, from the $111.36 settlement on August 26, up for the third week in a row.
Brent crude's premium against U.S. crude expanded to a record $26.98, surpassing the former high of $26.69. The premium was at $25.88 at the close of trading.
Transocean ended the week at $53.73, falling $2.08, or 3.73 percent on Friday. Cameron International closed at $49.63, down $1.96, or 3.80 percent. Halliburton closed at $41.54, declining $1.48, or 3.44 percent. Anadarko ended the session at $69.71, falling $2.31, or 3.21 percent. BP closed at $36.63, down $1.26, or 3.33 percent.
Friday, September 2, 2011
BP (BP) Sued by Halliburton (HAL) for Defamation
BP (NYSE:BP) has been sued by Halliburton (NYSE:HAL) in a Texas state court, in relationship to the Gulf oil spill in 2010.
According to the complaint from Halliburton, they sued BP for "negligent misrepresentation, business disparagement and defamation" concerning the Macondo oil spill.
"Halliburton remains confident that all the work it performed with respect to the Macondo well was completed in accordance with BP's specifications for its well construction plan and instructions, and that Halliburton is fully indemnified under the contract," said the company.
BP has been attempting to recoup costs associated with the spill by showing they weren't the only company at fault. To that end the sued not only Halliburton, but Cameron International (NYSE:CAM) and Transocean (NYSE:RIG) as well.
Halliburton said it has also amended claims against BP in the multi-district litigation in New Orleans, Louisiana.
BP was trading at $36.29, down $1.50, or 3.97 percent, as of 10:45 AM EDT. Halliburton was at $41.61, falling $1.41, or 3.28 percent.
According to the complaint from Halliburton, they sued BP for "negligent misrepresentation, business disparagement and defamation" concerning the Macondo oil spill.
"Halliburton remains confident that all the work it performed with respect to the Macondo well was completed in accordance with BP's specifications for its well construction plan and instructions, and that Halliburton is fully indemnified under the contract," said the company.
BP has been attempting to recoup costs associated with the spill by showing they weren't the only company at fault. To that end the sued not only Halliburton, but Cameron International (NYSE:CAM) and Transocean (NYSE:RIG) as well.
Halliburton said it has also amended claims against BP in the multi-district litigation in New Orleans, Louisiana.
BP was trading at $36.29, down $1.50, or 3.97 percent, as of 10:45 AM EDT. Halliburton was at $41.61, falling $1.41, or 3.28 percent.
Tuesday, August 30, 2011
BP (BP) (APC) (COP) (XOM) (RDS-A) (HAL) (CVX) (MRO) Jumped Monday
BP (NYSE:BP), Anadarko (NYSE:APC), Conoco (NYSE:COP), Exxon Mobil (NYSE:XOM), Shell (NYSE:RDS-A), Halliburton (NYSE:HAL), Chevron (NYSE:CVX) and Marathon Oil (NYSE:MRO) all closed up Monday on news consumer spending was slightly up.
Crude for October delivery climbed $1.90 to $87.27 a barrel on the New York Mercantile Exchange, the highest settlement since Aug. 17. Prices have dropped 4.5 percent this year.
Brent oil for October settlement jumped 52 cents, or 0.5 percent, to $111.88 a barrel on the London-based ICE Futures Europe exchange. The European benchmark traded at a premium of $24.61 to U.S. West Texas Intermediate futures, compared with a record $26.21 on Aug. 19.
Marathon closed at $26.41, gaining $0.52. or 2.01 percent. Chevron closed at $98.74, jumping $1.89, or 1.95 percent. Halliburton ended the session at $42.81, climbing $1.35, or 3.26 percent. Royal Dutch Shell closed at $65.33, rising $1.11, or 1.73 percent. Exxon closed at $74.12, increasing $1.48, or 2.04 percent. Conoco closed the day at $67.78, up $2.27, or 3.47 percent. Anadarko closed at $71.75, gaining $2.48, or 3.58 percent. BP closed at $39.25, rising $1.06, or 2.78 percent.
Crude for October delivery climbed $1.90 to $87.27 a barrel on the New York Mercantile Exchange, the highest settlement since Aug. 17. Prices have dropped 4.5 percent this year.
Brent oil for October settlement jumped 52 cents, or 0.5 percent, to $111.88 a barrel on the London-based ICE Futures Europe exchange. The European benchmark traded at a premium of $24.61 to U.S. West Texas Intermediate futures, compared with a record $26.21 on Aug. 19.
Marathon closed at $26.41, gaining $0.52. or 2.01 percent. Chevron closed at $98.74, jumping $1.89, or 1.95 percent. Halliburton ended the session at $42.81, climbing $1.35, or 3.26 percent. Royal Dutch Shell closed at $65.33, rising $1.11, or 1.73 percent. Exxon closed at $74.12, increasing $1.48, or 2.04 percent. Conoco closed the day at $67.78, up $2.27, or 3.47 percent. Anadarko closed at $71.75, gaining $2.48, or 3.58 percent. BP closed at $39.25, rising $1.06, or 2.78 percent.
Monday, August 15, 2011
BP (BP) (LHO) (VOCS) (AONE) (ENS) (BYI) Downgraded
BP PLC (NYSE: BP), LaSalle Hotel Properties (NYSE: LHO), Vocus, Inc. (NASDAQ: VOCS), A123 Systems, Inc. (NASDAQ: AONE), EnerSys (NYSE: ENS) and Bally Technologies Inc. (NYSE: BYI) downgraded by analysts.
LaSalle Hotel Properties (LHO) was downgraded by Jefferies (NYSE:JEF) from a “Buy” rating to a “Hold” rating. They have a price target of $18.00 on the company, down from $31.00.
Vocus, Inc. (VOCS) was downgraded by RBC Capital from an “Outperform” rating to a “Sector Perform” rating. They have a price target of $25.00 on the company, down from $33.00.
BP PLC (BP) was downgraded by Goldman Sachs (NYSE:GS) from a “Buy” rating to a “Neutral” rating.
A123 Systems, Inc. (AONE) was downgraded by Goldman Sachs from a “Buy” rating to a “Neutral” rating.
EnerSys (ENS) was downgraded by Ardour Capital from a “Buy” rating to an “Accumulate” rating. They have a price target of $28.00 on the company, down from $42.00.
Bally Technologies Inc. (BYI) was downgraded by JPMorgan Chase & Co. (NYSE:JPM) from an “Overweight” rating to a “Neutral” rating.
LaSalle Hotel Properties (LHO) was downgraded by Jefferies (NYSE:JEF) from a “Buy” rating to a “Hold” rating. They have a price target of $18.00 on the company, down from $31.00.
Vocus, Inc. (VOCS) was downgraded by RBC Capital from an “Outperform” rating to a “Sector Perform” rating. They have a price target of $25.00 on the company, down from $33.00.
BP PLC (BP) was downgraded by Goldman Sachs (NYSE:GS) from a “Buy” rating to a “Neutral” rating.
A123 Systems, Inc. (AONE) was downgraded by Goldman Sachs from a “Buy” rating to a “Neutral” rating.
EnerSys (ENS) was downgraded by Ardour Capital from a “Buy” rating to an “Accumulate” rating. They have a price target of $28.00 on the company, down from $42.00.
Bally Technologies Inc. (BYI) was downgraded by JPMorgan Chase & Co. (NYSE:JPM) from an “Overweight” rating to a “Neutral” rating.
Wednesday, June 1, 2011
BP (BP) (RDS-A) (JKS) (LDK) (LECO) Get Ratings, Price Target Changes
Ratings and/or price targets on shares of BP (NYSE:BP), Royal Dutch Shell (NYSE:RDS.A), JinkoSolar Holding Co., Ltd. (NYSE: JKS), LDK Solar (NYSE: LDK) and Lincoln Electric Holdings Inc (NASDAQ: LECO) were initiated or changed by analysts.
RBC Capital initiated coverage on BP (BP), starting them off with an "Outperform" rating.
Royal Dutch Shell (RDS.A) was initiated with a "Top Pick" rating at RBC Capital Markets.
Collins Stewart cut their price target on JinkoSolar Holding Co., Ltd. (JKS) from $38.00 to $34.50. They have a “buy” rating on the company.
Kaufman Brothers downgraded LDK Solar (LDK) from a “buy” rating to a “hold” rating. They have a price target of $8.00 on the company, down from $24.00.
Longbow Research upgraded Lincoln Electric Holdings Inc (LECO) from a “neutral” rating to a “buy” rating. They have a price target of $92.00 on the company.
RBC Capital initiated coverage on BP (BP), starting them off with an "Outperform" rating.
Royal Dutch Shell (RDS.A) was initiated with a "Top Pick" rating at RBC Capital Markets.
Collins Stewart cut their price target on JinkoSolar Holding Co., Ltd. (JKS) from $38.00 to $34.50. They have a “buy” rating on the company.
Kaufman Brothers downgraded LDK Solar (LDK) from a “buy” rating to a “hold” rating. They have a price target of $8.00 on the company, down from $24.00.
Longbow Research upgraded Lincoln Electric Holdings Inc (LECO) from a “neutral” rating to a “buy” rating. They have a price target of $92.00 on the company.
Thursday, May 26, 2011
Chevron's (CVX) Downstream Business Unimpressive
The fact that Chevron (NYSE:CVX) had its "Buy" rating from Jefferies (NYSE:JEF) reiterated on them today isn't because of its downstream refinery business, as margins are anemic in comparison to its upstream oil and natural gas production business.
That's not to say there isn't substantial revenue in the refined products business of Chevron, as the company could have sold as much as $100 billion in refined products in 2010, although it doesn't release those figures.
Among refinded products sold are gasoline, jet fuel, gas oil and kerosene, among other products.
Estimates are refined products make up about 8 percent of the overall stock value of Chevron, mostly because of the low margin business it is. Margins have been at about 2.33 percent in the refined business for the energy giant for 2010.
In contrast, the oil and natural gas production generates margins of 53 percent.
The leading refined product sold by far was gasoline, which accounted for close to $39 billion in revenue in the segment.
Among Chevron's major competitors are BP (NYSE:BP), Exxon Mobil (NYSE:XOM), Halliburton (NYSE:HAL) and ConocoPhillips (NYSE:COP).
Chevron was trading at $103.57, up $0.32, or 0.31 percent, as of 2:05 PM EDT.
That's not to say there isn't substantial revenue in the refined products business of Chevron, as the company could have sold as much as $100 billion in refined products in 2010, although it doesn't release those figures.
Among refinded products sold are gasoline, jet fuel, gas oil and kerosene, among other products.
Estimates are refined products make up about 8 percent of the overall stock value of Chevron, mostly because of the low margin business it is. Margins have been at about 2.33 percent in the refined business for the energy giant for 2010.
In contrast, the oil and natural gas production generates margins of 53 percent.
The leading refined product sold by far was gasoline, which accounted for close to $39 billion in revenue in the segment.
Among Chevron's major competitors are BP (NYSE:BP), Exxon Mobil (NYSE:XOM), Halliburton (NYSE:HAL) and ConocoPhillips (NYSE:COP).
Chevron was trading at $103.57, up $0.32, or 0.31 percent, as of 2:05 PM EDT.
BP (BP) (MRO) (RDS-A) End Positive on $100 Oil
Shares of BP (NYSE:BP), Marathon Oil (NYSE:MRO) and Shell (NYSE:RDS-A) ended the session up as oil prices gained the $100 a barrel mark for the first time this week.
Light sweet crude oil for July delivery was up $1.73 to settle at $101.32 a barrel and July Brent crude jumped $2.40 to settle at $114.93.
Also aiding oil prices was a Department of Energy report on Wednesday saying U.S. commercial crude inventories climbed 600,000 barrels in the week ended May 20 versus an expected 1.3 million barrel fall in crude stocks.
Gasoline inventories rose 3.8 million barrels last week versus an estimated 300,000 barrel jump.
Marathon closed Wednesday at $52.76, gaining $0.88, or 1.70 percent. Royal Dutch Shell closed at $69.01, up $0.33, or 0.48 percent. BP ended the day at $44.71, rising $0.34, or 0.77 percent.
Light sweet crude oil for July delivery was up $1.73 to settle at $101.32 a barrel and July Brent crude jumped $2.40 to settle at $114.93.
Also aiding oil prices was a Department of Energy report on Wednesday saying U.S. commercial crude inventories climbed 600,000 barrels in the week ended May 20 versus an expected 1.3 million barrel fall in crude stocks.
Gasoline inventories rose 3.8 million barrels last week versus an estimated 300,000 barrel jump.
Marathon closed Wednesday at $52.76, gaining $0.88, or 1.70 percent. Royal Dutch Shell closed at $69.01, up $0.33, or 0.48 percent. BP ended the day at $44.71, rising $0.34, or 0.77 percent.
Wednesday, May 25, 2011
Exxon (XOM) (BP) (COP) Close Up on Oil Price Outlook
Shares of oil companies like Exxon Mobil (NYSE:XOM), BP (NYSE:BP) and ConocoPhillips all closed up Tuesday as analysts boosted their outlook on the price of Brent crude.
Morgan Stanley (NYSE:MS) increased its Brent crude projection, noting stronger demand and supply problems related to Libyan production. The brokerage lifted its 2011 Brent crude price projection from $100 to $120 a barrel a barrel and its 2012 projection from $105 to $130.
JP Morgan (NYSE:JPM) reiterated its Brent crude price estimate of $130 in the third-quarter of 2011.
Goldman Sachs (NYSE:GS) raised it projection for Brent crude from $105 to $120 a barrel for 2011, and for 2012 from $120 to $140 a barrel.
BP closed Tuesday at $44.37, jumping $0.34, or 0.77 percent. ConocoPhillips closed at $71.91, up $0.58, or 0.81 percent. Exxon ended the session at $81.29, rising $0.62, or 0.77 percent.
Morgan Stanley (NYSE:MS) increased its Brent crude projection, noting stronger demand and supply problems related to Libyan production. The brokerage lifted its 2011 Brent crude price projection from $100 to $120 a barrel a barrel and its 2012 projection from $105 to $130.
JP Morgan (NYSE:JPM) reiterated its Brent crude price estimate of $130 in the third-quarter of 2011.
Goldman Sachs (NYSE:GS) raised it projection for Brent crude from $105 to $120 a barrel for 2011, and for 2012 from $120 to $140 a barrel.
BP closed Tuesday at $44.37, jumping $0.34, or 0.77 percent. ConocoPhillips closed at $71.91, up $0.58, or 0.81 percent. Exxon ended the session at $81.29, rising $0.62, or 0.77 percent.
Friday, May 20, 2011
Marathon (MRO) (DVN) (HES) (BP) (APC) Trading Mixed
Shares of Marathon Oil (NYSE:MRO), Devon Energy (NYSE:DVN), Hess Corporation (NYSE:HES), BP (NYSE:BP) and Anadarko (NYSE:APC) were trading mixed today as oil prices were trading down in the session.
Crude-oil futures were trading down $0.79 to $97.65 a barrel on the New York Mercantile Exchange.
U. S. crude oil prices also gained some back from earlier losses spurred by comments from the German Bundesbank, which said growth in Europe's largest economy will probably slow down.
Anadarko (APC) was trading at $75.66, gaining $4.02, or 5.61 percent, as of 1:59 PM EDT. BP (BP) was at $45.03, up $1.14, or 2.60 percent. Hess Corporation (HES) was trading at $78.45, climbing $0.37, or 0.47 percent. Devon Energy (DVN) was at $82.76, rising $0.23, or 0.28 percent. Marathon Oil (MRO) was trading at $51.66, falling $0.26, or 0.50 percent.
Crude-oil futures were trading down $0.79 to $97.65 a barrel on the New York Mercantile Exchange.
U. S. crude oil prices also gained some back from earlier losses spurred by comments from the German Bundesbank, which said growth in Europe's largest economy will probably slow down.
Anadarko (APC) was trading at $75.66, gaining $4.02, or 5.61 percent, as of 1:59 PM EDT. BP (BP) was at $45.03, up $1.14, or 2.60 percent. Hess Corporation (HES) was trading at $78.45, climbing $0.37, or 0.47 percent. Devon Energy (DVN) was at $82.76, rising $0.23, or 0.28 percent. Marathon Oil (MRO) was trading at $51.66, falling $0.26, or 0.50 percent.
BP's (BP) Mitsui (MITSY) Deal Clarifies Gulf Liability
Uncertainty as to the liability that BP's (NYSE:BP) partners in the Gulf of Mexico Macondo well became clearer for Anadarko (NYSE:APC) after a deal was struck between BP and Mitsui (OTC:MITSY) to pay $1.1 billion to BP for cleanup costs in the Gulf.
Mitsui owns a 10 percent stake in the well and Anadarko a 25 percent stake.
By extension, it would imply a $2.66 billion cleanup settlement for Anadarko, less than had been anticipated, pushing up the share price of the company.
Billions more will be worked out in a settlement between BP and its two partners concernings fines, and Mitsui and Anadarko appear ready to do their part and put the issue behind them.
Anadarko was trading at $75.18, gaining $3.54, or 4.94 percent, as of 11:55 AM EDT. Mitsui was trading at $334.86, up $2.24, or 0.67 percent. BP was at $44.83, rising $0.94, or 2.14 percent.
Mitsui owns a 10 percent stake in the well and Anadarko a 25 percent stake.
By extension, it would imply a $2.66 billion cleanup settlement for Anadarko, less than had been anticipated, pushing up the share price of the company.
Billions more will be worked out in a settlement between BP and its two partners concernings fines, and Mitsui and Anadarko appear ready to do their part and put the issue behind them.
Anadarko was trading at $75.18, gaining $3.54, or 4.94 percent, as of 11:55 AM EDT. Mitsui was trading at $334.86, up $2.24, or 0.67 percent. BP was at $44.83, rising $0.94, or 2.14 percent.
Coverage on BP (BP) (APO) (COF) (DFS) (HMIN) Initiated
Coverage on shares of BP (NYSE:BP), Apollo Global Management (NYSE:APO), Capital One (NYSE:COF) Discover Financial Services (NYSE:DFS) and Home Inns (NASDAQ:HMIN) was initiated by analysts.
Keefe Bruyette initiated coverage on Apollo Global Management (APO), starting them off with an "Outperform" rating.
RBC Capital initiated coverage on BP (NYSE:BP), starting them off with an "Outperform" rating.
Goldman Sachs (NYSE:GS) initiated coverage on Capital One (COF), starting them off with a "Neutral" rating.
Goldman Sachs initiated coverage on Discover Financial Services (NYSE:DFS), starting them off with a "Neutral" rating.
Cowen launched coverage on Home Inns (HMIN), starting them with a "Neutral" rating.
Keefe Bruyette initiated coverage on Apollo Global Management (APO), starting them off with an "Outperform" rating.
RBC Capital initiated coverage on BP (NYSE:BP), starting them off with an "Outperform" rating.
Goldman Sachs (NYSE:GS) initiated coverage on Capital One (COF), starting them off with a "Neutral" rating.
Goldman Sachs initiated coverage on Discover Financial Services (NYSE:DFS), starting them off with a "Neutral" rating.
Cowen launched coverage on Home Inns (HMIN), starting them with a "Neutral" rating.
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