Credit Agricole believes Chevron (NYSE:CVX) has a lot more room to move upward since bottoming out for the year in July, dropping to as low as $66.83 at the time.
Chevron has since rebounded to an annual high of $85.24, and closed Monday just below that at $85.15, gaining $0.28, or 0.33 percent.
Credit Agricole initiated coverage on them with a "Buy" rating, and placed a price target of $100 on the energy giant.
Showing posts with label Credit Agricole. Show all posts
Showing posts with label Credit Agricole. Show all posts
Wednesday, October 27, 2010
Thursday, October 21, 2010
Weatherford (NYSE:WFT) Faces Risk Going Forward, Downgraded
Considered a high risk company and stock at this time, Weatherford International (NYSE:WFT) was downgraded by FBR Capital and Credit Agricole.
FBR lowered their rating from "Outperform" to "Market Perform," while Credit Agricole downgraded them from "Outperform" to "Underperform."
"We are downgrading WFT as we believe its risk/reward profile is less favorable than that of other stocks in our coverage group. In part, we believe the recovery in international markets will continue to be slower than many expect. This, coupled with the risk of how and when Weatherford settles the Foreign Corrupt Practices Act (FCPA) investigation and how the TNK-BP put is settled, adds an element of risk that we believe requires a higher potential return than we see in the stock," said FBR.
Weatherford closed at $17.37, gaining $0.20, or 1.14 on Wednesday. Credit Agricole has a price target of $18 on Weatherford, lowering it from $19, and FBR Capital dropped its price target on them from $23 to $21.
FBR lowered their rating from "Outperform" to "Market Perform," while Credit Agricole downgraded them from "Outperform" to "Underperform."
"We are downgrading WFT as we believe its risk/reward profile is less favorable than that of other stocks in our coverage group. In part, we believe the recovery in international markets will continue to be slower than many expect. This, coupled with the risk of how and when Weatherford settles the Foreign Corrupt Practices Act (FCPA) investigation and how the TNK-BP put is settled, adds an element of risk that we believe requires a higher potential return than we see in the stock," said FBR.
Weatherford closed at $17.37, gaining $0.20, or 1.14 on Wednesday. Credit Agricole has a price target of $18 on Weatherford, lowering it from $19, and FBR Capital dropped its price target on them from $23 to $21.
Friday, September 10, 2010
Noble (NYSE:NE) Upgraded by Credit Agricole
Noble Corp (NYSE:NE) is coming back into favor with some analysts and investors, and one of them is Credit Agricole, who upgraded Noble from "Underperform" to "Outperform. The also increased their price target from $32 to $39 a share.
Wells Fargo (NYSE:WFC) also showed interest in Noble recently, initiating coverage on them a couple of days ago.
Barron’s Jay Palmer also wrote an article in support of Noble several days ago, saying the company has positioned itself strongly in deepwater drilling, which will increasingly become a major source of oil and gas in emerging markets, including China.
Noble also has operations spread across the globe, lessening the impact of moratorium in the Gulf of Mexico.
Palmer gave this as a reason Noble remains negative to investors:
"One reason why Noble remains out of favor with investors is the company’s move this summer to purchase Frontier Drilling for $2.16 billion, money that investors would rather have seen distributed as a special dividend. The move, however, was quite canny, immediately doubling Noble’s backlog and adding seven rigs to its fleet. The deal also boosted the portion of revenue coming from deepwater rather than shallow-water operations, and deepwater is where the future action is."
Noble closed Thursday at $34.40, down $0.05, or 0.15 percent. Trading volume was low.
Wells Fargo (NYSE:WFC) also showed interest in Noble recently, initiating coverage on them a couple of days ago.
Barron’s Jay Palmer also wrote an article in support of Noble several days ago, saying the company has positioned itself strongly in deepwater drilling, which will increasingly become a major source of oil and gas in emerging markets, including China.
Noble also has operations spread across the globe, lessening the impact of moratorium in the Gulf of Mexico.
Palmer gave this as a reason Noble remains negative to investors:
"One reason why Noble remains out of favor with investors is the company’s move this summer to purchase Frontier Drilling for $2.16 billion, money that investors would rather have seen distributed as a special dividend. The move, however, was quite canny, immediately doubling Noble’s backlog and adding seven rigs to its fleet. The deal also boosted the portion of revenue coming from deepwater rather than shallow-water operations, and deepwater is where the future action is."
Noble closed Thursday at $34.40, down $0.05, or 0.15 percent. Trading volume was low.
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