After a couple of recent acquisitions, Apache Corporation (NYSE:APA) has received new coverage from Credit Suisse, which started the company off with an "Outperform" rating. They also placed a price target of $120.00 on Apache.
Apache announced it will Mariner Energy for $2.7 billion, which will give them significant exposure to the deepwater Gulf of Mexico, where its presence has been minimal.
While not as important, the deal will expand an already strong position in the Permian Basin and shallow waters of the Gulf.
Devon Energy sold Apache its shallow water Gulf assets for $1 billion. That makes them the largest player in that area.
In another deal, Apache has acquired 254,000 net acres in the Anadarko Basin from Cordillera Energy Partners III LLC, for $2.85 billion.
All of this points to Apache being strongly positioned for future growth.
Showing posts with label Credit Suisse. Show all posts
Showing posts with label Credit Suisse. Show all posts
Friday, February 3, 2012
Thursday, October 21, 2010
Occidental Petroleum (NYSE:OXY) Downgraded by Credit Suisse (NYSE:CS)
Credit Suisse (NYSE:CS) lowered its rating on Occidental Petroleum (NYSE:OXY) from "Outperform" to "Neutral," as the company has enjoyed a 29 percent increase in net profit in its latest quarter.
Production soared in the quarter, which in addition to the higher price of oil, increased earnings per share to $1.47, handily beatings analysts' estimates of close to $1.35 a share.
Some analysts believe Occidental will be able to keep up their torrid pace.
The majority of growth for the quarter was in the Middle East/north Africa.
Occidently pulled back to $80.97 on Wednesday, losing $0.23, or 0.28 percent. Credit Suisse lowered their price target from $92 to $89 on them.
Production soared in the quarter, which in addition to the higher price of oil, increased earnings per share to $1.47, handily beatings analysts' estimates of close to $1.35 a share.
Some analysts believe Occidental will be able to keep up their torrid pace.
The majority of growth for the quarter was in the Middle East/north Africa.
Occidently pulled back to $80.97 on Wednesday, losing $0.23, or 0.28 percent. Credit Suisse lowered their price target from $92 to $89 on them.
Monday, October 18, 2010
Patterson-UTI (Nasdaq:PTEN) Upgraded by Credit Suisse (NYSE:CS), Weeden
Patterson-UTI (Nasdaq:PTEN) soared on Friday after being upgraded two levels by Credit Suisse (NYSE:CS), and also receiving an upgrade from Weeden.
Credit Suisse upgraded them from "Underperform" to "Outperform." Weeden upgraded Patterson from "Hold" to "Buy."
Weeden increased their price target from $19 to $22, while Credit Suisse bumped them up from $17 to $23.
Patterson closed the week at $19.54, gaining $1.04 on Friday, or 5.62 percent.
The company supplier of oil and natural gas services has been soaring since the latter part of August when it was below $14 a share.
Credit Suisse upgraded them from "Underperform" to "Outperform." Weeden upgraded Patterson from "Hold" to "Buy."
Weeden increased their price target from $19 to $22, while Credit Suisse bumped them up from $17 to $23.
Patterson closed the week at $19.54, gaining $1.04 on Friday, or 5.62 percent.
The company supplier of oil and natural gas services has been soaring since the latter part of August when it was below $14 a share.
Friday, October 15, 2010
Patterson-UTI (Nasdaq:PTEN) Upgraded Two Notches by Credit Suisse (NYSE:CS)
Credit Suisse (NYSE:CS) upgraded Patterson-UTI (Nasdaq:PTEN) two notches today from "Underperform" to "Outperform."
Patterson is a provider of onshore contract drilling services to independent oil and natural gas operators in the United States and Canada.
At 12:32 PM EDT, was up to $19.42, gaining $0.92, or 4.97 percent.
Credit Suisse has a price target of $23 on them, increasing it from $17.
Trading volume has already exceeded the daily three month average of 4,710,340 shares.
Patterson is a provider of onshore contract drilling services to independent oil and natural gas operators in the United States and Canada.
At 12:32 PM EDT, was up to $19.42, gaining $0.92, or 4.97 percent.
Credit Suisse has a price target of $23 on them, increasing it from $17.
Trading volume has already exceeded the daily three month average of 4,710,340 shares.
Monday, September 20, 2010
Conoco (NYSE:COP), Exxon (NYSE:XOM) Earnings Cut by Credit Suisse (NYSE:CS)
Credit Suisse (NYSE:CS) slashed earnings estimates on a number of oil and gas producers, basing their decision on lower price expectations for oil and gas in 2011.
For the overall average price of oil, Credit Suisse is looking at $72.50 a barrel next year. For gas, CS sees the price in a range dropping from their prior $6.50 down to $5.25 per million BTUs. Long term they see the top number remaining viable.
For ConocoPhillips (NYSE:COP), earnings per share was downwardly revised from $6.57 to $5.36, while Exxon was cut from $6.29 to $5.47 for 2011.
Some companies they like, especially because of new exploration projects, are Hess (NYSE:HES), Bunge Limited (NYSE:BG) and Marathon Oil (NYSE:MRO). The idea is this will help them stand out from their competitors.
Another idea from Credit Suisse is the large oil companies need to increase their dividends in order to attract more investors, as it would confirm management is confident about the future cash flows.
For the overall average price of oil, Credit Suisse is looking at $72.50 a barrel next year. For gas, CS sees the price in a range dropping from their prior $6.50 down to $5.25 per million BTUs. Long term they see the top number remaining viable.
For ConocoPhillips (NYSE:COP), earnings per share was downwardly revised from $6.57 to $5.36, while Exxon was cut from $6.29 to $5.47 for 2011.
Some companies they like, especially because of new exploration projects, are Hess (NYSE:HES), Bunge Limited (NYSE:BG) and Marathon Oil (NYSE:MRO). The idea is this will help them stand out from their competitors.
Another idea from Credit Suisse is the large oil companies need to increase their dividends in order to attract more investors, as it would confirm management is confident about the future cash flows.
Chesapeake (NYSE:CHK) Must Inspect 171 Marcellus wells After Methane Leak
A methane leak in six wells of Chesapeake Energy Corp. (NYSE:CHK) has resulted in them being ordered to inspect 171 natural gas wells in Pennsylvania's Marcellus Shale.
Reports were received by Pennsylvania's Department of Environmental Protection over what was described as "bubbling water" on the Susquehanna River in northern part of the state.
Chesapeake believes it is methane gas from six wells about two or three miles from the area it was seen.
DEP Secretary John Hanger said in a statement, "Ventilation systems have been installed at six private water wells. Water has been provided to the three affected homes, and Chesapeake is evaluating and remediating each of its well bores within a four-and-a-half-mile radius of the gas migration, which is essential."
The reason for the order to examine 171 in the region were because the same well casing procedures were used on all of them.
Wells casings are used as a barrier to rock formations in order maintain the integrity of the well. They are placed in a well bore for that purpose.
Chesapeake recently had its price target cut by Credit Suisse (NYSE:CS) because of weak natural gas prices.
Reports were received by Pennsylvania's Department of Environmental Protection over what was described as "bubbling water" on the Susquehanna River in northern part of the state.
Chesapeake believes it is methane gas from six wells about two or three miles from the area it was seen.
DEP Secretary John Hanger said in a statement, "Ventilation systems have been installed at six private water wells. Water has been provided to the three affected homes, and Chesapeake is evaluating and remediating each of its well bores within a four-and-a-half-mile radius of the gas migration, which is essential."
The reason for the order to examine 171 in the region were because the same well casing procedures were used on all of them.
Wells casings are used as a barrier to rock formations in order maintain the integrity of the well. They are placed in a well bore for that purpose.
Chesapeake recently had its price target cut by Credit Suisse (NYSE:CS) because of weak natural gas prices.
EOG (NYSE:EOG) Upgraded by Credit Suisse (NYSE:CS)
Credit Suisse took the scalpel to a bunch of energy stocks on Friday, slashing a number of them, especially concerning their price targets, including EOG Resources (NYSE:EOG).
EOG was upgraded from "Underperform" to "Neutral," while their price target was cut from $106 to $97.
"Near-term gas markets are likely to remain weak on persistently high supply," Credit Suisse stated.
They see natural gas prices about 13 percent less than their previous estimate, dropping to $5.25 per million metric British thermal units in 2011. Long term they see natural gas prices hitting $6.50.
Like other analysts, Credit Suisse likes energy companies with more exposure to oil. Analysts wrote, "We see a better opportunity today in companies that produce mostly gas, but are drilling few gas wells because they have the liquids-prone assets in place to exploit."
EOG was upgraded for that reason, as the brokerage sees them positioned strongly for growth because of their oil shale holdings.
Other natural gas players have been making oil deals as well for the same reason.
EOG was upgraded from "Underperform" to "Neutral," while their price target was cut from $106 to $97.
"Near-term gas markets are likely to remain weak on persistently high supply," Credit Suisse stated.
They see natural gas prices about 13 percent less than their previous estimate, dropping to $5.25 per million metric British thermal units in 2011. Long term they see natural gas prices hitting $6.50.
Like other analysts, Credit Suisse likes energy companies with more exposure to oil. Analysts wrote, "We see a better opportunity today in companies that produce mostly gas, but are drilling few gas wells because they have the liquids-prone assets in place to exploit."
EOG was upgraded for that reason, as the brokerage sees them positioned strongly for growth because of their oil shale holdings.
Other natural gas players have been making oil deals as well for the same reason.
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