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Share Price:
0.20
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0.15
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0.25
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0.10 (66.667%)
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Don't have an account? Click here to register.Westhouse highlights attractive oil stocks that can weather crude-price falls
Fri, 21st Nov 2014 11:06
Westhouse Securities has called for investors in the oil and gas sector to be a "bit more patient" with oil prices currently rumbling along at multi-year lows, as it highlighted buying opportunities in the sector.Brent crude has now fallen over 25% to $79 a barrel since hitting a high of $115 a barrel in June on the back of falling demand and rising supply.The broker said that despite the downwards pressure on prices in the near term, there shouldn't be a collapse. "We are in a situation where the oil-price fall needs to be countered by supply changes," it said.The comments came ahead of the pivotal OPEC meeting on 27 November as the market continues to speculate about whether the organisation will decide to address what some observers believe is a supply glut."We do not try to predict OPEC decisions, but we maintain our view that oil is a high-cost commodity, one that cannot trade at low prices for prolonged periods of time," said analyst Jamal Orazbayeva and Mark Henderson."We argue that while there is near-term pressure on the oil price, a lower oil price environment will result in some correction on the supply side and if it does not come from OPEC this time, it will from outside OPEC (we think the US is the most likely)."While hard to predict the exact bottom level of oil and the timing of reversals, the analysts believe that some stocks have already "bottomed out" despite crude prices continuing to fall."We argue that for investors with a bit more patience and perhaps a more contrarian strategy, there is now an opportunity to cherry-pick stocks at large discounts."With some equities having been "oversold", Westhouse said that many stocks will be able to weather the short-term pressure on oil and also have near-term catalysts coming up.These are Ithaca Energy, Genel Energy, Enquest and Circle Oil - all of which are rated 'buy'.Bowleven, Faroe Petroleum and Parkmead are also rated 'buy'. These, the broker believes, are sitting on a material discounted discovered resource base which has a high chance of success.
More News
27 Jun 2014 09:19
Bowleven farms out 20% of Bomono project to AFC
AIM-listed oil and gas exploration group Bowleven has entered into a farm-out drill-to-earn arrangement with Africa Fortesa Corp (AFC). AFC will earn a 20% interest in the group's Bomono Permit in return for drilling two exploration wells. Based on the terms of the arrangement, the cost of the two
Read more24 Jun 2014 12:26
Bowleven derisks with Etinde farmout, ending Petrofac deal
Africa-focused oil and gas explorer Bowleven has achieved its much anticipated farm-out agreement on its Etinde Permit offshore Cameroon. The AIM-listed company has farmed out two thirds of its 75% stake in Etinde to Russia's Lukoil and private equity-backed explorer NewAge for $250m. In return fo
Read more3 Jun 2014 12:46
Broker tips: Shire, Foxtons, Tate & Lyle, Bowleven
UBS has hiked its target price for Shire by nearly a tenth, saying that the rumoured acquisition of Nasdaq-listed NPS Pharmaceuticals would "make sense" for the Dublin-based biopharmaceutical group. The bank kept a 'neutral' stance on the shares, but lifted its target from 3,150p to 3,450p. UBS sai
Read more3 Jun 2014 11:41
UK MIDDAY BRIEFING: Wolseley's US Growth Offsets Currency Hit
LONDON (Alliance News) - Wolseley is the biggest gainer on the FTSE 100 Tuesday after the plumbing and heating products distributor reported higher trading profit for its fiscal third quarter, driven by strong growth in the US and Nordic countries.
However, adverse
3 Jun 2014 10:30
UK WINNERS & LOSERS: Wolseley Stands Out From Negative FTSE 100
LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices midday Tuesday.
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FTSE 100 - WINNERS
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Wolseley, up 2.7%. The plumbing and heating products distributor is one of ju
3 Jun 2014 09:36
Bowleven development receives Cameroon state approval
Africa-focused oil and gas group Bowleven saw its shares race ahead on Tuesday after the receiving state support for the next step of its Etinde project offshore Cameroon. Following meetings last month, a formal resolution confirming Cameroon's approval of the Etinde Exploitation Authorisation Appl
Read more3 Jun 2014 09:35
Westhouse says market underestimating Etinde potential at Bowleven
Westhouse Securities has maintained its 'buy' recommendation for Africa-focused oil and gas group Bowleven after the company achieved a "key hurdle" in progressing its Etinde gas and condensate project offshore Cameroon. Following meetings last month, a formal resolution confirming Cameroon's appro
Read more3 Jun 2014 07:31
Bowleven Gets Cameroon Government Approval For Etinde Application
LONDON (Alliance News) - Bowleven PLC Tuesday said a formal resolution confirming the Cameroon government's support for its Etinde Exploitation Authorisation application has been signed. The Africa focused oil and gas exploration company said the resolution was signed following a meeting on
Read more