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Liberum cuts targets on wide swathe of oil sector firms

Tue, 02nd Feb 2016 12:33

(ShareCast News) - Analysts at Liberum cut their share price targets for a wide swathe of the London-listed oil sector after taking into account the sharp shift lower in futures prices over the last four months.Worries about demand conditions in China and Europe, together with the threat of growing supplies from Iraq, Iran and Libya, had seen the so-called [price] futures strip fall between $15 to $20, the broker said in a research note sent to clients.The near-end of the strip had fallen from a trading range above $100 per barrel in 2014 to within touching distance of $35.Futures prices for further out had dropped to just above $50 per barrel."The oil market appears concerned that, in the short term, supplies from OPEC and the US could outstrip demand but recognises that long-term oil prices above are required to bring forth the investment to replace natural decline."However, while Liberum incorporated then current futures´ prices into its equity valuation models, from 2020 it forecast that a barrel of Brent would trade at an average price of $60, about $10 above market prices.Despite all of the above, Liberum´s Andrew Whittock said he retained a 'neutral' stance on Big Oil.Nonetheless, he was concerned that firms´ estimated free cash flows might not cover their dividend policies even if capital expenditures were reduced.Exploration&production companies should offer more "obvious" value, but positive catalysts remained elusive, he said.His enthusiasm for Tullow, Ithaca and Ophir Energy had thus dimmed, with Premier Oil and Genel being his preferred picks.Although investors may have been put off from Premier Oil due to its levels of debt, the stock offered material appraisal upside and growth opportunities in the UK and Falklands, Whittock wrote in a research note sent to clients.Genel, on the other hand, had volume potential and still held out the prospect of "proper distributions", Andrew Whittock said.From among the majors, BG Group´s target was lowered from 1,185p to 1,008p, BP´s from 405p to 382p and that for Royal Dutch Shell from 1,850p to 1,758p.Liberum also took down its 12-month price targets on Premier Oil (from 90p to 69p) and Genel (from 286p to 226p). The price target on Tullow Oil was lowered from 251p to 170p, on Ophir Energy from 102p to 80p and on Ithaca Energy from 45p to 19p.Whittock also bumped down his view of BP shares to a 'hold' from a 'buy' and on BG Group to a 'sell' from a 'buy'.His recommendation on Royal Dutch Shell on the other hand was upgraded to a 'buy' from a 'hold'. (Sharecast News)

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30 Nov 2016 12:53

Broker tips: Ophir, Capita, Croda

(ShareCast News) - Ophir Energy's shares gushed higher after Canaccord Genuity upgraded the stock to 'buy' from 'hold' and lifted the target price to 105p from 80p. Canaccord cited Ophir's newly formed joint operating company (JOC) with OneLNG to develop the Fotuna gasfield offshore Equatorial Guine

30 Nov 2016 12:27

Ophir Energy rallies on Canaccord upgrade

28 Nov 2016 21:23

UPDATE 1-Mexico certifies bidders for December deep water oil auctions

(Adds comments from Zepeda, CNH president, paragraphs 9-11) MEXICO CITY, Nov 28 (Reuters) - Mexico's oil regulator announced on Monday a final list of 17 oil companies representing a dozen countries that have pre-qualified to bid on the country's first-ever deep water oil auctions, set for

28 Nov 2016 20:53

CORRECTED-Mexico certifies bidders for December deep water oil auctions

(Corrects paragraph 6 to add additional certified company, Inpex; adds stock symbols missing from paragraphs 5 and 6) MEXICO CITY, Nov 28 (Reuters) - Mexico's oil regulator announced on Monday a final list of 17 oil companies representing a dozen countries that have pre-qualified to bid on

17 Nov 2016 13:00

Thursday broker round-up

(ShareCast News) - Kingfisher: HSBC reiterates hold with a target price of 380p. Astrazeneca: Berenberg reiterates buy with a 55p target. Aggreko: Jefferies stays at hold with a 750p target. Easyjet: Barclays reiterates equal-weight rating with a 1000p target. Amec Foster Wheeler: UBS keeps at ne

16 Nov 2016 17:04

Final investment decision on Tanzania LNG plant still 5 yrs away -Statoil

By Katharine Houreld DAR ES SALAAM, Nov 16 (Reuters) - The final investment decision on a Tanzania's $30 billion onshore liquefied natural gas (LNG) export terminal will not be made for at least five years and possibly much longer, said Oystein Michelsen, Statoil's Tanzania country manager.

1 Nov 2016 09:38

Ophir says does not need partners for upstream floating LNG project in Equatorial Guinea

By Ed Stoddard CAPE TOWN, Nov 1 (Reuters) - Ophir Energy can go ahead with its Fortuna floating liquefied natural gas project off Equatorial Guinea with or without new partners because the cost estimates have halved to around $450 million, a senior executive said on Tuesday. "The capi

30 Sep 2016 10:06

Friday broker round-up

(ShareCast News) - Vodafone: UBS reiterates buy with a target price of 310p. British Land: HSBC reiterantes buy, 738p target. Ophir Energy: Deutsche Bank keeps at neutral with a 95p target. Homeserve: UBS reiterates neutral with a 610p target. Intercontinental Hotels: Credit Suisse keeps at outpe

30 Sep 2016 08:27

BROKER RATINGS SUMMARY: Split View On Capita As Two Raise, Three Cut

16 Sep 2016 10:54

Friday broker round-up

(ShareCast News) - Admiral Group: Berenberg reiterates hold with a target price of 1804p. Vodafone: Barclays reiterates overweight, 260p target. Next: HSBC keeps at hold with a 4485p target. Asos: JP Morgan reiterates overweight with a 5400p target. Moneysupermarket: RBC stays at outperform with

22 Aug 2016 16:00

Tanzania's President Magufuli orders officials to speed up LNG project

By Fumbuka Ng'wanakilala DAR ES SALAAM, Aug 22 (Reuters) - Tanzanian president John Magufuli ordered officials on Monday to speed up long-delayed work on a planned liquefied natural gas (LNG) plant, saying implementation of the project had taken too long. BG Group, recently acquired b

10 Aug 2016 10:11

Wednesday broker round-up

(ShareCast News) - Ibstock: Jefferies reiterates buy with a target price of 190p. Legal & General: Barclays maintains equal-weight with a 194p target. Glencore: UBS reiterates buy with a 220p target. Booker: HSBC stays at neutral with a 200p target. Spire Healthcare: Berenberg reiterates buy with

29 Jun 2016 08:48

BROKER RATINGS SUMMARY: Merrill Lynch Upgrades Burberry To Buy

21 Jun 2016 14:46

Barclays names Ophir Energy 'top-pick', upgrades Premier Oil

(ShareCast News) - Analysts at Barclays re-jigged their recommendations on European Exploration and Production companies in order to take into account the recent rise in crude oil prices and improved investor sentiment regarding companies´ ability to execute to plan operationally. In the process

6 Jun 2016 17:06

UPDATE 1-Equatorial Guinea says Schlumberger walked away from Fortuna project

(Updates with quote, details) CAPE TOWN, June 6 (Reuters) - Equatorial Guinea's energy minister on Monday said Schlumberger had walked away from the country's Fortuna floating liquefied natural gas (FLNG) project but he also said he was confident it would be successful. Fortuna, Afric

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