Is this going to be merry May ?4 May 2021 07:38
Big Oil Hikes Dividends After Blowout Quarter
By Alex Kimani - May 03, 2021, 7:00 PM CDT
Crude oil futures have rallied to their highest finish in six weeks, days after OPEC+ stuck with plans to gradually ease production curbs, signaling confidence in the demand outlook. The optimism has coincided with a breakout season for the S&P 500, with the Energy Sector (XLE) being particularly impressive.
Indeed, Credit Suisse has issued an upgrade for the entire market, boosting its 2021 S&P target to 4,600 from 4,300 points, good for 10% upside from the current levels and a 24.3% gain for the full year. The analysts have also hiked their 2021 EPS to $200 from $185 and 2022 to $215 from $210, even after factoring in a 4-5% hit on 2022 earnings due to an expected tax hike.