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BP

BP

$35.50

0.49 (1.40%)

, BHP

BHP Billiton

$37.95

0.41 (1.09%)

15:18
12/01/16
12/01
15:18
12/01/16
15:18

BP sanctions Mad Dog Phase 2 project in Deepwater Gulf of Mexico

BP (BP) said it has sanctioned the Mad Dog Phase 2 project in the United States, highlighting its long-term commitment to the country despite the current low oil price environment. Mad Dog Phase 2 will include a new floating production platform with the capacity to produce up to 140,000 gross barrels of crude oil per day from up to 14 production wells. Oil production is expected to begin in late 2021. In 2013, BP and co-owners, BHP Billiton (BHP) and Union Oil Company of California, an affiliate of Chevron U.S.A. Inc. (CVX), decided to re-evaluate the Mad Dog Phase 2 project after an initial design proved too complex and costly. Since then, BP has worked with co-owners and contractors to simplify and standardize the platform's design, reducing the overall project cost by about 60%. Today, the leaner $9B project, which also includes capacity for water injection, is projected to be profitable at or below current oil prices. While BP has reached a final investment decision on Mad Dog Phase 2, BHP Billiton and Chevron, for the Union Oil Company of California interest, are expected to make a final investment decision in the future. BP plans to add approximately 800,000 net barrels of oil equivalent per day of new production globally from projects starting up between 2016 and 2020. Reference Link

BP

BP

$35.50

0.49 (1.40%)

BHP

BHP Billiton

$37.95

0.41 (1.09%)

CVX

Chevron

$113.70

2.14 (1.92%)

  • 02

    Dec

  • 13

    Dec

BP BP
$35.50

0.49 (1.40%)

11/30/16
FBCO
11/30/16
UPGRADE
FBCO
Outperform
BP upgraded to Outperform from Neutral at Credit Suisse
11/15/16
11/15/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. FedEx (FDX) downgraded to Hold from Buy at Stifel with analyst David Ross citing valuation, as well as concerns about the "still-fragile global economic environment" and the integration of its TNT acquisition. 2. Abercrombie & Fitch (ANF) downgraded to Underperform at FBR Capital while the firm also downgraded American Eagle (AEO) to Market Perform from Outperform. 3. Amplify Snack Brands (BETR) downgraded to Perform from Outperform at Oppenheimer and to Neutral from Outperform at Credit Suisse. 4. BP (BP) downgraded to Outperform from Buy at CLSA while the firm also downgraded ConocoPhillips (COP) to Underperform from Outperform. 5. Cheesecake Factory (CAKE) downgraded to Hold from Buy at Maxim with analyst Stephen Anderson saying he sees the company's above-peer comps, market share gains, and solid new unit development prospects as being priced in after the 22% jump in the stock from its late October low. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/15/16
11/15/16
DOWNGRADE
Target $37

Outperform
BP downgraded to Outperform at CLSA
As previously reported, CLSA downgraded BP to Outperform and lowered its price target to $37 from $40. Analyst Asit Sen said BP has done a remarkable job positioning for long-term growth but awaits on visibility into its lower 48 strategy where bolt-on acquisitions make more sense.
11/15/16
LYON
11/15/16
DOWNGRADE
Target $37
LYON
Outperform
BP downgraded to Outperform from Buy at CLSA
BHP BHP Billiton
$37.95

0.41 (1.09%)

11/10/16
11/10/16
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. BHP Billiton (BHP) initiated with a Hold at HSBC. 2. Mondelez (MDLZ) reinstated with a Hold at Deutsche Bank. 3. Yum China (YUMC) initiated with an Outperform at Oppenheimer. 4. Arch Coal (ARCH) initiated with a Buy at Seaport Global. 5. Zions Bancorp (ZIOP) coverage assumed with an Outperform at RBC Capital. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
11/10/16
HSBC
11/10/16
INITIATION
HSBC
Hold
BHP Billiton initiated with a Hold at HSBC
10/12/16
SBSH
10/12/16
DOWNGRADE
SBSH
Sell
BHP Billiton downgraded to Sell from Neutral at Citi
10/11/16
10/11/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Comerica (CMA) downgraded to Market Perform from Outperform at FBR Capital with analyst Bob Ramsey citing valuation following the recent strength in the shares. 2. Charter downgraded to Neutral from Buy at MoffettNathanson with analyst Craig Moffett saying shares have risen sharply year-to-date, along with consensus estimates, and views shares as fairly valued. 3. BHP Billiton (BHP) downgraded to Neutral from Buy at UBS with the firm citing its expectations for lower iron ore and coal prices over the next six months. 4. Illumina (ILMN) downgraded to Sell from Neutral at Janney Capital and to Neutral from Buy at Citi. 5. KBR (KBR) downgraded to Sell from Neutral at Goldman with analyst Jerry Revich citing limited growth prospects due to outsized exposure to core LNG and greenfield ammonia capex cycles that are in the early stages of decline. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
CVX Chevron
$113.70

2.14 (1.92%)

11/21/16
OPCO
11/21/16
NO CHANGE
OPCO
Oppenheimer recommends buying Technology, Energy ahead of breakout
Oppenheimer analyst Ari Wald says that the S&P 500's bullish reversal of its eight-week downtrend is confirming the start of a year-end rally, and cyclical stocks should be owned given resuming strength in the index's long-term trend. The analyst thinks the current opportunity is to buy Technology and Energy ahead of a breakout, namely Apple (AAPL), Seagate (STX), Skyworks (SWKS), Western Digital (WDC), Apache (APA), Chevron (CVX), Halliburton (HAL), and Helmerich & Payne (HP).
11/15/16
11/15/16
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Fortinet (FTNT) upgraded to Overweight from Equal Weight at Morgan Stanley with analyst Melissa Gorham saying she is more constructive on Fortinet heading into fiscal 2017 given the stable demand environment, free cash flow generation, easier comps, and more durable renewals. 2. Advance Auto Parts (AAP) upgraded to Strong Buy from Outperform at Raymond James and to Positive from Neutral at Susquehanna following the company's quarterly report. 3. Chevron (CVX) upgraded to Buy from Outperform at CLSA while the firm also upgraded EOG Resources (EOG) to Outperform from Underperform. 4. Harley-Davidson (HOG) upgraded to Sector Perform from Underperform at RBC Capital with analyst Joseph Spak saying that risks to the company's growth have dissipated, partly due to the potential of President-elect Trump's policies to spark increased consumer spending. 5. Cheesecake Factory (CAKE) upgraded to Buy from Hold at Argus with analyst John Staszak saying investors should be attracted to Cheesecake by its dividend hikes, share repurchases, and ability to open new stores while generating consistent comparable sales growth. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/15/16
LYON
11/15/16
UPGRADE
Target $127
LYON
Buy
Chevron upgraded to Buy on short-cycle emphasis at CLSA
As previously reported, CLSA upgraded Chevron to Outperform and increased its price target to $127 from $118. Analyst Asit Sen said Chevron's strategic shift towards its short-cycle business is a "game changer" He believes the Permian Q3 update was just the beginning and expects short-cycle to be +15% of total 2020 production.
11/15/16
LYON
11/15/16
UPGRADE
LYON
Buy
Chevron upgraded to Buy from Outperform at CLSA

TODAY'S FREE FLY STORIES

BRK.A

Berkshire Hathaway

$254,660.00

3350 (1.33%)

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2.54 (1.52%)

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MNRO

Monro Muffler

$41.70

-3.45 (-7.64%)

06:36
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CHFS

CHF Solutions

$0.62

-0.0074 (-1.17%)

06:33
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Initiation
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MKC

McCormick

$98.95

0.42 (0.43%)

06:33
06/29/17
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Earnings
McCormick backs FY17 adj. EPS view of $4.05-$4.13 »

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MKC

McCormick

$98.95

0.42 (0.43%)

06:31
06/29/17
06/29
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Earnings
McCormick reports Q2 adj. EPS 82c, consensus 76c »

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PIR

Pier 1 Imports

$5.38

0.04 (0.75%)

06:25
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WB

Weibo

$69.36

0.28 (0.41%)

06:22
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Weibo analyst commentary  »

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WB

Weibo

$69.36

0.28 (0.41%)

, SINA

SINA

$86.75

1.78 (2.09%)

06:18
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WB

Weibo

$69.36

0.28 (0.41%)

SINA

SINA

$86.75

1.78 (2.09%)

FENG

Phoenix New Media

$2.70

-0.04 (-1.46%)

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CNP

CenterPoint Energy

$27.83

-0.35 (-1.24%)

06:13
06/29/17
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Downgrade
CenterPoint Energy rating change  »

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ALSN

Allison Transmission

$37.89

0.65 (1.75%)

06:10
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NOAH

Noah Holdings

$27.69

1.13 (4.25%)

06:05
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Noah Holdings authorizes $50M share repurchase program »

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GBX

Greenbrier

$50.00

0.55 (1.11%)

06:04
06/29/17
06/29
06:04
06/29/17
06:04
Earnings
Greenbrier sees FY17 EPS $3.45-$3.65, consensus $3.49 »

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  • 29

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  • 07

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PDS

Precision Drilling

$3.36

0.03 (0.90%)

06:04
06/29/17
06/29
06:04
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06:04
Downgrade
Precision Drilling rating change  »

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GBX

Greenbrier

$50.00

0.55 (1.11%)

06:03
06/29/17
06/29
06:03
06/29/17
06:03
Earnings
Greenbrier reports Q3 EPS $1.03, consensus 82c »

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  • 29

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SPX

S&P 500

06:01
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Technical Analysis
S&P 500: Pivot points »

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IMGN

ImmunoGen

$7.00

0.46 (7.03%)

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GDX

Market Vector Gold Miners

$22.43

0.17 (0.76%)

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GLD

SPDR Gold Trust

$118.90

0.09 (0.08%)

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NUGT

Direxion Gold Miners Bull

$31.99

0.49 (1.56%)

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JNUG

Direxion Daily Jr Gld Mnrs Bull 3X Shrs

$19.69

0.8 (4.24%)

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DUST

Direxion Daily Gold Miners Bear 3X ETF

$29.70

-0.63 (-2.08%)

05:56
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JDST

Direxion Daily Junior Gold Miners Index Bear 3x Shares

$60.67

-2.77 (-4.37%)

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Direxion Daily Junior Gold Miners Index Bear 3x Shares: Pivot points »

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VXX

iPath S&P 500 VIX Short-Term Futures

$12.33

-0.34 (-2.68%)

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XIV

VelocityShares Daily Inverse VIX Short-Term ETN

$86.47

2.38 (2.83%)

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TVIX

VelocityShares Daily 2x VIX Short-Term ETN

$19.71

-1.13 (-5.42%)

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