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EOG

EOG Resources

$102.07

-3.03 (-2.88%)

, EQT

EQT Corporation

$21.55

0.23 (1.08%)

07:33
04/16/19
04/16
07:33
04/16/19
07:33

EOG Resources, Hess, EQT Corp cut to Neutral at MKM Partners on valuation

As previously reported, MKM Partners analyst John Gerdes has downgraded EOG Resources (EOG), EQT Corp (EQT) and Hess Corp (HES) from Buy to Neutral on valuation after their respective 17%, 14%, and 62% year-to-date gains relative to the 14% appreciation of the Oil/Gas Exploration & Production ETF (XOP). The analyst notes that all 3 now reflect below 10% of his expected intrinsic upside value relative to his net present value-derived estimates. As part of his broader research note, Gerdes has also raised his 2019 Brent crude oil price forecast by $9 to $66 and his 2020 forecast by $2.50 to $64.50. The analyst adds that the capital intensity in the industry has been "stable" and remains 35% below 2014 cyclical peak while the cost structure is 35% below the 2014 peak.

EOG

EOG Resources

$102.07

-3.03 (-2.88%)

EQT

EQT Corporation

$21.55

0.23 (1.08%)

HES

Hess Corp.

$65.52

-0.59 (-0.89%)

XOP

SPDR Oil Exploration and Production Fund

$32.06

-0.4 (-1.23%)

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EOG EOG Resources
$102.07

-3.03 (-2.88%)

04/04/19
TUDR
04/04/19
UPGRADE
TUDR
Buy
EOG Resources upgraded to Buy from Hold at Tudor Pickering
04/04/19
04/04/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Facebook (FB) upgraded to Buy from Neutral at Guggenheim with analyst Michael Morris saying investors will continue to gain comfort with the incremental financial risk created by Facebook's content and privacy concerns. 2. NIO Inc. (NIO) upgraded to Buy from Neutral at Citi and to Neutral from Underperform at BofA/Merrill. 3. Ingersoll-Rand (IR) upgraded to Buy from Neutral at BofA/Merrill with analyst Andrew Obin citing premium core and earnings growth. 4. EOG Resources (EOG) upgraded to Buy from Hold at Tudor Pickering. 5. Signature Bank (SBNY) upgraded to Overweight from Neutral at JPMorgan with analyst Steven Alexopoulos raising his price target for the shares to $150 from $133. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
04/12/19
GSCO
04/12/19
NO CHANGE
GSCO
Goldman downgrades California Resources, Chesapeake to Sell, upgrades Murphy
Within the Exploration and Production space, Goldman Sachs analyst Brian Singer recommends selling stocks where the valuation post recent rallies "appears at odds" with the company's competitive positioning. With that in mind, Singer downgraded both California Resources (CRC) and Chesapeake Energy (CHK) to Sell from Neutral. California Resources has a low decline rate and competitive supply cost but unfavorable debt cost that does not warrant the extent of its current valuation premium, says the analyst. For Chesapeake, Singer sees less favorable supply cost and corporate returns. The analyst also upgraded Murphy Oil (MUR) to Neutral from Sell. He believes the stock's current valuation appears more in line with its competitive positioning. Singer recommends buying "low cost oil suppliers" Encana (ECA), Parsley Energy (PE), Pioneer Natural (PXD) and EOG Resources (EOG) and Chevron (CVX).
04/16/19
MKMP
04/16/19
DOWNGRADE
MKMP
Neutral
EOG Resources downgraded to Neutral from Buy at MKM Partners
EQT EQT Corporation
$21.55

0.23 (1.08%)

01/07/19
RBCM
01/07/19
DOWNGRADE
Target $27
RBCM
Sector Perform
EQT Corporation downgraded to Sector Perform at RBC Capital on valuation
As reported earlier, RBC Capital analyst Scott Hanold downgraded EQT Corp to Sector Perform with an unchanged price target of $27. The analyst cites the "relative valuation and uncertainty on recent investor activism" in his rating change, saying that while the stock price has bridged some of the valuation gap on activist efforts by Rice Energy management team, the outcome of those efforts remains "cloudy" in the near term. Longer term, Hanold contends that EQT is "well positioned with a large asset base focused in the Appalachian Basin" and also some offering "some of the most economic natural gas assets in North America".
02/06/19
JPMS
02/06/19
DOWNGRADE
Target $54
JPMS
Neutral
EQT Midstream Partners downgraded to Neutral from Overweight at JPMorgan
JPMorgan analyst Jeremy Tonet downgraded EQT Midstream Partners (EQM) to Neutral and lowered his price target for the shares to $54 from $55. The analyst believes challenges at the Mountain Valley Pipeline and slowed down production growth by EQT Corporation (EQT) will bring an "extended overhang" on EQT Midstream that "could prevent a positive rerating." Further, he continues to view the need for EQT Midstream's 6%-8% distribution growth at the expense of straining financial flexibility as unclear.
04/09/19
COWN
04/09/19
INITIATION
Target $24
COWN
Market Perform
EQT Corporation initiated with a Market Perform at Cowen
Cowen analyst David Deckelbaum started EQT Corporation with a Market Perform rating and $24 price target. The analyst tells investors in a research note that he sees EQT achieving average free cash flow yields of 5% in 2020 if they execute on plan while trading below peer multiples of 5.3x 2020. He sees 2019 as a "show-me story" for EQT to achieve improved cost efficiencies and productivity gains that would increase confidence around free cash flow targets through 2023.
04/16/19
MKMP
04/16/19
DOWNGRADE
MKMP
Neutral
EQT Corporation downgraded to Neutral from Buy at MKM Partners
HES Hess Corp.
$65.52

-0.59 (-0.89%)

01/15/19
BOFA
01/15/19
NO CHANGE
BOFA
Hess Corp. added to US 1 List, Exxon Mobil removed at BofA/Merrill
01/29/19
SPHN
01/29/19
DOWNGRADE
SPHN
Equal Weight
Hess Corp. downgraded to Equal Weight from Overweight at Stephens
01/29/19
SPHN
01/29/19
DOWNGRADE
Target $69
SPHN
Equal Weight
Hess Corp. downgraded to Equal Weight on valuation at Stephens
As previously reported, Stephens analyst Gail Nicholson downgraded Hess Corp. (HES) to Equal Weight from Overweight on valuation after the stock has outperformed the SPDR Oil Exploration and Production Fund (XOP) by over 12% year-to-date. The stock's EV/EBITDA multiple is currently highest in her coverage and significantly above the group median, noted Nicholson, who lowered her price target on Hess shares to $69 from $77 to account for her revised commodity forecast.
04/16/19
MKMP
04/16/19
DOWNGRADE
MKMP
Neutral
Hess Corp. downgraded to Neutral from Buy at MKM Partners
XOP SPDR Oil Exploration and Production Fund
$32.06

-0.4 (-1.23%)

TODAY'S FREE FLY STORIES

ADTN

Adtran

$17.39

-0.38 (-2.14%)

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AVYA

Avaya

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0.895 (4.63%)

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TECK.B

Teck Corp.

$0.00

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CWT

California Water Service

$49.43

-0.57 (-1.14%)

13:32
04/25/19
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California Water Service rating change  »

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BHC

Bausch Health

$23.18

0.16 (0.70%)

13:30
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Hot Stocks
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AVYA

Avaya

$20.20

0.875 (4.53%)

13:28
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Periodicals
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CLVS

Clovis

$19.43

-0.4 (-2.02%)

13:25
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Options
Clovis call volume above normal and directionally bullish »

Bullish option flow…

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AGN

Allergan

$140.66

0.98 (0.70%)

, TEVA

Teva

$15.07

0.065 (0.43%)

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$140.66

0.98 (0.70%)

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Teva

$15.07

0.065 (0.43%)

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$179.82

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BHVN

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$62.30

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LLY

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$117.99

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ZM

Zoom Video

$64.49

1.175 (1.86%)

13:21
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BHC

Bausch Health

$23.18

0.16 (0.70%)

13:21
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$NSD

NASDAQ Market Internals

$0.00

(0.00%)

13:17
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NASDAQ market internals summary »

Volume is above average…

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$NYE

NYSE Market Internals

$0.00

(0.00%)

13:16
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Technical Analysis
NYSE market internals summary »

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BA

Boeing

$382.62

7.3 (1.95%)

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Recommendations
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BA

Boeing

$382.62

7.3 (1.95%)

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FAA targeting May 23 for meeting over 737 MAX changes, Aviation Week says »

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13:12
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RSG

Republic Services

$79.29

-0.01 (-0.01%)

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LUV

Southwest

$54.00

1.08 (2.04%)

13:06
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LUV

Southwest

$54.00

1.08 (2.04%)

, BA

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Southwest expects FY19 capacity to increase 2%-3% y-o-y »

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LUV

Southwest

$54.00

1.08 (2.04%)

BA

Boeing

$379.25

3.93 (1.05%)

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BUD

AB InBev

$86.38

-1.82 (-2.06%)

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13:05
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APD

Air Products

$199.33

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, PKX

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$199.33

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PKX

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$55.45

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LUV

Southwest

$54.18

1.26 (2.38%)

13:02
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General news
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BDRBF

Bombardier

$0.00

(0.00%)

12:59
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Downgrade
Bombardier rating change at Scotiabank »

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