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TOT

Total

$52.86

0.04 (0.08%)

, RDS.A

Royal Dutch Shell

$63.34

-0.4 (-0.63%)

13:26
06/14/19
06/14
13:26
06/14/19
13:26

Morgan Stanley prefers Total over Shell, expects dividend yield spread to widen

Morgan Stanley analyst Martijn Rats noted that the dividend yield spread for Total (TOT) vs. Shell (RDS.A) of 20 basis points is the tightest since late 2014 and "sharply lower" than the 100 bps three-year average. He attributes the recent relative outperformance of Shell over Total shares to enthusiasm about the former's long-term free cash flow guidance at its capital markets day and investor concern about the latter's plans to buy a package of Mozambique, Ghana and Algeria assets from Occidental (OXY). However, Rats thinks the spread should widen again in Total's favor, given its stronger dividend growth, healthier balance sheet and better visibility on production growth, among other reasons. He maintains an Equal Weight rating on Shell shares and Overweight rating on Total.

TOT

Total

$52.86

0.04 (0.08%)

RDS.A

Royal Dutch Shell

$63.34

-0.4 (-0.63%)

  • 25

    Jul

TOT Total
$52.86

0.04 (0.08%)

02/26/19
RBCM
02/26/19
UPGRADE
RBCM
Outperform
Total upgraded to Outperform from Sector Perform at RBC Capital
02/26/19
RBCM
02/26/19
NO CHANGE
RBCM
RBC upgrades Total, downgrades Shell after reserves analysis
RBC Capital analyst Biraj Bokhataria believes integrated oil and gas companies "could generate more free cash flow over the next few years than at any point over the last decade," but said the market continues to value them at a historical discount due to skepticism around the sharp drop in capex. Growing confidence in the outlook for reserves could lead to greater credibility in organic free cash flow, said Bokhataria, who sees stable to improving reserve life trends at BP (BP), Chevron (CVX), Eni (E), and Galp (GLPEY). Royal Dutch Shell (RDS.A) and Repsol (REPYY) screen as the weakest in his analysis, noted Bokhataria who downgraded Royal Dutch Shell to Sector Perform from Outperform following the reserves analysis. The analyst also said that, at today's share price, he thinks Shell needs at least another $30B in buybacks in order to reduce its dividend burden to a sustainable level and that buyback need could limit its options to high-grade its portfolio. Bokhataria also upgraded Total (TOT) to Outperform, as he sees the company's reserve life "to trickle lower," but mainly due to its "particularly strong growth pipeline," which he added comes from the most diverse set of projects in the sector.
05/06/19
MSCO
05/06/19
NO CHANGE
MSCO
Chevron shares attractive with or without Anadarko deal, says Morgan Stanley
New developments, including the reported involvement of activist investor Carl Icahn and Occidental's (OXY) plans to sell Anadarko's (APC) African assets to Total (TOT) for $8.8B contingent on a deal, are likely positive for Occidental, Morgan Stanley analyst Devin McDermott said. However, he sees a "clear consensus" forming that should Occidental successfully acquire Anadarko the stock likely remains under pressure due to execution and integration risk and leverage concerns and if the proposed deal doesn't occur any short-term move higher would likely be limited by concerns around dividend coverage and the potential for other acquisitions. While uncertainty remains for Occidental, McDermott thinks Chevron (CVX) remains an attractive investment with or without an acquisition of Anadarko, he noted. McDermott has Overweight ratings on Chevron and Occidental and an Equal Weight rating on Anadarko.
05/07/19
SBSH
05/07/19
DOWNGRADE
SBSH
Neutral
Total downgraded to Neutral from Buy at Citi
Citi downgraded Total to Neutral from Buy.
RDS.A Royal Dutch Shell
$63.34

-0.4 (-0.63%)

05/13/19
DBAB
05/13/19
UPGRADE
DBAB
Buy
Royal Dutch Shell upgraded to Buy from Hold at Deutsche Bank
Deutsche Bank upgraded Royal Dutch Shell to Buy from Hold with a price target of 2700 pence.
05/13/19
HSBC
05/13/19
UPGRADE
HSBC
Buy
Royal Dutch Shell upgraded to Buy from Hold at HSBC
HSBC analyst Gordon Gray upgraded Royal Dutch Shell (RDS.A) to Buy from Hold. The analyst believes the global integrated oil sector is attractive following the recent selloff in the shares. With free cash break-evens in the low-$50s per barrel oil price, the majors are positioned for a period of sustained excess free cash flow and strong cash distributions, Gray tells investors in a research note. Deutsche Bank this morning also upgraded Royal Dutch Shell to Buy. Gray coupled his upgrade with a downgrade of Exxon Mobil (XOM) to Hold from Buy. He says Exxon's cash generation has been relatively weak.
05/13/19
05/13/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Royal Dutch Shell (RDS.A, RDS.B) upgraded to Buy from Hold at Deutsche Bank and HSBC. 2. KB Home (KBH) upgraded to Overweight from Equal Weight at Barclays with analyst Matthew Bouley saying his firm's spring agent survey confirmed that housing fundamentals have improved and stabilized. 3. Becton Dickinson (BDX) upgraded to Overweight from Equal Weight at Barclays with analyst Kristen Stewart saying the pullback in the shares since the FDA update on drug-coated balloons on March 15, coupled with the resetting of expectations following the company's Q2 results, provides an opportunity for investors. 4. Merck (MRK) upgraded to Overweight from Neutral at Atlantic Equities. 5. Bausch Health (BHC) upgraded to Neutral from Underweight at JPMorgan with analyst Chris Schott saying while a number of challenges remain in the story given the company's high leverage and controversial Xifaxan loss of exclusivity, its EBITDA is "clearly stabilizing and should begin to grow from here." This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
05/30/19
SOCG
05/30/19
UPGRADE
SOCG
Buy
Royal Dutch Shell upgraded to Buy from Hold at Societe Generale

TODAY'S FREE FLY STORIES

CTL

CenturyLink

$10.91

0.16 (1.49%)

20:54
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MORF

Morphic Holdings

$0.00

(0.00%)

20:54
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Syndicate
Morphic Holdings 6M share IPO priced at $15.00 »

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  • 26

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    Jun

WBA

Walgreens Boots Alliance

$52.40

-0.59 (-1.11%)

, MKC

McCormick

$150.58

-2.545 (-1.66%)

20:25
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Earnings
Notable companies reporting before tomorrow's open »

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WBA

Walgreens Boots Alliance

$52.40

-0.59 (-1.11%)

MKC

McCormick

$150.58

-2.545 (-1.66%)

CAG

Conagra Brands

$28.94

0.035 (0.12%)

PDCO

Patterson Companies

$24.90

0.7 (2.89%)

03/08/13
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  • 27

    Jun

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    Jun

ADPT

Adaptive Biotechnologies

$0.00

(0.00%)

20:17
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06/26
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20:17
Syndicate
Adaptive Biotechnologies 15M share IPO priced at $20.00 »

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  • 26

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    Jun

BBIO

BridgeBio

$0.00

(0.00%)

20:15
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06/26
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20:15
Syndicate
BridgeBio 20.5M share IPO priced at $17.00 »

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  • 26

    Jun

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    Jun

CHNG

Change Healthcare

$0.00

(0.00%)

20:14
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06/26
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20:14
Syndicate
Change Healthcare 42.9M share IPO priced at $13.00 »

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  • 26

    Jun

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    Jun

INXN

Interxion

$73.09

-1.97 (-2.62%)

20:11
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06/26
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Syndicate
Interxion 4M share Secondary priced at $72.75 »

Citi acted as lead book…

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  • 27

    Jun

LECO

Lincoln Electric

$80.24

0.1 (0.12%)

20:09
06/26/19
06/26
20:09
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20:09
Downgrade
Lincoln Electric rating change  »

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03/08/13
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CMCSA

Comcast

$42.11

-0.64 (-1.50%)

, CMCSK

Comcast

$0.00

(0.00%)

18:55
06/26/19
06/26
18:55
06/26/19
18:55
Periodicals
MSNBC charging markup for ads in first two Dem debates, WSJ says »

Advertisers were asked to…

CMCSA

Comcast

$42.11

-0.64 (-1.50%)

CMCSK

Comcast

$0.00

(0.00%)

03/08/13
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03/08/13
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03/06/13
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03/06/13
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  • 25

    Jul

MLHR

Herman Miller

$37.86

0.75 (2.02%)

, KBH

KB Home

$23.58

-0.24 (-1.01%)

18:51
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18:51
Hot Stocks
Fly Intel: After Hours Movers »

UP AFTER EARNINGS: Herman…

MLHR

Herman Miller

$37.86

0.75 (2.02%)

KBH

KB Home

$23.58

-0.24 (-1.01%)

PECK

Peck

$6.50

0.18 (2.85%)

VRCA

Verrica Pharmaceuticals

$9.44

-0.1 (-1.05%)

PIR

Pier 1 Imports

$8.80

0.14 (1.62%)

RAD

Rite Aid

$7.11

0.26 (3.80%)

ACRS

Aclaris Therapeutics

$4.45

0.06 (1.37%)

BA

Boeing

$375.05

5.68 (1.54%)

03/08/13
Wedge Partners
03/08/13
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03/06/13
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03/06/13
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  • 26

    Jun

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    Jul

  • 01

    Oct

  • 02

    Oct

OXY

Occidental Petroleum

$50.42

1.05 (2.13%)

, APC

Anadarko

$70.50

0.41 (0.58%)

18:16
06/26/19
06/26
18:16
06/26/19
18:16
Hot Stocks
Icahn says it is 'important' to add new directors to Occidental's board »

Activist investor Carl…

OXY

Occidental Petroleum

$50.42

1.05 (2.13%)

APC

Anadarko

$70.50

0.41 (0.58%)

03/08/13
Wedge Partners
03/08/13
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03/06/13
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03/06/13
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  • 27

    Aug

PIR

Pier 1 Imports

$8.80

0.14 (1.62%)

18:15
06/26/19
06/26
18:15
06/26/19
18:15
Hot Stocks
Breaking Hot Stocks news story on Pier 1 Imports »

Pier 1 Imports down 18%…

03/08/13
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03/06/13
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03/06/13
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  • 26

    Jun

FB

Facebook

$187.60

-1.27 (-0.67%)

, AMZN

Amazon.com

$1,897.51

18.25 (0.97%)

18:08
06/26/19
06/26
18:08
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18:08
Periodicals
Facebook in talks to lease office space in Hudson Yards, WSJ reports »

Facebook (FB) is in…

FB

Facebook

$187.60

-1.27 (-0.67%)

AMZN

Amazon.com

$1,897.51

18.25 (0.97%)

03/08/13
Wedge Partners
03/08/13
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03/06/13
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03/06/13
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  • 26

    Jun

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    Jul

NOMD

Nomad Foods

$20.34

-0.24 (-1.17%)

18:05
06/26/19
06/26
18:05
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18:05
Initiation
Nomad Foods initiated at Goldman Sachs »

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03/08/13
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03/06/13
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03/06/13
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ISTR

Investar Holding

$23.35

0.23 (0.99%)

18:04
06/26/19
06/26
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18:04
Hot Stocks
Investar Holding increases quarterly dividend 5% to 5.5c per share »

Investar Holding declared…

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03/06/13
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ISTR

Investar Holding

$23.35

0.23 (0.99%)

18:02
06/26/19
06/26
18:02
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18:02
Hot Stocks
Investar Holding authorizes additional 300,000 share repurchase »

Investar Holding has…

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GD

General Dynamics

$178.77

1.12 (0.63%)

18:00
06/26/19
06/26
18:00
06/26/19
18:00
Hot Stocks
General Dynamics awarded $217M Air Force Intelligence System Support contract »

General Dynamics…

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TM

Toyota

$123.23

-0.68 (-0.55%)

, SFTBF

SoftBank

$0.00

(0.00%)

17:50
06/26/19
06/26
17:50
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17:50
Periodicals
5 Japanese car makers to invest in Toyota-SoftBank self-driving JV, NAR says »

Five more Japanese car…

TM

Toyota

$123.23

-0.68 (-0.55%)

SFTBF

SoftBank

$0.00

(0.00%)

MZDAF

Mazda

$0.00

(0.00%)

SZKMF

Suzuki

$0.00

(0.00%)

FUJHY

Subaru

$0.00

(0.00%)

ISUZY

Isuzu Motors

$0.00

(0.00%)

03/08/13
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03/08/13
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03/06/13
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03/06/13
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UAL

United Continental

$85.32

0.27 (0.32%)

, BA

Boeing

$375.05

5.68 (1.54%)

17:47
06/26/19
06/26
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17:47
Periodicals
United takes 737 MAX off flying schedule until September 3, Reuters says »

United Airlines (UAL) has…

UAL

United Continental

$85.32

0.27 (0.32%)

BA

Boeing

$375.05

5.68 (1.54%)

03/08/13
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03/06/13
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03/06/13
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  • 09

    Jul

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    Jul

NOMD

Nomad Foods

$20.34

-0.24 (-1.17%)

17:43
06/26/19
06/26
17:43
06/26/19
17:43
Initiation
Nomad Foods initiated at Goldman Sachs »

Nomad Foods initiated…

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AMC

AMC Entertainment

$9.45

-0.03 (-0.32%)

, HMNY

Helios and Matheson

$0.00

(0.00%)

17:43
06/26/19
06/26
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17:43
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AMC Entertainment subscription program A-List surpasses 860K members »

AMC Theatres (AMC) said…

AMC

AMC Entertainment

$9.45

-0.03 (-0.32%)

HMNY

Helios and Matheson

$0.00

(0.00%)

03/08/13
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03/08/13
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03/06/13
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03/06/13
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SECCF

Serco Group

$0.00

(0.00%)

, BAESY

BAE Systems

$0.00

(0.00%)

17:41
06/26/19
06/26
17:41
06/26/19
17:41
Hot Stocks
Serco Group, BAE Systems awarded not exceed $747.1M combined Navy contracts »

BAE Systems (BAESY) and…

SECCF

Serco Group

$0.00

(0.00%)

BAESY

BAE Systems

$0.00

(0.00%)

03/08/13
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ACRS

Aclaris Therapeutics

$4.45

0.06 (1.37%)

17:28
06/26/19
06/26
17:28
06/26/19
17:28
Hot Stocks
Aclaris Therapeutics plunges 33% after Phase 2 results miss endpoints »

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03/08/13
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  • 26

    Jun

DOVA

Dova Pharmaceuticals

$10.56

0.27 (2.62%)

17:25
06/26/19
06/26
17:25
06/26/19
17:25
Hot Stocks
Breaking Hot Stocks news story on Dova Pharmaceuticals »

Dova Pharmaceuticals…

03/08/13
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03/06/13
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  • 30

    Jun

KBH

KB Home

$23.58

-0.24 (-1.01%)

17:24
06/26/19
06/26
17:24
06/26/19
17:24
Hot Stocks
KB Home says it expects to grow average community count over the next two years »

Says expects to lower…

03/08/13
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  • 26

    Jun

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