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CVX

Chevron

$110.61

-1.7 (-1.51%)

, XEC

Cimarex Energy

$44.72

-0.94 (-2.06%)

10:25
10/03/19
10/03
10:25
10/03/19
10:25

Morgan Stanley oil/gas E&P analysts to hold an analyst/industry conference call

North America E&P and Integrated Oil Analyst McDermott and U.S. Oil & Gas E&P Analyst Venker discusses whether to consolidate or not, including Chevron/Cimarex Energy; Exxon Mobil/Pioneer Natural; Exxon Mobil/Diamondback Energy; Marathon Oil/Devon Energy; Oasis Petroleum/Whiting Petroleum on an Analyst/Industry conference call to be held on October 3 at 11 am.

CVX

Chevron

$110.61

-1.7 (-1.51%)

XEC

Cimarex Energy

$44.72

-0.94 (-2.06%)

XOM

Exxon Mobil

$66.44

-0.72 (-1.07%)

PXD

Pioneer Natural

$120.17

-0.81 (-0.67%)

FANG

Diamondback Energy

$82.89

-0.28 (-0.34%)

MRO

Marathon Oil

$11.13

-0.18 (-1.59%)

DVN

Devon Energy

$21.50

-0.54 (-2.45%)

OAS

Oasis Petroleum

$3.03

-0.16 (-5.02%)

WLL

Whiting Petroleum

$6.75

-0.36 (-5.06%)

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CVX Chevron
$110.61

-1.7 (-1.51%)

08/19/19
LEHM
08/19/19
INITIATION
Target $73
LEHM
Equal Weight
Exxon Mobil initiated with an Equal Weight at Barclays
Barclays analyst Jeanine Wai initiated Exxon Mobil (XOM) with an Equal Weight rating and $73 price target, stating that while she thinks the company's counter-cyclical investment approach will eventually pay off, it leaves a near-term free cash flow deficit after dividend at lower oil prices. Wai, who also initiated Chevron (CVX) with an Overweight rating in the same note, said she prefers its o superior current free cash flow profile when compared to Exxon.
08/19/19
08/19/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. NXP Semiconductors (NXPI) initiated with an Outperform at Raymond James. 2. AMD (AMD) initiated with a Neutral at Piper Jaffray. 3. Sunnova Energy (NOVA) initiated with an Overweight at JPMorgan, as well as a Buy at Goldman Sachs and BofA/Merrill. 4. Chevron (CVX), Hess Corp. (HES), and ConocoPhillips (COP) initiated with Overweight ratings at Barclays while Exxon Mobil (XOM) and Occidental Petroleum (OXY) initiated with Equal Weight ratings. 5. Castle Biosciences (CSTL) initiated with an Outperform at SVB Leerink and Baird, as well as a Buy at Canaccord and BTIG. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
08/20/19
BMOC
08/20/19
INITIATION
Target $165
BMOC
Outperform
Chevron initiated with an Outperform at BMO Capital
BMO Capital analyst Daniel Boyd started Chevron with an Outperform rating and $165 price target.
08/20/19
BMOC
08/20/19
INITIATION
Target $165
BMOC
Outperform
BMO Capital starts Chevron at Outperform with $165 price target
As previously reported, BMO Capital analyst Daniel Boyd started Chevron with an Outperform rating and $165 price target. He views it as having "one of the lowest risk profiles in the sector" based on its strong balance sheet, low dividend cash flow breakeven, and "advantaged royalty position in the Permian."
XEC Cimarex Energy
$44.72

-0.94 (-2.06%)

06/05/19
BARD
06/05/19
NO CHANGE
Target $82
BARD
Outperform
Cimarex Energy price target lowered to $82 from $110 at Baird
Baird analyst Joseph Allman lowered his price target on Cimarex Energy to $82 from $110 after updating his model for market-to-market commodity prices and the latest operating and financial data, including Q1 earnings. Allman removed his Fresh Pick designation but maintained his Outperform rating on Cimarex Energy shares.
07/16/19
IMPC
07/16/19
DOWNGRADE
Target $58
IMPC
In-Line
Cimarex Energy downgraded to In-Line from Outperform at Imperial Capital
Imperial Capital analyst Irene Haas downgraded Cimarex Energy to In-Line from Outperform and lowered his price target for the shares to $58 from $82. Near-term gas weakness will negatively affect Cimarex's earnings as the company is leveraged to gas and natural gas liquids, Haas tells investors in a research note. The analyst still has a negative view on Gulf Coast natural gas prices.
06/27/19
KEYB
06/27/19
INITIATION
Target $66
KEYB
Overweight
Cimarex Energy initiated with an Overweight at KeyBanc
KeyBanc analyst Leo Mariani started coverage of Cimarex Energy with an Overweight rating and a $66 price target. The analyst cited his expectation of "decent" free cash flow in the second half of 2019 and 2020, its strong balance sheet, above average dividend yield, and discounted valuation.
07/11/19
BMOC
07/11/19
DOWNGRADE
Target $67
BMOC
Market Perform
Cimarex Energy downgraded to Market Perform from Outperform at BMO Capital
BMO Capital analyst Phillip Jungwirth downgraded Cimarex Energy to Market Perform from Outperform and lowered his price target for the shares to $67 from $80. Weak natural gas liquids and gas prices are likely to remain a headwind to the company's earnings growth, Jungwirth tells investors in a research note. The analyst believes this will pressure margins and Cimarex's ability to deliver "sufficient growth within cash flow on a relative basis." He notes that BMO's 2019-2020 oil production estimates also sit 2%/7% below consensus estimates on 8%/10% higher capital spending.
XOM Exxon Mobil
$66.44

-0.72 (-1.07%)

08/20/19
08/20/19
INITIATION

Market Perform
Exxon Mobil initiated with a Market Perform at BMO Capital
As previously reported, BMO Capital analyst Daniel Boyd started Exxon Mobil with a Market Perform rating and $86 price target. Boyd called the company's upstream portfolio "best-in-class" and noted that his estimates show growth and returns nearing positive inflection. However, the analyst is concerned about "the stock's path given risk to near-term guidance while the upside case requires confidence in 2025 guidance."
08/20/19
BMOC
08/20/19
INITIATION
Target $86
BMOC
Market Perform
Exxon Mobil initiated with a Market Perform at BMO Capital
BMO Capital analyst Daniel Boyd started Exxon Mobil with a Market Perform rating and $86 price target.
PXD Pioneer Natural
$120.17

-0.81 (-0.67%)

08/08/19
RHCO
08/08/19
NO CHANGE
Target $130
RHCO
Hold
Pioneer Natural price target lowered to $130 from $155 at SunTrust
SunTrust analyst Neal Dingmann lowered his price target on Pioneer Natural to $130 and kept his Hold rating after Q2 results, saying that while the company's operations improved, its free cash flow is "arriving slower than desired". The analyst sees Pioneer Natural's free cash flow yield of just 2% in 2020 and also warns about the company's need to balance the upcoming debt maturities with stock buybacks.
09/30/19
BARD
09/30/19
NO CHANGE
Target $157
BARD
Outperform
Pioneer Natural price target raised to $157 from $142 at Baird
Baird analyst Joseph Allman raised his price target on Pioneer Natural to $157 from $142 as the company outlined goals which if met, would add significant value to the stock. The analyst updated his model for the latest operating and financial data, including market to market commodity prices, and sees its yield as very competitive. Allman reiterated his Outperform rating on Pioneer Natural shares.
07/23/19
SPHN
07/23/19
UPGRADE
Target $24
SPHN
Overweight
Matador upgraded to Overweight from Equal Weight at Stephens
Stephens analyst Gail Nicholson assumed coverage of Continental Resources (CLR), Carrizo Oil & Gas (CRZO), Lilis Energy (LLEX), Pioneer Natural (PXD) and Matador (MTDR) and updated her estimates and target prices to reflect actual Q2 pricing, a lower commodity outlook, and adjustments to her capex, production, and realized pricing assumptions. In doing so, Nicholson upgraded Matador to Overweight, stating that the stock offers exposure to the Delaware Basin with a "compelling rate of change story" and a line of sight to free cash flow in 2021 forward. Nicholson reiterated the firm's Overweight ratings on Continental and Pioneer and Equal Weight ratings on Carrizo and Lilis. Despite a lower commodity outlook, Nicholson still remains positive, though slightly less bullish than previously, on the Exploration & Production sector, she tells investors. The analyst has a $24 price target on Matador shares, a $52 target on Continental, a $170 target on Pioneer, a $10 target on Carrizo and a $1 target on Lilis.
07/15/19
JEFF
07/15/19
DOWNGRADE
JEFF
Jefferies downgrades five in Exploration & Production space ahead of results
Jefferies analyst Mark Lear downgraded Centennial Resource Development (CDEV), Callon Petroleum (CPE), Carrizo Oil & Gas (CRZO), Gulfport Energy (GPOR) and Range Resources (RRC) to Hold from Buy to reflect his firm's reduced oil and natural gas price forecasts. The analyst anticipates "another messy quarter" across the Exploration & Production space, driven by "weak" NGL and Waha natural gas pricing. "Once again, E&Ps have been left in the dust by crude, and it feels to us the market doesn't want, or more importantly need, the crude supply that the US onshore can deliver," Lear tells investors in a research note. He thinks EOG Resources (EOG), Diamondback Energy (FANG), Parsley Energy (PE), and Pioneer Natural (PXD) are set up well into the quarter.
FANG Diamondback Energy
$82.89

-0.28 (-0.34%)

10/01/19
SUSQ
10/01/19
NO CHANGE
Target $125
SUSQ
Positive
Diamondback Energy price target lowered to $125 from $130 at Susquehanna
Susquehanna analyst Biju Perincheril lowered his price target on Diamondback Energy to $125 from $130 after lowering his estimates heading into quarterly results. The analyst tempered his expectations but still sees Diamondback as one of the top names in his coverage group and sees next year as a significant turning point in its shift to healthy free cash flow generation. Perincheril reiterated his Positive rating on Diamondback Energy shares.
09/25/19
GSCO
09/25/19
INITIATION
Target $35
GSCO
Buy
Viper Energy initiated with a Buy at Goldman Sachs
Goldman Sachs analyst Brian Singer started Viper Energy Partners (VNOM) with a Buy rating and 12 month target price of $35. The analyst sees potential for near-term production and cash flow beats as the Permian Basin wells in which the company has an "above-average" net revenue interest are brought online through year-end. Further, he believes "there is still room for greater credit" for Viper Energy's medium-term advantages from its parent Diamondback Energy (FANG) in driving relatively lower risk Permian growth.
09/23/19
SBSH
09/23/19
NO CHANGE
Target $118
SBSH
Buy
Diamondback Energy price target lowered to $118 from $135 at Citi
Citi analyst Scott Gruber lowered his price target for Diamondback Energy to $118 from $135 after taking over coverage of the name. The analyst keeps a Buy rating on the shares.
09/19/19
JPMS
09/19/19
INITIATION
Target $34
JPMS
Overweight
Viper Energy initiated with an Overweight at JPMorgan
JPMorgan analyst Michael Glick started Viper Energy (VNOM) with an Overweight rating and $34 price target. The company's "symbiotic relationship" with Diamondback Energy (FANG) brings "significant" visibility, Glick tells investors in a research note.
MRO Marathon Oil
$11.13

-0.18 (-1.59%)

09/24/19
09/24/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Altra Industrial Motion (AIMC) downgraded to Sector Weight from Overweight at KeyBanc with analyst Jeffrey Hammond saying around $400M of Altra's revenue, or 20% of total sales, derives from Class 8 Truck and Industrial-Germany, markets which could decline 15% year-over-year in 2020. 2. Brinker (EAT) downgraded to Neutral from Overweight at JPMorgan with analyst John Ivankoe saying he recommends taking short-term profits in the shares. 3. Marathon Oil (MRO) downgraded to Hold from Buy at Tudor Pickering. 4. Park Hotels & Resorts (PK) downgraded to an Underweight from Neutral at JPMorgan with analyst Brandt Montour saying he views the lodging real estate investment trust as relatively unattractive compared to the lodging C-corps. 5. Blackstone (BX) downgraded to Perform from Outperform at Oppenheimer with analyst Chris Kotowski saying the stock is up 79% year to date versus up 18% year to date for the S&P 500 and reached his price objective. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/24/19
TUDR
09/24/19
DOWNGRADE
Target $16
TUDR
Hold
Marathon Oil downgraded to Hold from Buy at Tudor Pickering
Tudor Pickering analyst Matthew Portillo downgraded Marathon Oil to Hold from Buy and lowered his price target on the shares to $16 from $18.
09/23/19
SBSH
09/23/19
INITIATION
Target $13
SBSH
Neutral
Marathon Oil initiated with a Neutral, $13 price target at Citi
Citi analyst Scott Gruber started Marathon Oil with a Neutral rating and $13 price target. The company's inventory lags the group and thus it's long term production profile is at the low end of the group range, Gruber tells investors in a research note.
09/23/19
SBSH
09/23/19
INITIATION
Target $13
SBSH
Neutral
Marathon Oil initiated with a Neutral at Citi
Citi started Marathon Oil with a Neutral rating and $13 price target.
DVN Devon Energy
$21.50

-0.54 (-2.45%)

07/30/19
07/30/19
INITIATION
Target $33

Buy
Devon Energy initiated with a Buy at SunTrust
As previously reported, SunTrust analyst Neal Dingmann initiated Devon Energy with a Buy rating and $33 price target. The analyst cites the company's exposure to the "highest return" U.S. shale basins and believes consensus is undervaluing the incremental result from the high grading of assets following its $6.5B in divestiture. Following the recent closing of Canadian sale and a future potential Barnett sale, Dingmann contents that Devon will have "material cash" to use toward further share repurchases and a debt paydown.
08/08/19
MUFG
08/08/19
NO CHANGE
Target $36
MUFG
Neutral
Devon Energy price target raised to $36 from $33 at MUFG
MUFG analyst Michael McAllister raised his price target on Devon Energy to $36 after its Q2 earnings beat and raised FY19 production guidance for the second time this year. The analyst keeps his Neutral rating however, noting the company continues to seek a buyer for its Barnett Shale to focus its portfolio on "four assets". McAllister also sees Devon Energy's cost saving initiative proceeding ahead of schedule.
07/30/19
RHCO
07/30/19
INITIATION
Target $33
RHCO
Buy
Devon Energy initiated with a Buy at SunTrust
SunTrust analyst Neal Dingmann initiated Devon Energy with a Buy and $13 price target.
07/25/19
KEYB
07/25/19
NO CHANGE
KEYB
FERC ruling ends near-term anxiety about PJM auction, KeyBanc says
After the Federal Energy Regulatory Commission directed PJM Interconnection not to run the Base Residual Auction in August, KeyBanc analyst Sophie Karp said the ruling ends near-term anxiety around the potential outcome of the auction. The analyst, who does not think the path forward will be "speedy or efficient," thinks PJM companies may be incentivised to seek compensation for their capacity via alternative mechanisms. She noted that PSEG (PEG) has previously indicated it might lean on the New Jersey BGS auction more heavily and Illinois state lawmakers debated the creation of a separate capacity market in the state.
OAS Oasis Petroleum
$3.03

-0.16 (-5.02%)

08/30/19
LEHM
08/30/19
INITIATION
Target $3.5
LEHM
Equal Weight
Oasis Petroleum initiated with an Equal Weight at Barclays
Barclays analyst William Thompson started Oasis Petroleum with an Equal Weight rating and $3.50 price target. The analyst believes the company is "likely in the penalty box" following the capex raise, infrastructure constraints and well spacing overhang coming out of the Q2 results.
08/26/19
LTCO
08/26/19
DOWNGRADE
Target $5
LTCO
Neutral
Oasis Petroleum downgraded to Neutral from Buy at Ladenburg
Ladenburg Thalmann analyst Michael Schmitz downgraded Oasis Petroleum to Neutral from Buy and lowered his price target for the shares to $5 from $7. Reduced estimated free cash flow resulting from lower projected commodity prices, combined with uncertainty resulting from the escalation of the trade war, will be additional headwinds for the Exploration and Production group, Schmitz tells investors in a research note.
08/23/19
08/23/19
INITIATION
Target $5

Buy
Oasis Petroleum initiated with a Buy at MKM Partners
As previously reported, MKM Partners analyst John Gerdes initiated Oasis Petroleum with a Buy rating and a price target of $5, citing its position as an "oil-dominant" producer in the Williston and Delaware Basin. The analyst notes that his composite cost-of-capital model values Oasis Petroleum's business at about 7-times expected cash generation for 2020, and his 2019 production expectation of 88.5MMBOE/d is at the high end of the company's expected range of 86.8-88.5 MMBOE/d.
08/22/19
MKMP
08/22/19
INITIATION
Target $5
MKMP
Buy
Oasis Petroleum initiated with a Buy at MKM Partners
MKM Partners analyst John Gerdes initiated Oasis Petroleum with a Buy rating and $5 price target.
WLL Whiting Petroleum
$6.75

-0.36 (-5.06%)

09/23/19
SBSH
09/23/19
DOWNGRADE
Target $10.5
SBSH
Neutral
Whiting Petroleum downgraded to Neutral from Buy at Citi
Citi downgraded Whiting Petroleum to Neutral from Buy and lowered its price target for the shares to $10.50 from $14.
09/16/19
KEYB
09/16/19
UPGRADE
KEYB
Overweight
Whiting Petroleum upgraded to Overweight from Sector Weight at KeyBanc
09/16/19
09/16/19
UPGRADE
Target $11

Overweight
Whiting Petroleum upgraded to Overweight on response to higher prices at KeyBanc
As previously reported, KeyBanc analyst Leo Mariani upgraded Whiting Petroleum to Overweight from Sector Weight, with an $11 price target. The analyst expects Whiting Petroleum to have an outsized benefit from the move higher in oil prices as it is one of the oiliest E&Ps with oil cuts of 64% and 63% in the second half of 2019 and 2020, respectively. Further, Mariani notes that the shares are down around 67% year to date, which he thinks puts the stock in a good position for a rebound. Whiting Petroleum amended its credit facility, which allows its to put its pending debt maturities on its revolver and to avoid the secured bond market, he adds.
09/23/19
SBSH
09/23/19
DOWNGRADE
Target $10.5
SBSH
Neutral
Citi transfers Whiting Petroleum coverage, downgrades to Neutral from Buy
As previously reported, Citi downgraded Whiting Petroleum to Neutral from Buy as coverage of Large Cap E&Ps was transferred to analyst Scott Gruber. Gruber, who lowered his price target on Whiting shares to $10.50 from the firm's prior $14 target, cited lower 2021+ oil price assumptions and the projected impacted on Whiting's free cash flow outlook. While he commends management for recent credit facility amendments, Gruber believes investors will need to see a few quarters of operational execution and "more clarity and certainty around 2020," the analyst said.

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