(with thanks to Broker Forecasts)
HSBC has downgraded its recommendation on oil & gas engineering company AMEC to ‘NEUTRAL’ from ‘OVERWEIGHT’ with analysts asking the question of “Where has all the growth gone?” and, in general, believing the risk / reward is now more in balance. The broker points out that with mining markets deteriorating and growth regions struggling to show any signs of significant growth, the outlook for the stock has become “less attractive”.
Read the full story at: http://www.brokerforecasts.com/news/article/articleId/4637602
Bank of America Merrill Lynch makes some interesting observations on BP post the results, particularly as to where the oil major sits regarding the escalating costs of the Gulf of Mexico disaster. Merrills analysts point out that less than $300m of the giant $20bn trust fund has yet to be allocated, meaning it is likely the group will have to stump up more cash.
Read the full story at: http://www.brokerforecasts.com/news/article/articleId/4641767
Societe Generale downgraded its recommendation on Tullow Oil to ‘HOLD’ from ‘BUY’ on “valuation grounds”, given the limited near-term upside potential after the shares recently outperformed the brokers exploration and productoni coverage universe. The City broker left its target price unchanged, while Citigroup reaffirmed its ‘NEUTRAL’ recommendation on Tullow’s stock, also leaving its price target unchanged.
Read the full story at: http://www.brokerforecasts.com/news/article/articleId/4632143
Numis upgraded their recommendation on Salamander Energy to ‘BUY’ from ‘HOLD’ after the company announced that the G4/50-5 exploration well had discovered oil in the Surin prospect in the central portion of the Western sub-basin, Block G4/5-, Gulf of Thailand.
Read the full story at: http://www.brokerforecasts.com/news/article/articleId/4645700
Dragon Oil, the oil and gas exploration company, has reported a pre-tax profit of $329 million for the first half of the year, down by 20 per cent on 2012, as the company was impacted by a lower sale price for oil. Revenues declined by 16 per cent in the six months to June 30th 2013, “due to lower realised crude oil price of $86/barrel”.
- Pre-tax profits fall by 20 per cent at Dragon Oil (irishtimes.com)
- Tullow shares plunge after two prospects fail to produce any oil (independent.ie)
- William Hague in war of words over accusations he lobbied for Tullow Oil (theoilandgasworld.wordpress.com)
- Kenyan locals say no to Tullow Oil (theoilandgasworld.wordpress.com)
- Salamander Energy begins exploration program in Gulf of Thailand (drillingandproduction.energy-business-review.com)
- Tullow says wells in Mozambique, French Guiana fail to find oil (fuelfix.com)
- Oil exploration in Kerio sparks land disputes (businessdailyafrica.com)