As for the Energy sector, this past week started off well but ended poorly with some stocks taking a beating Thursday and Friday. This year’s high fliers, CRC and WLL, took the biggest moves lower and in general, the outperformers over the past three months found themselves towards the bottom of the list. Crude oil falling over 2% on Friday will do that, but we’re encouraged by some Permian producers holding ground.
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Happy Sunday and welcome back to the Jam. This past week, we traveled to Texas, visiting clients and companies and had a good back and forth on Permian infrastructure over a BBQ lunch with Keith, following the PAA/PAGP analyst day. Thanks to our clients for providing some feedback on the “good” Texas music recommendations last week and I share World Cup memories and thoughts too.
Happy Sunday and thanks for the feedback on our Miley-Taylor Index. Apologies if I got Party In The U.S.A stuck in your head, but for the week, Team Miley was +6% over Team Taylor. Overall it was an up and down week, but Energy was +2% vs. the S&P500, an encouraging sign considering some skittishness around supply trends leading up to the June 22nd OPEC meeting and WTI down almost -1.5% on the week.
Welcome to the unofficial start of Summer! Hopefully you have something brewing for the holiday weekend to take your mind away from the sea of red on Friday. Here at Wolfe, we’re keeping the vibe going into the week with the 10th Year Anniversary Party on Thursday, an event we hope to see a few of you at. This week also marks my first anniversary at Wolfe and with that, we figured there is no better time to launch a new product.
Busy week here at Wolfe but it was a good week. CXO management meetings in Toronto on Monday (05/14/18). Large Cap transition on Tuesday (05/15/18). Webcast on Wednesday (05/16/18). NYC marketing on Thursday (05/17/18). Plymouth martini, dry, with a twist on Friday (05/18/18).
Due to changes in team structure, Wolfe Research is transferring coverage of 12 companies: Anadarko Petroleum (APC – Outperform from Peer Perform), Apache Corp.(APA – Underperform), California Resources Corp. (CRC – Peer Perform), ConocoPhillips (COP - Peer Perform), Devon Energy (DVN – Outperform), EOG Resources (EOG – Outperform), Hess Corp.(HES – Peer Perform), Marathon Oil (MRO – Peer Perform), Murphy Oil (MUR – Underperform), Noble Energy (NBL – Peer Perform), Occidental Petroleum (OXY – Outperform), and Pioneer Natural Resources (PXD - Outperform) to Josh Silverstein. See below to links to our industry note and individual companies for the 12 new companies under coverage.
Happy Mother’s Day! We hope everyone is set to enjoy their Sunday brunches with family today (05/13/18) and if you forgot a card for you mother, grandmother, wife, aunt, or friend, let this be a reminder to sneak out and get one…
Supported by improving crude oil prices and positive sentiment shift, the Energy sector has been on the winning end of the market recently and we believe the 1Q18 updates will be a tailwind to keep it going. Although this period will mark the low point for volumes and put execution pressure on 2H18 ramps, the focal point this round will again focus on spending outlooks and we believe producer commentary should continue to be supportive for further free cash flow gains. The stock market has done its part and reduced its skepticism levels, so now its on the producers to keep the positive momentum rolling. Top picks into 1Q updates are PXD, WPX, CXO, OXY.
An apology. Last week in the Sunday Sankey we declared the most recent Nor’easter a dud because it dumped only a bit of slush on Manhattan and Brooklyn city streets. It was a passing line.
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