Trader Commentary

Drybulk shippers were higher again yesterday with the exception of NMM.   NMM reported earnings pre-open, beating analysts EPS estimates and slightly missing on revs.  Yesterday’s action saw profit taking as NMM has outperformed the group all year.   Solar stocks led energy stocks higher heading into earnings helped by the strength of the euro.  The utility space was relatively uneventful with the UTY closing up .57%; however, our order flow was dominated by buyers in the sector.

• Oil inventories probably fell to a four-month low last week as imports declined and Tropical Storm Bonnie disrupted production in the Gulf of Mexico.
• Goldman said oil prices are significantly below the level warranted by fundamentals, offering hedging opportunities.
• BP replaces Hayward and pledges to accelerate asset sales to as much as $30B.
• PCX reports (.15) vs Reuters (.33) on revs of $539.0M vs Reuters $519.9M

Today's Energy/Shipping Stories
News and Views | Macro/Technicals | Active Names | Sector News, M&A, Capital Raises | Research Away | Top Events/Earnings Calendar

News and Views

News and Views

Macro/Technicals

SP500: 1115.50 ; +0.54%
Crude : 79.08 ; +0.13%
Gas : 4.638; +0.56%

Active Names

 

Active Names

Oil & Gas:  APA, CLNE, DMLP, DUK, IO, ME, MILL, VLO                                 

Shipping:   BALT                             

Utilities:   CNP, CV   

Sector News, M&A, Capital Raises

 

BP trades up today

BP plans to sell assets worth $30bn to meet the costs of its massive oil spill in the Gulf of Mexico, and has confirmed the departure of its chief executive Tony Hayward.

BP reported its Q2 earnings with an impressive loss of $17.2B mainly due to replacement cost loss. Revenues came slightly higher than estimates at $75.9B

ONGC (ONGC.IN), PetroVietnam to make a joint bid for BP's Vietnam asset in a few weeks -- Reuters citing India's oil secretary

VTG Vantage Drilling 45.4M share secondary priced at $1.10 per share through Jefferies and Johnson and Rice

XTEX Crosstex Energy expands Barnett Shale gathering system ($11.14)
The Crosstex Energy companies announced it will expand its natural gas gathering system in the Barnett Shale play in North Texas by constructing a $25M 15-mile pipeline project to serve major gas producer customers.

SOLF Solarfun Power enters into two contracts to supply 12MW PV modules to projects in Italy  

OKS ONEOK Partners LP announces plans to build ~$595M-$730M in natural gas liquids projects ($70.59)
OKS announced plans to build approximately $595M to $730M of natural gas liquids projects between now and 2013

Research Away

 

Citi

NEE ($52.83) NextEra Energy downgraded to hold from buy at Citi Downgraded based on price

Goldman Sachs

Goldman Sachs upgrades CNL, PCG; downgrades ETR, NST

Upgrade:

PG&E (PCG) upgraded to buy from neutral; target increased to $48 from $47

CLECO (CNL) upgraded to neutral from sell; target increased to $26 from $24

Downgrade:

Entergy (ETR) downgraded to neutral from buy; target cut to $80 from $87

NSTAR (NST) downgraded to sell from neutral; target is $33 

Top Events/Earnings Calendar

 

post-mkt BAS earnings (confirmed)call at: 09:00, 28-Jul-10 480.629.9819, webcast 

post-mkt CMP earnings (confirmed)call at: 09:00, 28-Jul-10 877.228.7138 pw:88173492, webcast 

post-mkt MEE earnings (confirmed)call at: 10:00, 28-Jul-10 , webcast 

post-mkt NBR earnings (confirmed)call at: 11:00, 28-Jul-10 888.846.5003 pw:4321470, webcast 

post-mkt SB earnings (confirmed)call at: 09:00, 28-Jul-10 866.819.7111 pw:Safe Bulkers, webcast 

post-mkt STR earnings (confirmed)call at: 09:30, 28-Jul-10 , webcast 

pre-mkt OXY earnings (confirmed)call at: 11:30, 27-Jul-10 800.473.6123, webcast 

pre-mkt PCX earnings (confirmed)call at: 11:00, 27-Jul-10 800.288.8968, webcast 

pre-mkt TLM earnings (confirmed)call at: 11:00, 27-Jul-10 877.974.0445, webcast 

pre-mkt VLO earnings (confirmed)call at: 11:00, 27-Jul-10 , webcast