Energy/Shipping
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News and Views
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Macro/Technicals
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Active Names
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Earnings
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Sector News, M&A, Capital Raises
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Research Away
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Top Events/Earnings Calendar
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News and Views
Oil was up .97% along with the broader equities market. Natural gas fell 3.54% due to ongoing supply concerns along with milder weather forecasts. Refiners continue to do well with many names testing or getting through resistance levels. However, WNR did not participate and lagged the group and was unable to get back above their 200 day. Solar stocks performed well led by SATC +10.66% on earnings guidance. LDK has outperformed the group heading into their earnings tonight. Expectations are for a good number. If they don’t beat numbers with significantly higher guidance I would expect profit taking in the name. MLP’s were weak after disappointing earnings reports by ETE, ETP and RGNC. Dry bulk shippers were strong led by EGLE +6.06%. DRYS has been the strongest name in the group and is up 45% since the beginning of July. Next resistance level is the 50 day of 5.38 and after that is the 200 day of 5.51.
Macro/Technicals
SP500: 1119.8 ; -.52%Crude : 80.61 ; -1.07%
Gas : 4.3 ; -.21%
XLE : 55.87 ; +.41%
UTY : 417.21 ; +.45
OIH : 108.4 ; -.09
BIDY : 784 ; +.64
BDIY : 2114; +4.14
Active Names
Oil & Gas: CHK, FRM, HES, NGLS, PVA, WG
Shipping: DRYS
Utilities: AES, CWT, DUK, EE, NRGY
Earnings
CRU Crude Carriers reports Q2 EPS $0.37 vs Reuters $0.16 ($18.14)
Company reports revenues of $20.7M vs a single estimate of $10.0M.
JASO JA Solar reports Q2 EPS $0.18, unclear if comparable to Reuters $0.24 ($6.57)
Company reports revenues of $351.2M vs Reuters $302.7M.
GOK: Geokinetics reports Q2 EPS ($2.24) ($4.61)
Q2 revenues were $119.5M vs Reuters $129.9M.
BPZ BPZ Resources reports Q2 EPS ($0.04) vs Reuters ($0.02) ($4.52)
Company reports revenues of $22.4M vs Reuters $24.2M.
GNK Genco Shipping & Trading reports Q2 EPS $1.16 vs Reuters $1.11 ($17.28)
Company reports revenues of $105.3M vs Reuters $102.2M.
DPTR Delta Petroleum reports Q2 EPS ($0.19)--10Q ($0.84)
Unclear if comparable to Reuters consensus of ($0.09). Company reports revenues of $36.0M vs Reuters $32.1M.
CPST Capstone Turbine reports Q1 EPS $0.00 vs year-ago ($0.08)
Company reports revenues of $16.1M vs Reuters $17.6M.
OMEX Odyssey Marine Exploration reports Q2 EPS ($0.05) vs Reuters ($0.03) -- 1 estimate ($1.38)
Company reports revenues of $4.3M vs a single estimate of $5.0M
MWE MarkWest Energy reports Q2 EPS $0.84
Company reports revenues of $323.9M vs Reuters $309.5M
PRGN Paragon Shipping reports Q2 EPS $0.13 vs Reuters $0.05 ($4.27)
Company reports total revenues, net of voyage expenses of $27.8M vs Reuters $25.0M
EPE Enterprise GP Holdings reports Q2 EPS $0.39 vs Reuters $0.46 ($50.75)
Distributable cash flow $87.6M vs year-ago $73.6M
EEE Evergreen Energy Inc reports Q2 EPS ($0.02) vs year-ago ($0.06) ($0.18)
Company reports revenues of $103K vs year-ago $16
CLNE Clean Energy Fuels reports Q2 EPS ($0.06) ex-items ($17.11).
Company reports revenues of $44.0M vs Reuters $42.8M.
VRNM Verenium reports Q2 EPS ($0.37) vs Reuters ($0.59) -- 2 estimates ($2.56)
Company reports revenues of $20.0M vs a single estimate of $18.9M. Guides full year product revenues to $48-$54M.
FXEN FX Energy reports Q2 EPS $0.00 vs Reuters $0.04 -- 2 estimates ($3.59)
Company reports revenues of $6.1M vs Reuters $6.6M,
Sector News, M&A, Capital Raises
NGLS Targa Resources Partners to offer 6.5M shares through Wells Fargo, BofA/Merrill Lynch, Barclays, Citi and Morgan Stanley
BP BP and Obama administration nearing deal on escrow fund - WSJ
XOM Exxon Mobil ends deal with Qatar Petroleum to develop new $6B petrochemicals facility in Ras Laffan, says Middle East Economic Digest - Reuters ($62.45)
Citing sources close to the parties, the magazine says they ended plans for the project after talks over the last two months. Qatar Petroleum will look for a new partner; no reason for Exxon Mobil's leaving is given.
NE Noble Corporation announces agreement to construct second Globetrotter-class ultra-deepwater drillship
EP El Paso subsidiary to hold 30-day, non-binding open season to solicit expressions of interest regarding transportation of ethane on its MEPS
CPLP Capital Product Partners announces 5.5M common unit offering through UBS and Citi
Research Away
Bank of America Merrill Lynch
SD ($5.21) SandRidge Energy downgraded to underperform from neutral at Bank of America Merrill Lynchs
Brean Murray, Carret
CWCO ($11.19) Consolidated Water downgraded to hold from buy at Brean Murray, Carret - wires
Goldman Sachs
EOG ($99.94) EOG Resources added to Conviction Buy List at Goldman Sachs Target is $129.
Macquarie Research
SWSI ($22.08) Superior Well Services downgraded to neutral from outperform at Macquarie Research - wires
Jefferies
SWSI ($22.08) Superior Well Services downgraded to hold from buy at Jefferies Target increased however to $22.12 from $20. The target is increased to the deal price.
Top Events/Earnings Calendar
KEX BB&T Capital Markets San Francisco 1 on 1 Conf
post-mkt ESEA earnings (confirmed)call at: 10:00, 11-Aug-10 866.819.7111 pw:euroseas, webcast
post-mkt LDK earnings (confirmed)call at: 17:00, 10-Aug-10 877.941.8418, webcast
post-mkt SBLK earnings (confirmed)call at: 08:30, 11-Aug-10 866.819.7111 pw:Star Bulk, webcast
post-mkt SPWRA earnings (confirmed)call at: 16:30, 10-Aug-10 517.623.4618 pw:SunPower, webcast
pre-mkt JASO earnings (confirmed)call at: 08:00, 10-Aug-10 866.713.8562 pw:JA Solar, webcast