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

News and Views

Energy stocks underperformed the overall market with oil services posting the steepest declines.  Oil was lower early with lower equities and after a bearish API inventory report the night before.  However, oil pared losses after the more anticipated EIA report showed much less bearish numbers.  Natural gas fell .66% for a total of 14% for the month on ample supplies and mild weather forecast for the eastern U.S.  

 

Macro/Technicals

XLE: -.96%
UTY: -.54%
OIH: -1.19%
TAN: +1.31%
AMJ: -.30%
BIDY: +1.71%
BDIY: +1.71%
SEA: +.04%

Active Names

Oil & Gas:   BPZ, DPTR, DUK, EPD, ETE, FRM, FST, HES, KWK, NOG, PQ, PVA, XOM                       

Shipping: DRYS, GMR                             

Alt. Energy: CLNE                          

Utilities:   AYE, CNP, CVA, CWT, EE, EIX 

 

Sector News, M&A, Capital Raises

NM Navios Maritime Holdings reports Q2 EPS $0.40 including items ($5.67)

Reuters EPS consensus is $0.18

Revenues $165.5M vs Reuters $144.1M

 

YGE Yingli Green Energy reports Q2 EPS $0.25 ex-items vs Reuters $0.18 ($11.25)
First Call is $0.19. Company reports revenues of $398.1M vs Reuters $368.6M.

 

AXAS Abraxas Petroleum signed JV agreement with Blue Stone Oil & Gas to develop the Eagle Ford Shale play

 

GNK Genco Shipping & Trading has taken delivery of the Genco Aquitaine ($16.32)
The Genco Aquitaine is a 2009-built Supramax vessel and the seventh vessel to be delivered to the company under Genco's agreement previously announced on 15-Jun to acquire 13 Supramax vessels from Setaf SAS

 

Research Away

Morgan Stanley upgrades BBG, DVN; downgrades COG, RES, SD, others

Upgrade:

Devon Energy (DVN) upgraded to overweight from equal-weight; target is $74

Bill Barrett (BBG) upgraded to equal-weight from underweight

Downgrade:

Ultra Petroleum (UPL) downgraded to equal-weight from overweight

Cabot Oil & Gas (COG) downgraded to underweight from equal-weight

RPC Inc (RES) downgraded to underweight from overweight; target is $23

SandRidge Energy (SD) downgraded to underweight from equal-weight

 

Goldman Sachs

ESV Ensco PLC downgraded to neutral from buy at Goldman Sachs ($44.09)
Target remains $46. The firm cites limited upside to pricing for standard jackups as well as valuation.

 

Soleil Securities

TEG Integrys Energy Group upgraded to hold from sell at Soleil Securities ($49.20)
Target increased to $45.25 from $39.25.

 

Merrill Lynch

XTEX Crosstex Energy LP initiated neutral at Bank of America Merrill Lynch ($12.58)
Target is $13.50.

 

 

Top Events/Earnings Calendar

pre-mkt NM earnings (confirmed)call at: 08:30, 19-Aug-10 877.308.7226 pw:9436 0305,

 

pre-mkt YGE earnings (confirmed)call at: 08:00, 19-Aug-10 866.356.3095 pw:84476852 

 

Cantor Flows

On our pad, we saw predominately buying on weakness in the oil and gas names (including MLPs).  Utility flow showed vanilla sellers.  

 

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