Citi Raises Oil Price Forecasts - Upgrades Royal Dutch Shell and BP
More News related to BP
- Transocean (RIG) Ultra-Deepwater Driller Commences Operations for BP (BP) Subsidiary
- Transocean Ltd. Announces Ultra-Deepwater Semisubmersible Rig Development Driller III Begins 7-Year Drilling Contract for BP
- Solar Energy Initiatives to Present at LD MICRO 2nd Annual Investment Conference on December 3rd, 2009
- 2010 IR Global Rankings: Invitation for Investors and Analysts Vote for Companies with the Best IR Program and for the Best IR Officer
- Exxon Mobil (XOM) Spouts Value
More News related to E
- Beacon Equity Issues Technical Trading Overview for Energy XXI Ltd.
- Enterprise Oilfield Group, Inc. Announces Third Quarter Results
- Trading Radar for 10/28: First Solar (FSLR), ConocoPhillips (COP), WellPoint (WLP), Goodyear (GT), Int. Paper (IP) Report
- UBS Downgrades Eni SpA (E) to Neutral
- Credit Suisse Downgrades Eni SpA (E) to Underperform
More News related to RDS.A
- CB&I (CBI) Receives $60M Contract to Construct Diesel Hydrotreater in The Netherlands
- Royal Dutch Shell (RDS.A) Reports 67% Drop in Q2 Earnings; Declares $0.42 Qtr. Dividend
- Benchmark Downgrades Royal Dutch Shell (RDS.A) to Hold
- Royal Dutch Shell (RDS.A) Ordered to Pay $381 Million Settlement to Pan-European/Global Investor Group
- David Moenning's Daily State of the Markets: 5/20
More News related to Upgrades
- WSP Holdings (WH) Approves $10M Stock Buyback
- Illumina (ILMN) Approves New $100M Buyback
- Tutor Perini (TPC) Extends $100 Million Stock Buyback Plan
- Pegasystems (PEGA) Approves Additional $15M Common Buyback
- Merck (MRK) Declares $0.38 Quarterly Dividend; 4.1% Yield; Announces $3B Common Buyback
Citi upgrades RD Shell (NYSE: RDS.A) (NYSE: RDS.B) from Hold to Buy. Citi also upgrades BP (NYSE: BP) from Sell to Hold.
Citi analyst says, "We argue that any concerns over heightened cyclicality in oil should be outweighed by the positive benefits of the near-term earnings cycle. Prospects for further upgrades to consensus, which sits 20% below us in 2008, and for raised 2008 dividends due to windfall cashflows are strong. We would also begin to position for an excellent 2Q08 results season from the second half of July. To our existing Buys, StatoilHydro (NYSE: STO), Total (NYSE: TOT) and Eni (NYSE: E), we add RD Shell. We also upgrade BP from Sell to Hold."
Citi raises 2008E/09E oil prices to $117/bbl and $123/bbl respectively (+$27/bbl on average), and long-term forecast from $75/bbl to $100/bbl.
BP p.l.c. (BP) is a holding company. The Company three business segments: Exploration and Production, Refining and Marketing and Gas, Power and Renewables.
Royal Dutch Shell plc (Shell) is a holding company, which owns, directly or indirectly, investments in the numerous companies constituting the group.
Related Categories
UpgradesStocks Mentioned
+0.47Related Entities
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
