Wells Fargo's Roger Read Says Big Oil Back, Multiple Beats and Repurchases Restarting

August 2, 2021 7:58 AM EDT
Get Alerts RDS Hot Sheet
Price: $0.89 --0%

Rating Summary:
    0 Buy, 0 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 16 | Down: 13 | New: 52
Trade Now! 
Join SI Premium – FREE

Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.

The analyst's key takeaway midway through the earnings season is that Big Oil is back.

He stated "Key Takeaway. I'm back. With three of four Super Majors reporting better than expected earnings, cashow and free cashflow this week, that is our key conclusion. Undoubtedly, the commodity price provided a signicant boost, but the significant net reductions in capex and opex should not be understated, in our view. Both Royal Dutch Shell (NYSE: RDS/A) and Chevron (NYSE: CVX) felt confident enough in their results and the macro (OPEC+ dissension mostly quelled and the Delta variant lurking) to restart share repurchase programs. ExxonMobil (NYSE: XOM) understandably will continue to reduce debt. We remain favorably disposed to Overweight rated XOM and RDSb. Our rating for CVX remains Equal Weight.



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Analyst Comments

Related Entities

OPEC, Earnings, Wells Fargo