Energy

CFRA Keeps Buy Opinion On Shares Of Valero Energy Corporation

/ / Energy /

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: Our 12-month target of $145, down $17, reflects a 6.1x multiple of projected 2024 operating cash flows, above VLO’s historical forward average. We reduce our 2023 EPS estimate by $0.35 to $25.65 and raise 2024’s by $1.26 to $16.23. Q3 EPS of $7.49 vs. $7.14 beat consensus estimates by $0.17. In Q3, adjusted EBITDA fell 6% Y/Y, while increasing ~10% sequentially, missing consensus estimates by ~10%. Refining utilization (95%) remained flat Y/Y and rose one percentage point sequentially, while throughput volumes (3.0 mb/d) rose 1% Y/Y and 2% sequentially. Refining margins ($19.47/b) fell ~9% Y/Y, while growing 25% sequentially due to its North Atlantic refining segment (+55%). We think that VLO should stand to benefit in the long run, given that OPEC+ production cuts are expected to […]

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CFRA Keeps Buy Opinion On Shares Of Halliburton Company

/ / Energy /

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: Our 12-month target of $46, up $4, reflects an 8.7x multiple of EV to projected 2024 EBITDA, slightly above HAL’s historical average. We raise our 2023 EPS estimate by $0.05 to $3.07 and cut 2024’s by $0.09 to $3.47. Q3 EPS of $0.79 vs. $0.60, beat consensus by $0.02. Q3 revenues ($5.8B) rose 8% Y/Y, driven by HAL’s international segment (+17%). Amongst the “Big 3” services firms (HAL, SLB, and BKR), HAL holds the largest North American (NA) exposure (45% of 2022 revenues) vs. its peer average (22% of 2022 revenues). The EIA forecasts WTI pricing to average ~$80/b in 2023 (vs. $95/b in 2022) and $91/b in 2024. Given that drilled but uncompleted well count (DUCs) have dropped ~47% since Q1 2020 as E&Ps turned to

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CFRA Maintains Buy Opinion On Shares Of Nextera Energy, Inc.

/ / Energy /

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We lower our 12-month target by $8 to $64, 18.8x our 2024 EPS estimate (down $0.01 to $3.40; 2023 estimate remains $3.12), a premium to peers based on higher earnings and dividend growth potential, though a discount to NEE’s 10-year average of 21.8x given challenges for renewables developers in the higher interest rate environment. Despite somewhat weaker three-year consensus EPS growth expectations (closer to 8% CAGR vs. 9% previously), we think today’s price action (shares up about 5%) reflects NEE’s decision to leave overall guidance unchanged despite the recent announcement of a lower distribution growth trajectory for NextEra Energy Partners (NEP 26 NR), which falls under the NEER subsidiary. NEE reported Q3 EPS of $0.94 vs. $0.85, $0.06 above consensus as returns on capital investments offset higher

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Halliburton Announces Third Quarter 2023 Results

/ / Energy /

Halliburton Announces Third Quarter 2023 Results — Net income of $0.79 per diluted share. — Revenue of $5.8 billion and operating margin of 17.9%. — International revenue growth of 17% year on year. — Repurchases of approximately $200 million of common stock. HOUSTON—-October 24, 2023– Halliburton Company (NYSE: HAL) announced today net income of $716 million, or $0.79 per diluted share, for the third quarter of 2023. This compares to net income for the second quarter of 2023 of $610 million, or $0.68 per diluted share and adjusted net income(1) , excluding the loss on transactions in Argentina, of $691 million, or $0.77 per diluted share(2) . Halliburton’s total revenue for the third quarter of 2023 was $5.8 billion, flat when compared to the second quarter of 2023. Operating income was $1.0 billion in the third quarter of 2023, a 3% increase when compared to the second quarter of 2023.

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NextEra Energy Q3 Adj. EPS $0.94 Beats $0.88 Estimate, Sales $7.17B Beat $7.09B Estimate

/ / Energy /

NextEra Energy (NYSE:NEE) reported quarterly adjusted earnings of $0.94 per share which beat the analyst consensus estimate of $0.88 by 6.82 percent. This is a 10.59 percent increase over earnings of $0.85 per share from the same period last year. The company reported quarterly sales of $7.17 billion which beat the analyst consensus estimate of $7.09 billion by 1.16 percent. This is a 6.74 percent increase over sales of $6.72 billion the same period last year.

NextEra Energy Q3 Adj. EPS $0.94 Beats $0.88 Estimate, Sales $7.17B Beat $7.09B Estimate Read Post »

CFRA Keeps Buy Opinion On Shares Of Chevron Corporation

/ / Energy /

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: CVX is buying upstream peer Hess Corporation (HES 163 ***) in an all-stock deal valued at about $58 billion. Per the deal, each share of HES will be exchanged for 1.025 shares of CVX stock. We estimate the deal at an enterprise value to 2024 EBITDA multiple of 8.1x, in line with HES’s five-year historical forward average, and only 1% above HES’s current multiple. The deal is expected to close in early 2024, and CVX views it as accretive by 2025. We like the deal for CVX both from a strategic and valuation standpoint. Strategically, CVX adds more oil exposure in long-cycle plays (Guyana), which complements CVX’s expansion in the short-cycle Permian Basin. On valuation, we are surprised at the minimal premium needed, and the lack of

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Schlumberger (NYSE:SLB) Q3 Adj. EPS $0.78 Beats $0.77 Estimate, Sales $8.31B Miss $8.33B Estimate

/ / Energy /

Schlumberger (NYSE:SLB) reported quarterly earnings of $0.78 per share which beat the analyst consensus estimate of $0.77 by 1.3 percent. This is a 23.81 percent increase over earnings of $0.63 per share from the same period last year. The company reported quarterly sales of $8.31 billion which missed the analyst consensus estimate of $8.33 billion by 0.24 percent. This is a 11.14 percent increase over sales of $7.48 billion the same period last year.

Schlumberger (NYSE:SLB) Q3 Adj. EPS $0.78 Beats $0.77 Estimate, Sales $8.31B Miss $8.33B Estimate Read Post »

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