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☆ Here are Tuesday's biggest analyst calls: Netflix, Apple, IBM, Coinbase, Nike, Domino's, Meta, Charles Schwab and more
▼ + stars: | 2023-12-05 | by ( Michael Bloom | ) www.cnbc.com time to read: +9 min

Goldman Sachs reiterates Nike as buy After a transfer of analyst coverage, Goldman Sachs said it sees improving growth for Nike shares. UBS downgrades United Rentals to neutral from buy UBS said in its downgrade of the equipment rental company that it sees a more balanced risk/reward. UBS reiterates Apple as neutral UBS said its analysis of Apple's App Store shows revenue increasing. UBS reiterates Netflix as buy UBS said it's standing by its buy rating on Netflix shares after hosting the company at a conference. William Blair reiterates Charles Schwab as outperform William Blair named Schwab a top pick for 2024, noting it's well-positioned.

Persons: Raymond James, Piper Sandler downgrades Albemarle, Piper Sandler, it's, Goldman Sachs, Roth, Roth MKM, TD Cowen, Bernstein, Mizuho downgrades Prologis, Wells, Wells Fargo, Oppenheimer, Domino's, Elliott, Morgan Stanley, Meta, Needham, Coinbase, JPMorgan, Raymond James downgrades Lululemon, LULU, Strong, William Blair, Charles Schwab, Schwab Organizations: Crescent Energy, Energy Company, Eagle Ford, UW, Nike, Bank of America, UBS, Credit Suisse, Yale, HY, United Rentals, Apple, Semiconductors, JPMorgan, IBM, Consulting, Mizuho, Marriott, of America, Netflix, Management, Integra, Financial, ISI, Disney, BR, Cargo Therapeutics, Citi, Travere Therapeutics Locations: Houston, Uinta, Eagle, LTHM, 2024E, 2025E, Argentina, Boston, China, Mexican

The logo of British multinational oil and gas company BP is displayed at their booth during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. London-based BP has held talks in recent weeks with several companies about tying up operations in the Haynesville shale gas basin, the three sources said. BP is also considering creating joint ventures in the Eagle Ford basin, but the talks do not include its positions in the oil-rich Permian basin for now, two of the sources added. The rapid growth in U.S. shale oil and gas operations over the past 15 years has upended global markets, turning the U.S. into a major exporter of energy. By pursuing joint ventures, BP can achieve growth ambitions while avoiding spending billions on acquisitions.

Persons: Chris Helgren, Hess, Murray Auchincloss, Bernard Looney, Ron Bousso, David French, David Gregorio Our Organizations: BP, REUTERS, Reuters, Exxon Mobil, Chevron, Natural Resources, Eagle Ford, Lewis Energy, BHP, Interim, Thomson Locations: Vancouver , British Columbia, Canada, London, Eagle, U.S, Texas, Denver, New York

☆ Top Wall Street analysts favor these five dividend stocks during tumultuous times
▼ + stars: | 2023-10-22 | by ( Tipranks.Com Staff | ) www.cnbc.com time to read: +7 min

The company paid a dividend of $1.74 per share in late September, which included a quarterly base dividend of 50 cents per share and a variable dividend of $1.24. The acquisition, anticipated to close in January 2024, is expected to boost CIVI's free cash flow per share by 5% in 2024. In September, the company announced a quarterly dividend of 57 cents per share, payable on Nov. 1. (See Chesapeake Insider Trading Activity on TipRanks)EOG ResourcesLet's look at another energy company: EOG Resources (EOG). Based on this quarterly dividend, the annual dividend rate comes to $3.30 per share, bringing the dividend yield to 2.5%.

Persons: Paresh Dave, Wall, Civitas, Lloyd Byrne, CIVI, Byrne, TipRanks, Bristol Myers, BMY, Goldman Sachs, Chris Shibutani, Shibutani, Umang Choudhary, Choudhary, EOG, Nitin Kumar, Eagle, Kumar Organizations: Cisco Systems Inc, Civitas, Civitas Resources, Vencer Energy, Jefferies, Midland, Bristol, Bristol Myers Squibb, Mirati Therapeutics, Chesapeake Energy, Management, Chesapeake, EOG, Eagle Ford, TipRanks, Cisco Locations: San Jose , California, Denver, Midland, West Texas

☆ ‘Monster Fracks’ Are Getting Far Bigger. And Far Thirstier.
▼ + stars: | 2023-09-25 | by ( Hiroko Tabuchi | Blacki Migliozzi | ) www.nytimes.com time to read: +23 min

Dallas TEXAS Austin Houston San Antonio Dallas TEXAS Austin Houston San Antonio TEXAS TEXAS Amarillo Lubbock Dallas El Paso TEXAS Austin Houston San Antonio Corpus Christi UNCHARTED WATERS ‘Monster Fracks’ Are Getting Far Bigger. Water wells that supply fracking Nationwide, fracking has used up nearly 1.5 trillion gallons of water since 2011. Now they account for almost two out of every three fracking wells in Texas, the Times analysis found. ‘Monster fracks’ take off in Texas Proportion of fracks Source: FracFocus chemical disclosure database as of Aug. 1, 2023. In 2020, New Mexico halted sales of water supplies to oil and gas companies fracking on state land.

☆ US oil output from top shale areas to fall for 3rd straight month in October, EIA says
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +2 min

U.S. oil output is expected to fall to 9.393 million barrels per day (bpd) in October from 9.433 million bpd in September, EIA data showed. A record 9.476 million bpd was hit in July. That's because U.S. exploration and production firms were still more focused on returning money to investors and paying down debt than just boosting oil and gas production. U.S. oil and gas production, however, is on track to reach record highs in 2023 and 2024 due in part to rising oil pries. Total gas output in the big shale basins will slip by 0.3 billion cubic feet per day (bcfd) to 98.4 bcfd in October from 98.7 bcfd in September, EIA projected.

Persons: Nick Oxford, Baker Hughes, Scott DiSavino, Shariq, Mark Porter, Leslie Adler, Paul Simao Organizations: REUTERS, U.S . Energy Information Administration, South Texas Eagle, EIA, Thomson Locations: Midland , Texas, U.S, . U.S, Texas, New Mexico, Bakken, North Dakota, Montana, Appalachia, Pennsylvania , Ohio, West Virginia

☆ Chesapeake to complete Eagle Ford basin exit with SilverBow deal
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File PhotoAug 14 (Reuters) - U.S. natural gas producer Chesapeake Energy (CHK.O) said on Monday it would sell its remaining Eagle Ford assets to SilverBow Resources (SBOW.N) for $700 million, completing its exit from the south Texas basin. Chesapeake said last year it viewed the Eagle Ford acreage as no longer core to its strategy and would focus on the gas-rich Marcellus and Haynesville shale formations. The Oklahoma City-based energy producer also faced pressure from activist investment firm Kimmeridge Energy Management, which has urged a shift toward solely natural gas production. SilverBow said the deal, expected to close by the end of this year, would make it the largest public pure-play Eagle Ford operator and would immediately add to key financial and operating metrics. The deal consists of a $650 million upfront cash payment due at closing and an additional $50 million deferred cash payment 12 months after close.

Persons: Dado Ruvic, Chesapeake, Marcellus, boe, SilverBow, Arunima Kumar, Sriraj Organizations: Chesapeake Energy, REUTERS, Eagle Ford, SilverBow Resources, Energy, Oklahoma, Kimmeridge Energy Management, Chesapeake, Eagle, Thomson Locations: Texas, Eagle Ford, Dimmit, Webb, Chesapeake, Bengaluru

REUTERS/Jennifer Hiller/File PhotoSINGAPORE, Aug 4 (Reuters) - Surging U.S. crude exports in 2023 are pushing down oil prices in Europe and Asia, proving a key source of supply as producers cut output and sanctions on Russian crude disrupt trade flows. U.S. crude exports are also easing the loss of supply after Saudi Arabia deepened output cuts from July, above what major producers agreed to in June. The widening exports illustrate the increasing influence of crude from the U.S., the world's biggest oil producer, in the global market. U.S. crude exports have averaged 4.08 million barrels per day so far in 2023, up from an average of 3.53 million bpd in 2022, according to the Energy Information Administration. PRESSURE EXTENDSThe pressure exerted from the WTI Midland exports is even extending to Asian markets for Middle Eastern crude.

Persons: Jennifer Hiller, Brent, it's, Joel Hanley, Rohit Rathod, Adi Imsirovic, John Evans, Muyu Xu, Alex Lawler, Arathy, Florence Tan, Simon Webb Organizations: REUTERS, Midland, P, Energy Information Administration, WTI Midland, United, Dubai, Surrey Clean Energy, Gazprom Marketing, Organization of, Petroleum, Exchange, Futures, Thomson Locations: Texas, U.S, SINGAPORE, Europe, Asia, Saudi Arabia, United Arab Emirates, Midland, Dubai, Africa, Brazil, Singapore, WTI, Saudi, London, Houston

July 21 (Reuters) - U.S. energy firms this week reduced the number of oil and natural gas rigs operating for a second week in a row, including the deepest oil rig cut since early June, energy services firm Baker Hughes (BKR.O) said in its closely followed report on Friday. U.S. oil rigs fell by seven to 530 this week, their lowest since March 2022, while gas rigs dropped by two to 131. Baker Hughes said drillers cut four rigs in the Permian in West Texas and eastern New Mexico, the nation's biggest shale oil formation, bringing the total down to 333 rigs. They also cut two rigs in the Eagle Ford bringing the total in that South Texas shale basin down to 57 rigs. U.S. shale oil and gas production will fall in August for the first time since December, the U.S. Energy Information Administration (EIA) said in its monthly Drilling Productivity Report this week.

Persons: Baker Hughes, Scott DiSavino, Marguerita Choy Organizations: drillers, Eagle Ford, Halliburton, U.S . Energy Information Administration, Thomson Locations: West Texas, New Mexico, South Texas, U.S

☆ Devon Energy tops profit estimates on strong demand, boosts share buyback
▼ + stars: | 2023-05-08 | by ( ) www.reuters.com time to read: +1 min

May 8 (Reuters) - Shale oil producer Devon Energy (DVN.N) on Monday topped Wall Street estimates for first-quarter profit on high demand for crude oil, and raised its share repurchase program by 50% to $3 billion. Energy companies have started boosting investor returns since last year with the excess cash they generated aided by higher crude prices. While crude price fell during the first quarter, nearly 20% lower compared to last year when prices soared to multi-year peaks following Russia's invasion of Ukraine, they were still high enough for producers to remain profitable. Shale producers Marathon Oil Corp (MRO.N), APA Corp (APA.O) and EOG Resources also posted profit above estimates last week, helped by strong crude prices and demand. Reporting by Sourasis Bose in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ Exclusive: Canada's Baytex Energy nears $2.5 bln deal for U.S. peer Ranger Oil -sources
▼ + stars: | 2023-02-28 | by ( David French | ) www.reuters.com time to read: +1 min

Feb 27 (Reuters) - Canadian oil and gas producer Baytex Energy Corp (BTE.TO) is nearing a deal to acquire U.S. peer Ranger Oil Corp (ROCC.O) for around $2.5 billion including debt, people familiar with the matter said on Monday. Calgary, Alberta-based Baytex will pay a mixture of cash and stock to buy Ranger at a small premium to its current market value of $1.8 billion. Baytex and Ranger did not immediately reply to requests for comment. Baytex's deal would add to the run of Canadian energy operators seeking to boost the amount they produce south of the border. Enerplus Corp (ERF.TO) completed in December the sale of its Canadian operations, leaving it with assets in North Dakota and Pennsylvania.

☆ Chesapeake to Sell Shale Oil Assets to British Chemical Maker Ineos for $1.4 Billion
▼ + stars: | 2023-02-21 | by ( Benoît Morenne | ) www.wsj.com time to read: 1 min

Photo: Rory Doyle for The Wall Street JournalA worker cleans the deck floor at a Chesapeake Energy drilling-rig site in Louisiana. Chesapeake Energy Corp. said Tuesday that it has sold oil assets to a division of U.K. chemical maker Ineos Group AG for $1.4 billion. The deal involves oil assets in the northern part of the Eagle Ford shale basin in South Texas. The sale marks the first foray of Ineos, one of the world’s largest chemical producers, into U.S. oil and gas production, Ineos said in a news release.

☆ Chemical maker INEOS makes U.S. shale bet with $1.4 bln Chesapeake deal
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +2 min

[1/2] A Chesapeake Energy Corp worker walks past stacks of drill pipe needed to tap oil and gas trapped deeply in rock like shale at a Chesapeake oil drilling site on the Eagle Ford shale near Crystal City, Texas, June 6, 2011. REUTERS/Anna Driver/File PhotoFeb 21 (Reuters) - Chemical maker INEOS is entering into U.S. oil and gas production for the first time, agreeing to purchase assets in South Texas from Chesapeake Energy Corp (CHK.O) for $1.4 billion, the companies said on Tuesday. "Over the last two decades, U.S. onshore oil and gas production has provided security of supply for the global market and competitive advantage for U.S. industry," Brian Gilvary, chairman of INEOS Energy, said in a statement. The transaction, involving an area of around 172,000 net acres with average net daily production of about 36,000 barrels of oil equivalent, will also grant Chesapeake Energy a complete exit from the Eagle Ford shale basin. Proceeds from the deal will be used to repay debt and fund its share repurchase program.

☆ U.S. oil & gas M&A hit 17-year low; big firms dominate deals-report
▼ + stars: | 2023-01-24 | by ( Liz Hampton | ) www.reuters.com time to read: +2 min

Oil companies are also grappling with less productive wells, with some viewing asset purchases as a way to keep oil and gas flowing. Larger companies with better inventories tend to have a premium built into their stock, giving them more buying power, Enverus wrote. "It's a market where the rich get richer," said Andrew Dittmar, a director at Enverus who focuses on mergers and acquisitions. Publicly traded U.S. shale firm Diamondback Energy (FANG.O) added some 500 drilling locations to its portfolio by spending $3 billion to purchase Lario Oil & Gas and Firebird Energy during the fourth quarter. Diamondback's added inventory was "more of a luxury than a necessity," Dittmar said of those deals.

Oklahoma City-based Chesapeake has been trying to divest its entire South Texas operations to focus on natural gas-producing acreage in other parts of the United States. The deal it has clinched falls short of meeting the demands of activist investor Kimmeridge Energy Management, that is among the 15 largest Chesapeake shareholders, to exit South Texas entirely. Chesapeake is continuing with efforts to divest them, though it's unclear if it will do so until market conditions change, according to the sources. Chesapeake and WildFire did not respond to comment requests. Since then, it has built a position in the Eagle Ford producing upwards of 16,000 net barrels of oil equivalent per day, according to its website.

Output in the Eagle Ford shale field tanked in 2020, but has returned to growth with an average increase per month of about 17,000 barrels per bay (bpd) in the back half of 2022, according to U.S. government data. Its gains will help keep U.S. output rising as the Permian basin, the largest U.S. shale field, has slowed rapidly in the last year. The Eagle Ford is close to existing and proposed liquefied natural gas terminals, offering producers more buyers for their gas. February's Eagle Ford oil production is forecast to hit 1.2 million bpd, the most since April 2020, according to data from the Energy Information Administration. GRAPHIC: Eagle Ford oil rig count rises to highest since March 2019 https://graphics.reuters.com/USA-OIL/EAGLE/dwpkdazxgvm/Reporting by Stephanie Kelly; Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.

☆ These 10 Club holdings have been the biggest buyers of their own stocks
▼ + stars: | 2022-12-14 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +10 min

We then divided that by each company's average market capitalization throughout that same time period. These 10 stocks spent the most on buybacks in their latest full fiscal year relative to their average market capitalization over that same four-quarter period. Devon Energy's stock ended Tuesday at $61.98 per share, giving the company a market cap of $40.52 billion. As of Sept. 30, the company had $43.5 billion remaining on its $70 billion buyback program, which was authorized by the board in April. As of Sept. 30, Linde had $6 billion left on its $10 billion buyback authorization approved by its board in February.

U.S. shale production costs are soaring and there is no sign that tight-fisted investors will change their demands for returns rather than investment in expanding drilling. At Helmerich & Payne (HP.N), one of the largest drilling contractors, its R&D budget will rise only $1 million, from 2022's $27 million. The U.S. government expects overall oil production to reach a new peak next year, but it has several times this year cut its forecasts. Shale production declines rapidly after peaking compared to conventional oil wells, falling about 50% after the first year. Lower production rates are "a longer-term prospect," said Mike Oestmann, chief executive of shale producer Tall City Exploration.

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CNOOC has hired JPMorgan to advise it on a potential exit from its interests in U.S. shale gas assets, which could raise around $2 billion, the sources familiar with the matter said. The sources cautioned that a sale was not guaranteed, and CNOOC could still retain these interests if it did not receive suitable offers or political situations changed swiftly. In the Eagle Ford basin of south Texas, CNOOC's stake is in oil and gas assets owned by U.S. shale driller Chesapeake Energy Corp (CHK.O). While Chesapeake has itself put those assets up for sale, any decision there is not expected to impact CNOOC's plans, one of the sources said. Norway's Equinor (EQNR.OL) is said to be considering buying the stakes in a deal valued between 20 billion and 30 billion Norwegian crowns ($2-3 billion).

☆ Gilman Hill's Jenny Harrington likes this cheap energy stock with a dividend
▼ + stars: | 2022-11-18 | by ( Alex Harring | ) www.cnbc.com time to read: +1 min

Gilman Hill Asset Management's Jenny Harrington recommends Devon Energy because of its cheap trading value and solid dividend "I don't want to be a bull, I don't want to be a bear," the investor said on CNBC's "Halftime Report." The Oklahoma-based energy stock gained 57% this year, slightly below the 65% jump seen in the S & P 500 's energy sector. Earlier this month, the company reported third-quarter earnings per share that beat expectations, according to FactSet. Still, Harrington said she likes the dividend the company provides. Harrington also pointed to it trading at seven-times earnings, which is considered low by many investors.

☆ Exclusive: Texas producer Ranger Oil explores sale
▼ + stars: | 2022-11-18 | by ( Shariq Khan | ) www.reuters.com time to read: +2 min

Nov 18 (Reuters) - Ranger Oil Corp (ROCC.O) is exploring a potential sale as the south Texas oil and gas producer looks to capitalize on high energy prices to pursue strategic options, people familiar with the matter said on Friday. Shares in Ranger, which operates in the Eagle Ford shale basin, jumped over 5% on Friday after Reuters reported the company's sale efforts. Ranger Oil did not immediately respond to a request for comment. Ranger had gained around 58% this year, prior to news of its sale efforts. Last year, Penn Virginia Corp bought Lonestar Resources US Inc in an all-stock deal valued at $370 million, and later rebranded the combined company as Ranger Oil.

☆ Marathon Oil to buy Ensign's Eagle Ford assets for $3 bln
▼ + stars: | 2022-11-02 | by ( Shadia Nasralla | Svea Herbst-Bayliss | ) www.reuters.com time to read: +1 min

Nov 2 (Reuters) - Marathon Oil Corp (MRO.N) said on Wednesday it had struck a deal to buy Ensign Natural Resources' Eagle Ford assets for $3 billion in cash. Marathon said the deal was immediately accretive to the company's cash flow and will nearly double its position in South Texas' Eagle Ford basin. The company expects to raise its base dividend by an additional 11% after closing the deal, which is expected by the end of this year. The U.S. oil producer on Wednesday also posted quarterly income that topped Wall Street's estimate on higher energy prices. Reporting by Ruhi Soni in Bengaluru; Editing by Anil D'Silva and Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ Devon Energy shares slump on higher capex, disappointing Q4 output outlook
▼ + stars: | 2022-11-02 | by ( Liz Hampton | ) www.reuters.com time to read: +2 min

Companies Devon Energy Corp FollowNov 2 (Reuters) - Shares of U.S. shale oil producer Devon Energy (DVN.N) slumped more than 7% on Wednesday on an outlook for higher than expected capital spending and lower than forecast fourth-quarter output. Investors have been pushing U.S. shale companies to hold spending flat and increase oil and gas output at single-digit percentage levels to generate higher returns. However, companies have warned that higher costs for labor, materials and equipment are pushing up spending. Devon forecast fourth-quarter production of between 640,000 and 660,000 barrels of oil equivalent per day (boepd), 2% under the midpoint of investment firm Cowen's estimate. Devon executives told investors the company anticipates higher production in 2023 over 2022, but next year's volumes will be at the bottom half of its targeted 0% to 5% growth rate compared to 2022 exit rates.

☆ Devon Energy's third-quarter beat comes on the back of solid capital discipline
▼ + stars: | 2022-11-01 | by ( Jeff Marks | ) www.cnbc.com time to read: +6 min

3Q cash flow Operating cash flow for the quarter increased 32% year-over-year, to $2.1 billion, roughly in line with analysts' estimates of $2.18 billion. Free cash flow grew 31% annually, to $1.48 billion, in line with forecasts of $1.45 billion. Capital allocation At the Club, we pay close attention to cash flow metrics. The strong cash flow realized in the third quarter allowed management to announce a fixed-plus-variable dividend of $1.35 a share. Free cash flow is expected to increase more than 25% on an annual basis.

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