Energy

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

CFRA Keeps Buy Opinion On Shares Of Chevron Corporation Read Post »

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 »

CFRA Keeps Strong Buy Opinion On Shares Of Schlumberger Limited

/ / 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 to $70, down $1, which reflects a 13.8x multiple of EV to projected ’24 EBITDA, a premium to peers. We think a peer premium is merited based on SLB’s peer-leading international and offshore exposure (80% of ’22 revenues vs. a peer average of 66%). We cut our ’23 EPS estimate by $0.04 to $2.95, and lift ’24’s by $0.02 to $3.72. Q3 EPS of $0.78 vs. $0.63, beat consensus by $0.01. Q3 revenue ($8.3B) grew 11% Y/Y, driven by its international segment (+12%). On Wednesday (October 18), the U.S. lifted most of its restrictions against Venezuelan crude for six months. While it is still in the early stages, we think SLB should stand to benefit against its peers, given its track record

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