ARX.TO, ATW, BG.L, BP.L, HP, NES1V.HE, NOGNq.L, PRE.TO, ROSN.MM, SU.TO, TDW,
Citi Focus List US, Credit Suisse Top Picks
ARC Resources Ltd. (ARX.TO)
Montney Drives Reserves Again
5 February 2014 sendspace.com
Atwood Oceanics, Inc. (ATW)
Cautious Outlook, But Well Positioned
5 February 2014 sendspace.com
BG Group plc (BG.L)
Capital efficiency emphasised
Maintain N / lower TP to 1,100 (from 1,115p)
6 February 2014 sendspace.com
BP (BP.L)
Improving Earnings Power Despite a Weaker Final Quarter
5 February 2014 ¦ 9 pages ir.citi.com
2013 shows clear signs of a recovery in earnings power, despite a relatively
weak final quarter. The key takeaway is that in a year of roughly flat oil prices
operating cash flow expanded by 4% YoY. Broad guidance on 2014 is in-line,
although we lower 2014/15E EPS by an average of 2% to reflect guidance of
higher corporate costs. We see 15% cash flow growth in 2014 and 3-4% CAGR
cash flow growth through to 2018 as likely, allowing FCF yield to expand but
short of what key peers offer. Neutral.
Helmerich & Payne (HP)
Oil Drives U.S. Land; No Signs of Gas Drilling Upturn (Yet)
4 February 2014 ¦ 14 pages ir.citi.com
Neste Oil (NES1V.HE)
Strong Delivery Drives 4Q Beat. Macro Outlook Uncertain.
5 February 2014 ¦ 8 pages ir.citi.com
Sell, €12 TP unchanged.
Nostrum Oil & Gas (NOGNq.L)
Positive Update, Good Buying Opportunity
4 February 2014 ¦ 7 pages ir.citi.com
Pacific Rubiales (PRE.TO)
Peru Positive; but Production More Important
5 February 2014 sendspace.com
Rosneft (ROSN.MM)
In-line at EBITDA line, nice dividend indication, cost control emphasised
4 February 2014 ¦ 8 pages ir.citi.com
Suncor Energy Inc (SU.TO)
EPS Miss; Dividend Up 15%; Another ~$1 Bn Share Repo
4 February 2014 ¦ 10 pages ir.citi.com
Tidewater (TDW)
Choppy Growth With Some Seasonal Softness
5 February 2014 sendspace.com
Citi Focus List US ir.citi.com
Adding RMBS
Top Picks
Credit Suisse’s Top U.S. Investment Ideas sendspace.com |
