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Strategies & Market Trends : Speculating in Takeover Targets
ULBI 5.640-1.2%3:16 PM EST
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From: richardred5/4/2005 12:54:32 AM
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Two Potential Acquisition Targets In Integrated Oils
05.03.05, 5:20 PM ET


Bear Stearns reiterated a "market underweight" rating on integrated oils and refiners, citing lower prices and softening demand. The research firm also said the sector is poised for a consolidation wave. Bear Stearns forecasts oil prices of $40 per barrel in 2005 and $25 in 2006. "Oil production by OPEC and non-OPEC is rising into an already over supplied market at a time when demand is declining seasonally," Bear Stearns said. The research firm said consolidation is underway in the industry, with ChevronTexaco (nyse: CVX - news - people ) announcing its intention to acquire Unocal (nyse: UCL - news - people ), and Valero (nyse: VLO - news - people ) announcing a deal to buy Premcor (nyse: PCO - news - people ). Bear Stearns said potential acquirers include ConocoPhillips (nyse: COP - news - people ), Occidental Petroleum (nyse: OXY - news - people ), Royal Dutch/Shell (nyse: RD - news - people ), Total (nyse: TOT - news - people ) and major Chinese oil companies. Possible acquisition targets include Marathon Oil (nyse: MRO - news - people ) and Murphy Oil (nyse: MUR - news - people ). Bear Stearns maintained "outperform" ratings Marathon, Murphy and BP (nyse: BP - news - people ). It reiterated a "peer perform" rating on Unocal, and "underperform" ratings on Amerada Hess (nyse: AHC - news - people ), ConocoPhillips, Kerr-McGee (nyse: KMG - news - people ) and Occidental Petroleum.
forbes.com
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