uhmuhnum,
Dr. K.Bull may have closed up for the week.
You might recall that he does not look at Y-O-Y NG production, rig counts, deepwater drilling, etc.
Instead he uses the charts to help indicate where buying opportunities may exist.
Based on the charts, I think that Dr. K.Bull would share your bullish stance for CVX, CHK, OIH, etc.
Regarding the Raymond James report, the section that you highlighted ("... despite continued growth in drilling activity....") would seem to indicate that for longer term investors owning oilfield services (e.g., OIH for the diversified play or RIG, PTEN, NBR, GW, etc. for the more focused stocks) will provide greater rewards that issues such as XOM, CVX, etc. that will be forced to use the drillers more and more to help maintain production.
In addition to OSX issues, the mid-sized E&P's will provide much greater upside than your CVX since the majors will need to buy them to stay flat. |
