| | | EMES, Kunlun Energy, Gazprom, Hellenic Petroleum, LNG, TTI,
Integrated Oils - Western Europe,
European Refiners Bi-Monthly,
Electric Utilities Sector Bi-Weekly,
Commodity Price Deck for Utility Equities,
OT: SMID Cap “Rap”
Emerge Energy Services LP (EMES)
Top Takeaways from EMES Investor Event; Raising Target; Buy
6 April 2014 ¦ 20 pages ir.citi.com
We continue to rate EMES Buy/High Risk (1H) and are increasing our target
price to $80.00. We believe margins will remain relatively stable over the next
couple of years as US unconventional liquids production continues to grow. We
believe the partnership should provide investors an attractive total return based
on its current implied yield and our projected distribution growth of ~36% in 2014
and ~45% in 2015.
Kunlun Energy (0135.HK)
8 April 2014 ¦ 14 pages ir.citi.com
Cutting Earnings and TP; E&P Earnings Are Falling and LNG
Remains Challenged by Higher Gas Prices
Gazprom (GAZP.MM)
European exports – 2014 to be a tougher year on weather
7 April 2014 ¦ 12 pages ir.citi.com
Gazprom (GAZP.MM)
4 April 2014 ¦ 7 pages ir.citi.com
Alert: Gazprom’s Ukraine gas price raised again as 2010 export
duty waiver annulled by Moscow
Hellenic Petroleum S.A. (HEPr.AT)
Defensive Qualities But Macro Risks Remain. Initiating At Neutral
7 April 2014 ¦ 26 pages ir.citi.com
We initiate coverage on Hellenic Petroleum, the largest oil refiner in Greece and
Southern Europe.
Cheniere Energy, Inc. (LNG)
Phew What a Day of Trading... Our Preliminary Analyst Day Pass-ALoNGs
07 April 2014 sendspace.com
Tetra Technologies, Inc. (TTI)
Management Meeting Takeaways
07 April 2014 sendspace.com
Oil Insights
Integrated Oils - Western Europe
7 April 2014 ¦ 9 pages ir.citi.com
Big Oil 1Q14 to Highlight Stabilising Earnings and Returns
Central to our “Stand and Deliver” thesis for Big Oil is a belief that after several
years of sharp deterioration that earnings and returns for the group are now
starting to stabilise. Our quarterly and 1-year forward earnings are more-in line
with consensus earnings (cut 10% in 3 months). While this is hardly a greenshoot
of recovery, we think the consensus earnings headwinds for the sector look
considerably less than they have for some time.
European Refiners Bi-Monthly
Seasonality emphasised
07 April 2014 sendspace.com
Electric Utilities Sector Bi-Weekly
Tracking Changes in Power, Spreads and Commodities
6 April 2014 ¦ 51 pages ir.citi.com
Commodity Price Deck for Utility Equities
4 April 2014 ¦ 7 pages ir.citi.com
4-2-2014 Forward Prices for Utility Equity Modeling & Analysis
OT: SMID Cap “Rap”
4 April 2014 ¦ 15 pages ir.citi.com
Which Growth?
For the week ended Thursday, the R2500, R2000 and Mid Cap performed
roughly in line, with +2.6% to +2.7% gains, which were just ahead of the SPX.
Interestingly, Energy and Utilities are now among the top performing sectors
YTD. In turn, a combination of the much discussed momentum selloff, focusing
on Biotech and Software, combined with the stealth run in Utilities, has led to
another week of Value outperformance over Growth. |
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