Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: Crimson Ghost who wrote (41792)	4/7/1999 4:55:00 PM
From: Douglas V. Fant	Read Replies (1) of 95453

George, A news blurb on E&P stocks... PaineWebber ups target on oil stocks Short-term weakness still expected for crude prices By Emily Church, CBS MarketWatch Last Update: 11:51 AM ET Apr 7, 1999 NEW YORK (CBS.MW) -- PaineWebber raised its 12-month price targets on Wednesday for five oil companies, citing an improvement in crude oil prices. Analyst Frank Knuettel raised his targets for Conoco (COC) to $27 from $25 per share.Conoco shares rose 1/8 to 23 15/16 in mid-session trading. Among his other expected price moves: Imperial Oil (IMO) to $21 from $18 (its shares edged 3/16 lower to 19); Texaco (TX) to $62 from $57 (the stock slipped 7/16 to 55 15/16); Royal Dutch Petroleum (RD) to $62 from $55 (shares rose 1/2 to 53 1/16); Shell Transport & Trading (SC) to $47 from $42 (shares inched up 1/16 to 40 5/8). Shares of oil companies have rallied sharply off lows in early March following the rise in the price of crude amid a pact by the major oil-producing nations to curb production. On Wednesday, the Chicago Board of Options Exchange Oils Index ($OIX) rose 0.1 percent amid gains in Exxon (XON) and Mobil (MOB). See Futures Movers. Industry analysts say the recovery in oil prices will remain linked to OPEC's ability to enforce those cuts. Knuettel said he continues to anticipate weakness in oil prices over the next several months, a development which may mean share prices will come down a notch or two. Despite that, he told investors he thinks that "the overall industry is better poised and perceived than just a few months ago." "Raising our longer-term target prices does not portend a change with regards to our outlook for the oil industry. We continue to believe that expectations by some oil industry observers regarding strong compliance with the recent OPEC agreement... are embedded in current oil price quotations."

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