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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: Dennis Roth who wrote (183710)	5/5/2014 9:24:36 AM
From: Dennis Roth	5 Recommendations Recommended By DELT1970 evestor isopatch LoneClone saintsinnerido Read Replies (1) \| Respond to of 206128

ANR, CIE, CJES, CNX, COP, CVRR, ESV, MPC & MPLX, NGLS & TRGP, OILT, SU.TO, TSO & TLLP, VLO, WLL, WLT, XOM Alpha Natural Resources (ANR) Thermal Improving But Not Enough to Offset Met, Lowering Estimates 1 May 2014 ¦ 9 pages ir.citi.com Cobalt International Energy (CIE) Q1’14 Wrap-Up: Solid Orca DST; More Exploration Teed Up In ’14 1 May 2014 ¦ 12 pages ir.citi.com Cobalt reported slightly better-than-expected bottom-line results while liquidity remains strong for now and the full-year budget is unchanged. We reiterate our Buy rating on CIE’s shares but are lowering our price target to $27 per share from $32 per share based on our revised risked NAV assessment for discoveries to date and prospects teed up through the end of 2015. Robert S Morris C&J Energy Services Inc. (CJES) Raising EPS Estimates and Price Target 1 May 2014 ¦ 14 pages ir.citi.com Revenue growth from 4Q13 to 1Q14 was much stronger than expected, signaling that C&J’s fleet utilization is improving rapidly due to strong customer demand for hydraulic fracturing services. The next steps would appear to include an upturn in pricing based on the tightening supply/demand balance and the rising U.S. horizontal rig count. C&J is one of the most leveraged ways to play the recovery in U.S. drilling. Based on some early signs of pricing recovery amid strong demand trends, we are upwardly revising our earnings estimates for 2014-16. We have raised our price target to $36 from $29. Robin Shoemaker CONSOL Energy (CNX) Great 1Q and Likely Best Quarter for the Year 29 April 2014 ¦ 9 pages ir.citi.com ConocoPhillips (COP) EPS Beat; Margin Expansion Continues; Maintain Buy 1 May 2014 ¦ 10 pages ir.citi.com CVR Refining, LP (CVRR) Distribution in Line; Strong Operations; RINs Remain an Issue 1 May 2014 ¦ 10 pages ir.citi.com Ensco plc (ESV) Lowering Estimates on Rig Pricing, Maintain Buy Rating 29 April 2014 ¦ 13 pages ir.citi.com Strong performance highlighted by 96% utilization of available rig days led to higher-than-expected floater revenues and 1Q14 EPS of $1.31, which was above our estimate of $1.17 and the consensus estimate of $1.22. Average floater day rates increased 18% year-on-year as a result of the start-up of new rigs at high day rates and the expiration of lower priced contracts on older rigs in the Ensco fleet. Robin Shoemaker MPC & MPLX EPS Impacted by Turnarounds & Weather 1 May 2014 ¦ 15 pages ir.citi.com MPC adjusted 1Q’14 EPS of $0.82 was below our estimate of $1.03 and consensus of $1.07. 1Q results were impacted by turnarounds at the two of its biggest refineries on the Gulf Coast and restrictions imposed on MPC’s operations due to severe winter weather. MPLX reported 1Q’14 adj. EBITDA of $40.0 mm, 32% higher than our estimate of $30.3 mm and 21% higher than consensus estimate of $33.0 mm. Faisel Khan, CFA \| Mohit Bhardwaj Targa Resource Partners & Corp Strong Performance Across All Segments; Maintain Buy 1 May 2014 ¦ 14 pages ir.citi.com NGLS reported strong operating results across all segments with total operating margin of $275mn exceeding our expectation of $251mn. Adj. EBITDA of $232mn was higher than our estimate of $208mn and consensus of $205mn as all but the logistics segment exceeded expectations. DCF of $189mn was 22% higher than our $155mn est. due to the beat and lower maintenance capex in the quarter. Full year expectations for maintenance capex remain unchanged at $90mn. Faisel Khan, CFA Oiltanking Partners LP (OILT) Q1 Miss, but Fear Not, Growth Pipeline Is Still Bountiful 1 May 2014 ¦ 11 pages ir.citi.com OILT reported Q1-14 adj. EBITDA of $40.4 mil, which missed both our estimate of $45.2 mil and the consensus of $44.1 mil. Revenues slightly missed as terminal throughput came in lower due to an above-average number of days the Houston Ship Channel was closed due to fog, as well as the March 22nd barge collision and fuel oil spill near Texas City. The miss, however, was mostly attributable to higher than expected operating expenses. Distributable cash flow for the quarter of $37.3 mil was lower than our estimate of $41.2 mil by ~10%, and covered distributions paid by a healthy 1.80x. Suncor Energy Inc (SU.TO) EPS Beat on Refining & Strong Canadian Realizations; Neutral 29 April 2014 ¦ 10 pages ir.citi.com Tesoro and Tesoro Logistics TSO & TLLP Beat; Port of Vancouver Facility Remains Catalyst 1 May 2014 ¦ 15 pages ir.citi.com TSO reported 1Q adjusted EPS of $0.62, above our estimate of $0.29 (Street of $0.43) on higher margins in California. Adjusted EPS excludes a $0.02 gain from the sale of the Tesoro Logistics Boise Terminal, a $0.14 expense related to the redemption of TSO’s 9.75% senior notes and a $0.09 gain associated with compensation expense. Faisel Khan, CFA \| Mohit Bhardwaj Valero Energy Corp (VLO) EPS Beat on Operating Performance; Higher 2Q Turnaround 29 April 2014 ¦ 10 pages ir.citi.com Whiting Petroleum Corp (WLL) Fickle Markets – Not Operations – Cause Pullback; Reiterate Buy Rating And Raise Target Price To $86 From $83 2 May 2014 ¦ 19 pages ir.citi.com We could point to a handful of items that may have caused Whiting to lag post reporting Q1'14 results; however, in our view none materially impact the firm’s core earnings power. Thus, our investment thesis is unchanged and we reiterate our Buy rating; raising our target price to $86 from $83. John Nelson \| Robert S Morris Walter Energy (WLT) Lowering Estimates, Better Positioned to Survive the Downturn 1 May 2014 ¦ 10 pages ir.citi.com Exxon Mobil Corp (XOM) EPS Beat; Upstream Unit Profitability Improves; Neutral 1 May 2014 ¦ 9 pages ir.citi.com