🎁 💸 Warren Buffett's Top Picks Are Up +49.1%. Copy Them to Your Watchlist – For FreeCopy Portfolio

Oil outlook cut at Societe Generale; market not improving as fast as expected

Published 07/26/2017, 12:49 PM
© Reuters.  Oil outlook cut at Societe Generale; market not improving as fast as expected
BP
-
SHEL
-
EQNR
-
SOGN
-
LCO
-
CL
-
SCO
-
UCO
-
EQNR
-
E
-
BP
-
TTE
-
DTO
-
SZOXF
-
BNO
-
OILold
-
OIL
-
DBO
-
USL
-
USO
-
DNO
-
DWT
-
UWT
-
OLO_old
-
WTID_old
-
WTIU_old
-
OILX
-
OILK
-
  • Societe Generale (PA:SOGN) is the latest to throw in the towel on a 2017 crude oil recovery, as it cuts its crude oil price targets and income outlook for the oil companies it covers.
  • The firm cuts its 2017 price forecast for Brent crude oil to $50/bbl from $55, as well as 2018 to $50 from $60 and 2019 to $52/bbl from $65, and sector-wide income estimates by 18.4% in 2017, 29% in 2018 and 30.6% for 2019.
  • In light of the new forecast and earnings outlook, Societe Generale downgrades BP (LON:BP) (BP) to Hold from Buy, also citing higher relative valuation, lower return on average capital employed, and lower organic free cash flow yield vs. the sector; the firm cuts earnings estimates for BP, Statoil (OL:STL) (STO +1.2%) and Eni (E +0.7%) but maintains Buy ratings for Total (TOT +1.1%) and Royal Dutch Shell (LON:RDSa) (RDS.A, RDS.B).
  • ETFs: USO, OIL, UWT, UCO, DWT, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, OILK, WTIU, OILX, WTID, USOI
  • Now read: Royal Dutch Shell - Lower Oil Prices May Slightly Dent Q2 Results


Original article

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.