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ID:5287319
大小:1.65 MB
页数:101页
时间:2017-12-07
《巴克莱-石油天然气行业报告(美股)》由会员上传分享,免费在线阅读,更多相关内容在行业资料-天天文库。
1、Oil&GasBenchmarks2017TheYearofBigOilWeseethenext12monthsasacriticalperiodfortheoilandgasindustryandonethatshouldseecompaniesgettingbacktocoveringdividendsandreducingdebtorganically.Assuch,overthecomingyear,weseecompetitiveperformanceasacrucialdeterminantofv
2、aluecreationandthisreportisourannualassessmentoftheoperationalandfinancialperformanceoftheintegratedcompaniesovera25-yearhistory.Itallowsustoaligncompaniestodifferingquartilesofperformanceandassesswhethertheyareappropriatelyvalued.Weconcludethatthereisstill
3、materialvalueinthelargecapoils,withourpreferencetowardsthosestockswithlowerbreakevensandmorepotentialtore-rateoverthenext12months.OurkeyOverweightstocksareBP(675pPT),Conoco(US$51PT),Exxon(US$94PT),OMV(EUR54PT)andShell(2,750pPT).WereiterateOWratingsonBP,Con
4、oco,Exxon,OMVandShell.OurOverweightstocksallstandoutasofferingasignificantvaluationdiscounttooperationalperformancewithBPourTopPickinEuropeandConocothemostattractiveoftheUSMajors.WedowngradeStatoilandEnitoUnderweight.Thecompaniesscreenasexpensiveversuspeer
5、swithavaluationquartilehigherthanindustrialperformance.WedowngradeRepsolandTotaltoEqualWeight.Thecompaniesnowscreenasfairvalueversuspeerswiththevaluationquartilematchedbyindustrialperformance.Industrialperformancevs.ValuationSource:BarclaysResearch.Stocksn
6、earerthetoprightscreenasbettervaluethanthosenearerthebottomleft.BarclaysCapitalInc.and/oroneofitsaffiliatesdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffectt
7、heobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.ThisresearchreporthasbeenpreparedinwholeorinpartbyequityresearchanalystsbasedoutsidetheUSwhoarenotregistered/qualifiedasresearchanalystswithFINRA.P
8、LEASESEEANALYSTCERTIFICATION(S)ANDIMPORTANTDISCLOSURESBEGINNINGONPAGE102.Barclays
9、Oil&GasBenchmarks2017SummaryofourRatings,PriceTargetsandEarningsChangesinthisReport(allchangesareshowninbold)CompanyRat
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