For Immediate Release
Chicago, IL – Jan 03, 2018 – Zacks.com announces the account of stocks featured in the Analyst Blog. Every day the Zacks Equity Research ysts altercate the latest account and contest impacting stocks and the cyberbanking markets. Stocks afresh featured in the blog include SandRidge Energy, Inc. SD, McDermott International MDR, Transocean Ltd. RIG, Ultra Petroleum Corp. UPL and TechnipFMC plc FTI.
Today, Zacks is announcement its ”Buy” b recommendations. Get #1Stock of the Day aces for free.
Here are highlights from Tuesday’s Analyst Blog:
Oil & Gas B Roundup: Crude’s Bullish Year End, SandRidge’s Accord Cancellation & More
Heading into the New Year, both oil and accustomed gas futures accomplished apparent upticks on advantageous accumulator draws.
On the account front, activity explorer SandRidge Energy, Inc called off its alliance with peer Bonanza Creek Energy, Inc. afterward criticism from some of its bigger shareholders, while oilfield casework player McDermott International, Inc. appear the cancellation of a arrangement in the Danish breadth of North Sea.
Overall, the breadth concluded 2017 on a bullish note. West Texas Intermediate (WTI) awkward futures acquired about 3.3% to aing at $60.42 per barrel, while accustomed gas prices surged 11% to $2.9530 per actor Btu (MMBtu). (See the aftermost ‘Oil & Gas B Roundup’ here: Shell Boosts Power Bazaar Presence, Cabot Sells Eagle Ford Assets)
Posting its additional anniversary accretion in a row, oil prices bankrupt 2017 up added than 12%. The aftermost anniversary of the year saw U.S. oil criterion attain its accomplished closing back June 2015. The above agitator was the Activity Department’s account release, which appear that awkward stockpiles recorded addition higher-than-expected account draw. On a added bullish note, calm oil assembly airtight its steadily ascent trend and fell for the aboriginal time back October. Abstracts assuming the cardinal of U.S. oil rigs not ascent for a third beeline anniversary helped adhesive those gains.
Oil stockpiles accept diminished in 30 of the aftermost 38 weeks and are bottomward added than 100 actor barrels back April. The bit-by-bit abatement has helped the U.S. awkward bazaar about-face from year-over-year accumulator surplus to a deficit. At 431.9 actor barrels, accepted awkward food are 11.1% beneath the year-ago aeon and the everyman back 2015.
Meanwhile, accustomed gas was one of 2017’s worst-performing commodities, accident 21% during the period. However, the ammunition acquired abundant arena during the accomplished anniversary afterward a larger-than-average abatement in supplies. Favorable acclimate forecasts (translating into able-bodied heating gas demand) added to the absolute sentiment.
Recap of the Week’s Most Important Stories
1. Oil and accustomed gas company, SandRidge Activity afresh appear that it has alone its plan to access Colorado-based Bonanza Creek Energy, afterward acute action from its shareholders. SandRidge has agreed to balance Bonanza Creek with up to $3.7 actor for absolute the agreement.
Earlier, SandRidge had appear its plan to access Bonanza Creek Activity for a absolute application of $746 actor including banknote and stock. The plan was primarily against by New York-based Fir Tree Ally and activist Carl Icahn, the two bigger shareholders of SandRidge. While Icahn holds 13.5% of Zacks Rank #2 (Buy) SandRidge shares, Fir Tree holds owns 8.3%. Afterward the decision, both the companies mutually absolved the accretion plan. You can see the complete account of today’s Zacks #1 Rank (Strong Buy) stocks here.
Although SandRidge – which emerged out of defalcation in 2016 – initially believed that the accretion will admonition it to access its DJ Basin authority and accession oil production, the majority of its shareholders acquainted it should bigger focus on the admeasurement of administration advantage and aggregation admeasurement and scale. The shareholders apprehend the aggregation with a bazaar cap of $654.184 actor to mend its centralized disparities afore accretion its asset holdings. (Read more SandRidge Cancels Plan to Access Bonanza Creek: Here’s Why)
2. Energy-focused engineering and architecture aggregation McDermott International afresh appear that it has landed an engineering, procurement, architecture and allotment (EPCC) casework arrangement from Maersk Oil for the latter’s Tyra Redevelopment project. It is amid in the Danish breadth of North Sea.
The arrangement amount is accepted to be in the ambit of $500-$700 million. With this contract, McDermott is abiding to the North Sea. It additionally aligns with the company’s advance strategy. Per McDermott, Maersk Oil will be provided with the abounding apartment of EPCC casework for seven boarded structures, six aing bridges and six anorak extensions. McDermott has affairs to backpack out the activity as allotment of two abstracted assignment packages. One of the bales will accept Tyra East G platform’s gas processing boarded of about 18,188 tons, which will accommodate two 100 meters aing bridges belief 468 bags and 771 tons. A 137-meter continued blaze is additionally included in this package.
McDermott, which is set to absorb with Chicago Bridge & Iron, expects to alpha alive on the activity from aboriginal 2018. It expects to complete the two assignment bales by Feb 1, 2020 and Feb 1, 2021, respectively. The arrangement will be reflected in the company’s excess for the fourth division of 2017. (Read more McDermott Gets EPCC Arrangement From Maersk Oil in North Sea)
3. Transocean Ltd. afresh appear that its acrid ambiance semisubmersible, Transocean Spitsbergen has accustomed a 22-well arrangement from Norwegian chip major Statoil ASA in the Norwegian North Sea. The continuance of the arrangement is 33 months and it includes two one-well options. Back the account of the contract, the b has acquired 9.5%.
The Aker H-6e blazon Transocean Spitsbergen was congenital in 2009. It has been deployed beforehand this year on Statoil’s UK conduct campaign, commutual which the semisubmersible will move to the Norwegian North Sea. The latest accord added strengthens the accord of the two companies.
Per Transocean, the contract, which is accepted to activate in the third division of 2019, is admired at about $286 actor (excluding achievement allurement opportunities) or $289,000 per day. Notably, as of Feb 21, 2017, Transocean, a baton in the adopted conduct industry, has a absolute excess of added than $14 billion. (Read more Transocean Receives $286M Worth Arrangement From Statoil)
4. Ultra Petroleum Corp. has afresh appear the denial of Marcellus properties, in band with its ambition of redirecting focus against added assisting resources. Alta Marcellus Development LLC is the client of the asset and the transaction is admired at $115 million.
The upstream activity player’s Marcellus asset comprises of almost 50% pale in 72,000 acreage overextension beyond Centre, Lycoming and Clinton counties. The backdrop awash by Ultra Petroleum afresh generated an achievement of almost 30 actor cubic anxiety of accustomed gas regularly. Investors should apperceive that the accretion are acceptable to be activated by the aggregation to lower debt amount and for the development of accustomed gas affluent Pinedale resources. (Read more: Ultra Petroleum Focuses on Pinedale With Marcellus Sale)
5. TechnipFMC plc recently won a Engineering, Accretion & Architecture arrangement for Snorre Acreage Expansion Project. The arrangement was awarded by Statoil which owns a 33.3% pale in the Snorre field. Added ally in the acreage accommodate Petoro AS, EonMobil, Idemitsu Petroleum Norge AS, DEA Norge AS and Point Assets AS, captivation a 30%, a 17.4%, a 9.6%, an 8.6% and a 1.1% stake, respectively.
Discovered in 1979, the Snorre acreage started assembly in 1992. The acreage is amid at the Tampen breadth in the arctic allotment of the North Sea, 300-380 meters beneath sea level. So far, the Snorre acreage has produced 1.4-billion barrels of oil.
The Snorre Expansion arrangement covers the commitment of subsea assembly systems and includes 6 subsea templates and subsea assembly equipment. TechnipFMC has delivered subsea accessories to Snorre back the acreage started production. (Read more: TechnipFMC Wins Snorre-Expansion Arrangement From Statoil)
In band with the week’s bullish oil bazaar sentiment, the Activity Select Breadth SPDR – a accepted way to clue activity companies – generated a 0.6% acknowledgment aftermost week. The best aerialist was Transocean whose b jumped 4.9%.
Longer-term, over 6 months, the breadth tracker is up 11.3%. Downstream operator Valero Activity Corporation was the above gainer during this period, experiencing a 36.2% amount appreciation.
What’s Next in the Activity World?
In this holiday-shortened week, bazaar participants will be carefully tracking the approved releases i.e. the U.S. government statistics on oil and accustomed gas – one of the few solid indicators that comes out regularly. Activity traders will additionally be absorption on the Baker Hughes abstracts on rig count.
Zacks Editor-in-Chief Goes “All In” on This Stock
Full disclosure, Kevin Matras now has added of his own money in one accurate b than in any other. He believes in its concise accumulation abeyant and additionally in its affairs to added than bifold by 2019. Today he reveals and explains his hasty move in a new Special Report.
Download it chargeless >>
Today, Zacks is announcement its ”Buy” b recommendations. Get #1 B of the Day aces for free.
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Continuous advantage is provided for a cosmos of 1,150 about traded stocks. Our ysts are organized by industry which gives them agog insights to developments that affect aggregation profits and b performance. Recommendations and ambition prices are six-month time horizons.
Strong Stocks that Should Be in the News
Many are little publicized and fly beneath the Wall Street radar. They’re around alien to the accepted public. Yet today’s 220 Zacks Rank #1 “Strong Buys” were generated by the stock-picking arrangement that has about tripled the bazaar from 1988 through 2015. Its boilerplate accretion has been a arch 26% per year.See these high-potential stocks chargeless >>.
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Past achievement is no agreement of approaching results. Inherent in any advance is the abeyant for loss. This absolute is actuality provided for advisory purposes alone and annihilation herein constitutes investment, legal, accounting or tax advice, or a advocacy to buy, advertise or authority a security. No advocacy or admonition is actuality accustomed as to whether any advance is acceptable for a accurate investor. It should not be assumed that any investments in securities, companies, sectors or markets articular and declared were or will be profitable. All admonition is accepted as of the date of herein and is accountable to change after notice. Any angle or opinions bidding may not reflect those of the close as a whole. Zacks Advance Research does not appoint in advance banking, bazaar authoritative or asset administration activities of any securities. These allotment are from academic portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced account with aught transaction costs. These are not the allotment of absolute portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for admonition about the achievement numbers displayed in this columnist release.
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