Morgan Stanley upgrades Occidental on larger oil costs, predicts 40% acquire
Oil pump underneath the blue sky, beam pumping unit within the oil subject, oil pump and water reflection
zhengzaishuru | iStock | Getty Photographs
Excessive oil costs and decrease capital bills ought to lead oil shares to throw off money, and buyers ought to add a couple of winners from this sector, in accordance with Morgan Stanley.
Whereas vitality costs dipped on Thursday amid broad commodity weak spot, the benchmark oil costs within the U.S. and Europe are nonetheless up about 80% over the previous 12 months. The trade has seen demand surge and reserves dwindle as economies reopen.
Analyst Devin McDermott shuffled his rankings for vitality shares on Friday, upgrading Occidental Petroleum to obese from equal weight and Marathon Oil to equal weight from underweight. McDermott stated in a be aware to shoppers that these shifts have been to achieve extra publicity to excessive oil costs specifically.
Commerzbank swings to Q2 loss on restructuring costs, write-off By Reuters
© Reuters. FILE PHOTO: A Commerzbank logo is pictured before the bank’s annual news conference in Frankfurt, Germany, February 9,…
Sony posts 26% rise in first-quarter operating profit on PS5 demand
In this photo illustration a PlayStation 5 logo seen displayed on a smartphone. Mateusz Slodkowski | SOPA Images | LightRocket…