Goldcorp (GG) (CAM) (CS) (HAL) (MEI) (SLB) (WFT) Had Ratings on Them Initiated

Goldcorp Inc. (GG), Cameron International Corp (CAM), Capstone Mining Corp. (CS), Halliburton (HAL), Manitok Energy (MEI), Schlumberger (SLB) and Weatherford (WFT) had ratings on them initiated by analysts.
 
Credit Suisse initiated coverage on Cameron International Corp (CAM). They placed an "Outperform" rating on the company.

BMO Capital Markets initiated coverage on Capstone Mining Corp. (CS) . They placed an "Outperform" rating on the company.

Barclays Capital initiated coverage on Goldcorp Inc. (GG). They placed an "Overweight" rating and price target of $62.00 on the company.

Credit Suisse initiated coverage on Halliburton (HAL). They placed an "Outperform" rating and price target of $44.00 on the company.

Stonecap Securities initiated coverage on Manitok Energy (MEI). They placed an "Outperform" rating and price target of $2.60 on the company.

Credit Suisse initiated coverage on Schlumberger (SLB). They placed a "Neutral" rating and price target of $66.00 on the company.

Credit Suisse initiated coverage on Weatherford (WFT). They placed a "Neutral" rating on the company.

Cameron (CAM) (CVX) (BHI) (FES) (HAL) (WFT) Ratings, Price Targets

Cameron International (NYSE: CAM), Chevron (NYSE: CVX), Baker Hughes (NYSE: BHI), Forbes Energy Services Ltd (NYSE: FES), Halliburton (NYSE: HAL) and Weatherford (NYSE: WFT) ratings and price targets.

Cameron International (CAM) had its “Buy” rating reiterated by Sterne Agee. They have a price target of $57.00 on the company.

Chevron (CVX) had its “Underweight” rating reiterated by JPMorgan Chase & Co. (NYSE:JPM).

Baker Hughes (BHI) had its “Buy” rating reiterated by Sterne Agee. They have a price target of $71.00 on the company.

Forbes Energy Services Ltd (FES) had its “Buy” rating reiterated by Canaccord Genuity.

Halliburton (HAL) had its “Buy” rating reiterated by Sterne Agee. They have a price target of $48.00 on the company.

Weatherford (WFT) had its “Buy” rating reiterated by Sterne Agee. They have a price target of $20.00 on the company.

Cameron (CAM) (CWEI) (MDR) (SWN) (SHOR) (CERN) Ratings, PT Changes

Cameron International (NYSE: CAM), Clayton Williams Energy Inc. (NASDAQ: CWEI), McDermott International (NYSE: MDR), Southwestern Energy (NYSE: SWN), ShoreTel (NASDAQ: SHOR) and Cerner Corp (NASDAQ: CERN) had ratings and price targets adjusted by analysts.

Cameron International (CAM) was downgraded by Gabelli from a “Buy” rating to a “Hold” rating.

Raymond James (NYSE:RJF) downgraded Clayton Williams Energy Inc. (CWEI) from an “Outperform” rating to a “Market Perform” rating.

McDermott International (MDR) was downgraded by William Blair from an “Outperform” rating to a “Market Perform” rating.

Southwestern Energy (SWN) had its price target raised by FBR Capital from $45.00 to $50.00. They have an “Outperform” rating on the company.

ShoreTel (SHOR) had its price target lowered by Piper Jaffray (NYSE:PJC) from $13.00 to $10.00. They have an “Overweight” rating on the company.

Cerner Corp. (CERN) had its price target raised by Auriga from $72.00 to $75.00. They have a “Buy” rating on the company.

Berry (BRY) (CAM) (CEVA) (CMS) (CODE) (CVE) Downgraded

Berry Petroleum (NYSE: BRY), Cameron International (NYSE: CAM), Ceva Inc (NASDAQ: CEVA), CMS Energy (NYSE: CMS), Spansion (NASDAQ: CODE) and Cenovus Energy Inc (NYSE: CVE) get analyst downgrades.

Global Hunter Securities downgraded Berry Petroleum (BRY) from a “Buy” rating to a “Neutral” rating. They have a price target of $45.00 on them.

Howard Weil downgraded Cameron (CAM) from an “Outperform” rating to a “Market Perform” rating. They have a price target of $56.00 on them.

Chardan Capital downgraded Ceva Inc. (CEVA) was downgraded by from a “Buy” rating to a “Neutral” rating.

SunTrust (NYSE:STI) downgraded CMS Energy (NYSE: CMS) from a “Buy” rating to a “Neutral” rating.

ThinkEquity downgraded Spansion (CODE) from a “Buy” rating to a “Hold” rating.

UBS AG (NYSE:UBS) downgraded Cenovus Energy Inc. (CVE) from a “Buy” rating to a “Neutral” rating.

EnCana Co. (ECA) (ESE) (EOG) (CAM) (CAT) (ESV) Close Down

ESCO Technologies Inc. (NYSE:ESE), EnCana Co. (NYSE:ECA), EOG Resources (EOG), Cameron (NYSE:CAM), Caterpillar Inc. (NYSE:CAT) and ENSCO PLC (NYSE:ESV) closed down on weakened commodities.

ESCO Technologies Inc. (ESE) closed Monday at $29.47, down $1.05, or 3.44 percent.

EnCana Co. (ECA) closed at $22.95, falling $0.90, or 3.77 percent.

EOG Resources (EOG) ended the session at $87.76, dropping $2.40, or 2.66 percent .

Cameron (CAM) closed at $51.16, declining $1.27, or 2.42 percent.

Caterpillar Inc. (CAT) closed at $84.60, down $1.30, or 1.51 percent.

ENSCO PLC (ESV) ended the day at $48.17, falling $0.51, or 1.05 percent.

Coverage on (AREX) (NOV) (GEL) (GST) (CAM) Initiated

Analysts initiated coverage on Approach Resources Inc. (NASDAQ: AREX), National-Oilwell Varco, Inc. (NYSE: NOV), Genesis Energy, L.P. (NYSE: GEL), Gastar Exploration (NYSE: GST) and Cameron International (NYSE: CAM).

BMO Capital Markets initiated coverage on Approach Resources Inc. (AREX). They placed a “market perform” rating on the company.

Societe Generale analysts initiated coverage on National-Oilwell Varco, Inc. (NOV). They placed a “buy” rating on the company.

Robert W. Baird initiated coverage on Genesis Energy, L.P. (GEL). They placed an “outperform” rating and a price target of $31.00 on the company.

BMO Capital Markets initiated coverage on Gastar Exploration (GST). They placed a “market perform” rating on the company.

Societe Generale initiated coverage on Cameron International (CAM). They placed a “buy” rating on the company.

BP (NYSE:BP) Starting to Escape "Gross Negligence" Label?

With one of the two key pieces of the failure of BP (NYSE:BP) in relationship to the Gulf oil spill having come to light - the poor cement mixture used by Halliburton (NYSE:HAL) to seal the Macondo oil well - BP could be one step closer to saving billions in fines connected to the Clean Water Act.

The second piece of the puzzle, the blowout preventer, which was provided by Cameron International (NYSE:CAM) is next to be decided upon, and once that is completed, BP will probably be exonerated as far as being considered grossly negligent, as the failure will end up being from contractors rather than BP itself.

That of course doesn't excuse BP from its oversight in the matter, which is where in fact it did fail.

Other major oil companies have noted the same thing, that they will have to be much more diligent in managing contractors than in the past, as that would probably have saved BP from even having experienced what they're now going through.

What Will Halliburton's (NYSE:HAL) Failure Cost Them? What Will BP (NYSE:BP) Gain?

The narrative has changed quickly concerning the BP (NYSE:BP) oil spill, as the investigation surrounding the cement job performed by Halliburton (NYSE:HAL) could drastically change the liability outlook.

So far BP has rightly been the main focus of investigations, but that couldn't have remained the case throughout the entirety of the story because of there being so many contractors and others whose equipment and actions may have led to the failure on the Deepwater Horizon oil rig.

Investigators from the oil spill commission have determined the cement used by Halliburton was unstable, and Halliburton has admitted the final formulation used wasn't completed checked for its stability.

While Halliburton continues to dispute whether the actual formula they used is the one being tested, it seems it is close enough or accurate enough to make a judgment over, as the commission, and an independent study by Chevron (NYSE:CVX) seems to have confirmed.

With failures to completely test the mixture, there is no doubt Halliburton will incur some liability in the matter. It's only a matter of how much liability, not if they'll face it. There is also the question of whether they're insured enough to cover the liabilities, or it'll cost their bottom line.

It has already pushed up the costs of doing business through the increase in cost of their credit-default swaps, and there will surely be more to come.

For BP, this could be helpful once liability is determined. Whether or not it comes from an insurer or Halliburton directly, it could ease the liability load for them, and release capital over a period of time.

The other major element in liability is the blowout preventer provided by Cameron International (NYSE:CAM), which also failed to do its job. That's being tested at this time as to why it failed.

Concerning liability, BP has probably seen the worst, and anything like this is positive news for them from a financial perspective, but also helps them some reputationally, as people realize they weren't the sole company responsible for the disaster, and in some cases, like with the cement mixture, was out of their hands.

That does bring up something all oil companies said they've learned from this, and that is they must keep a much closer watch on contractors, even those like Halliburton, who had had a pretty good reputation as far as quality work goes.

BP (NYSE:BP) Blowout Preventer Investigation Contracted to "Det Norske Veritas"

There is finally some movement on the investigation of the failed blowout preventer on the Deepwater Horizon oil rig operated by BP (NYSE:BP), and of which the blowout preventer was supplied by Cameron International (NYSE:CAM).

Norwegian foundation "Det Norske Veritas" was awarded the contract by the Joint Investigation Team which includes people from the Department of the Interior and Homeland Security.

The device has been sitting around for a month in storage by NASA in Michoud, Louisiana, as the federal government dragged its feet over the matter.

Even though it has taken a month to get it going, DNV will work on developing forensic testing protocols, consulting a number of government, commercial and academic organizations. Not having protocols was the reason given by the government as to why they hadn't gone forward yet. It took them a month to figure out who to choose to begin the process.

When protocols are in place, before testing begins on each one the the Joint Investigation Team will be have to give its approval.

“Chain of custody and evidence preservation protocols to ensure the proper handling of all evidentiary material have been in effect since the BOP was first retrieved in August,” said DNV.

The blowout preventer is the major piece of evidence in the oil spill accident, and determining what happened to it will decide a lot of how the liability will be passed around.

BP (NYSE:BP), Transocean (NYSE:RIG), Cameron (NYSE:CAM) Want Judge to Require Claimants to Go Through Fund First

As pressure to begin lawsuits against companies involved with the Gulf of Mexico oil spill like BP (NYSE:BP), Transocean Ltd. (NYSE:RIG), Cameron International Corp. (NYSE:CAM) mounts, the companies are seeking to have Judge Carl Barbier, who is overseeing the cases, require almost all of them first go through the process of seeing if the qualify to be paid from the compensation fund set up by BP and administered by Kenneth Feinberg.

Even though it seems slow at this time receiving money from the funds, the idea is it would still be much quicker than using lawsuits, and it would probably pay more when considered the approximate 30 percent lawyers get for whatever judgements they win.

The only downside is if claimants don't qualify, which they will have then put off beginning legal proceedings for months.

Either way, the trials will take time, and it seems worth the attempt to see if they qualify for compensation funds, especially for those making claims who live near the Gulf coast, who are getting the priority treatment from the fund as far as who qualifies.

BP's (NYSE:BP) Internal Report to be Released Wednesday

While it won't be the final word on the matter, the internal report from BP (NYSE:BP) which investigated the causes which led up to the explosion on the Deepwater Horizon oil rig, will be released Wednesday morning, and should give a preliminary look at what went wrong.

One major piece of the puzzle missing from the report is the blowout preventer, which is considered the key piece of evidence in what went wrong that day.

The failed blowout preventer was raised from the Gulf bottom during the weekend and FBI agents were on board the BP vessel 'Helix Q4000' to take charge of it.

There has been some concern from other companies with potential liability in the oil well, like Anadarko (NYSE:APC) and Cameron International (NYSE:CAM) on how the blowout preventer will be examined.

The Department of Justice, which now has control of the preventer, hasn't communicated how it's going to proceed with the investigation at this time.

FBI Swoops in on BP (NYSE:BP) Blowout Preventer

In anticipation of examining the failed blowout preventer on the Deepwater Horizon oil rig, the FBI was at the surface when the 5-story device was brought to the surface of the Gulf of Mexico, after being removed and replaced by a fully-functioning, new blowout preventer.

The original blowout preventer failed to do its job of keeping oil from being released into the waters of the Gulf, making it the primary piece of evidence for civil, and possibly, criminal charges in the near future.

It took almost 30 hours for engineers to lift the giant preventer from the bottom of the Gulf to the surface, which was a journey of about a mile. The device weighs in at 300 tons.

The huge device, which if fifty feet tall, will be moved to New Orleans to be stored and eventually examined.

Legal issues must be faced as some oil companies are challenging the U.S. government being the sole examiner of the rig.

Cameron International (NYSE:CAM) unsuccessfully attempted to keep the blowout preventer from being removed in order to take photos of the object to see if there had been any damage during the removal process. That was denied by a judge.

BP (NYSE:BP) Didn't Make Claims Decision, Feinberg Says

Rumors circulating that BP (NYSE:BP) was behind the decision to force those accepting final settlements from the compensation fund were cut down by fund administrator Kenneth Feinberg, who said he made that decision and not the oil giant.

This centers around those who agree to the decision by Feinberg and his team about getting paid a one-time payment for the entirety of what is owed them from BP.

If it is accepted, those receiving the claims money will have to waive the right to sue BP in the future.

Feinberg has yet to make a decision on whether or not to extend that to other companies like Halliburton (NYSE:HAL), Transocean (NYSE:RIG) and Cameron International (NYSE:CAM), who were also connected to the accident to one degree or another.

Those receive emergency funds for short-term periods will still be eligible to sue BP if they choose to.

Should We Invest in BP (NYSE:BP) Now?

After a long downward spiral, BP (NYSE:BP) rebounded a little bit on Wednesday, finishing at $35.25, a gain of $0.33, or 0.95 percent. For some that may look like a possible signal to load up on the stock again, but until a lot more clarity comes concerning the costs associated with the oil spill, BP will remain a crap shoot; for long-term and short-term traders.

The problem is, every time some new clarity comes, several more uncertain elements come to the forefront the dash the positive.

For example, the condition and cause of the blowout preventer and why it didn't perform as it should have. That leaves the possibility of some companies like Cameron International (NYSE:CAM), which built the preventer, open to some liability, but also possibly not.

Now there's the continuing salvage operation which must be performed in a manner which will result in the blowout preventer being in the condition it was when it sunk with the oil rig: Deepwater Horizon.

If something happens when retrieving it, the consequences could change the dynamics of liability going forward.

This type of uncertainty, which will dramatically affect the performance of BP in the years ahead, weigh on everyone, and until they're resolved, it's simply guesswork as to how much BP will end up paying and for how long.

Another factor is whether or not BP will be designated as "grossly negligent" by investigators, which could make a difference in fines of $4.9 billion, at the bottom, to as high as $17.6 billion in the worst case scenario.

One other aspect of that would be the release of their partners in the well, Anadarko Petroleum Corp. (NYSE:APC) and Mitsui (Nasdaq:MITSY) (via majority-owned MOEX Offshore), from liability, which would put billions more on BP to pay out, or save them money if they aren't designated as such.

This is why temporary successes don't do much to move the stock, as uncertainty always creates paralysis or a negative reaction to circumstances, and BP is far from having that settled for some time.

BP (NYSE:BP) Shocker: Says Transocean (NYSE:RIG) Changed Lock on Blowout Preventer

BP (NYSE:BP) executive vice president Harry Thierens said in a hearing today that Deepwater Horizon owner Transocean (NYSE:RIG) changed a locking mechanism on the blowout preventer which caused up to 24 hourse of delay.

The blowout preventer is what is used to prevent oil from leaking from a well if something fails. It took a minimum of twelve hours, and up to a full day to figure out what changes Transocean had made to the device and to receive drawings of those changes.

Thierens testified he had been immersed in the efforts to shutdown the oil well after the April 20 explosion.

BP is now trying to secure the failed device at the well without damaging it so a determination as to why it failed can be made, along with who is liable for the failure.

Cameron International (NYSE:CAM) provided the blowout preventer for the oil rig.

BP (NYSE:BP), Anadarko (NYSE:APC), Transocean (NYSE:RIG) and Compensation Fund

A lack of clarity and growing confusion has accompanied the BP (NYSE:BP) escrow fund administered by Kenneth Feinberg, specifically surrounding whether or not other companies like Anadarko (NYSE:APC), Transocean (NYSE:RIG), Halliburton (NYSE:HAL) and Cameron International (NYSE:CAM) will be allowed to be sued after claimants are paid.

One thing for sure has already been decided. Those who agree to final claims with BP will have to waive their right to sue at a later date in order to receive the payment.

Confusion comes from the lack of a decision from Feinberg on whether that will extend to other companies in the case of final claims.

Feinberg has said, “The question of whether or not a final payment will require a claimant to release one defendant, BP Plc, or all defendants, has not yet been resolved by me.”

For those receiving claims on an interim basis for losses related to the spill, they will have the right to sue BP or other companies in court.

It's only those who agree to final claims with BP at this time that are waiving the right to sue, and no one else.

BP (NYSE:BP), Transocean (NYSE:RIG), Halliburton (NYSE:HAL), Cameron (NYSE:CAM) Protected from Lawsuits

News is surprisingly circulating today about the idea oil companies directly related to the Gulf oil spill: BP (NYSE:BP), Transocean (NYSE:RIG), Halliburton (NYSE:HAL) and Cameron International (NYSE:CAM) will be exempt from lawsuits for those who accept payment for claims made against the companies via the BP compensation fund.

Why it's surprising is fund administrator Kenneth Feinberg has been saying this for a long time, and there's absolutely nothing new about it.

Obviously people aren't going to get paid compensation by BP through the fund and then be allowed to turn around and sue them for compensation. That wouldn't make any sense.

The fund is set up to bypass what usually can turn into years of litigation, which, in many cases, could end up with judgements going against them, or appeals being filed, etc.

Waiving the right to sue will be put into place only if the claimant accepts the final decision of Feinberg and his team.

BP will supply the fund with $20 billion over a four-year period.

BP (NYSE:BP), Transocean (NYSE:RIG), Halliburton (NYSE:HAL), All Down as Hearing on Gulf Effects Starts

Evidently the Gulf of Mexico's ability to heal itself, and the relatively small amount of oil remaining in the waters, wasn't the politically correct way for things to go, and so there's a House hearing today to discuss the effects of oil spill on the Gulf, and related companies: BP (NYSE:BP), Transocean (NYSE:RIG), Halliburton (NYSE:HAL), Anadarko (NYSE:APC) and Cameron International (NYSE:CAM) share prices were all down on the uncertainty surrounding it.

This shows the volatility these stocks will continue to incur until the reason behind the failure of the Deepwater Horizon to successfully prevent the accident.

There is a concerted attempt by those who don't like the idea we're realizing the powerful ability of the Gulf to heal itself, and today it's going to be Ian MacDonald, a professor at Florida State University, who will try to say the estimates that 75 percent of the oil has evaporated, been consumed by bacteria, or cleaned up by BP and their team, as not the reality.

Some have even went so far as to say the oil is hidden away in some underwater caverns. That's a convenient way to handle the situation, as it then can't be proven to have been so successfully handled by the Gulf itself.

I guess now even the Gulf of Mexico is incurring the wrath of radical environmentals and so-called scientists, as it simply wouln't conform to their assertions, making them look as ignorant as they in fact really are.

These types of people have an agenda, and now the Gulf of Mexico has powerfully undermined that agenda, which was to demonize the oil industry in the Gulf, and extend their campaign to other areas of the industry and the world.

That now has evaporated with the oil, and they're attempting damage control over the lack of damage in the Gulf in comparison to the hype that proceeded the search for how much oil was left.

Lead Law Firm Dropped from Alabama Case against BP (NYSE:BP)

The law firm Balch Bingham, which had been picked to represent the state of Alabama in its case against BP (NYSE:BP), has been dropped because of potential conflicts of interest.

Evidently the law firm represented Transocean Ltd. (NYSE:RIG) in a prior case unrelated to the oil spill, which is the source of the possible conflict.

The state of Alabama will be pursuing cases against Transocean and BP, plus Halliburton (NYSE:HAL) and Cameron International (NYSE:CAM) in order to attempt to recover lost tax revenue. All of these companies had a part they played in the Deepwater Horizon oil rig.

Interestingly, Alabama Governor Bob Riley isn't a proponent of the lawsuit, and would rather attempt to resolve claims out of court.

That makes sense in light of the time it could take to resolve the matter, when they need the money now. Why not try to arbitrate first, and if you can't get close, then why file a lawsuit?

Transocean (NYSE:RIG), Cameron (NYSE:CAM), Anadarko (NYSE:APC), Halliburton (NYSE:HAL), BP (NYSE:BP) All of Stake in Salvaging Deepwater Horizon

Transocean (NYSE:RIG), Cameron (NYSE:CAM), Anadarko (NYSE:APC), Halliburton (NYSE:HAL) and BP (NYSE:BP) all have a serious stake in the outcome of the salvage operations soon to begin in the Gulf of Mexico of the destroyed Deepwater Horizon oil rig.

While some have expressed doubt concerning the need for the oil companies involved in the Deepwater Horizon accident in the Gulf of Mexico to be those that salvage the wreckage, the diverse and opposite interests of the companies all but assure it'll be one of the most honest operations there can be under the conditions.

Already a number of very public battles of words has ensued between the companies, underscoring the billions at stake, which in some cases with the smaller oil companies above, could drag them into bankruptcy.

Consequently, nobody is going to allow the other to do something which could hurt them in the salvage operation, and so every jot and tittle of the process will be recorded and responded to.

There will also be the presence of the Coast Guard who will help to keep things on the up and up as well.

Some of the things of interest will be first and foremost, the blowout preventer and if it failed. That would link directly to Cameron International, which made the system, and could and will be held liable if that is the ultimate cause of the accident.

Transocean's liability is the rig itself, which it owned and leased to BP, and Halliburton's will be the cementing of the well, which their crew did the work on. Anadarko was a 25 percent partner in the project, and Mitsui was a 10 percent owner.

So salvaging the wrecked Deepwater Horizon will be one of the most important part of the liability issue, as it'll determine the extent of BP's liability in the accident, along with that of the remaining companies too.