The Benchmark Company said they're lowering their target prices on Chevron (NYSE:CVX) and Total (NYSE:TOT), based on the "weakness in the overall equity market," along with a "gas-price-related reduction in" their "normalized liquid-natural-gas earnings estimate."
Chevron's price target was dropped from $98 to $94 a share, and Total's target price was lowered from $68.74 a share to $58.55 a share.
Benchmark maintained their "Buy" rating on Chevron, basing it on their "unchanged belief that the discounted normalized earnings-multiple valuation currently in place is unjustifiable given the superior strength and growth potential of the Company's robust and diversified upstream portfolio."
They also reiterated their "Buy" rating on Total, saying, "We reaffirm our Buy rating based upon our unchanged belief that the discounted normalized earnings-multiple valuation currently in place is unwarranted given the superior growth and return potential of the company's robust and highly diversified upstream portfolio."
Benchmark kept their "Market Weight" on the overall integrated major oil sector.
Showing posts with label Oil Industry. Show all posts
Showing posts with label Oil Industry. Show all posts
Wednesday, September 8, 2010
Wednesday, June 9, 2010
BP (NYSE:BP): Democrats Going Hugo Chavez
In what increasingly looks like attempts to influence the American people to allow BP (NYSE:BP) to be put into receivership, the Democrats are starting to act like Hugo Chavez, who nationalized the oil industry in Venezuela.
Fresh off of their spending trillions in failed stimulus packages, socialist health care and taking over financial institutions, insurance companies and auto makers, the government has already shown it can't be trusted in these matters, and so the idea of having them take over BP, and more than likely, more oil companies by extension, would be a disaster.
40 lawmakers are trying to pressure BP to suspend its dividend and stop advertising, with the only names I've been able to find of those 40 politicians are Democrats.
Obviously these politicians think they've got some political capital to build on here, but people still are furious over the socialist health care forced on them by Obama and the Democrats, and the endless spending and debasing of our currency through the Federal Reserve printing funny money.
If nothing else, the Democrats have proven they are clueless and reckless with their actions, and to a lesser extent, so have some Republicans, depending on the issue, so the idea that the U.S. government is better equipped to handle the oil spill can't even be taken seriously.
Hugo Chavez in Venezuela and Mexico taking over the oil industry have proven from the fall in oil production that governments don't belong in the free market, and Democrats need to keep their noses out of the oil business, as well as Obama.
The idea of taking over BP as if the Democrats and Obama would do a better job is so far over the rainbow that they might as well starting talking to the Wizard of Oz to get their input as to take over BP and other companies within the oil industry, which is what these tortured individuals have in mind.
Fresh off of their spending trillions in failed stimulus packages, socialist health care and taking over financial institutions, insurance companies and auto makers, the government has already shown it can't be trusted in these matters, and so the idea of having them take over BP, and more than likely, more oil companies by extension, would be a disaster.
40 lawmakers are trying to pressure BP to suspend its dividend and stop advertising, with the only names I've been able to find of those 40 politicians are Democrats.
Obviously these politicians think they've got some political capital to build on here, but people still are furious over the socialist health care forced on them by Obama and the Democrats, and the endless spending and debasing of our currency through the Federal Reserve printing funny money.
If nothing else, the Democrats have proven they are clueless and reckless with their actions, and to a lesser extent, so have some Republicans, depending on the issue, so the idea that the U.S. government is better equipped to handle the oil spill can't even be taken seriously.
Hugo Chavez in Venezuela and Mexico taking over the oil industry have proven from the fall in oil production that governments don't belong in the free market, and Democrats need to keep their noses out of the oil business, as well as Obama.
The idea of taking over BP as if the Democrats and Obama would do a better job is so far over the rainbow that they might as well starting talking to the Wizard of Oz to get their input as to take over BP and other companies within the oil industry, which is what these tortured individuals have in mind.
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