Alpha-Centric ESG Research

Kyle Rudden

Here it comes, the David-and-Goliath metaphor. Cliché is an understatement, but who cares – it is a most fitting allegory for the epic proxy battle between a diminutive activist investor you've never heard of and a "Big Oil" Behemoth that you know all too well... <a href="https://www.smartkarma.com/entities/exxon-mobil-corp" target="_blank" data-smartkarma-citation="entities:811:1" rel="noopener">Exxon Mobil (XOM US)</a>.Guess who won?Well, that depends on perspective. The activist hedge fund (Engine No. 1) gained three Board seats so one could certainly say that Engine won. As did the shareholders that backed Engine in its proxy (BlackRock, Vanguard, State Street, CalPERS, CalSTRS). But the biggest winner of all?Planet Earth.Engine's improbable win – in conjunction with similar (albeit less spectacular) shareholder actions at other supermajors – appears to signify a seismic shift in how Big Oil's shareholders view climate change, and could portend real change (e.g., accelerated decarbonisation and better reporting).

Here it comes, the David-and-Goliath metaphor. Cliché is an understatement, but who cares – it is a most fitting allegory for the epic proxy battle between a diminutive activist investor you've never heard of and a "Big Oil" Behemoth that you know all too well... Exxon Mobil (XOM US).Guess who won?Well, that depends on perspective. The activist hedge fund (Engine No. 1) gained three Board seats so one could certainly say that Engine won. As did the shareholders that backed Engine in its proxy (BlackRock, Vanguard, State Street, CalPERS, CalSTRS). But the biggest winner of all?Planet Earth.Engine's improbable win – in conjunction with similar (albeit less spectacular) shareholder actions at other supermajors – appears to signify a seismic shift in how Big Oil's shareholders view climate change, and could portend real change (e.g., accelerated decarbonisation and better reporting).

Engine Versus Exxon: Activist Hedge Fund's Proxy Fight Win Reverberates Through "Big Oil" Boardrooms

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Oil & Natural Gas Corp / Technical Analysis

Below we lay out what we believe is a compelling case to add exposure to global Energy stocks at current levels. Stocks Highlighted: 500312-IN (ONGC-IN), 135-HK, FP-FR, EQNR-NO, TEN-IT, EOG-US, HES-US, OVV-US, XEC-US, FANG-US, MPC-US, CHX-US, DVN-US, VET-US, and CLR-US

Below we lay out what we believe is a compelling case to add exposure to global Energy stocks at current levels. Stocks Highlighted: 500312-IN (ONGC-IN), 135-HK, FP-FR, EQNR-NO, TEN-IT, EOG-US, HES-US, OVV-US, XEC-US, FANG-US, MPC-US, CHX-US, DVN-US, VET-US, and CLR-US

Global Energy Stocks Are Breaking Out -- Buy

IPO and L/S equity, 2015 Starmine top stock picker, Global Equity Research Ltd

Rickin Thakrar

IPO and L/S equity, 2015 Starmine top stock picker

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a> , owner of the 7-11 convenience store brand, made its largest-ever acquisition by agreeing to purchase US gas station brand Speedway for 21bn USD in an all-cash deal. Our initial thoughts on the deal are below.

Seven &amp; I Holdings (3382 JP) , owner of the 7-11 convenience store brand, made its largest-ever acquisition by agreeing to purchase US gas station brand Speedway for 21bn USD in an all-cash deal. Our initial thoughts on the deal are below.

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Event-Driven

<a href="https://www.smartkarma.com/entities/marathon-petroleum-corp" target="_blank" data-smartkarma-citation="entities:6074:1" rel="noopener">Marathon Petroleum (MPC US)</a> announced yesterday (02/08/2020) that it has agreed to sell its Speedway petrol stations business to <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a> in a $21 billion all-cash deal ($16.5 billion after-tax cash proceeds), five months after the initial deal was put on hold in the midst of the coronavirus crisis.

Marathon Petroleum (MPC US) announced yesterday (02/08/2020) that it has agreed to sell its Speedway petrol stations business to Seven &amp; I Holdings (3382 JP) in a $21 billion all-cash deal ($16.5 billion after-tax cash proceeds), five months after the initial deal was put on hold in the midst of the coronavirus crisis.

Seven & I Acquires Speedway for $21 Billion: Expensive but Necessary Acquisition

Encouraging developments continue to pour in. Over the past week we have seen dramatic improvements that could be setting the stage for a broad-based advance. We highlight these improvements in this report, along with what we would like to see in order to have confidence in labeling this a bull market.  In today’s report we also highlight attractive Groups and stocks within Energy, Financials, Manufacturing, and Technology: Refining, Banks, Super-Regional, Industrial, Diversified, Large-Cap, and Data Storage Solutions &amp; Devices, Large-Cap.

Encouraging developments continue to pour in. Over the past week we have seen dramatic improvements that could be setting the stage for a broad-based advance. We highlight these improvements in this report, along with what we would like to see in order to have confidence in labeling this a bull market.  In today’s report we also highlight attractive Groups and stocks within Energy, Financials, Manufacturing, and Technology: Refining, Banks, Super-Regional, Industrial, Diversified, Large-Cap, and Data Storage Solutions &amp; Devices, Large-Cap.

U.S. Equity Strategy: Dramatic Improvement

United States

Marathon Petroleum Corporation refines, transports, and markets petroleum products. The Company sells its products to resellers and consumers in the mid-west, gulf coast, and southeast United States.

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Marathon Petroleum (MPC US)

Engine Versus Exxon: Activist Hedge Fund's Proxy Fight Win Reverberates Through "Big Oil" Boardrooms

May 26, 2021. Black Wednesday. A day that changed Big Oil forever. From Exxon's proxy fight loss to an activist fund you've never heard of, to...

Kyle Rudden

Global Energy Stocks Are Breaking Out -- Buy

In today's report we lay out what we believe is a compelling case to add exposure to global Energy stocks at current levels.

Vermilion Research

Seven & I: Fill It up to the Top

Seven & I Holdings (3382 JP) , owner of the 7-11 convenience store brand, made its largest-ever acquisition by agreeing to purchase US gas...

Rickin Thakrar

Seven & I Acquires Speedway for $21 Billion: Expensive but Necessary Acquisition

Marathon Petroleum (MPC US) announced yesterday (02/08/2020) that it has agreed to sell its Speedway petrol stations business to Seven & I...

Oshadhi Kumarasiri

U.S. Equity Strategy: Dramatic Improvement

Encouraging developments continue to pour in. Over the past week we have seen dramatic improvements that could be setting the stage for a...

Vermilion Research

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