Transport Sector, China and Asia-focused Research

Charles De Trenck

Thematic (Sector/Industry)

This has been a crazy market, with dollar, US market and oil strong at the same time, with commodities up in general, but on a hair trigger. It’s a weird mix. But one that pivoted energy plays from dogs to stars once again. Which, of course, could pivot them back down, though not all oil names are created equal.I see three or four streams in my oil plays: (1) energy majors which have been most stable in inching back or overtaking their January highs, (2) energy MLPs, which have recovered back a…

This has been a crazy market, with dollar, US market and oil strong at the same time, with commodities up in general, but on a hair trigger. It’s a weird mix. But one that pivoted energy plays from dogs to stars once again. Which, of course, could pivot them back down, though not all oil names are created equal.I see three or four streams in my oil plays: (1) energy majors which have been most stable in inching back or overtaking their January highs, (2) energy MLPs, which have recovered back a…

Amareos

Federico Bagiotti, CFA

Equity Bottom-Up

In our first research note on Halliburton, published last November<a href="#_ftn1" target="_blank">[1]</a> after Q3-17 earnings results, we argued that our crowd-sourced sentiment indicators suggested that the outlook for the stock was becoming increasingly constructive. This view has been validated by subsequent price action.Between early November and the recent market peak the stock gained more than 25%. Even allowing for the recent pullback, the stock remains 12% higher than the level it was at when we published the note, a…

In our first research note on Halliburton, published last November[1] after Q3-17 earnings results, we argued that our crowd-sourced sentiment indicators suggested that the outlook for the stock was becoming increasingly constructive. This view has been validated by subsequent price action.Between early November and the recent market peak the stock gained more than 25%. Even allowing for the recent pullback, the stock remains 12% higher than the level it was at when we published the note, a…

Two weeks ago, Halliburton announced its Q3 results, beating estimates both at revenue and earnings level. Commenting on the results, Jeff Miller, Halliburton’s President and CEO remarked,“We had a strong quarter and I am very pleased with our results. Our North American business is hitting on all cylinders and our international business proved resilient in a challenging environment. These results demonstrate why Halliburton is the execution company.” Just two months earlier, the Company…

Two weeks ago, Halliburton announced its Q3 results, beating estimates both at revenue and earnings level. Commenting on the results, Jeff Miller, Halliburton’s President and CEO remarked,“We had a strong quarter and I am very pleased with our results. Our North American business is hitting on all cylinders and our international business proved resilient in a challenging environment. These results demonstrate why Halliburton is the execution company.” Just two months earlier, the Company…

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

Short-term rotation is underway. FANG stocks and parts of Tech, both long-term leaders, have become a short-term source of funds. Fortunately, this weakness is confined, resulting in sector and group rotation, not widespread selling. There is still plenty to like about this market, including areas we have shied away from for most of the year, such as energy and retailers.  This report highlights investment opportunities within the energy sector.

Short-term rotation is underway. FANG stocks and parts of Tech, both long-term leaders, have become a short-term source of funds. Fortunately, this weakness is confined, resulting in sector and group rotation, not widespread selling. There is still plenty to like about this market, including areas we have shied away from for most of the year, such as energy and retailers.  This report highlights investment opportunities within the energy sector.

U.S. Equity Strategy: Tactical Shift in Favoring Value over Growth; Buy Energy; Retailers Bottoming

Energy Expert

Thierry Bros, PhD

In early July, <a href="https://www.smartkarma.com/entities/23749" target="_blank" data-smartkarma-citation="entities:23749:1">Gazprom PJSC (GAZP RX)</a> invited analysts for a field trip in Siberia and Yamal peninsula to visit the Zapolyarnoye gas and Novoportovskoye oil producing fields. My two takeaways are:<ul class=""><li>
<a href="https://www.smartkarma.com/entities/23749" target="_blank" data-smartkarma-citation="entities:23749:1">Gazprom PJSC (GAZP RX)</a> can provide low-cost, highly seasonal gas to Europe and Russia<ul><li>
<a href="https://www.smartkarma.com/entities/23749" target="_blank" data-smartkarma-citation="entities:23749:1">Gazprom PJSC (GAZP RX)</a> is the lowest cost gas producer and this was again confirmed with the 2017 cost of production and treatment of gas of the Zapolyarnoye field at 1,920 RUB/1,000cm (or 0.9 $/Mbtu while the average…</li></ul>
</li></ul>

In early July, Gazprom PJSC (GAZP RX) invited analysts for a field trip in Siberia and Yamal peninsula to visit the Zapolyarnoye gas and Novoportovskoye oil producing fields. My two takeaways are:
Gazprom PJSC (GAZP RX) can provide low-cost, highly seasonal gas to Europe and Russia
Gazprom PJSC (GAZP RX) is the lowest cost gas producer and this was again confirmed with the 2017 cost of production and treatment of gas of the Zapolyarnoye field at 1,920 RUB/1,000cm (or 0.9 $/Mbtu while the average…


United States

Schlumberger Limited is an oil services company. The Company, through its subsidiaries, provides a wide range of services, including technology, project management and information solutions to the international petroleum industry as well as advanced acquisition and data processing surveys.

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Schlumberger Ltd (SLB US)

The Best Way to Play Oil with Cover

This has been a crazy market, with dollar, US market and oil strong at the same time, with commodities up in general, but on a hair trigger. It’s a...

Charles De Trenck

Halliburton: Do We Still Like It?

In our first research note on Halliburton, published last November[1] after Q3-17 earnings results, we argued that our crowd-sourced sentiment...

Amareos

Halliburton: Ripe For A Rebound

Two weeks ago, Halliburton announced its Q3 results, beating estimates both at revenue and earnings level. Commenting on the results, Jeff Miller,...

Amareos

U.S. Equity Strategy: Tactical Shift in Favoring Value over Growth; Buy Energy; Retailers Bottoming

Short-term rotation is underway. FANG stocks and parts of Tech, both long-term leaders, have become a short-term source of funds. Fortunately, this...

Vermilion Research

From Russia, with Cheap Gas

In early July, Gazprom PJSC (GAZP RX) invited analysts for a field trip in Siberia and Yamal peninsula to visit the Zapolyarnoye gas and...

Thierry Bros, PhD

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