Editor’s Note: Related Tickers: Exxon Mobil Corporation (NYSE:XOM), BP plc (ADR) (NYSE:BP), Schlumberger Limited. (NYSE:SLB), National-Oilwell Varco, Inc. (NYSE:NOV), Transocean LTD (NYSE:RIG), Forest Oil Corporation (NYSE:FST), Jefferies Group, Inc. (NYSE:JEF), TheStreet, Inc. (NASDAQ:TST)
Exxon Mobil Stock Getting Very Oversold (Forbes)
In trading on Wednesday, shares of Exxon Mobil Corp. entered into oversold territory, changing hands as low as $85.02 per share. We define oversold territory using the Relative Strength Index, or RSI, which is a technical analysis indicator used to measure momentum on a scale of zero to 100. In the case of Exxon Mobil Corporation (NYSE:XOM), the RSI reading has hit 26.5 — by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 44.3, the RSI of WTI Crude Oil is at 33.2, and the RSI of Henry Hub Natural Gas is presently 65.3.
A BP plc (ADR) (NYSE:BP) executive testified the captain of the oil rig that exploded and sent millions of barrels of oil pouring into the Gulf of Mexico dragged his feet in activating the installation’s safety systems after the blast. Patrick O’Bryan, BP’s former vice president of Gulf drilling operations, told a judge in New Orleans today that Transocean LTD (NYSE:RIG) employee Curt Kuchta, captain of the Deepwater Horizon, told crew members not to initiate safety systems without permission from the rig’s top drilling manager. That meant the systems weren’t activated for several minutes after the explosion ignited the rig’s drilling floor and knocked out power, he said.
Schlumberger signs deal with Forest Oil to develop Eagle Ford shale (Houston Business Journal)
Denver-based Forest Oil Corporation (NYSE:FST) has signed on with Houston’s Schlumberger Limited. (NYSE:SLB) for future development of Forest’s Eagle Ford acreage in Gonzales County in Texas. “We believe that our Eagle Ford position is a valuable oil asset and being aligned and working together cooperatively with a strategic partner such as Schlumberger will greatly enhance the value of this important asset,” Patrick McDonald, Forest’s president and CEO, said in a statement. “The development agreement allows for accelerated production growth and enhancement of our project economics as we integrate leading-edge technologies across all aspects of our Eagle Ford development program.”
National-Oilwell Varco Stock Rating Reaffirmed by Jefferies Group (NOV) (Daily Political)
Jefferies Group, Inc. (NYSE:JEF) reiterated their buy rating on shares of National-Oilwell Varco, Inc. (NYSE:NOV) in a research report sent to investors on Monday morning, AnalystRatings.Net reports. The firm currently has a $86.00 price target on the stock. Shares of National-Oilwell Varco opened at 66.68 on Monday. National-Oilwell Varco has a 52 week low of $59.07 and a 52 week high of $89.95. The stock’s 50-day moving average is currently $68.27. The company has a market cap of $28.448 billion and a P/E ratio of 11.44.
12 Hurt in ExxonMobil Refinery Fire in Texas (ABC News)
An Exxon Mobil Corporation (NYSE:XOM) spokeswoman says 12 contract workers have been hurt in a fire at a company refinery in Southeast Texas. Spokeswoman Rachael L. Moore says in a statement that six of those hurt Wednesday at the refinery in Beaumont were being transported to hospitals for further treatment. She says their conditions were not immediately known.
Dudley-Ambani meet PM; seek clarity on gas pricing (Economic Times)
Europe’s second biggest oil firm BP plc (ADR) (NYSE:BP) head Bob Dudley and his partner Reliance Industries Chairman Mukesh Ambani today asked the government to lay a clear roadmap for market driven pricing of natural gas as current sub-market rates were not drawing big investments. On his second visit to India in as many months,…
…Dudley along with Ambani met Prime Minister Manmohan Singh and senior government functionaries to brief them about their investment plans as also to seek clarity on regulatory issues. The duo also met Planning Commission Deputy Chairman Montek Singh Ahluwalia and had sought a meeting with Law Minister Ashwini Kumar, two key members of a ministerial panel on gas pricing and allocation.
Forbes Earnings Preview: Schlumberger (Forbes)
The consensus estimate is 99 cents per share, up 1% from a year ago when Schlumberger Limited. (NYSE:SLB) reported earnings of 98 cents per share. Over the past three months, the consensus estimate has sagged from $1.02. For the fiscal year, analysts are expecting earnings of $4.70 per share. Revenue is projected to eclipse the year-earlier total of $10.61 billion by 1.3%, finishing at $10.75 billion for the quarter. For the year, revenue is projected to come in at $46.01 billion.
National-Oilwell Varco Coverage Initiated by Analysts at Guggenheim. (NOV) (Mideast Time)
Guggenheim started coverage on shares of National-Oilwell Varco, Inc. (NYSE:NOV) in a research report released on Thursday morning, Analyst Ratings Network reports. The firm issued a buy rating on the stock. Several other analysts have also recently commented on the stock. Analysts at TheStreet, Inc. (NASDAQ:TST) reiterated a buy rating on shares of National-Oilwell Varco in a research note to investors on Thursday. Finally, analysts at Sanford C. Bernstein reiterated a market perform rating on shares of National-Oilwell Varco, Inc. (NYSE:NOV) in a research note to investors on Thursday, March 21st.
Exxon has no estimate for restart of Pegasus oil pipeline (My Moinfo)
Exxon Mobil Corporation (NYSE:XOM) said on Wednesday it had no estimate for the restart of a pipeline that spilled 5,000 barrels of oil in a small Arkansas town last month and sparked debate about the safety of carrying heavy crude from Canada across the United States. “At this time, our focus remains on clean-up operations,” Exxon spokesman David Eglington said of the Pegasus pipeline, which spilled the crude oil in a middle-class section of Mayflower, a town of about 2,300 people.
BP Official Says He Wasn’t to Blame for Rig Explosion (Bloomberg)
The BP plc (ADR) (NYSE:BP) official who oversaw operations at the Macondo well testified he wasn’t responsible for the fatal blast that ripped through the rig and sent millions of barrels of oil pouring into the Gulf of Mexico. John Guide, the well-team leader for the Macondo project, denied yesterday that he made drilling decisions, including to forgo extra well stabilizers, that critics contend may have increased the chances of an explosion. Guide said those decisions were made by other BP plc (ADR) (NYSE:BP) officials. “I don’t think I did anything to cause the blowout,” Guide told U.S. District Judge Carl Barbier in New Orleans. “I don’t think I could have done anything different.”
Schlumberger Given New $93.00 Price Target at FBR Capital Markets (SLB) (Mideast Time)
FBR Capital Markets lowered their price target on shares of Schlumberger Limited. (NYSE:SLB) from $100.00 to $93.00 in a research note issued on Tuesday, Analyst Ratings Network reports. The firm currently has an “outperform” rating on the stock. Other equities research analysts have also recently issued reports about the stock. Analysts at Argus reiterated a “buy” rating on shares of Schlumberger in a research note to investors on Thursday, April 11th. They now have a $90.00 price target on the stock. Separately, analysts at TheStreet reiterated a “hold” rating on shares of Schlumberger Limited. (NYSE:SLB) in a research note to investors on Monday, April 8th.
