January 24, 2018 / 1:13 PM / a year ago

BUZZ-MS sees higher capex, EBITDA for oil cos

** Morgan Stanley sees large upward revisions in capex and EBITDA estimates for oil producers in 2018

** Consensus 2018 estimates for capex and EBITDA look stale and appear to be based on a $50-$55 WTI price deck - lead analyst Evan Calio

** Brokerage raises 2018 capex estimates ~5 pct and EBITDA estimates ~10 pct above consensus

** WTI crude futures prices rose ~22 pct in last 12 months, while natural gas futures prices rose ~8 pct

** Upgrades Energen Corp to ‘overweight’ from ‘equal-weight’ partly on improved capital efficiency, better execution and higher crude oil prices

** Raises PT for 22 large-cap oil cos including Exxon Mobil , Chevron Corp, Anadarko Petroleum and Apache Corp

** Downgrades Range Resources Corp to ‘underweight’ from ‘equal-weight’ partly on weak natural gas prices, investors’ lack of confidence in management

** Lowers PT for 4 large-cap oil cos, including Range Resources and Oasis Petroleum

Reporting by Taenaz Shakir in Bengaluru

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below