July 11, 2018 / 12:17 PM / in a month

BUZZ-Barclays says oil majors trading at discount, hikes PTs

    ** Barclays says replaces Cenovus Energy with
ConocoPhillips as top pick following strong share
performance of Canadian company
    ** CVE up 26 pct YTD vs ~13 pct rise in Canadian majors,
analysts say   
    ** Upgrades Brazil's state run Petrobras to "over
weight" from "under weight", says valuation discount more than
outweighs underlying political risk
    ** Barclays also raises Husky Energy to "over
weight" from "equal weight" and Exxon Mobil-owned
Imperial Oil to "equal weight" from "under weight"
    ** On assumption of $70 brent, brokerage estimates
its sample of companies is trading at a $9 discount to net asset
value (NAV), hikes PTs on 9 U.S. and Canadian oil producers
    
  Company       RIC        New PT      Prior
  Canadian                  C$59        C$55
  Natural                            
 Resources                           
  Chevron                   $148        $145
    Corp                             
 ConocoPhil                 $84         $78
    lips                             
   Exxon                    $87         $84
   Mobil                             
 Hess Corp                  $66         $55
   Husky                    C$24        C$18
   Energy                            
  Imperial                  C$49        C$40
  Oil Ltd                            
 Murphy Oil                 $36         $34
    Corp                             
   Suncor                   C$68        C$60
   Energy                            
 
 (Reporting by John Benny in Bengaluru)
  
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