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Business
Zacks Analyst Interview Highlights: Noble Energy, Occidental Petroleum, Exxon, Chevron and ConocoPhillips
© Business Wire 2008
2008-07-15 17:48:10 - - Zacks.com releases the latest Analyst Interview. Today's interview is with Director of Zacks Equity Research Dirk van Dijk, who discusses Noble Energy (NYSE: NBL), Occidental Petroleum (NYSE: OXY), Exxon (NYSE: XOM), Chevron (NYSE: CVX) and ConocoPhillips (NYSE: COP).
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Looking toward second quarter numbers, in which industries do you see particular strength?
Energy is currently expected to win the growth derby - not exactly a shocking idea with oil currently hovering in the $140 a barrel area. Perhaps the bigger question is: Why isn't the expected growth rate much higher than it is?
After all, the price of crude has just about doubled since this time last year. Since it cost them something to get the oil out of the ground last year one would expect that gross profits would more than double as a result. The 30.0% year-over-year growth in EPS for the sector looks very conservative to me.
So would you say that near-term investors should stay overweighted in energy stocks?
Energy was far and away the strongest sector, with almost four increases for every cut. While estimate increases were widespread in the sector, firms worth highlighting would include Noble Energy (NYSE: NBL) and Occidental Petroleum (NYSE: OXY). From a total economic impact point of view, significant increases were also seen for all of the big three, Exxon (NYSE: XOM), Chevron (NYSE: CVX) and ConocoPhillips (NYSE: COP).
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Mark Vickery
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