By Paul Sankey
Published on April 20, 2024 at 10:16 AM
A major client liked the chart we published last week, highlighting that Schlumberger has a pattern of under-performing quarterly earnings reports. Quod Errat Demonstrandum, as SLB under-performed on its results yesterday, despite a headline beat. All you can analyse is the margins, and guidance outlook change. They came in neutral to mildly negative on a stock that is relatively expensive. SLB was down -2.14% in a tape which saw the mighty energy sector XLE power …
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By Paul Sankey
Published on April 18, 2024 at 8:48 AM
<Brooklyn rap radio/Jamaica DJ horn> BBBRRRRAAAAP!: Tonight on Happy Hour, Tommy Marchetti. 4PM ET open mike. Plenty of chat as energy earnings started last night with Kinder and continue tomorrow with Schlumberger. Fresh from his four years at Cornerstone Macro then Piper Sandler as Global Energy Strategist, oil on Wall Street legend Tom Marchetti will be giving his stream of consciousness tonight. Starting as an accountant with KPMG, Marchetti joined J Aron/Goldman Sachs in 1994, …
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By Paul Sankey
Published on April 6, 2024 at 2:38 PM
In this note we consider BP’s position in BPX, its US onshore play, in the context of the overall investment case for BP. Source: BP The following thoughts emerged, embracing multiple metaphors: “A camel is a horse designed by a committee”. BP seems designed by committee. It is a jack of all trades, where it should be the master of one. What is the elevator pitch for buying a stock? BP takes a trans-continental train …
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