Sunday Dow Theory, Green, and Browne

By Paul Sankey Published on January 21, 2024 at 4:55 PM

Good day, There it is: Market at a record high. Congratulations to the wealthy of the USA. The top 10% of wealthiest Americans own 89% of stocks ($28 trillion). Americans in the 50th to 90th percentile of wealth own 11% of stocks ($3.4 trillion). Americans in the bottom 50% own <1% of stocks ($19 billion). As we say, the rich get richer and the poor migrate. Today we take a graphic-heavy run through some charts, …

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Morning Murray (the Auchincloss is silent)

By Paul Sankey Published on January 17, 2024 at 9:28 AM

Upcoming events: January 25th Mark Viviano – Kimmeridge; not least on the recent acquisition of Southwestern by Chesapeake. And more besides! CRC is another major position, as of last filings. February 2nd Valero management as a belated part of our 2024 refining conference. Today confirmed for February 14, 2024 – Shell LNG Outlook 2024 hosted by Steve Hill, EVP Energy Marketing, and Cederic Cremers, EVP LNG. Start at GMT 14:30-16:00 GMT. Contact Shell or me …

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Permian Resources ($PR): Love Letter to Midland

By Paul Sankey Published on January 16, 2024 at 4:48 PM

The hottest company in the Permian right now, and our TOP PICK for 2023 in US Exploration and Production (E&P), is barely known on Wall Street, nay, barely known outside their home city of Midland, West Texas. PERMIAN RESOURCES ($PR) is a $10B market capitalization, $14B enterprise value (EV) company producing some 300 thousand barrels of oil equivalent per day (kboe/d) of which just under half is oil. Management has an excellent reputation among those …

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