By Paul Sankey
Published on August 18, 2024 at 4:07 PM
On Friday I chatted to a major & long term client, a gen-u-ine hedge fund portfolio manager, and I realized that all our stock views right now are about multiple expansion/contraction; because we cannot get there on a bullish macro call. So today we talk multiples. ~ People kindly ask me how its going at Sankey Research, and the response is that the primary driver of our business is “Oil’s share of the S&P500”. Below …
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By Paul Sankey
Published on June 4, 2024 at 9:56 AM
OPEC sets down a can, takes four steps back, runs up, and hoofs it towards 2025. We are looking for a huge summer for oil demand, given in May we had a major Asian heatwave, as part of a pattern whereby, if you think it is hot in Midland, Texas, spare a thought for Dhaka, Bangladesh. But our year-end 2023 video “When does Saudi have to flush the oil market?” garnered the most views of …
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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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