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Zacks Analyst Blog Highlights: ConocoPhillips, Exxon, Chevron, Linear Technology Corp. and Xilinx Inc.
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Chicago, IL – April 24, 2009 - Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: ConocoPhillips (COP), Exxon (XOM), Chevron (CVX), Linear Technology Corp. (LLTC) and Xilinx Inc. (XLNX).
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Here are highlights from Thursday’s Analyst Blog:
COP Beats on Strong Production
ConocoPhillips’ (COP) first-quarter results came in better than expected due to strong oil and natural gas production. Market expectations reflected the company's interim guidance provided on April 2. We have a Hold rating on COP shares, as we see better opportunities in this space through Exxon (XOM) and Chevron (CVX). Both of these are scheduled to report quarterly results next week.
The company reported recurring EPS of $0.56, down from $2.62 in the first quarter of 2008. The single largest contributor to the negative comparison is the price of crude oil, which will be a recurring theme this earnings season in the oil patch.
Linear Technology a Mixed Bag
Linear Technology Corp. (LLTC) has an attractive business model that features some of the most favorable margins within the technology sector. The company grew sales very strongly, coming off the last down-cycle. However, growth tapered off in later years, as management strategy involved focus on only those products that afforded company-standard gross margins.
This ensured very consistent cash flows. Linear has around $920 million in cash and short-term investments ($4.15 a share). Management continues to pay a dividend, and recently raised the amount to $0.22 per share. Historically, management execution has been extremely good during economic downturns. However, the current recession started from a credit crisis, which has a particularly strong impact on auto sales.
Xilinx: Cautious Beyond Q1
Shares of Xilinx Inc. (XLNX, Buy) are lower in early trading today following its release of Q4 and fiscal 2009 results yesterday after market close. Q4 revenues and EPS came ahead of consensus expectations and the lower end of the Q1 revenue guidance is also higher than the mid-point of current consensus estimates.
The company guided Q1 revenue of +/- 4% relative to Q4 revenues of $395 million with gross margin expectation of 61% - 63%, roughly flat with Q1 results. The company expects growth from the Asia-Pacific region and Japan, with declines in Europe and North America. XLNX is also implementing a two-phase restructuring during the current fiscal year, with Phase 1 having an immediate impact of $11-$13 million in charges in the June quarter.
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