For Immediate Release
Chicago, IL – August 8, 2012 – Zacks Equity Research highlights Apogee Enterprises (APOG - Analyst Report) as the Bull of the Day and Procter & Gamble (PG - Analyst Report) as the Bear of the Day. In addition, Zacks Equity Research provides analysis on Chevron Corporation (CVX - Analyst Report), Total SA (TOT - Analyst Report) and Eni SpA (E - Analyst Report).
Full analysis of all these stocks is available at http://at.zacks.com/?id=2678.
Here is a synopsis of all five stocks:
Bull of the Day:
We have upgraded our recommendation on Apogee Enterprises (APOG - Analyst Report) to Outperform from Neutral with a target price of $18. The company's first-quarter fiscal 2013 earnings were $0.06 per share, reversing the prior-year loss of $0.08 and doubling the Zacks Consensus Estimate of $0.03. Total revenues improved 1% to $154.1 million.
Apogee is focused on increasing its exposure in the U.S. market, which will help top-line growth moving forward. It has increased its earnings guidance range and raised its quarterly dividend by 10% to $0.09 per share.
We have upgraded our long-term recommendation on the stock to Outperform from Neutral, which indicates that it will perform above the overall market. Our price target of $18 is based on 32.1x our fiscal 2013 earnings estimate.
Bear of the Day:
Procter & Gamble's (PG - Analyst Report) fourth quarter earnings of $0.82 were flat with the prior-year levels, as benefits from pricing and cost savings from restructuring activities were offset by a top-line shortfall and rising commodity costs. Revenues declined 1% largely due to foreign exchange headwinds.
Further, P&G is witnessing sluggish growth in the developed nations, principally in North America and Western Europe, due to weak economic conditions and market share declines. Moreover, rising commodity costs are constantly hurting the company's margins.
Other short-term headwinds include business disruptions in Venezuela, import restrictions in Argentina and negative impact of foreign exchange. We thus have an Underperform rating, as most of these issues are expected to persist and pressure earnings in the near term.
Latest Posts on the Zacks Analyst Blog:
Chevron in Angola-Congo Venture
Chevron Overseas Congo Limited – an affiliate of Chevron Corporation (CVX - Analyst Report) – announced its plans to develop the Lianzi field. Located 65 miles away from the shore and at a water depth of about 3,000 feet, the field lies in a zone between the Republic of Congo and the Republic of Angola.
The development project – worth $2.0 billion – involves the installation of subsea production system and a 27-mile electrically heated flowline. These will be used to transport oil from the field to the Benguela Belize Lobito Tomboco platform, located in Angola Block 14.
The project – which is expected to produce its first oil in 2015 – will have a production capacity of maximum 46,000 barrels of oil equivalent per day, upon completion.
Chevron’s arm in Congo will act as the operator of the Lianzi field with a 31.25% interest, while Total SA (TOT - Analyst Report) controls a 36.75% stake. The remaining stakes are shared among Eni SpA (E - Analyst Report) (10%), Angolan energy firm Sonangol (10%), the Republic of Congo National Oil Company – SNPC (7.5%) and Portugal-based Galp Energia (4.5%).
This is Chevron’s first venture in the Republic of Congo and the company looks to establish a strong foothold in West Africa – one of the richest hydrocarbon basins in the world.
Both Congo and Angola will likely provide support to the cross-border project. The Lianzi field will also act as the source of encouragement for the development of other cross-country fields.
San Ramon, California-based Chevron displays a strong portfolio of global projects, targeting volume growth of around 20% by 2017. Additionally, Chevron possesses one of the healthiest balance sheets among its peers, which helps it to capitalize on investment opportunities with the option to make strategic acquisitions.
However, due to its integrated nature, Chevron is particularly susceptible to downside risk from any weakness in the global economy. We are also concerned regarding the company’s high level of capital spending, which may result in reduced returns going forward.
As such, we see the stock performing in line with the broader market and maintain our long-term Neutral recommendation, supported by a Zacks #3 Rank (short-term Hold rating).
Get the full analysis of all these stocks by going to http://at.zacks.com/?id=2649.
About the Bull and Bear of the Day
Every day, the analysts at Zacks Equity Research select two stocks that are likely to outperform (Bull) or underperform (Bear) the markets over the next 3-6 months.
About the Analyst Blog
Updated throughout every trading day, the Analyst Blog provides analysis from Zacks Equity Research about the latest news and events impacting stocks and the financial markets.
About Zacks Equity Research
Zacks Equity Research provides the best of quantitative and qualitative analysis to help investors know what stocks to buy and which to sell for the long-term.
Continuous analyst coverage is provided for a universe of 1,150 publicly traded stocks. Our analysts are organized by industry which gives them keen insights to developments that affect company profits and stock performance. Recommendations and target prices are six-month time horizons.
Zacks "Profit from the Pros" e-mail newsletter provides highlights of the latest analysis from Zacks Equity Research. Subscribe to this free newsletter today by visiting http://at.zacks.com/?id=7158.
About Zacks
Zacks.com is a property of Zacks Investment Research, Inc., which was formed in 1978 by Leonard Zacks. As a PhD from MIT Len knew he could find patterns in stock market data that would lead to superior investment results. Amongst his many accomplishments was the formation of his proprietary stock picking system; the Zacks Rank, which continues to outperform the market by nearly a 3 to 1 margin. The best way to unlock the profitable stock recommendations and market insights of Zacks Investment
Research is through our free daily email newsletter; Profit from the Pros. In short, it's your steady flow of Profitable ideas GUARANTEED to be worth your time! Register for your free subscription to Profit from the Pros at http://at.zacks.com/?id=4582.
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For Immediate Release
Chicago, IL – August 8, 2012 – Zacks Equity Research highlights Apogee Enterprises (APOG - Analyst Report) as the Bull of the Day and Procter & Gamble (PG - Analyst Report) as the Bear of the Day. In addition, Zacks Equity Research provides analysis on Chevron Corporation (CVX - Analyst Report), Total SA (TOT - Analyst Report) and Eni SpA (E - Analyst Report).
Full analysis of all these stocks is available at http://at.zacks.com/?id=2678.
Here is a synopsis of all five stocks:
Bull of the Day:
We have upgraded our recommendation on Apogee Enterprises (APOG - Analyst Report) to Outperform from Neutral with a target price of $18. The company's first-quarter fiscal 2013 earnings were $0.06 per share, reversing the prior-year loss of $0.08 and doubling the Zacks Consensus Estimate of $0.03. Total revenues improved 1% to $154.1 million.
Apogee is focused on increasing its exposure in the U.S. market, which will help top-line growth moving forward. It has increased its earnings guidance range and raised its quarterly dividend by 10% to $0.09 per share.
We have upgraded our long-term recommendation on the stock to Outperform from Neutral, which indicates that it will perform above the overall market. Our price target of $18 is based on 32.1x our fiscal 2013 earnings estimate.
Bear of the Day:
Procter & Gamble's (PG - Analyst Report) fourth quarter earnings of $0.82 were flat with the prior-year levels, as benefits from pricing and cost savings from restructuring activities were offset by a top-line shortfall and rising commodity costs. Revenues declined 1% largely due to foreign exchange headwinds.
Further, P&G is witnessing sluggish growth in the developed nations, principally in North America and Western Europe, due to weak economic conditions and market share declines. Moreover, rising commodity costs are constantly hurting the company's margins.
Other short-term headwinds include business disruptions in Venezuela, import restrictions in Argentina and negative impact of foreign exchange. We thus have an Underperform rating, as most of these issues are expected to persist and pressure earnings in the near term.
Latest Posts on the Zacks Analyst Blog:
Chevron in Angola-Congo Venture
Chevron Overseas Congo Limited – an affiliate of Chevron Corporation (CVX - Analyst Report) – announced its plans to develop the Lianzi field. Located 65 miles away from the shore and at a water depth of about 3,000 feet, the field lies in a zone between the Republic of Congo and the Republic of Angola.
The development project – worth $2.0 billion – involves the installation of subsea production system and a 27-mile electrically heated flowline. These will be used to transport oil from the field to the Benguela Belize Lobito Tomboco platform, located in Angola Block 14.
The project – which is expected to produce its first oil in 2015 – will have a production capacity of maximum 46,000 barrels of oil equivalent per day, upon completion.
Chevron’s arm in Congo will act as the operator of the Lianzi field with a 31.25% interest, while Total SA (TOT - Analyst Report) controls a 36.75% stake. The remaining stakes are shared among Eni SpA (E - Analyst Report) (10%), Angolan energy firm Sonangol (10%), the Republic of Congo National Oil Company – SNPC (7.5%) and Portugal-based Galp Energia (4.5%).
This is Chevron’s first venture in the Republic of Congo and the company looks to establish a strong foothold in West Africa – one of the richest hydrocarbon basins in the world.
Both Congo and Angola will likely provide support to the cross-border project. The Lianzi field will also act as the source of encouragement for the development of other cross-country fields.
San Ramon, California-based Chevron displays a strong portfolio of global projects, targeting volume growth of around 20% by 2017. Additionally, Chevron possesses one of the healthiest balance sheets among its peers, which helps it to capitalize on investment opportunities with the option to make strategic acquisitions.
However, due to its integrated nature, Chevron is particularly susceptible to downside risk from any weakness in the global economy. We are also concerned regarding the company’s high level of capital spending, which may result in reduced returns going forward.
As such, we see the stock performing in line with the broader market and maintain our long-term Neutral recommendation, supported by a Zacks #3 Rank (short-term Hold rating).
Get the full analysis of all these stocks by going to http://at.zacks.com/?id=2649.
About the Bull and Bear of the Day
Every day, the analysts at Zacks Equity Research select two stocks that are likely to outperform (Bull) or underperform (Bear) the markets over the next 3-6 months.
About the Analyst Blog
Updated throughout every trading day, the Analyst Blog provides analysis from Zacks Equity Research about the latest news and events impacting stocks and the financial markets.
About Zacks Equity Research
Zacks Equity Research provides the best of quantitative and qualitative analysis to help investors know what stocks to buy and which to sell for the long-term.
Continuous analyst coverage is provided for a universe of 1,150 publicly traded stocks. Our analysts are organized by industry which gives them keen insights to developments that affect company profits and stock performance. Recommendations and target prices are six-month time horizons.
Zacks "Profit from the Pros" e-mail newsletter provides highlights of the latest analysis from Zacks Equity Research. Subscribe to this free newsletter today by visiting http://at.zacks.com/?id=7158.
About Zacks
Zacks.com is a property of Zacks Investment Research, Inc., which was formed in 1978 by Leonard Zacks. As a PhD from MIT Len knew he could find patterns in stock market data that would lead to superior investment results. Amongst his many accomplishments was the formation of his proprietary stock picking system; the Zacks Rank, which continues to outperform the market by nearly a 3 to 1 margin. The best way to unlock the profitable stock recommendations and market insights of Zacks Investment
Research is through our free daily email newsletter; Profit from the Pros. In short, it's your steady flow of Profitable ideas GUARANTEED to be worth your time! Register for your free subscription to Profit from the Pros at http://at.zacks.com/?id=4582.
Visit http://www.zacks.com/performance for information about the performance numbers displayed in this press release.
Follow us on Twitter: http://twitter.com/zacksresearch
Join us on Facebook: http://www.facebook.com/home.php#/pages/Zacks-Investment-Research/57553657748?ref=ts
Disclaimer: Past performance does not guarantee future results. Investors should always research companies and securities before making any investments. Nothing herein should be construed as an offer or solicitation to buy or sell any security.
Media Contact
Zacks Investment Research
800-767-3771 ext. 9339
support@zacks.com
http://www.zacks.com
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