Amareos

Federico Bagiotti, CFA

Equity Bottom-Up

Two weeks ago, Halliburton announced its Q3 results, beating estimates both at revenue and earnings level. Commenting on the results, Jeff Miller, Halliburton’s President and CEO remarked,“We had a strong quarter and I am very pleased with our results. Our North American business is hitting on all cylinders and our international business proved resilient in a challenging environment. These results demonstrate why Halliburton is the execution company.” Just two months earlier, the Company…

Two weeks ago, Halliburton announced its Q3 results, beating estimates both at revenue and earnings level. Commenting on the results, Jeff Miller, Halliburton’s President and CEO remarked,“We had a strong quarter and I am very pleased with our results. Our North American business is hitting on all cylinders and our international business proved resilient in a challenging environment. These results demonstrate why Halliburton is the execution company.” Just two months earlier, the Company…

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Short-term rotation is underway. FANG stocks and parts of Tech, both long-term leaders, have become a short-term source of funds. Fortunately, this weakness is confined, resulting in sector and group rotation, not widespread selling. There is still plenty to like about this market, including areas we have shied away from for most of the year, such as energy and retailers.  This report highlights investment opportunities within the energy sector.

Short-term rotation is underway. FANG stocks and parts of Tech, both long-term leaders, have become a short-term source of funds. Fortunately, this weakness is confined, resulting in sector and group rotation, not widespread selling. There is still plenty to like about this market, including areas we have shied away from for most of the year, such as energy and retailers.  This report highlights investment opportunities within the energy sector.

U.S. Equity Strategy: Tactical Shift in Favoring Value over Growth; Buy Energy; Retailers Bottoming

Energy Expert

Thierry Bros, PhD

Thematic (Sector/Industry)

In early July, <a href="https://www.smartkarma.com/entities/23749" target="_blank" data-smartkarma-citation="entities:23749:1">Gazprom PJSC (GAZP RX)</a> invited analysts for a field trip in Siberia and Yamal peninsula to visit the Zapolyarnoye gas and Novoportovskoye oil producing fields. My two takeaways are:<ul class=""><li>
<a href="https://www.smartkarma.com/entities/23749" target="_blank" data-smartkarma-citation="entities:23749:1">Gazprom PJSC (GAZP RX)</a> can provide low-cost, highly seasonal gas to Europe and Russia<ul><li>
<a href="https://www.smartkarma.com/entities/23749" target="_blank" data-smartkarma-citation="entities:23749:1">Gazprom PJSC (GAZP RX)</a> is the lowest cost gas producer and this was again confirmed with the 2017 cost of production and treatment of gas of the Zapolyarnoye field at 1,920 RUB/1,000cm (or 0.9 $/Mbtu while the average…</li></ul>
</li></ul>

In early July, Gazprom PJSC (GAZP RX) invited analysts for a field trip in Siberia and Yamal peninsula to visit the Zapolyarnoye gas and Novoportovskoye oil producing fields. My two takeaways are:
Gazprom PJSC (GAZP RX) can provide low-cost, highly seasonal gas to Europe and Russia
Gazprom PJSC (GAZP RX) is the lowest cost gas producer and this was again confirmed with the 2017 cost of production and treatment of gas of the Zapolyarnoye field at 1,920 RUB/1,000cm (or 0.9 $/Mbtu while the average…


Transport Sector, China and Asia-focused Research

Charles De Trenck

Dennis Gartman, publisher of his eponymous investor newsletter, is known for making forceful comments on commodities. Increasingly, he has also been known for being wrong.  We can’t say he is always wrong. But over the years he’s proven to be a valid contrarian indicator much/most of the time. Dennis Gartman is a creature of CNBC. Always with a quick draw opinion. Always there to tell you that what is happening, ... is happening. And to try to get you to sell or buy as often as he changes his…

Dennis Gartman, publisher of his eponymous investor newsletter, is known for making forceful comments on commodities. Increasingly, he has also been known for being wrong.  We can’t say he is always wrong. But over the years he’s proven to be a valid contrarian indicator much/most of the time. Dennis Gartman is a creature of CNBC. Always with a quick draw opinion. Always there to tell you that what is happening, ... is happening. And to try to get you to sell or buy as often as he changes his…

The Gartman Indicator – Perhaps an Oil Bottom Is Nearer than We Think?

Thierrybros.com

Interesting article in the Financial Time (FT) on stock exchanges fighting for Saudi Aramco IPO <a href="https://www.ft.com/content/41af604e-0315-11e7-ace0-1ce02ef0def9" target="_blank">https://www.ft.com/content/41af604e-0315-11e7-ace0-1ce02ef0def9 </a>with the following conclusion "Saudi Aramco will initially list as much as 5% of the company and investors and analysts have questioned the size of Riyadh’s $2tn valuation. But even if it reaches just half that target it would still raise $50bn — twice as much as Alibaba’s record IPO in 2014."Back in <a href="https://www.smartkarma.com/insights/saudi-aramco-value-tn-maybe-not" target="_blank" data-smartkarma-citation="insights:8177">Saudi Aramco Value: $tn? Maybe Not!</a> my…

Interesting article in the Financial Time (FT) on stock exchanges fighting for Saudi Aramco IPO https://www.ft.com/content/41af604e-0315-11e7-ace0-1ce02ef0def9 with the following conclusion "Saudi Aramco will initially list as much as 5% of the company and investors and analysts have questioned the size of Riyadh’s $2tn valuation. But even if it reaches just half that target it would still raise $50bn — twice as much as Alibaba’s record IPO in 2014."Back in Saudi Aramco Value: $tn? Maybe Not! my…

New York and London Battle for Saudi Aramco IPO

United States

Schlumberger Limited is an oil services company. The Company, through its subsidiaries, provides a wide range of services, including technology, project management and information solutions to the international petroleum industry as well as advanced acquisition and data processing surveys.

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Schlumberger Ltd (SLB US)

Halliburton: Ripe For A Rebound

Two weeks ago, Halliburton announced its Q3 results, beating estimates both at revenue and earnings level. Commenting on the results, Jeff Miller,...

Amareos

U.S. Equity Strategy: Tactical Shift in Favoring Value over Growth; Buy Energy; Retailers Bottoming

Short-term rotation is underway. FANG stocks and parts of Tech, both long-term leaders, have become a short-term source of funds. Fortunately, this...

Vermilion Research

From Russia, with Cheap Gas

In early July, Gazprom PJSC (GAZP RX) invited analysts for a field trip in Siberia and Yamal peninsula to visit the Zapolyarnoye gas and...

Thierry Bros, PhD

The Gartman Indicator – Perhaps an Oil Bottom Is Nearer than We Think?

Dennis Gartman, publisher of his eponymous investor newsletter, is known for making forceful comments on commodities. Increasingly, he has also...

Charles De Trenck

New York and London Battle for Saudi Aramco IPO

Interesting article in the Financial Time (FT) on stock exchanges fighting for Saudi Aramco IPO...

Thierry Bros, PhD

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