Dahlman Rose

Dahlman Rose initiated coverage on Chevron (NYSE: CVX) with a Hold rating. Dahlman Rose noted, "We like CVX's solid Brent leverage and leading upstream profitability. However, two major LNG projects ($66 Bn) are key areas of near-term risk. Flattish production and diminishing free cash flow (...

Dahlman Rose initiated coverage on Exxon Mobil (NYSE: XOM) with a Buy rating and a $100 price target. Dahlman Rose said, "ExxonMobil has a robust portfolio of major growth projects worldwide, with 21 startups planned between 2012 and 2014. The resource base in impressive and diverse – offering...

Dahlman Rose initiated coverage on Pacific Drilling SA (NYSE: PACD) with a Buy rating and a $12.50 price target. Dahlman Rose said, "PACD is a pure-play UDW driller with one of the youngest and most capable fleets in the world. The fleet currently consists of four nearly identical UDW drillships...

Dahlman Rose reduced its rating on Alcoa (NYSE: AA) from Buy to Hold. Dahlman Rose commented, "We are downgrading shares of Alcoa to Hold from Buy as we expect aluminum prices to remain range-bound and do not believe the shares will be appropriately valued under the current corporate structure. A...

Dahlman Rose reiterated its Buy rating on Halliburton (NYSE: HAL) but lowered its price target from $52 to $49. Dahlman Rose noted, "The primary reason for our estimate reduction in the fourth quarter is the sluggish environment in North American rig activity, which is likely to persist. Pricing...

Dahlman Rose reiterated its Buy rating on Genesee & Wyoming (NYSE: GWR) and raised its price target from $74 to $79. Dahlman Rose said, "We are revising our earnings estimates and increasing our price target, as the RA acquisition and related financing have unfolded more quickly and favorably...

Dahlman Rose reduced its rating on CARBO Ceramics (NYSE: CRR) from Buy to Hold. Dahlman Rose commented, "We are downgrading CRR to Hold. We do not expect shares to rally again until Haynesville activity rebounds. While imports have decreased from record levels, they have been more resilient than...

Dahlman Rose lowered its rating on Peabody Energy (NYSE: BTU) from Buy to Hold on lack of sufficient upsides to updated price estimates. Dahlman Rose commented, "Our average expected price per ton for the fourth quarter and 2013 drops to $127 from $145 and $158 per ton previously. We expect...

Dahlman Rose reduced its rating on Walter Energy (NYSE: WLT) from Buy to Hold as the company is the most heavily exposed name in met coal. Dahlman Rose noted, "We are shaving 500 thousand tons from premium international metallurgical coal production and sales to 2.3 from 2.8 million tons, due to...

Dahlman Rose increased its rating on Thompson Creek Metals (NYSE: TC) from Hold to Buy and established a price target of $4 a share. Dahlman Rose said, "We believe that potential negative outcomes at Mt. Milligan are fully reflected in the current TC share price. In our opinion, the recent bounce...

Dahlman Rose initiated its overage on Natural Resource Partners (NYSE: NRP) with a Hold rating. Dahlman Rose noted, "We are initiating coverage of NRP with a Hold rating. The company owns and leases coal reserves in all major US basins. While we expect weak coal market conditions to pressure...

Dahlman Rose reduced its rating on RPC (NYSE: RES) from Hold to Sell with a price target of $9 a share. Dahlman Rose noted, "We see an unfavorable near-term risk-reward for RES and are assigning a $9 target. RPC's margins have held up the best so far in this downcycle probably due to low-cost...

Dahlman Rose initiated its coverage on Northern Tier Energy (NYSE: NTI) with a Buy rating and a price target of $23. Dahlman Rose said, "While the turnaround in 2013 does meaningfully reduce dividend potential for that year, we believe the substantial advantages of the current crude differential...

Dahlman Rose initiated its coverage on Oil State International (NYSE: OIS) with a Buy rating and a price target of $99 a share. Dahlman Rose said, "We are initiating coverage of OIS with a Buy rating due to the strong outlook in the Accommodations and Offshore segments, the high-grading of the...