iShares North American Natural Resources

Halliburton’s cash from operating activities (or CFO) turned positive in 3Q16.

Now, let’s analyze the refining margin indicators published by Valero Energy (VLO). These indicators point toward VLO’s likely margin trend in 4Q16.

BP (BP) plans to rebalance its sources and uses of cash by 2017 at an oil price level of $50–$55 per barrel.

In November, 34% of the analysts tracking FMC Technologies rated it a “buy,” ~55% rated it a “hold,” and only 3% of the analysts rated it a “sell.”

In November, 83% of the analysts tracking Schlumberger rated it a “buy” or some equivalent. The other 18% of the analysts recommended a “hold” or a “sell.”

Marathon Petroleum’s (MPC) implied volatility currently stands at 37%, the highest among its peers.

Cabot Oil & Gas’s stock price momentum has slowed, but its stock has recently been rising, mirroring natural gas prices.

Phillips 66’s adjusted EBITDA from its Marketing segment fell 22% from 3Q15 to $429 million in 3Q16 due to weaker marketing margins and lower volumes.

After Elliott Management’s recommendations, Marathon Petroleum’s forward EV-to-EBITDA multiple stood at 23.1x.

In this article, we’ll look at Tesoro’s (TSO) and Western Refining’s (WNR) valuations following the news of TSO’s acquisition of WNR.

XOM trades at 8.3x forward EV-to-EBITDA and 21.2x forward price-to-earnings, both above its peer averages.

Refining margins are dependent on input crude oil cost, product slate, and prices of refined products and are indicators of overall profitability.

Shell’s highest and lowest 12-month price targets stand at $66 and $53. It indicates a 27% and 2% rise from its current levels, respectively.

Total’s net adjusted operating earnings from the Upstream segment fell 21% from 3Q15 to $877 million in 3Q16 due to lower crude oil prices.

An analyst survey shows that six out of eight companies surveyed rated Suncor Energy (SU) an “overweight” or “outperform.”

Eight of the 11 firms rated Valero as a “buy,” “overweight,” or “outperform,” with a high 12-month price target of $73, indicating a potential 35% gain.

Delek US Holdings will be transformed if it succeeds in the acquisition of the remaining stake in Alon USA Energy.

Falling crude oil prices have changed the segmental dynamics within integrated energy companies such as Royal Dutch Shell (RDS.A).

In a bid to foster its biofuels business, Tesoro (TSO) has agreed to acquire Virent. The company is expected to operate as Tesoro’s wholly owned subsidiary.

A steeper earnings decline compared to the decline in its share price caused Halliburton’s (HAL) PE multiple to expand in 2015.

ExxonMobil (XOM) trades at an 8.1x EV-to-EBITDA multiple and a 20.2x price-to-earnings ratio, both above its peers’ averages.

Analysts’ ratings for BP (BP) show that 31% of those covering the stock rate it as a “buy,” and 61% rate it as a “hold.”

Core Laboratories expects onshore energy production to fall by the end of 2016 and net production of legacy deepwater projects to offset onshore declines.

Nine out of the ten companies surveyed rated Royal Dutch Shell (RDS.A) a “buy,” “overweight,” or “outperform.”

Analyst surveys show that eight of the nine analysts surveyed rated Suncor (SU) a “buy,” “overweight,” or “outperform.”

Changing oil prices have changed the dynamics for Total’s segments. Although upstream earnings have declined in 2Q16 YoY, they stayed positive in the quarter.

Marathon Petroleum’s (MPC) refining segment’s operating income plunged to -$62 million in 1Q16 due to a fall in its gross refining and marketing margin.

The correlation value for Valero stock and the price of oil shows they have a positive but feeble correlation. Valero stock moves in line with WTI prices only to a certain extent.

Integrated energy companies such as ExxonMobil (XOM) are affected by volatility in crude oil prices. To what degree? This varies from company to company.

Shell has witnessed a 49% fall in its short interest volumes since February 10, 2016. This indicates that the bearish sentiment for the stock is weakening.

Wall Street analysts’ estimate for Cabot Oil and Gas’s revenue was ~$352 million for 3Q15. The company announced adjusted revenue of ~$305 million.

Aluminum is the second most widely used metal after steel. Investors have a special liking for aluminum. There are several ways to play the industry.

Although copper prices have recovered from sub-$5,000 levels, the worst doesn’t seem to be over for copper or Freeport-McMoRan (FCX).

A wider contango is generally associated with a short-term oversupply in the market. Aluminum market dynamics took a beating as China’s aluminum exports are reaching alarming levels.

Freeport’s average realized copper prices fell 14% in 2Q15 on a year-over-year basis. Lower commodity prices took a toll on Freeport’s 2Q15 profits.

Year-to-date, aluminum prices have lost ~9%, while physical aluminum premiums in the US have lost almost 60%.