Agrium Inc.
Ticker: AGU
Price Target: $101.00
Market Cap (US$mm): $12,288
Dividend Yield: 3.4%
2015 P/E Ratio: 11.8
“Agrium has a unique strategic position to meet widespread agricultural demand, with over half a million
customers globally, significant advantages in our nitrogen and potash businesses and a complementary
portfolio of products and service," said Agrium CEO Chuck Magro in its second quarter earnings report. "Agrium continues to focus on maximizing operational and financial efficiencies across our complementary portfolio of assets, including optimization of working capital and operating costs. Combined with Agrium’s current growth projects, we believe these initiatives will drive higher free cash flow and subsequent shareholder returns.”
Calpine Corp.
Ticker: CPN
Price Target: $31
Market Cap (US$mm): $9,212
Dividend Yield: 0.0%
2015 P/E Ratio: 19.0
“Looking at the balance of the year, our solid operations and robust hedging program continue to mitigate the effects of an unseasonably mild summer in Texas and the Mid-Atlantic, enabling us to reaffirm our 2014 guidance," said Calpine CEO Thad Hill in its second quarter earnings report. "Longer-term, Calpine remains well positioned to capture value as the sound fundamentals in each of our core markets reassert themselves,” said Hill.
Celanese Corp.
Ticker: CE
Price Target: $65.00
Market Cap (US$mm): $9,329
Dividend Yield: 0.9%
2015 P/E Ratio: 11.4
"Our excellent performance through the first six months of the year gives me confidence that we can generate adjusted earnings per share growth in the range of 15 to 17 percent in 2014," said Celanese CEO Mark Rohr in its second quarter earnings report. "We now increase our focus on the Celanese-specific initiatives for 2015 that will help offset the expected headwind related to the expiration of a methanol contract in mid-2015."
Chart Industries
Ticker: GTLS
Price Target: $90
Market Cap (US$mm): $1,933
Dividend Yield: 0.0%
2015 P/E Ratio: 16.5
"We continue to see opportunities from shale gas development, whether dry, wet or associated with tight oil production," said Chart CEO Samuel F. Thomas on its second quarter earnings call. "The recent introduction of Bakken flare gas regulations in North Dakota is a good example."
Cheniere Energy Inc.
Ticker: LNG
Price Target: $85.00
Market Cap (US$mm): $17.856
Dividend Yield: NM
2015 P/E Ratio: NM
"We continue to make progress on the commercialization and development of the Corpus Christi Liquefaction Project, which is being designed for up to three Trains with expected aggregate nominal production capacity of approximately 13.5 mtpa of LNG," the company said in its second quarter earnings report.
The Dow Chemical Co.
Ticker: DOW
Price Target: $60
Market Cap (US$mm): $165,224
Dividend Yield: 2.2%
2015 P/E Ratio: 15.5
"Our operating priorities are delivering strong results despite ongoing slow growth and volatility in the global marketplace," said Dow Chemical CEO Andrew N. Liveris in its second quarter earnings statement. "We remain focused on these priorities as we continue to execute against our business-by-business plans – maximizing value through a balanced mix of differentiated technology and integrated, advantaged value chains."
Energy Transfer Equity, LP
Ticker: ETE
Price Target: $72.00
Market Cap (US$mm): $33,770
Dividend Yield: 2.6%
2015 P/E Ratio: 31.4
"While the near term natural gas price outlook may continue to be soft with pockets of upsides from time to time as we experienced in the first quarter of this year, we’re extremely optimistic that our transportation pipelines will drive much stronger operating results as demand is expected to increase due primarily to commencement of LNG exports of the Gulf Coast, increased demand from Mexico by directionally flowing our pipeline systems to transport Marcellus and Utica gas to the Gulf Coast, further environmental pressure to convert coal-fired power generation to natural gas generation and increased petrochemical demand along the Gulf Coast," said Energy Transfer Equity's CFO Martin Salinas, on its second quarter earnings call.
GasLog Ltd
Ticker: GLOG
Price Target: $29.00
Market Cap (US$mm): $1,862
Dividend Yield: 2.1%
2015 P/E Ratio: 27.4
"At GasLog, we will continue to look for attractive opportunities to grow our fleet and to place long-term contracts against our vessels which make them eligible for drop-down to the MLP, thus maintaining the partnership’s visible growth pipeline," said GasLog CEO Paul Wogan on its second quarter earnings call. "The forecast expansion of the LNG industry combined with GasLog’s experienced technical platform, proven track record of execution and willingness to drive consolidation in the market mean that we are confident that we will continue to see attractive growth opportunities that will benefit the shareholders of both GasLog Ltd. and GasLog Partners."
Golar LNG Ltd
Ticker: GLNG
Price Target: $67.00
Market Cap (US$mm): $6,310
Dividend Yield: 2.7%
2015 P/E Ratio: NM
"We have been getting excellent feedback from our key charterers on our technical performance. Our uptime – meaning technical availability for vessels under contract – is virtually 100%," said Golar CEO Doug Arnell on its second quarter earnings call. "Outstanding safety record. And again, our vessel vetting statistics are very high, along with customer satisfaction reports, which we canvas on a regular basis."
LyondellBasell Industries N.V.
Ticker: LYB
Price Target: $120.00
Market Cap (US$mm): $58,085
Dividend Yield: 2.4%
2015 P/E Ratio: 13.8
"Industry fundamentals remain strong, and we continue to execute on our investment program," said LyondellBasell CEO Jim Gallogly in its second quarter earnings report. "During the third quarter we expect to begin production from the 800 million pound per year La Porte ethylene expansion. This is the first of three ethylene expansions and continues to put us well ahead of new greenfield plants pursued by others in the industry," Gallogly added.
MarkWest Energy Partners LP
Ticker: MWE
Price Target: $74.00
Market Cap (US$mm): $15,464
Dividend Yield: 4.6%
2015 P/E Ratio: 43.1
“The completion of five major infrastructure projects in the Marcellus and Utica Shales over the past three months has provided our producer customers the ability to continue expanding their rich-gas development programs," MarkWest CEO Frank Semple said in its second quarter earnings statement. "Due to their ongoing success, we expect overall system volumes to continue to rapidly expand and provide us with unique opportunities to significantly grow cash flow and achieve future distribution growth targets.”
Phillips 66
Ticker: PSX
Price Target: $93.00
Market Cap (US$mm): $46,840
Dividend Yield: 2.3%
2015 P/E Ratio: 9.9
"We're executing our plans, we're continuing with our commitments we laid out two years ago," said Phillips 66 CEO Greg Garland on its second quarter earnings call. "We have a strong balance sheet, $5 billion of cash, and a debt-to-capital ratio at the low end of our targeted range. We have confidence that we have the resources and the opportunities to deliver on our plans to grow our higher-valued businesses, while rewarding the owners of our companies with secure and growing distributions."
Potash Corp of Saskatchewan Inc
Ticker: POT
Price Target: $33.00
Market Cap (US$mm): $29,925
Dividend Yield: 4.0%
2015 P/E Ratio: 18.3
“Looking ahead, we will focus on improving our position and optimizing our world-class assets to benefit all stakeholders," said Potash Corp CEO Jochen Tilk in its second quarter earnings statement. "As a team, we will build on our strengths and take thoughtful and calculated steps to enhance long-term shareholder value.”
Rentech Nitrogen Partners LP
Ticker: RNF
Price Target: $16.00
Market Cap (US$mm): $486
Dividend Yield: 5.2%
2015 P/E Ratio: 11.2
“Our wood fiber businesses continue to grow,” said Rentech CEO Hunt Ramsbottom in its second quarter earnings statement. “Construction of our Canadian wood pellet projects is nearing completion, and we will begin commissioning the plants in the second half of this year. Integration of our recently acquired New England Wood Pellet business is going smoothly, and it is performing as well as we expected. We are focused on execution at our operating businesses while pushing forward on specific opportunities to significantly expand our wood chipping and pellet businesses.”
Sempra Energy
Ticker: SRE
Price Target: $125.00
Market Cap (US$mm): $26,247
Dividend Yield: 2.5%
2015 P/E Ratio: 21.9
"We have made significant progress on several of our key projects," said Sempra CEO Debra L. Reed in its second quarter earnings statement. "With permitting nearly complete for the Cameron LNG liquefaction-export project, we and our partners have made the final investment decision to proceed and we plan to break ground later this year. Our California utilities received the final CPUC decision that will allow them to move forward with their Pipeline Safety Enhancement Plan. And, last week, Sempra U.S. Gas & Power signed a long-term power-purchase agreement with Southern California Edison for a major expansion of our Copper Mountain Solar complex in Nevada."
Williams Companies, Inc
Ticker: WMB
Price Target: $63.00
Market Cap (US$mm): $42,270
Dividend Yield: 3.8%
2015 P/E Ratio: 33.3
"(We're in a) very impressive position in the gathering space upstream and our ability to continue to deliver
services and link that to service opportunities for customers downstream, this basically just reloads our set of
opportunities and continuing to grow that," Williams Companies CEO Alan Armstrong said in its second quarter earnings statement. "I can tell you, it didn't feel like we needed a lot of that. But nevertheless I've got a lot of confidence in not just the assets, but the combination of the people of ACMP and Williams."