Streetbeat News

Earnings

AR

Benchmark analyst Subash Chandra reiterated a Buy rating on Antero Resources Corporation (AR), but lowered the price target to $32 from $36. The company's Q2 earnings release is due on July 26, 2023. The analyst lowered the realized gas and NGL price expectations to $2.15/$24 from $2.60/$28 and expects AR to outspend $190 million this quarter. However, the analyst expects natural gas prices to trend higher into the heating season and a rebound in product prices could coincide with a seasonal decline in capex.

Portfolio Pulse from Nabaparna Bhattacharya

July 14, 2023 | 7:15 pm

CTAS

Cintas Corp (NASDAQ:CTAS) reported a Q4 earnings beat, leading several analysts to raise their price targets for the company. The company reported a 10.1% YoY sales growth to $2.28 billion, beating the analyst consensus. Cintas sees FY24 revenue of $9.35 billion - $9.50 billion. Deutsche Bank, Argus Research, Morgan Stanley, Wells Fargo, and Barclays all raised their price targets for CTAS.

Portfolio Pulse from Lekha Gupta

July 14, 2023 | 6:47 pm

WFC

Wells Fargo & Co (NYSE:WFC) reported upbeat Q2 earnings, beating estimates on both top and bottom lines. The bank posted a net income of $4.9 billion, up from $3.1 billion in the same quarter last year, largely due to higher interest rates. It also repurchased 100.2 million shares during the quarter, totaling a $4 billion buyback. The bank's stock is trading 0.55% lower at the time of writing. For an investor to yield $500 per month from the stock, they would need to hold approximately $218,181.81 in the stock, or 5,019 shares.

Portfolio Pulse from AJ Fabino

July 14, 2023 | 6:43 pm

MRO

Benchmark analyst Subash Chandra has reiterated a Buy rating on Marathon Oil Corporation (MRO), but lowered the price target to $28 from $32 due to declining commodity prices. The analyst expects MRO to generate solid FCF in Q2 2023, with strong production in Delaware. However, the EPS estimate for Q2 has been reduced to $0.44 from $0.55, and the EBITDA forecast has been lowered to $942 million from $978 million due to unfavorable commodity prices. Equity income from Equatorial Guinea is expected to be lower than guidance due to declining oil and LNG prices. MRO shares are currently trading lower by 3.6% to $24.20.

Portfolio Pulse from Nabaparna Bhattacharya

July 14, 2023 | 6:29 pm

BK

Bank of New York Mellon's shares are trading lower, possibly in response to recent earnings reports in the financial sector.

Portfolio Pulse from Benzinga Newsdesk

July 14, 2023 | 6:05 pm

DAL

Delta Air Lines shares are trading lower after the stock gained on Thursday on Q2 results.

Portfolio Pulse from Benzinga Newsdesk

July 14, 2023 | 6:04 pm

AMT

CCI

SBAC

BMO Capital Markets analyst Ari Klein initiated coverage on three data REITs: American Tower Corp. (AMT), SBA Communications Corp. (SBAC), and Crown Castle Inc. (CCI). AMT received an Outperform rating with a price target of $230, SBAC a Market Perform rating with a price target of $260, and CCI an Underperform rating with a price target of $113. All three companies are set to announce earnings soon.

Portfolio Pulse from Ethan Roberts

July 14, 2023 | 6:02 pm

DAL

Morgan Stanley analyst Ravi Shanker reiterated an Overweight rating on Delta Air Lines Inc (DAL) and raised the price target from $70 to $77. The company reported 2Q23 EPS of $2.68, above consensus, and Adjusted Operating Revenues of $14.613 billion, also above consensus. The analyst believes the current long-term EPS target of $7 is likely achieved and the next stop should be a $10 EPS target by 2025/26. Despite the stock’s nearly 50% YTD run-up, the analyst thinks it can still double in the next couple of years.

Portfolio Pulse from Shivani Kumaresan

July 14, 2023 | 5:40 pm

PLUG

Northland Capital Markets analyst Abhishek Sinha upgraded Plug Power Inc (NASDAQ:PLUG) to Outperform from Market Perform and revised up the price target to $22. Sinha expects the company to achieve a break-even margin by the end of the year and generate cash flow next year. The company recently secured a new electrolyzer deal in Europe, which is expected to boost margins and revenues. PLUG shares are trading higher by 1.62% at $12.16.

Portfolio Pulse from Lekha Gupta

July 14, 2023 | 5:38 pm

PEP

PepsiCo Inc reported better-than-expected Q2 FY23 results, with sales growth of 10.4% YoY to $22.32 billion, beating the analyst consensus. The company also raised its FY23 organic revenue growth outlook to 10%. Following the announcement, several analysts including Wedbush, Argus Research, Deutsche Bank, and Evercore ISI Group raised their price targets on PepsiCo.

Portfolio Pulse from Lisa Levin

July 14, 2023 | 5:01 pm