Oil Price The energy transition would need a major change in the mentality of stock market investors to succeed. Investors’ focus on relatively fast returns and immediate financial performance right now makes them reluctant to invest in transition companies. And this could become the death knell of that transition. “Public markets are probably the cheapest cost of capital,” KKR partner
Nasdaq Energy bankers who lost one client after another when poor returns pushed many investment firms out of the U.S. oil patch got a welcome email earlier this year. Elliott Management, a hedge fund founded and co-led by billionaire Paul Singer and best known for its activist investing, wrote to the bankers in January inviting them to pitch opportunities to acquire U.S. oil
Reuters HOUSTON – Chevron Corp’s first-quarter profit leapt from the same period a year ago to its highest in 10 years, benefiting from the surge in oil and gas prices in the aftermath of Russia’s invasion of Ukraine. The second-largest U.S. oil producer on Friday posted adjusted earnings of $6.5 billion or $3.36 per share, from $1.7 billion, or 90
World Oil (Bloomberg) –Could the era of cheap oil supply be gone for good? That’s the conclusion of some of the biggest commodities desks on Wall Street, where banks have been lifting their long-term price forecasts, often by $10 or more. While the U.S. shale boom brought about a “lower-for-longer” mantra, the market is now fixated on climate change and
CNBC Retail investors aren’t just flocking to Robinhood. Fidelity gathered millions of new clients – including millennials – during the first three months of the year. Fidelity Investments added 4.1 million new accounts in the first quarter of 2021, up nearly 160% from the first quarter of 2020. The firm also raked in members of a new generation of retail
CNBC EDITOR’S NOTE: In 2020, Wall Street asset funds promoting investments in “sustainability” are as hot as the Wham-O toy company’s Hula-Hoop, despite the SEC recently reporting that some ESG funds aren’t really Green, and according to Morningstar, when analyzed, perform on par with traditional funds. Nonetheless, growing public expectations around Corporate Social Responsibility has increased the emphasis by investors
CNBC If anybody on Wall Street is due a victory lap, it’s Daniel Pinto. The head of JPMorgan Chase’s massive corporate and investment bank is fresh off a year for the record books: Pinto’s business produced $49.3 billion in revenue and $17.1 billion in profit in 2020, more earnings than JPMorgan’s three other divisions combined. But Pinto, who is one of two
CNBC U.S. oil giant Exxon Mobil endured a dreadful year by virtually every measure in 2020. The Irving, Texas-based company reported four consecutive quarters of losses, incurred the biggest write-down in its modern history, laid off thousands of employees, saw its market value plunge more than 40% and was dropped from the blue-chip Dow Jones Industrial Average. CEO Darren Woods has since said the last 12 months “presented
Fox Business The U.S. bond market will be watching for ongoing reassurance from the U.S. Federal Reserve that it will maintain its bond purchases for the foreseeable future – or risk a disorderly rise in yields. Yields spiked to 10-month highs this month after Democrats won control of the U.S. Senate, increasing bets on higher fiscal spending, rising inflation and possibly a faster economic
CNBC The stock market may avoid a major near-term correction, according to economic forecaster Lakshman Achuthan. Achuthan, co-founder of the Economic Cycle Research Institute, told CNBC’s “Trading Nation” on Thursday that the risk a pullback of at least 10% is “really low” because the U.S. is in expansion mode. “The cycle is on the side of the bulls for the
CNBC Morgan Stanley on Wednesday posted fourth-quarter profit and revenue that exceeded analysts’ expectations on strong trading, investment banking and wealth management results. The firm reported a 51% increase in profit to $3.39 billion, or $1.81 per share. When excluding $189 million in integration costs tied to last year’s E-Trade acquisition, profit was $1.92 per share, compared with the $1.27
Fox Business Former New York Stock Exchange Chairman Dick Grasso weighed in on the market’s recent records on Thursday telling “Cavuto: Coast to Coast,” he thinks Wall Street is factoring in a coronavirus vaccine, more fiscal relief and a divided government. “What the market is saying is, ‘We’re looking to a COVID relief package before the Congress goes out, we’re looking to very effective vaccination program, looking to a divided government,’ hopefully as a result of
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