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The economic downturn in 2020 has been particularly hard on oil and gas stocks. However, Bank of America analyst Asit Sen believes energy earnings have troughed for this cycle and are now on the upswing.Bank of America is projecting volumes and EBITDA margins will improve in coming quarters, and selective traders have plenty of buying opportunities in the space."We believe the 2H20 outlook is 'less bad' following a very tough 1H20 and we are close to a cyclical bottom," Sen wrote in a Thursday note.Looking ahead to 2022, Sen is projecting a normalization of global oil stockpiles and a recovery in global demand that exceeds supply.Clean Energy Transition: Sen supports the idea of a global transition to clean energy, but he isn't anticipating that transition will have a meaningful impact on global oil demand for at least another decade. Meanwhile, he said investors don't seem to fully appreciate the impact that...
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(Bloomberg) -- Just a week after revealing its plan to turn itself into a clean-energy giant, BP Plc watched its share price drop to a 25-year low.Chief Executive Officer Bernard Looney and his new management team gave more than 10 hours of presentations over three days last week, in a bid to show the world that the oil and gas giant could adapt to a low-carbon future without sacrificing returns.BP’s stock closed in London on Thursday at 232.4 pence, the lowest level since October 1995. While falling crude prices and fears of the second wave of the coronavirus didn’t help, the slide suggests shareholders weren’t convinced by Looney’s pitch.“Investors remain skeptical,” said Mirza Baig, Global Head of Governance at Aviva Investors. “Particularly as this move is being forced on the company by climate change.”Looney took over as CEO in February, but the so-called “BP Week” this month was his big moment,...
