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Nov. 3, 2020, 5:18 a.m. EST

Shell upped to overweight and BP lifted to equal-weight at Morgan Stanley

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By Steve Goldstein

Morgan Stanley upgraded Royal Dutch Shell /zigman2/quotes/206428183/delayed UK:RDSA -0.21% /zigman2/quotes/205095589/composite RDS.A +0.02% to overweight from equal-weight, and BP /zigman2/quotes/202286639/delayed UK:BP -0.59% /zigman2/quotes/207305210/composite BP -0.53% to equal-weight from underweight, while it downgraded Equinor /zigman2/quotes/203290881/delayed NO:EQNR +2.07% to equal-weight from overweight. Shell's new financial framework and dividend policy send a strong signal about management's confidence in the firm's cash generating ability, the broker said. On Equinor, Morgan Stanley said the dividend hike has now materialized, and so its energy transition strategy, exposure to European gas prices and lack of exposure to refining are priced in. Following BP's underperformance and its yield expanding to 8.1%, the broker said concern about its uncertain earnings and cash flow outlook also is priced in. The broker kept its overweight on Total and underweight on Eni /zigman2/quotes/209584888/delayed IT:ENI +0.23% .

/zigman2/quotes/206428183/delayed
UK : U.K.: London
£ 1,768.20
-3.80 -0.21%
Volume: 3.98M
Oct. 18, 2021 4:35p
P/E Ratio
35.74
Dividend Yield
0.04%
Market Cap
£137.72 billion
Rev. per Employee
£1.52M
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/zigman2/quotes/205095589/composite
US : U.S.: NYSE
$ 48.72
+0.0100 +0.02%
Volume: 2.67M
Oct. 18, 2021 12:45p
P/E Ratio
34.56
Dividend Yield
2.60%
Market Cap
$189.63 billion
Rev. per Employee
$1.95M
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/zigman2/quotes/202286639/delayed
UK : U.K.: London
361.45 p
-2.15 -0.59%
Volume: 27.21M
Oct. 18, 2021 4:35p
P/E Ratio
11.71
Dividend Yield
4.40%
Market Cap
£72.33 billion
Rev. per Employee
£2.21M
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/zigman2/quotes/207305210/composite
US : U.S.: NYSE
$ 29.77
-0.16 -0.53%
Volume: 5.15M
Oct. 18, 2021 12:45p
P/E Ratio
11.67
Dividend Yield
4.20%
Market Cap
$99.59 billion
Rev. per Employee
$2.84M
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/zigman2/quotes/203290881/delayed
NO : Norway: Oslo
kr 233.70
+4.75 +2.07%
Volume: 4.77M
Oct. 18, 2021 4:25p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
kr743.23 billion
Rev. per Employee
kr20.23M
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/zigman2/quotes/209584888/delayed
IT : Italy: Milan
12.24
+0.03 +0.23%
Volume: 17.17M
Oct. 18, 2021 5:35p
P/E Ratio
N/A
Dividend Yield
5.48%
Market Cap
€43.61 billion
Rev. per Employee
€1.40M
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