< The 2014 All-America Research TeamPaul ChengBarclaysFirst-Place Appearances: 1
Total Appearances: 12
Analyst Debut: 2002A runner-up last year, Paul Cheng of Barclays reclaims third place. “Paul gets into the numbers as well as any analyst I have ever seen, in any industry,” marvels one supporter. “I like and respect that.” Share prices of the major oil companies over the next 12 months will be driven primarily by project execution and capital discipline, says Cheng, who dubs Houston-based ConocoPhillips and Canada’s Suncor Energy two likely strong performers. “While ConocoPhillips has already been a big outperformer over the last 12 months, we think the shares have more room to run in light of its attractive price-to-net-asset value ratio and strong operating momentum,” he observes. “We continue to believe its North America unconventional oil portfolio is unmatched among the super majors.” Suncor, meanwhile, offers production growth of about 6 percent per year when Brent oil sells for $100 a barrel, he says, and enjoys improving operating momentum, low geological and political risk profiles, an attractive price-to-net-asset ratio and the ability to generate free cash flow of some 24 percent of its market capitalization.
RUNNER(S)-UP
Joseph Evan Calio
Morgan Stanley
Paul Sankey
Wolfe Research
Edward Westlake
Credit Suisse