Robert Morris |
First TeamRobert Morris BofA Second Team Benjamin Dell Sanford C. Bernstein Third Team Jonathan Wolff Credit Suisse Runners-Up F. Lloyd Byrne Morgan Stanley; Thomas Driscoll Lehman; William Featherston UBS; Ellen Hannan Bear Stearns; John Herrlin Jr. Merrill Lynch |
Robert Morris of Banc of America Securities wins the sector for a sixth straight year. Investors praise Morris, 45, for his early, contrarian call on gas prices. Last October he reduced his sector recommendation to market weight, predicting that prices would be weaker than expected because of increased liquefied-natural-gas imports. Morris lowered his price forecast for 2007 but noted that the stocks in his group still had an upside potential of roughly 20 percent. By mid-September the Philadelphia Stock Exchange’s exploration and production index had risen 31.2 percent since his call. Benjamin Dell, who advances one rung to second, is “a disciplined investor who focuses on valuation,” according to one money manager. The Sanford C. Bernstein analyst impresses clients with his “North American Cost Curve” report, published annually in June, as well as astute stock picking, such as his recommendation to buy Murphy Oil Corp. of El Dorado, Arkansas, in March on its attractive valuation and strong growth profile. Shares were up 28.0 percent through mid-September, compared with an 18.9 percent advance for the sector. Debuting in third, Jonathan Wolff of Credit Suisse “has solid stock picking and timing,” says one supporter. One example: Oklahoma City’s Devon Energy Corp., recommended in May 2006 on its cost-control initiatives. By mid-September 2007 shares had shot up 42.7 percent. |
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Energy: Oil & Gas Exploration & Production