4 Energy Stock Stories To Drive Investment Chatter on Tuesday

Petrobras – Petroleo Brasileiro (NYSE:PBR): Closing price $19.48

On Tuesday, Chief Executive Maria das Gracas Silva Foster said that the firm’s reserves will double in size by 2020, thus reinforcing Brazil’s role as a major energy player. Petrobras has been criticized by analysts and investors for its bulky investments because the expenditures have resulted in a less-than-anticipated rise in crude production, even though it found some of the world’s biggest oil discoveries in the past 20 years. The company has said that it intends to invest $236.7 billion during the next five years, keeping spending and output targets at the same levels as in the 2012 plan.

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PBR

Anadarko Petroleum Corporation (NYSE:APC): Closing price $86.58

The Algerian state news agency APS reported that Anadarko and Sonatrach commenced pumping from El Merk’s fields in March, but had just delivered its initial oil outside of the complex on Friday, citing sources at the operation. The complex includes a factory in which to process the hydrocarbons, and will produce 127,000 barrels per day of crude oil and condensates by the end of 2013, said APS. Anadarko also announced late Monday that it had begun output from El Merk. Following the January attack on In-Amenas, Anadarko Chief Executive Al Walker said that his company had increased security at its operations in Algeria, but was not thinking about exiting the country.

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APC

Plains Exploration & Production Company (NYSE:PXP): Closing price $46.78

The proxy advisement firm Institutional Shareholder Services said that Plains shareholders should oppose the more-than-$6-billion proposed takeover by Freeport-McMoRan Copper & Gold (NYSE:FCX), delivering a blow to the latter while shareholder resistance to the deal grows stronger. Beyond that, the hedge fund Arrowgrass Capital Partners wrote in a letter to Plains on Tuesday that it will vote its approximate 3.6-percent position against Freeport’s offer as well, contending that Plains shares are worth more. And finally, shareholder CR Intrinsic, with about a 3.8-percent stake in Plains, is also against the bid. ISS agreed in its report that the Freeport offer is insufficient, saying that “even at the announcement day valuation of $49.55, the transaction would offer little or no takeover premium to the current stand-alone value.”

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PXP

BP (NYSE:BP): Closing price $44.06

The oil supermajor failed to increase output at Azerbaijan’s biggest oilfield in the first quarter, even after being bashed by the country’s president. The Azeri-Chirag-Guneshli field in Azerbaijan’s section of the Caspian Sea produced 662,000 barrels per day of oil in the first three months of 2013, which was down by 8.4 percent year over year, as BP said Tuesday in a statement. In a televised speech in October, President Aliyev spoke out against the output slump that began at the end of 2010, insisting that BP replace those responsible.

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BP

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