CB&I +4.5% after gaining three new contracts totaling $6B-plus. CB&I $CBI shoots higher after receiving a $6B engineering and construction contract on the planned Cameron LNG export facility in Louisiana, a $625M deal from Bechtel for work on Chevron’s (CVX) Wheatstone liquefied natural gas project in Western Australia, and a $100M pipe fabrication contract by Enterprise Products Partners (EPD) for a propane project in Texas. Cowen analysts view CBI as their top pick among E&C companies to benefit from the buildout in global petrochemicals and liquefied natural gas, initiating coverage on CBI with an Outperform rating and $98 price target due to its earnings growth and operating stability, exposure to diversified end markets, best in class margins and strong technical operating groups. Full disclosure we are long CBI
Posted on: Tue, 18 Mar 2014 17:16:42 +0000
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