Markets

U.S. open in 2 hrs, 20 mins
10,058.64
150.25
 
1.52%
2,150.87
24.82
 
1.17%
1,070.52
13.78
 
1.30%
97.781
-0.6562
 
0.67%
5,175.71
63.87
 
1.25%
9,963.99
31.09
 
0.31%
19,922.22
131.94
 
0.67%
0.014
 
1.03%
0.56
 
0.63%
1,081.00
3.80
 
0.35%
73.94
0.19
 
0.26%
Bookmark and Share

Ahead of the Bell: Shaw Group upgraded at Stifel

AP
posted: 106 DAYS 22 HOURS AGO
Text SizeAAA
HARTFORD, Conn. -Business for Shaw Group Inc. should increase as oil prices rise, an analyst said Monday as he upgraded shares of the engineering and construction company.
Analyst Barry Bannister of Stifel Nicolaus upgraded shares of the Baton Rouge, La., company to "Buy" from "Hold."
Although Bannister said the "primary driver" of oil prices has been the weak U.S. dollar, Shaw should benefit due to its project backlog, he said.
"(Shaw) stock appears inexpensive versus peers with similar (return on invested capital), and as such we believe the operational improvements instituted by management are under-appreciated," Bannister said.
Oil prices slipped below $81 a barrel last week as a wobbly U.S. dollar steadied in Asian trading. However, prices have risen this year from below $33 per barrel in January.
Shaw is scheduled to release its fiscal fourth-quarter and full-year results Thursday.
Bannister said in a note to clients said that when the company reports, his questions will focus on the timing of revenue from Shaw's nuclear plant construction projects, expansion of petrochemical work in the Middle East and other issues.
Shares rose 37 cents to $29.23 in premarket trading.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-10-26 09:28:40
COMMENTS ( 0 )
GOT SOMETHING TO SAY?
YOU'LL BE ASKED TO REGISTER OR SIGN IN BEFORE POSTING A COMMENT.
Make a Comment
Comment
 
Download the Daily Finance iPhone Application

Headlines From AOL Money & Finance Partners

CNBC
The Big Money
Smart Money
Kiplinger.com
The street