E Wonder Products

Today's blog is late because I had to work on my taxes for 2020 some more. Tesla TSLA stock crashed because of problems with tire pressure requiring a recall of thousands of vehicles. Moreover, the SEC decided that Elon Musk is in violation for promoting cryptocurrencies. But not to worry. Meme is alive and well. I just got a flyer from Amazon offering no-meat Mondays and artificial mushrooms and dairyless ice cream. I think I will pass on these wonder products.

Photo by Annie Spratt on Unsplash

Now for our portfolio news which is very positive.

Oilpatch

*Dutch Antillean Schlumberger Ltd rose another 6.4% today after its CEO Olivier Le Peuch told a Sanford Bernstein conference that he expects 2021 revenues will be greater than the $22.5 bn Wall Street consensus. He also spoke of cashflow margins higher than 10% and adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) of 20.8% to 21.3%, also higher than what analysts are predicting. SLB has been upwardly mobile for the past week and presumably, some of the insiders either from the founding family or executives have already learned the good news. The rise in oil prices today made the stock of the wellhead services company for oil and gas searches even more appealing. West Texas Intermediate rose to $68.60 per barrel and Brent Crude to $71.09/bbl.

"With oil demand projected to reach pre-2019 levels by the end of 2022 and supply tightening, our oil and gas business is on the verge of an exceptional growth cycle,” the Frenchman told the conference. "Given our unique position and strategy, we are positioned to deliver outstanding returns in the short and longer term.” SLB hit a 52-wk high at $34.32 today.

The higher price move also boosted our BP plc by 2.39% and our Royal Dutch Shell RDS-B by 2.56% in European trading.

*Atlantica Sustainable infrastructure Fund, AY, rose 1.9% to $36.85 today in the wake of the oil price rise. It is 20% owned by Algonquin Power which rose a mere 0.52%. AQN.

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William K. 2 weeks ago Member's comment

Not only interesting and informative across a broad range of subjects, but also a really enjoyable style.