Jefferies称美国在建数据中心电力需求中第三方运营商占比升至约47%

The latest Market Talks covering Energy and Utilities. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.

0736 GMT – Cnooc’s earnings are likely to remain resilient for now, DBS Group Research says in a note. Near-term earnings are likely to remain sensitive to oil-price normalization after exceptionally strong 1H results, while the rise in all-in costs could soften operating leverage, it says. However, Cnooc’s cost base remains among the most competitive globally, which provides meaningful downside protection in scenarios of lower oil prices, as did its strong project pipeline, DBS says. Cash generation was another key positive, and its higher dividend translated to 6% to 7% yield, reinforcing Cnooc’s appeal as a high-quality oil proxy with visible shareholder returns, it adds. DBS retains its buy rating on the stock with a target price of 30 Hong Kong dollars. Shares were 0.6% higher at HK$25.06. (kimberley.kao@wsj.com)

0631 GMT – Harbour Energy’s appointment of Simon Henry to the board gives it extensive energy, financial and governance experience, Barclays’s Lydia Rainforth writes. The former Shell CFO returns to the Harbour board after stepping down last year to take a board position at BP. His experience running large international energy businesses is highly relevant as Harbour integrates acquisitions and manages a significantly larger and more geographically diverse portfolio, she adds. Harbour Energy’s shares closed Wednesday at 249.80 pence.(adam.whittaker@wsj.com)

0548 GMT – Eneos Holdings is poised to benefit from a likely increase in petroleum product exports thanks to favorable petroleum product prices in Singapore, Nomura’s Shinichi Yamazaki says in a note. Nomura expects improved margins at the oil distributor as its superior supply capacity, reflected by its top share of petroleum product sales, gives it an edge in increasing exports when overseas petroleum product prices are high. The Japanese company has also been ramping up investments under its management allocation framework, which refers to a selective approach to strategic investment including mergers and acquisitions. Nomura raises the stock’s target price to 1,630.0 yen from Y1,560.0 with unchanged buy rating. Shares are 1.0% higher at Y1,326.5. (ronnie.harui@wsj.com)

2143 GMT – Large tech companies are increasingly turning to other data-center operators to secure all the servers they need to run their cloud-computing and artificial-intelligence systems, according to analysts at investment bank Jefferies. Data centers expected to consume as much as 54.5 gigawatts of power are under construction across the U.S. today, with tech companies themselves building about 53% of that capacity, the analysts say in a report. Leased facilities account for the remaining 47%, compared with a roughly 25% historical average, the analysts add. “The implication is clear: a growing share of future [data-center] infrastructure growth is expected to be delivered by third-party operators.” (luis.garcia@wsj.com; @lhvgarcia)

1946 GMT – Crude futures extend losses to three sessions on cautious expectations that the U.S. economic isolation of Iran, rather than military action, could bring about a reopening of the Strait of Hormuz. “The de-escalation and fears of tighter global supplies are easing, which is tripping some long liquidation by funds,” Dennis Kissler of BOK Financial says in a note. Rising U.S. commercial crude stocks are also a bearish factor, he adds. The EIA reported a 95,000 barrel increase in crude inventories, which was smaller than expected but still a fourth consecutive weekly rise. WTI edges down 0.2% to $82.23 a barrel, and Brent falls 0.8% to $87.84.(anthony.harrup@wsj.com)

1300 GMT – The slide in oil futures extends into a third session with renewed moves seen toward a reopening of the Strait of Hormuz after the U.S. outlined tighter economic sanctions on Iran. The oil market had been “seriously spooked” by the announcements of new measures a week earlier, but “breathed a sigh of relief at the Treasury’s rather modest measures and began to unwind their long positions in Brent in line with the ‘buy the rumor, sell the fact’ principle,” FxPro chief market analyst Alex Kuptsikevich says in a note. “The selloff then continued against the backdrop of a de-escalation of the conflict in the Middle East.” WTI is down 2.4% at $80.39 a barrel and Brent is off 2.5% at $86.38.(anthony.harrup@wsj.com)