Allen Good

We don't think the integrated oil company gets credit for its improvement.

Our fair value estimate and narrow moat rating are unchanged for the firm.

We like its earnings growth potential and cash-generating ability.

The narrow-moat firm reported strong cash flow during the quarter.

But we think this is already priced into the shares.

These companies are finally set to deliver free cash flow, and in several cases the market is missing it.

Its plan to increase capital spending sets it apart from integrated peers.

It is reinstating the cash dividend, with plans to increase it.