|Bid||79.02 x 1800|
|Ask||79.03 x 800|
|Day's range||78.58 - 79.98|
|52-week range||61.59 - 87.67|
|PE ratio (TTM)||27.13|
|Earnings date||30 Oct 2018 - 5 Nov 2018|
|Forward dividend & yield||3.12 (4.02%)|
|1y target est||96.57|
So far in this series, we’ve compared ConocoPhillips’s (COP), EOG Resources’ (EOG), Occidental Petroleum’s (OXY), and Anadarko Petroleum’s (APC) proven reserves, recent operating performance, and capital expenditure guidance. In this article, we’ll look at their recent market performance.
This year, ConocoPhillips (COP) expects its capital expenditure to rise 30.7% YoY (year-over-year), to $6.0 billion from $4.6 billion. ConocoPhillips increased its capex guidance in the second quarter by $500 million.
Upstream energy stocks saw strong buying in the week ending September 14 amid sharp gains in crude oil prices. US crude oil went above $70 per barrel due to the bullish inventory report from the U.S. Energy Information Administration and Iran sanctions. The gains were partially offset by a decline due to concerns about how trade wars will impact global demand. Overall, US crude oil rose 1.8% and ended the week at $69 per barrel. On the other hand, US natural gas fell 0.3% and ended the week at $2.77 per MMBtu (million British thermal units).
Previously, we looked at ConocoPhillips’s (COP), EOG Resources’ (EOG), Occidental Petroleum’s (OXY), and Anadarko Petroleum’s production growth (APC). In this article, we’ll look into their adjusted EBITDAX (earnings before interest, tax, depreciation, and amortization, and exploration expenses) and free cash flow.
In Q2 2018, EOG Resources (EOG) saw the highest YoY (year-over-year) production growth among peers. EOG’s average daily production rose 16.3% YoY to 702.2 Mboepd (thousand barrels of oil equivalent per day) from 603.9 Mboepd, beating its crude oil, natural gas, and NGL (natural gas liquid) production target. It saw strong production growth in the Delaware, Eagle Ford, and Powder River basins, driven by improved drilling activity and efficiency.
Between 2016 and 2017, ConocoPhillips’ (COP) total proven reserves, including equity affiliates, fell 21.6% to 5,038 MMboe (million barrels of oil equivalent), of which 47.7% were oil and 39.3% were natural gas. The decline was mainly due to the sale of its San Juan and Panhandle natural gas assets. However, it still has the highest reserves among peers.
In this series, we’ll compare the four largest independent E&P (exploration and production) players by market capitalization: ConocoPhillips (COP), EOG Resources (EOG), Occidental Petroleum (OXY), and Anadarko Petroleum (APC). In the first five articles, we’ll analyze their recent operating performance, capex plans, and valuation. Later, we’ll look at their recent market performance, technical indicators, institutional activity, and analyst recommendations. Let’s start with a brief overview of the four peers.
Based on Occidental Petroleum Corporation’s (NYSE:OXY) earnings update in June 2018, the consensus outlook from analysts appear highly confident, with profits predicted to ramp up by an impressive 73.4% nextRead More...
Pioneer Natural Resources (PXD) ranks seventh among upstream companies in terms of analysts’ ratings. About 89% of analysts surveyed by Reuters rate PXD a “buy” as of September 4, while the remaining 11% rate it a “hold.”
Occidental (OXY) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.
While these U.S.-based oil producers have the largest market values in the sector, they still have ample upside from rising oil prices and their prime position in the country’s fastest-growing oil-producing regions.
EOG Resources (EOG) ranks second among E&P stocks in terms of volatility. The 200-day volatility of EOG was 25.1%, which was lower than the 200-day volatility of the SPDR S&P Oil & Gas Exploration & Production ETF (XOP) at 27.6%.
The WTI Cushing–WTI Midland spread, a key indicator Permian producers watch, remained elevated last week. The spread rose to $16.7 per barrel during the week before ending up at $16.0 per barrel on August 24, significantly higher than the 2018 average of $6.8 per barrel.
Fidelity Management & Research and Two Sigma Investments were Occidental Petroleum’s (OXY) biggest buyers during the second quarter, buying 4.2 million and 3.9 million shares, respectively. Meanwhile, American Century Investments and Point72 Asset Management, OXY’s two biggest sellers, sold 3.2 million and 3.1 million shares. Among OXY’s top five buyers and sellers, 2.8 million shares were bought, indicating bullishness.
Capital Research Global Investors and Fidelity Management & Research were EOG Resources’ (EOG) biggest buyers in the second quarter, buying 7.6 million and 4.7 million EOG shares, respectively. Meanwhile, Amundi Pioneer Asset Management and MFS Investment Management, the biggest sellers, sold 1.8 million and 1.2 million shares, respectively.
As the U.S. shale patch prepares to raise capital spending, production lags behind, giving some analyst the idea that the highly touted efficiency gains are reaching their limit
The WTI Cushing-WTI Midland spread is a key indicator to watch for Permian producers. Last week, the spread bounced back after falling to $12.0 per barrel in the week ending August 10. The spread rose to $17.3 per barrel last week and ended the week at $15.6 per barrel. The spread is significantly higher than the average of $6.5 per barrel in 2018.
US E&P (exploration & production) stocks fell in the week ending August 17 after crude oil breached the $65 per barrel level and came closer to the two-month low of $64.7 per barrel. Overall, US crude oil fell 2.5% last week and ended at $65.9 per barrel. The expectations of low global demand due to a rise in trade war tensions, a higher-than-expected increase in US crude inventories, and the strong US dollar weighed on crude oil prices last week. A decline in crude oil prices and the widening WTI spread leads to weakness in upstream stocks.
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The WTI Cushing–WTI Midland spread, a key indicator for Permian producers and pipeline MLPs, narrowed last week, to ~$12 from $18 per barrel the week prior. However, it is still wider than this year’s average spread of $6.20 per barrel.
US E&P (exploration and production) stocks, particularly oil-weighted stocks, were sluggish last week (ended August 10) due to crude oil prices falling sharply mid-week. Although crude oil recovered slightly on Friday, it fell 1.3% last week to close at $67.60 per barrel. Trade tensions, expectations of lower demand, and strength in the US dollar weighed on crude oil prices, while sanctions on Iranian oil supported them.