|Bid||34.98 x 1100|
|Ask||38.51 x 800|
|Day's Range||34.69 - 36.93|
|52 Week Range||8.84 - 50.34|
|Beta (3Y Monthly)||6.26|
|PE Ratio (TTM)||N/A|
|Earnings Date||Nov 1, 2018|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||49.43|
On October 10–17, our list of oil-weighted stocks fell 4% compared to the 4.7% fall in US crude oil November futures. On average, our list of oil-weighted stocks outperformed US crude oil prices.
NEW YORK, Oct. 17, 2018 -- In new independent research reports released early this morning, Fundamental Markets released its latest key findings for all current investors,.
On October 15, US crude oil November futures closed ~$2 above the November 2019 futures. On October 8, the futures spread was at a premium of ~$2.2. On October 8–15, US crude oil November futures fell 3.4%.
So far in this series, we’ve looked at Northern Oil & Gas (NOG), Denbury Resources (DNR), California Resources (CRC), W&T Offshore (WTI), Whiting Petroleum (WLL), and Penn Virginia (PVAC). In this article, we’ll focus on Viper Energy Partners (VNOM).
California Resources (CRC) has rallied in recent months. It is ~337% higher than its 52-week low, primarily because of its strong earnings growth and higher crude oil prices.
On October 5–12, the United States Oil ETF (USO) and the United States 12-Month Oil ETF (USL) both fell 3.6%. The ProShares Ultra Bloomberg Crude Oil ETF (UCO) fell 7.7%. These ETFs track US crude oil futures.
On October 5–12, upstream energy stock Marathon Oil (MRO) fell the most on our list of energy stocks, which also included the following and a few integrated energy stocks: the Energy Select Sector SPDR ETF (XLE) the Alerian MLP ETF (AMLP) the VanEck Vectors Oil Services ETF (OIH)
On October 5–12, US crude oil November futures fell 4% and closed at $71.34 per barrel on October 12. Bearish inventory data might have pulled oil prices in the last week.
The Zacks Analyst Blog Highlights: Hess, Northern Oil, California Resources and Whiting Petroleum
EIA's October Short-Term Energy Outlook forecasts WTI to average $73.05 during the next few months, not far from the commodity's recent highs.
In the week ending September 28, US crude oil inventories were at their five-year average compared to a deficit of two percentage points in the week prior. Oil prices and the inventories spread usually move inversely, as you can see in the following chart. If the inventories spread expands further into positive territory, it might drag oil prices in the coming weeks. The inventories spread is the difference between inventories and their five-year average.
On October 8, US crude oil November 2018 futures closed ~$2.2 above the November 2019 futures. On October 1, the futures spread was at a premium of ~$3.2. Between October 1 and October 8, US crude oil November futures fell 1.3%.
Ring Energy (REI), a crude oil–weighted exploration and production company focused in the Permian Basin, was the weakest upstream stock in the week ending October 5. Ring Energy fell 17.4% last week. The decline could be due to a rating downgrade and a target price cut at Morgan Stanley.
Investors need to pay close attention to California Resources (CRC) stock based on the movements in the options market lately.
Company Details Strategic Approach to Deliver Long-Term, Value-Driven Growth and Issues Preliminary Third Quarter and Year-to-Date 2018 Financial and Activity Estimates
In the week ending September 28, W&T Offshore (WTI), an exploration and production company involved in offshore drilling, was still among the top upstream gainers for the second consecutive week. W&T Offshore rallied 19.0% last week. The company gained ~42% last month. Overall, W&T Offshore has gained 191.2% since the beginning of 2018. The company is among the top upstream gainers during the past year. To learn more, read These Upstream Stocks Have Generated Maximum Total Returns.
In the week ending September 21, US crude oil inventories were 2% below their five-year average and one percentage point below the previous week. Oil prices and the inventories spread usually move inversely, as you can see in the following chart. If the inventories spread expands further into the negative territory, it could support oil prices in the coming weeks. The inventories spread is the difference between natural gas inventories and their five-year average.
On October 1, US crude oil November futures closed ~$3.2 above the November 2019 futures. On September 24, the futures spread was at a premium of $3.42. On September 24–October 1, US crude oil November futures rose 4.5%.
California Resources Corporation will host its third quarter financial results conference call on Thursday, November 1st at 5:00 pm EDT . The Company’s earnings and guidance will be released following the market close on the same date.
So far in this series, we have discusses the top four upstream companies based on their one-year returns—Denbury Resources (DNR), California Resources (CRC), W&T Offshore (WTI), and Whiting Petroleum (WLL). In this part, we’ll discuss Viper Energy Partners (VNOM), which is fifth in terms of one-year returns.
California Resources (CRC), a California-based exploration and production company, is second among upstream companies in terms of one-year returns. The company has generated a handsome return of 289% over the past year. The return came in the form of price appreciation. California Resources has outperformed the SPDR S&P Oil & Gas Exploration & Production ETF (XOP) and the Energy Select Sector SPDR ETF (XLE).
Denbury Resources (DNR), an exploration and production company involved in enhanced oil recovery, has generated massive wealth for investors in the past year. Denbury Resources has risen 362% during the past year. Despite these gains, Denbury Resources is ~85% below its all-time highs.
US crude oil has seen a strong rally since the beginning of September. US crude oil breached $72 per barrel. WTI has risen more than 3% in September. The recent positive sentiment in US crude is due to supply concerns amid Iran sanctions. For a recent update and the outlook on US crude oil prices, read Bears Beware: Crude Oil Approaches New High.
Between September 19 and September 26, US crude oil November futures rose 1.1%. US crude oil prices rose after OPEC and non-OPEC producers decided not to raise their oil output on September 23.