|Bid||12.28 x 4000|
|Ask||12.69 x 800|
|Day's Range||12.00 - 12.55|
|52 Week Range||9.67 - 31.57|
|Beta (3Y Monthly)||2.94|
|PE Ratio (TTM)||10.84|
|Earnings Date||Feb 25, 2019 - Mar 1, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||22.81|
Upstream Review for the Week Ending January 11 (Continued from Prior Part) ## Upstream stocks On January 4–11, Denbury Resources (DNR) fell the most on our list of upstream energy stocks from the SPDR S&P Oil & Gas Exploration & Production ETF (XOP). However, XOP rose 6.2%—the second-largest rise among the major energy ETFs that we discussed in Part 1 of this series. On January 7, UBS reduced its target price on Denbury Resources by 25 cents to $2.4. ## Other underperformers EP Energy (EPE), Carrizo Oil & Gas (CRZO), Laredo Petroleum (LPI), and Pioneer Natural Resources (PXD) were the second, third, fourth, and fifth-largest underperformers, respectively, last week. ## What might be behind the fall? On January 9, Morgan Stanley reduced its target price on Pioneer Natural Resources by 36 cents to $182. EP Energy derives ~55% of its oil production from the Eagle Ford Shale, while Carrizo Oil & Gas derives 73.5% of its oil production from the same region. LLS (Louisiana Light Sweet) crude oil versus WTI at Cushing, or the LLS-WTC spread, was under pressure last month, which we discussed in the previous part. The factors might have dragged these two upstream stocks despite the bullishness in oil prices. The recovery in the spread last week might support these stocks going forward. LLS is the benchmark for most light sweet crude produced in the Eagle Ford region in Texas. Browse this series on Market Realist: * Part 1 - Upstream Sector Rose Last Week * Part 2 - Analyzing the Top Upstream Gainers Last Week
Carrizo (CRZO) has witnessed a significant price decline in the past four weeks, and is seeing negative earnings estimate revisions as well.
How Oil-Weighted Stocks Performed Last Quarter(Continued from Prior Part)Oil-weighted stocks The following oil-weighted stocks could be the most sensitive to US crude oil’s movements. They might be impacted the most by oil’s price movement based on their correlations with US crude oil active futures in the fourth quarter of 2018: Denbury Resources (DNR) at 64.
On December 21–28, oilfield services stock Weatherford International (WFT) gained the most on our list of energy stocks. The VanEck Vectors Oil Services ETF (OIH) had the second-highest rise among major energy subsector ETFs during this period, which we discussed in the previous part.
On December 19, US crude oil February futures rose 3.4% from the lowest closing level in more than a year and closed at $48.17 per barrel. The market wasn’t expecting a decline of 0.5 million barrels in US crude oil inventories last week, but short-covering might have pushed oil prices higher.
One of the best investments we can make is in our own knowledge and skill set. With that in mind, this article will work through how we can use Return Read More...
In the week ending on December 7, US crude oil inventories were 7% higher than their five-year average—one percentage point more than the previous week. Oil prices and the inventories spread usually move inversely.
On December 17, US crude oil February 2019 futures closed ~$2.5 below the February 2020 futures. On December 10, the futures spread was at a discount of ~$1.4. On December 10–17, US crude oil February futures fell 2%.
Hedge funds and large money managers usually invest with a focus on the long-term horizon and, therefore, short-lived dips on the charts, usually don’t make them change their opinion towards a company. This time it may be different. During the first 6 weeks of the fourth quarter we observed increased volatility and small-cap stocks underperformed […]
Between December 7 and 14, Carrizo Oil & Gas (CRZO) fell the most on our list of upstream energy stocks. The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) fell 7.8%—the largest fall among the major energy ETFs, as we discussed in Part 1 of this series.
On December 7–14, the United States Oil ETF (USO) and the United States 12-Month Oil ETF (USL) fell 2.6% and 2.3%, respectively. The ProShares Ultra Bloomberg Crude Oil ETF (UCO) fell 4.9%. These ETFs track US crude oil futures.
On December 7–14, upstream stock Carrizo Oil & Gas (CRZO) fell the most on our list of energy stocks. The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) fell 7.8%—the most among the major energy subsector ETFs that we discussed in Part 2.
On December 5–12, our list of oil-weighted stocks rose 7.4% compared to the 3.3% fall in US crude oil January futures. On average, our list of oil-weighted stocks underperformed US crude oil prices. All of the oil-weighted stocks closed in the red during this period.
In the week that ended on November 30, US crude oil inventories were 6% higher than their five-year average—one percentage point less than in the previous week. Oil prices and the inventories spread usually move inversely.
On December 10, US crude oil January 2019 futures closed ~$1.65 below January 2020 futures. On December 3, the futures spread was at a discount of ~$1.12. From December 3 to 10, US crude oil January futures fell 3.7%.
Between November 30 and December 7, Ultra Petroleum (UPL) fell the most on our list of upstream energy stocks. In fact, the SPDR S&P Oil & Gas Exploration & Production ETF (XOP) fell 3.9%—the second-largest fall among the major energy ETFs under discussion.
On December 5, US crude oil January futures fell 0.7% and closed at $52.89 per barrel. The market wasn’t expecting a significant production cut during OPEC’s meeting on December 6, which might have dragged oil prices. On December 5, US equity markets were closed.
Carrizo Oil & Gas, Inc. today announced that management is scheduled to present at the following upcoming conferences. A webcast of the presentations, if available, as well as the slide books used, can be accessed on the Carrizo website at http://www.carrizo.com under the “Investor Relations” section.
Houston-based Carrizo (Eagle Ford) LLC, a subsidiary of Carrizo Oil and Gas Inc., is making its first play in McMullen County since July 2017. The company applied for five new drilling permits for horizontal wells in McMullen County’s Eagleville Field with the Railroad Commission of Texas, marking the first time the company has applied for new drilling permits on its PHZ Unit lease since 2015 and the largest set of permits the company has requested at one time for the lease.
On November 21, US crude oil January futures rose 2.2% and closed at $54.63 per barrel. The market’s hope for a production cut agreement in OPEC’s meeting on December 6 might have helped oil prices to rise despite a buildup in the inventory. On November 21, the U.S. Energy Information Administration reported a rise of 4.9 MMbbls (million barrels) in US crude oil inventories last week compared to Reuters’ poll for a rise of 2.9 MMbbls.
Buckingham Capital Management, Inc. is a New York-based privately-held investment management firm founded in 1985 by David Keidan. He gained an extensive experience in the investment business during his 50 year-long career. After graduating from Harvard College with magna cum laude in 1966 and earning an MBA from Harvard Business School two years later, David […]
On November 7–14, our list of oil-weighted stocks fell 11.2%—compared to the 8.8% fall in US crude oil December futures. On average, our list of oil-weighted stocks underperformed US crude oil prices. In the previous part, we saw that most of these oil-weighted stocks’ correlations with oil prices rose significantly.
On November 14, US crude oil December futures rose 1% and closed at $56.25 per barrel. News of OPEC’s rescue plan might have helped US crude oil prices end the three-day losing streak.