|Bid||0.00 x 900|
|Ask||0.00 x 800|
|Day's Range||136.96 - 140.78|
|52 Week Range||106.73 - 163.11|
|PE Ratio (TTM)||21.77|
|Earnings Date||Jul 31, 2018 - Aug 6, 2018|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||185.06|
The inverse relationship between oil prices and oil’s implied volatility is illustrated in the above graph. Since US crude oil’s 12-year low in February 2016, US crude oil active futures have risen 169.8%. US crude oil’s implied volatility fell 70.1% between February 11, 2016, and May 24, 2018. Price forecast
On May 23, the EIA released its weekly US crude oil production data. The EIA reported that US crude oil production increased by 2,000 bpd (barrels per day) to a record high of 10,725,000 bpd on May 11–18. The production also increased by 1,405,000 bpd or ~15.1% year-over-year.
In this part, we’ll discuss Concho Resources (CXO), SM Energy (SM), Diamondback Energy (FANG), Noble Energy (NBL), and SRC Energy’s (SRCI) stock performances. The stocks reported the highest operating margins in the first quarter.
Now, we’ll discuss the top five upstream companies that reported the highest operating margins in the first quarter. In the first quarter, Concho Resources (CXO) reported operating margins of ~108%—compared to 173% in the first quarter of 2017. The revenues increased 55% YoY (year-over-year) in the first quarter, while the operating income fell ~4%.
To conclude our overview of the biggest movers in the upstream and oilfield services sector, we’ll discuss Wall Street analysts’ recommendations for the companies with the leading gains and losses this week.
In the first quarter, nine hedge funds were “buyers” of Legacy Reserves LP (LGCY) stock, while 12 hedge funds were “sellers.” In the first quarter, the total selling hedge funds outnumbered the total buying hedge funds by three. As of March 31, three hedge funds, which filed form 13F, held Legacy Reserves in their portfolio. None of the hedge funds have Legacy Reserves in their top ten holdings.
On Thursday, Brent crude oil topped $80 a barrel for the first time since November 2014 as the market grows concerned regarding the Trump administration's efforts to sanction Iran's crude exports. West Texas Intermediate (WTI) crude hit a 3.5-year-high at $72.30 on Thursday, up over 15% in three months. Oil prices have been steadily on the rise over the past few years due to myriad of factors including an economic collapse in Venezuela and supply cuts by the Organization of the Petroleum Exporting Countries (OPEC) and Russia. A recent story from CNBC looked at data from the hedge fund analytics tool Kensho to pinpoint some of the market's best performers in periods when oil prices have increased significantly. In the time from May 2008 to now, there have been 16 times when oil prices have gained more than 10% over the course of three months.
In this part, we’ll discuss the top percentage losses from the oil and gas production or upstream sector in the US for the current week starting on May 14. To compile the list of the top upstream losses, we only used oil and gas producers with market capitalizations greater than $100 million and an average trading volume greater than 100,000 shares last week.
Between May 9 and May 16, our list of oil-weighted stocks rose 1.8%. US crude oil June futures rose 0.5%. Below are the oil-weighted stocks with the biggest increases in the trailing week: California Resources (CRC): rose 11.5% Oasis Petroleum (OAS): rose 7.3% Whiting Petroleum (WLL): rose 6.8%
The EIA’s (U.S. Energy Information Administration) May Short-Term Energy Outlook Report noted that WTI (West Texas Intermediate) crude oil would average $66 per barrel in 2018 and $61 per barrel in 2019.
In its May Drilling Productivity Report, the EIA (U.S. Energy Information Administration) estimated the average new-well production added by the rigs in each basin. According to the EIA, Eagle Ford rigs are the most productive as measured by new-well oil production per rig. The EIA expects new-well oil production per rig in the Eagle Ford Shale to rise the most by 53 barrels per day to 1,463 barrels per day in June compared to May.
According to the EIA (U.S. Energy Information Administration), in the week ended May 4, US crude oil inventories fell by ~2.2 MMbbls (million barrels) to ~433.8 MMbbls. However, the market expected a fall of 0.4 MMbbls, based on the S&P Global Platts Survey. That day, US crude oil June futures rose 3%, supported by the larger-than-expected fall in US crude oil inventories and the US exit from the Iran nuclear deal on May 8.
On May 2–May 9, our list of oil-weighted stocks rose 7.4%. US crude oil June futures rose 4.7% during this period. Below are the oil-weighted stocks with the largest increases in the trailing week: Carrizo Oil & Gas (CRZO) at 21.5% California Resources Corporation (CRC) at 19.8% Denbury Resources (DNR) at 11.5%
The EIA estimates that Cushing inventories increased by 0.4 MMbbls (million barrels) to 35.7 MMbbls on April 20–27. Cushing inventories also rose for the seventh time in eight weeks. However, the inventories dropped by ~31 MMbbls or 46% YoY (year-over-year).
Missed the slew of shale oil earnings? Here's a quick run-through of how some of the bigwigs fared in their earnings reports.
The VanEck Vectors Oil Refiners ETF (CRAK) , the only exchange traded fund dedicated to oil refiners, increased 5.2% year-to-date, compared to the 2.7% gain in the widely observed Energy Select Sector SPDR (XLE) . "I do think it is certainly worth pointing out the strong performance of the industry as a whole," Brandon Rakszawski, Product Manager for VanEck, told ETF Trends. "Looking at the U.S. GICS Energy sub-industries, oil refining & marketing companies have led the group in performance in five of the last eight calendar years, including strong outperformance in 2017.
Moody's Investors Service ("Moody's") changed the ratings outlook of BCP Raptor LLC (EagleClaw) to stable from positive and affirmed its existing credit ratings including the B3 Corporate Family Rating (CFR), B3-PD Probability of Default Rating (PDR), and the B3 senior secured term loan rating. "The change in EagleClaw's outlook was precipitated by the company's underperformance through 2017 in ramping up natural gas volumes through its gathering and processing systems and the consequent lengthened timeframe for deleveraging." commented Sreedhar Kona, Moody's Senior Analyst.
Viper Energy, Anadarko and Concho Resources topped quarterly estimates late Tuesday, after Noble Energy beat earlier in the day, continuing a busy week for shale earnings.
On a per-share basis, the Midland, Texas-based company said it had profit of $5.58. Earnings, adjusted for non-recurring gains, came to $1 per share. The results topped Wall Street expectations. The average ...