|Bid||38.50 x 2200|
|Ask||0.00 x 3000|
|Day's Range||41.04 - 42.23|
|52 Week Range||28.79 - 45.16|
|PE Ratio (TTM)||56.71|
|Forward Dividend & Yield||0.32 (0.76%)|
|1y Target Est||N/A|
U.S. crude oil and petroleum product inventories fell last week even as production hit record highs, the EIA said on Wednesday in a majorly bullish report.
Moody's Investors Service (Moody's) affirmed the ratings for Devon Energy Corporation (Devon), including the company's Ba1 Corporate Family Rating (CFR), Ba1-PD Probability of Default Rating (PDR), Ba1 senior unsecured debt rating and SGL-1 Speculative Grade Liquidity (SGL) Rating. Devon's rating outlook is stable. Concurrently, Moody's affirmed EnLink Midstream Partners, LP's (EnLink) Ba1 CFR, Ba1-PD PDR, Ba1 senior unsecured notes rating and its SGL-3 Speculative Grade Liquidity Rating.
As of May 11, 2018, Reuters reported 23 analysts having recommendations on COP. Of these, ~17% of analysts have “strong buy” ratings and ~48% of analysts have “buy” recommendations, while the remaining ~35% of analysts have “hold” recommendations on COP. There aren’t any “sell” or “strong sell” recommendations on the stock.
In the week ending May 11, crude oil (USO) prices increased from $69.72 per barrel to $70.70 per barrel, an increase of more than 1%. Crude oil prices saw a generally rising trend within the week, and they rose strongly on Monday and Wednesday. On Tuesday, crude oil prices were trading down sharply below Monday’s low. However, as the day progressed, they reversed most of the intra-day losses.
On May 14, OPEC is scheduled to release its monthly oil market report. On May 16, the EIA is scheduled to release its weekly US crude oil production data. Baker Hughes, a GE Company (BHGE), is scheduled to release its US oil rig count report on May 18.
On May 3, Occidental Petroleum (OXY) announced a quarterly dividend of $0.77 per share on its common stock. This would be the dividend payment for 2Q18. The indicated annual dividend rate is $3.08 per share.
US natural gas futures increased 3.2% on May 3–10. Natural gas prices increased due to a lower increase in natural gas inventories. The United States Natural Gas ETF (UNG) and the First Trust Natural Gas ETF (FCG) increased ~3% and ~6%, respectively, on May 3–10. UNG seeks to track active natural gas futures. FCG seeks to track the performance of the index of companies involved in natural gas exploration and production.
On May 10, the EIA released its natural gas storage report. The EIA reported that US natural gas inventories increased by 89 Bcf (billion cubic feet) to 1,432 Bcf on April 27–May 4. However, the inventories dropped by 863 Bcf or 38% from a year ago.
For 1Q18, Occidental Petroleum (OXY) reported total production of 609 Mboepd (thousand barrels of oil equivalent per day), which is above its 1Q18 production guidance range of 592–603 Mboepd. Occidental Petroleum’s 1Q18 production guidance and reported production include production from all its operations.
The API (American Petroleum Institute) released its US gasoline and distillate inventory data on May 8. The API reported that US gasoline inventories decreased by ~2.1 MMbbls (million barrels) on April 27–May 4. Market surveys estimate that US gasoline inventories could have dropped by ~0.5 MMbbls during the same period.
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On May 8, the EIA released its monthly Short-Term Energy Outlook report. On May 9, the EIA will release its US crude oil production data. Baker Hughes, a GE Company (BHGE), is scheduled to release its US oil rig count report on May 11.
Oil prices recently topped $70 a barrel in anticipation that the U.S. would pull out of the Iran nuclear deal, and they might have more room to run now that it's official.
Marathon Oil’s (MRO) production from continuing operations came in at 398 Mboepd (thousand barrels of oil equivalent per day) in 1Q18, higher than its production guidance range of 370–390 Mboepd.
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