|Bid||137.31 x 100|
|Ask||137.41 x 300|
|Day's Range||136.21 - 137.48|
|52 Week Range||125.46 - 199.83|
|PE Ratio (TTM)||138.29|
|Dividend & Yield||0.08 (0.06%)|
|1y Target Est||N/A|
Energy exploration and production companies focused on the Permian Basin plunged after earnings this summer, and that's created an attractive entry point for investors, writes Stifel's Derrick Whitfield and his team. Whitfield writes that investor worries about Permian growth are overblown, that the execution risks that these stocks have to deal with are manageable, and that the Permian's "redeeming qualities" remain intact.
As of September 15, 2017, ConocoPhillips (COP) had an implied volatility of ~18.5%, which is lower than its implied volatility of ~25.5% at the end of 2Q17.
Last week was a good week for E&P companies, with the SPDR S&P Exploration & Production ETF (XOP) up more than 5%. Mizuho's Timothy Rezvan and James Lizzul write that one bullish sign for the group was a return to capital market activity for midstream IPOs, like Oasis Petroleum (OAS) and others, as well as debt issuance, from Southwestern Energy (SWN) and others. More from the note: An emerging theme this year is increased Eagle Ford activity from operators that admit the play is not core to them. In our coverage group, Matador (MDTR) and Pioneer (PXD) shone spotlights on the impact of enhanced completions, which we believe tees up both assets for a sale.With Harvey-related field damages looking better than expected and many operators seeing only a modest 3Q production impact, we expect chatter on A&D to persist.