|Bid||25.920 x 1000|
|Ask||25.930 x 900|
|Day's range||25.36 - 26.13|
|52-week range||25.36 - 46.54|
|Beta (3Y monthly)||3.10|
|PE ratio (TTM)||6.35|
|Earnings date||18 Feb 2019 - 22 Feb 2019|
|Forward dividend & yield||0.32 (1.24%)|
|1y target est||45.71|
Between November 30 and December 7, Gulfport Energy (GPOR) gained the most on our list of upstream energy stocks. However, the SPDR S&P Oil & Gas Exploration & Production ETF (XOP) fell 3.9%—the second-largest fall among the major energy ETFs we discussed in the previous article.
The Zacks Analyst Blog Highlights: Chevron, EOG Resources, Devon Energy, Occidental Petroleum and Diamondback Energy
Though E&P stocks are surging today, the outlook doesn’t look great in the coming years, leading the firm to downgrade a slew of names.
Devon Energy (DVN) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.
On December 2, Rachel Notley, Premier of Alberta, announced a reduction of 8.7% or 325,000 barrels per day of raw crude oil and bitumen in Alberta’s production. After a significant reduction in the storage, authorities might lower the production cut to 95,000 barrels per day in December 2019. On December 3, the gap between the WTI and WCS (Western Canada Select) price contracted by ~$4 per barrel.
Devon Energy (DVN) isn’t expected to report a positive FCF (free cash flow) in the fourth quarter. Devon Energy’s management expects an excess cash inflow of $5 billion by the end of 2018 assuming WTI at $65 per barrel, natural gas prices at $3 per MMBtu, and current WCS (Western Canada Select) strip pricing when it released its third-quarter results.
Devon Energy (DVN) might have an upside of 75.1% in the next 12 months based on analysts’ mean target price. With the current downturn in oil prices and the risk of the WTI-WCS (Western Canada Select) spread, which we discussed in the previous part, such a huge upside isn’t likely. With the recovery in the spread, investors might expect a short-term upside momentum in the stock.
Devon Energy Corp. (DVN) announced today that the company’s board of directors has elected Duane C. Radtke as its new vice-chairman. Radtke has served as a member of the Devon board since 2010. Devon also announced that board chairman John Richels will not stand for re-election at the annual meeting in June 2019 and plans to retire from the board at that time.
Devon Energy Corp. announced today that its board of directors has declared a quarterly cash dividend on Devon’s common stock for the first quarter of 2019. The dividend is payable on March 29, 2019, at a rate of $0.08 per share based on a record date of March 15, 2019.
America has become the top oil-producing country in the world, due in part to the production of these giant oil companies.
On November 19, ConocoPhillips (COP) confirmed to CNBC that it has been engaged in talks with Jim Ratcliffe, the United Kingdom’s wealthiest man and Ineos’ CEO, about selling its assets in the United Kingdom. The deal could fetch ~$3 billion for ConocoPhillips.
On November 12–19, the SPDR S&P Oil & Gas Exploration & Production ETF (XOP) fell 1.6%—the largest decline among major energy ETFs. A fall of 4.8% in US crude oil prices has either dragged or limited the upside in upstream energy stocks. However, with OPEC and non-OPEC oil producers’ plan to reduce the oil output, US crude oil prices might see an upside.
Crude oil prices have fallen back to where they were at this time last year, which is quite a tumble from their recent peaks.
ConocoPhillips (COP) has strengthened its FCF (free cash flow) in the past one year. On a quarterly basis, COP’s FCF grew by 34.8% in Q3 2018. The rise in oil prices contributed to the rise in COP’s free cash flow. In part one, we discussed the impact of oil prices on COP’s earnings.
As of November 12, Brent crude oil active futures had fallen 18.3% from their almost four-year closing high of $86.29 per barrel on October 3. However, so far in Q4 2018, Brent crude oil active futures have averaged ~4% higher on a quarter-over-quarter basis. If oil prices trade within a downside limit of ~4% from current levels, with almost half of the period left in Q4 2018, ConocoPhillips (COP) might achieve analysts’ consensus estimate, which is two cents lower than adjusted EPS last quarter. COP has an oil-weighted portfolio of 58%. ...
On November 2–9, the SPDR S&P Oil & Gas Exploration & Production ETF (XOP) rose 0.6%—the least among major energy ETFs. US crude oil prices just above $60 and a fall of 4.7% last week due to supply concerns might have either dragged or limited the upside in upstream energy stocks. However, Saudi Arabia’s announcement on November 11 about reducing its exports by half a million barrels per day in December might bring a small pause to oil’s fall.
Turbulence in the oil market and some production problems in Canada provided lots of short-term pain for investors last month.