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Tue, Jan. 26, 12:45 PM
Mon, Jan. 25, 12:41 PM
Dec. 10, 2015, 11:48 AM
- The oil price slump has created dozens of oil and gas "zombies," a term used to describe companies that have just enough money to pay interest on high debt levels but not enough to drill enough new wells to replace older ones that are drying out.
- Some two dozen oil and gas companies whose debt Moody's rates at BBB- or lower broadly fit the description; a Reuters report mentions SandRidge Energy (SD +2.4%), Comstock Resources (CRK -1.9%) and Goodrich Petroleum (GDP +5.4%) as some of the group's more prominent members.
- "SandRidge is an example where they have enough cash on the balance sheet to service debt for next three years and likely can't grow their assets in this price environment," says Carlyle Group's Michael Roberts.
- CapitalOne projects GDP will hit a liquidity shortfall by the end of 2017, and analysts at Baird have said CRK's oil reserves are worth less than the debt it owes.
Oct. 19, 2015, 3:25 PM
- Carrizo Oil & Gas (CRZO -4.2%), Comstock Resources (CRK -4.6%), Synergy Resources (SYRG -1.6%), Callon Petroleum (CPE -6.5%), Gastar Exploration (GST -5.9%) and Goodrich Petroleum (GDP +0.1%) are mostly lower despite getting praise from a Barron's weekend article as "six small oil explorers that should do well."
- Imperial Capital considers CRZO, CRK, SYRG and CPE as its favorite low-risk, small-cap E&P companies based on liquidity risk, quality of properties and quality of operatorship; in addition, Abraxas Petroleum (AXAS -7.5%), Jones Energy (JONE -4%) and PetroQuest (PQ -6.1%) are well positioned purely from a liquidity standpoint.
- Imperial says GDP, in the firm's high-risk group, shows the most improvement at maintenance capex because Haynesville Shale wells are expected to come online at such high rates; it places GST high in its medium-risk group.
Sep. 16, 2015, 9:12 AM
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Jul. 27, 2015, 12:48 PM
Jul. 24, 2015, 5:31 PM
- Signet Jewlers (NYSE:SIG) is replacing DirecTV (just acquired by AT&T) in the S&P 500 after Tuesday's close. Parexel (NASDAQ:PRXL) is taking Signet's spot in the S&P MidCap 400, and Enanta Pharma (NASDAQ:ENTA) is taking Parexel's spot in the S&P SmallCap 600.
- Also: Catalent (NYSE:CTLT) is replacing JDS Uniphase (JDSU - about to carry out a spinoff) in the S&P 400 after the July 31 close. What's left of JDSU (to be known as Viavi) will replace Susquehanna Bancshares (about to be acquired) in the S&P 600, while its Lumentum Holdings spinoff will replace Comstock Resources (NYSE:CRK) in the 600.
- SIG +2.5% AH. PRXL +0.7%. ENTA +4%. CTLT +3%.
Jul. 7, 2015, 12:46 PM
Jul. 1, 2015, 3:47 PM
- Comstock Resources (CRK -12.6%) has dropped sharply following news it agreed to sell its oil and gas properties in the Eagle Ford Shale in east Texas for ~$115M.
- CRK says it expects to realize a $100M-$110M pre-tax loss on the sale, and revises its 2015 oil production guidance to 9K-9.5K bbl/day and its natural gas production guidance to 125MM-150MM cf/day.
- CRK says the sale will help fund its drilling program in the Hayneville shale and elsewhere.
Comstock Resources Inc along with its subsidiaries is engaged in oil and natural gas exploration, development and production. It is also engaged in the acquisition of producing oil and natural gas properties.
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