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Wed, Jan. 6, 3:47 PM
- Stone Energy (SGY -15.9%) is slammed after FBR Capital downgrades shares to Market Perform from Outperform and Imperial Capital slashes its price target to $6 from $8.
- Imperial says that while it believes SGY will have a much improved liquidity profile and the ability to operate close to cash flow through 2017, concerns over the maturing unsecured 1.75% 2017 notes are placing too much pressure on the stock; the firm maintains its Outperform rating on the stock.
- FBR recommends building positions in E&P equities with staying power, margin stability and strong management, naming Carrizo Oil & Gas (CRZO -12.6%), Callon Petroleum (CPE -6.2%) and Sanchez Energy (SN -7.9%) its favorite ideas in the sector.
Dec. 22, 2015, 2:38 PM
- "Quality" oil stocks will perform well during H1 2016 but it will be time to buy “beta” names in H2 as global oil market conditions fundamentally improve over the course of the year, RBC analysts say, adding that a sustainable oil price recovery appears more on the cards in 2017.
- RBC thinks stocks with lower leverage, good asset quality and cheap valuation are likely to perform best and earlier, citing 12 names: Apache (APA +1.1%), Devon Energy (DVN +3.4%), Continental Resources (CLR +8.3%), ConocoPhillips (COP +2.9%), Carrizo Oil & Gas (CRZO +1.9%), EP Energy (EPE +14.6%), Gulfport Energy (GPOR -0.9%), Newfield Exploration (NFX +0.5%), Oasis Petroleum (OAS +6.3%), Rice Energy (RICE -0.6%), SM Energy (SM -0.1%) and Whiting Petroleum (WLL +6.9%).
Dec. 16, 2015, 2:54 PM
- Carrizo Oil & Gas (CRZO -3.7%) is working with Royal Bank of Canada to seek buyers for its assets in Colorado’s Niobrara shale formation which could fetch as much as $200M, Bloomberg reports.
- CRZO has 35.1K net acres in the Niobrara with proved reserves of 5.9M boe, the company's second largest position behind its 84K net acres in Texas' Eagle Ford shale basin.
- CRZO has cut spending in the Niobrara this year while allocating ~70% of its estimated $540M 2015 capital budget to the Eagle Ford.
Nov. 4, 2015, 6:33 AM
- Carrizo Oil & Gas (NASDAQ:CRZO): Q3 EPS of $0.20 beats by $0.08.
- Revenue of $106.23M (-45.9% Y/Y) misses by $39.01M.
Nov. 3, 2015, 5:30 PM
- AFAM, AGN, AMRN, ARCC, ARCO, ARQL, ARRY, AVA, AVP, AXAS, BDX, BIOS, BSFT, CBB, CDW, CECO, CHK, CLH, CRK, CRL, CRTO, CRZO, CST, CSTE, CTSH, DAVE, DDD, EE, EMES, FOR, FOXA, GDP, HAE, HEP, HMC, HSIC, HSNI, INXN, KELYA, KORS, LINC, LL, MEMP, MFA, MNTA, MSI, MWE, NAVB, NCT, NEWP, NRG, NYLD, REGN, SBGI, SCMP, SE, SHOP, SNH, SODA, SSYS, STNG, TESO, TMHC, TWX, USAK, VG, VOYA, VRTU, VSI, WCG, WD, WEC, WEN, WILN, WIX, WMC
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.
Oct. 15, 2015, 4:52 PM
- Carrizo Oil & Gas (NASDAQ:CRZO) announces a public offering of 5.3M common shares, with an underwriters option to purchase up to an additional 795K shares.
- CRZO says it plans to use the proceeds to purchase additional shares and repay borrowings under its revolving credit facility, with the remainder for general corporate purposes, including future potential acquisitions with a primary focus in the Permian Basin.
- Separately, CRZO says it estimates Q3 production volumes totaled ~35.9K boe/day, above the high end of its 33.1K-34.3K guidance range, with Q3 oil production estimated at ~23.5K bbl/day, up 18% Y/Y.
- Citing continued strong performance from the company's primary operating areas, CRZO raises its 2015 production guidance to 22.75K-22.85K bbl/day of oil from 22.35K-22.5K, 56M-57M cf/day of natural gas from 54M-56M, and 3.5K-3.6K bbl/day pf natural gas liquids from 3.25K-3,35K.
Sep. 1, 2015, 5:18 PM
- SunTrust’s energy team suggests four E&P stocks it believes “can thrive at $55 and easily survive at $35" oil: Carrizo Oil & Gas (NASDAQ:CRZO), Concho Resources (NYSE:CXO), Gulfport Energy (NASDAQ:GPOR) and PDC Energy (NASDAQ:PDCE).
- The firm believes the four companies can grow production 200%-plus next year if oil surpasses $50/bbl but more importantly can spend relatively within cash flow while doing so, with the option of dramatically cutting spending and activity if oil falls toward $35, yet their cash flow coverage actually could increase slightly.
- SunTrust says the companies are best positioned to take advantage of either type of oil environment, and rates each of them a Buy.
Aug. 6, 2015, 6:38 AM
- Carrizo Oil & Gas (NASDAQ:CRZO): Q2 EPS of $0.39 beats by $0.09.
- Revenue of $123.49M (-36.2% Y/Y) misses by $27.64M.
Aug. 5, 2015, 5:30 PM
- AAON, ACTA, AGIO, AGN, AGO, AINV, AMCX, APA, AXAS, AYR, BBEP, BBW, BCE, BDBD, BDX, BECN, CC, CCC, CCOI, CECE, CNK, CNQ, CNSL, CRIS, CRZO, CTB, DDD, DUK, DX, EAT, EBS, EMES, ENOC, ENR, EXK, EXTR, FSV, FSYS, GCAP, GLOG, GLP, GNRC, GOGO, GTXI, GWPH, HCLP, HGG, HII, HILL, HL, HSNI, INFI, INSY, IRC, KOP, KORS, LAMR, LEAF, LPI, LQDT, MBLY, MEG, MFC, MITL, MMP, MMS, MPEL, MYL, NGS, NRF, NRP, NRZ, NVO, NXST, NXTM, NYT, OA, OGE, ONE, OTIV, OWW, PBH, PGNX, PLUG, PRIM, RDEN, RGEN, RICE, RSTI, RVLT, RWLK, SATS, SBH, SEAS, SFY, SGM, SNH, SPH, SRPT, SSTK, STN, SUNE, TA, TAP, TDC, TECH, TESO, THS, TK, TLP, TNK, VER, VIAB, WIN, WPP, YORW, ZEUS
Jul. 22, 2015, 2:37 PM
- A reduction in non-OPEC production eventually will provide an opportunity for U.S. producers to get back in the game, Credit Suisse analyst Mark Lear says as he upgrades the oil and gas E&P sector to Overweight and changes ratings for several individual stocks.
- Lear sees a handful of names with limited downside at WTI prices of ~$60/bbl and “decent” upside with prices in the $70’s, and expects a better year for natural gas in 2016 as dropoffs in production and higher demand could lead to higher winter prices.
- "We may be early,” but Credit Suisse assumes coverage at Outperform on some E&P stocks: EOG, EPE, PXD, DNR, APC, DVN.
- Upgraded to Outperform from Neutral: HES, CXO, CRZO, NBL
- Upgraded to Neutral from Underperform: MUR.
- Assumed coverage at Neutral: APA, DNR
- Assumed at Underperform: SD, SWN
- Downgraded to Underperform from Neutral: REXX, CRK
May 29, 2015, 5:25 PM
- Natural gas production in the Marcellus shale, which has grown over the past decade from near zero to ~20% of U.S. output, may decline for the first time if prices in the basin remain low for much longer, the U.S. Energy Information Administration says.
- "Relatively low gas prices, combined with low oil prices, have slowed drilling in the Marcellus so production from new wells is only offsetting the decline in old wells," EIA says, expecting Marcellus output to remain flat through 2018 before declining ~1%/year during 2019-25.
- Recent data indicates a potential slowdown: The number of rigs in the area has dwindled to its lowest since 2011, and drillers including Chesapeake Energy (NYSE:CHK) and Cabot Oil & Gas (NYSE:COG) have temporarily shut in some production due to weak regional prices.
- An inability to move all the gas out of the Marcellus region has depressed prices there compared with the Gulf coast benchmark, the Henry Hub in Louisiana, making it less attractive for local producers to drill more.
- Other top Marcellus producers include RRC, RDS.A, RDS.B, TLM, APC, ATLS, CVX, CNX, EQT, EOG, XOM, WPX, XCO, CRZO, SWN, AR.
May 11, 2015, 11:27 AM
- Some analysts say Noble Energy’s (NBL -7.5%) acquisition of Rosetta Resources (ROSE +25.5%) is the deal that will finally open the floodgates of M&A activity in the oil patch.
- The premium for ROSE is below average for the sector over the past five years, suggesting there are more mergers to come, says Oppenheimer's Fadel Gheit, and the sale shows that M&A was “arguably” a cheaper option for growth than organic investment, according to Morgan Stanley's Martijn Rats.
- SunTrust's Neal Dingmann sees Matador Resources (MTDR -0.9%), Callon Petroleum (CPE -0.5%) and Carrizon Oil & Gas (CRZO -1.8%) as the most likely targets for acquisitive eyes.
May 6, 2015, 6:34 AM
- Carrizo Oil & Gas (NASDAQ:CRZO): Q1 EPS of $0.14 beats by $0.11.
- Revenue of $100.05M (-36.4% Y/Y) misses by $34.06M.
May 5, 2015, 5:30 PM
- ANSS, ARQL, ATHM, AVA, AYR, BAM, BUD, CEQP, CHH, CHK, CKSW, CLH, CMLP, CRNT, CRZO, CSTE, DAVE, DDD, DNR, EE, EGAN, ENB, EXK, GDP, GLOG, HAIN, HCLP, HFC, HSC, HSNI, HTA, IMN, INFI, KELYA, LAMR, LG, LINC, MEMP, MPO, MSI, MWE, NOR, NXTM, OXY, PERI, PGNX, POWR, RDC, RHP, SBGI, SCMP, SE, SNH, SODA, STRA, SUP, SWC, TMHC, TRXC, VG, VOYA, VSI, WCG, WD, WEN, WIX, WMC, WPX, XLS, XRAY
Apr. 9, 2015, 7:21 PM
- Radon levels have been rising measurably in Pennsylvania since 2004, when the fracking industry began drilling natural gas wells in the state, according to a new report by the Johns Hopkins Bloomberg School of Public Health.
- The report does not pinpoint the exact cause of rising radon readings or explicitly tie it to any activity, but it says that buildings in counties where natural gas is most actively being extracted have in the past decade had much higher radon measurements than buildings in low-activity areas, where no such discrepancies were found before 2004.
- Pennsylvania has long been known to have some of the highest indoor radon levels in the U.S., but the researchers say fracking of the Marcellus shale formation could exacerbate pathways for radon to enter buildings.
- Top Marcellus Shale producers include CHK, RRC, RDS.A, RDS.B, TLM, APC, ATLS, COG, CVX, CNX, EQT, EOG, XOM, WPX, XCO, CRZO, SWN, AR.
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