Thu, Nov. 19, 12:55 PM
- QEP Resources (QEP -2.1%) is lower despite Goldman Sachs' upgrade to Buy from Neutral with a $19 price target, as the firm thinks improved assets will drive oil growth.
- QEP shares have consistently lagged peers by 20% over the past five years, but Goldman sees QEP outperforming going forward as its improved asset quality via acquisitions over the past few years should drive differentiated organic growth in 2016.
- The firm believes investors will place a greater value on QEP’s historical strength - clean balance sheet and low cash flow multiples - in the current depressed commodity environment.
Wed, Oct. 28, 4:48 PM
Tue, Oct. 27, 5:35 PM
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Mon, Oct. 26, 4:23 PM
Tue, Sep. 8, 2:56 PM
- Energy E&P companies could suffer ~50% downside to 2017 consensus estimates, Cowen analysts say as they downgrade two-third of their portfolio coverage in the sector amid a weak oil price environment.
- The firm cuts capital spending estimates for several names in the sector, which in turn cuts production and cash flow estimates, the firm says as it lowers its 2016 production and operating cash flow estimates by a respective 4% and 35% below consensus view; by 2017, it sees 10% downside to consensus production estimates and 51% downside to consensus cash flow estimates.
- Downgraded to Underperform from Market Perform: BBG, BCEI, CWEI, DNR, NOG.
- Downgraded to Market Perform from Outperform: CPE, FANG, PDCE, PE, SYRG.
- Maintained at Market perform: AXAS, EGN
- Maintained at Outperform: OAS, QEP, WLL
Tue, Aug. 25, 7:05 PM
- Dividends of oil E&P companies such as Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX), Anadarko Petroleum (NYSE:APC) and Occidental Petroleum (NYSE:OXY) are “mostly safe" in the shaky commodity landscape despite Chesapeake Energy’s decision to suspend its payout, says Raymond James' Pavel Molchanov and his analyst team.
- Although the firm projects only one company - APC - out of 18 to fully cover the 2016 dividend payout out of cash flow at strip pricing, dividends likely will not be cut since "all the companies that have a healthy balance sheet today should still have a healthy balance sheet at the end of 2016, even if they maintain the current dividend."
- The only dividend payers with a current net debt/cap ratio above 50% are DNR and CRC - a red flag, but both companies’ dividend payouts represent quite small amounts of outlays relative to cash flow, the firm says, adding that the only companies whose leverage is likely to be lower at year-end 2016 than it was in Q2 2015 are HES and QEP.
- Among large-caps, the highest current leverage is at APC, at 45%, and NBL, at 38%, while the companies with the lowest current leverage are CVX, OXY and XOM, all at 15% or lower.
Tue, Aug. 4, 2:59 PM
- QEP Resources (QEP +4.2%) rallies after posting a surprise Q2 profit even as revenues fell by nearly a third compared with year-ago levels.
- QEP's Q2 crude oil production gained 9% Q/Q, natural gas production rose 4% Q/Q, and natural gas liquids jumped 26%, boosted by a strong early performance of its first set of high-density infill development wells at South Antelope in the Williston Basin.
- QEP upwardly revised its full-year production guidance to 297B-315B cfe from an earlier outlook for 291B-312B cfe, as expected oil production is now seen at 18M-19B bbl from an earlier 17M-18.5M bbl.
- Prior to today's advance, the stock had lost slightly more than half its former value over the past 12 months.
Mon, Aug. 3, 5:37 PM
Mon, Aug. 3, 4:18 PM
Sun, Aug. 2, 5:35 PM
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Tue, Jul. 28, 5:50 AM
Tue, Jun. 16, 5:45 PM
- The strained finances at U.S. E&P shale companies caused by collapsing crude oil prices is well known, and some analysts say the pain may be compounded by a steep drop in prices for natural gas liquids caused by oversupply, partly due to infrastructure constraints.
- SM Energy (NYSE:SM) said yesterday the price it is receiving for NGLs at the Mont Belvieu delivery point fell 36% Q/Q to $16.67/bbl and that the price declines would lower its 2015 total budgeted revenue by ~$25M while not affecting its drilling or production.
- Barclays recently said Chesapeake Energy (NYSE:CHK) could see 2016 cash flow cut by up to 3% if NGL price weakness persists, while Range Resources (NYSE:RRC) may see its cash flow cut by up to 5%; APC, DVN, PXD, QEP, SWN, ECA and EOG also could see reduced cash flow related to NGL pricing, the firm said.
- Analysts at Tudor Pickering have a more optimistic view and expect an NGL pricing recovery next year, as cresting U.S. nat gas and crude production looks to be flat-to-declining through 2016, giving U.S. infrastructure time to catch up; the firm upgrades SWN to Accumulate from Hold, with GPOR, MRD, COG, RICE and ECA as other top picks, and UPL and EQT recommended on weakness.
- ETFs: UNG, UGAZ, DGAZ, BOIL, GAZ, KOLD, UNL, DCNG
Mon, May 11, 5:35 PM
Wed, Apr. 29, 4:59 PM
Tue, Feb. 24, 4:21 PM
Mon, Feb. 23, 5:35 PM
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QEP Resources Inc is a holding company with two subsidiaries, which are engaged in oil and gas exploration and production and oil and gas marketing, operation of the Haynesville Gathering System and an underground gas storage facility.
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