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Analyzing Upstream Oil & Gas Companies

Jennifer Cameron profile picture
Jennifer Cameron
575 Followers

Summary

  • I analyzed 54 upstream oil & gas companies on based on several operational, financial and risk factors.
  • I added a bonus analysis to review price sensitivity to the underlying commodity.
  • For a long position, I like CNQ, TGA, GPRK, WTI, CLR and KOS.

Article Objective: The objective of this article is to analyze upstream oil and gas companies based on operations, financials and risk. I will examine several factors in each category and then organize the companies from strongest to weakest. The reader, with their own opinion of the future price of oil and gas, can use this as a guideline to find a company to take a position in.

The portfolio: The portfolio is composed of 54 exploration and production companies that trade on a US exchange with a market capitalization of at least $25 million. It includes OTC stocks provided they have a reasonable trading volume. They must be producing. I lost a handful because they hadn't released 2017 information at the time I started the analysis (I gathered them into another portfolio and may repeat this analysis on them).

The portfolio constituents are:

  • Advantage Oil & Gas (AAV)
  • ARC Resources Ltd. (OTCPK:AETUF)
  • Apache Corporation (APA)
  • Antero Resources Corporation (AR)
  • Approach Resources Inc. (AREX)
  • Continental Resources Inc. (CLR)
  • Canadian Natural Resources (CNQ)
  • Cabot Oil & Gas Corporation (COG)
  • Crescent Point Energy Corp. (CPG)
  • Concho Resources Inc. (CXO)
  • Devon Energy Corporation (DVN)
  • Encana Corporation (ECA)
  • Erin Energy Corporation (ERN)
  • Earthstone Energy Inc. (ESTE)
  • Gear Energy Ltd. (OTCQX:GENGF)
  • Gulfport Energy Corporation (GPOR)
  • GeoPark Ltd (GPRK)
  • Gastar Exploration Inc. (GST)
  • Gran Tierra Energy Inc. (GTE)
  • Halcon Resources Corporation (HK)
  • Jagged Peak Energy (JAG)
  • Jones Energy Inc. (JONE)
  • Kosmos Energy Ltd. (KOS)
  • Legacy Reserves LP (LGCY)
  • Lilis Energy Inc. (LLEX)
  • Laredo Petroleum, Inc. (LPI)
  • Mid-Con Energy Partners LP (MCEP)
  • Contango Oil & Gas Company (MCF)
  • MEG Energy Corp (OTCPK:MEGEF)
  • Murphy Oil Corporation (MUR)
  • Noble Energy (NBL)
  • Newfield Exploration Company (NFX)
  • Northern Oil and Gas Inc. (NOG)
  • Parsley Energy Inc. (PE)
  • Peyto Exploration & Development Corp (OTCPK:PEYUF)
  • Pengrowth Energy Corporation (PGH)
  • Panhandle Oil and Gas Inc. (

This article was written by

Jennifer Cameron profile picture
575 Followers
My analyses are always based on a portfolio of stocks, by which I mean I analyze a group of related securities together. They could be in the same industry, or have a similar market cap, or have a certain dividend yield...etc.I don't think looking at a single stock in isolation is that useful. I prefer portfolio based analysis because I want to be able to pick the best from a group. My criteria for "best" varies depending on the group I'm looking at or my objectives. For example, I have a specific criteria for dividend stocks and I have a "trifecta" of factors, that when I find them together, is the investing equivalent of a Saturn, Venus and Mars conjunction - rare and beautiful.My criteria are always constructed from numbers, models I create using publicly available data squeezed and manipulated into something new, something the market doesn't have yet.I believe the numbers hide secrets - quality value, growth and income potential - private information in the public domain. I am a level 3 CFA candidate.

Analyst’s Disclosure: I/we have no positions in any stocks mentioned, but may initiate a long position in CNQ over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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