What Are Wall Street Analysts Saying after Encana’s Gordondale Divestiture?
As of June 22, 2016, ~32% of Wall Street analysts rate Encana (ECA) as a “buy,” and ~48% of analysts rate it as a “hold.” But ~20% rate the stock a “sell.”
As of March 31, 2016, Encana’s total debt stood at ~$5.5 billion. With ~$222 million in cash and cash equivalents, its net debt was ~$5.2 billion in 1Q16.
For 1Q16, Encana reported total production of ~383.4 Mboe per day, whereas Encana’s Gordondale assets produced ~25.2 Mboe per day in the same quarter.
On June 21, 2016, natural gas producer Encana (ECA) announced an agreement to sell its Gordondale assets in northwestern Alberta to Birchcliff Energy.
OFS (oilfield service) companies such as Patterson-UTI Energy (PTEN) are affected by rig counts and energy prices.
In this part, we’ll analyze the correlation between the prices of Patterson-UTI Energy’s (PTEN) stock and WTI (West Texas Intermediate) crude oil.
In 1Q16, 139 funds bought Patterson-UTI Energy’s (PTEN) stock, and 128 funds sold PTEN’s shares.
Patterson-UTI Energy’s (PTEN) EV (enterprise value) is lower than the peer average.
Patterson-UTI Energy’s (PTEN) adjusted earnings were negative in fiscal 1Q16.
Patterson-UTI Energy’s board has elected to slash kept its quarterly dividend per share (or DPS) by 80% to $0.02.
Patterson-UTI Energy’s (PTEN) internal cash generation has not been adequate to cover its external obligations.
Patterson-UTI Energy’s CFO (cash from operating activities) decreased 72% between fiscals 1Q15 and 1Q16.
As of March 31, 2016, Patterson-UTI Energy had a $65 million debt under a senior unsecured term loan.
As of March 31, 2016, Patterson-UTI Energy (PTEN) had a contract drilling backlog of $580 million, compared with $1.2 billion a year ago.
Patterson-UTI Energy’s (PTEN) revenues have followed a downtrend from fiscal 4Q14 through fiscal 1Q16.
Patterson-UTI Energy’s (PTEN) management expects the energy industry to recover based on a higher demand and lower supply.
Patterson-UTI Energy (PTEN) owns and operates land-based drilling rigs and pressure pumping equipment in the United States.
Institutional investors’ holdings in FirstEnergy slightly fell in fiscal 2Q16. The percentage of float held in FirstEnergy fell to 78.6% as of June 19, 2016.
Despite utilities’ being pricey, investors have continued to stay with them amid volatile broader equities. Let’s see where FirstEnergy’s valuation stands.
FirstEnergy’s (FE) adjusted return on equity stabilized last year after some volatility in 2014. It’s ~10%, which is near the national average.