Since the beginning of the year, Noble Energy stock has fallen ~23%. Meanwhile, crude oil prices (DBO) (USO) have fallen ~10%.
Noble Energy’s 1Q17 production volumes were 382 Mboepd—down ~8.2% compared to 1Q16. Its 4Q16 production volumes were 410 Mboepd.
Noble Energy (NBL) will report its 2Q17 earnings on August 3, 2017. The company’s revenue estimates for 2Q17 stand at $1.06 billion.
On July 21, crude oil opened the day lower and traded with weakness in the early hours. The market sentiment is mixed this week amid supply concerns.
On July 21, 2017, Baker Hughes will release its weekly US natural gas rig count report. The US natural gas rig count fell by two to 187 rigs on July 7–14.
The EIA estimates that monthly US natural gas consumption fell by 19.8 Bcf per day or 23.8% to 63.5 Bcf per day in April 2017—compared to March 2017.
The EIA estimates that monthly US dry natural gas production fell by 2.37 Bcf per day, or 3.2%, to 71.6 Bcf per day in April 2017—compared to March 2017.
The EIA reported that US natural gas inventories rose by 28 Bcf (billion cubic feet) to 2,973 Bcf on July 7–14, 2017. Inventories rose 0.1% week-over-week.
US natural gas (BOIL) (GASL) (FCG) futures contracts for August delivery fell 0.84% to $3.04 per MMBtu (million British thermal units) on July 20, 2017.
Wall Street analysts’ mean target price for NBR on July 19 was $13.5.
The correlation coefficient between Nabors Industries’ (NBR) stock price and crude oil prices from July 19, 2016, to July 19, 2017, is 0.65.
Short interest in Nabors Industries (NBR) as a percentage of its float is 12.2% as of July 19, 2017, compared to 10% as of March 31, 2017.
On July 19, 2017, Nabors Industries’ (NBR) implied volatility was ~61%.
The US rig count rose 25% in 1Q17 over 4Q16.
From 1Q16 to 1Q17, Nabors Industries’ adjusted EBITDA (earnings before interest, tax, depreciation, and amortization) in its US operations registered a ~48% fall.
Nabors Industries’ (NBR) management thinks many US upstream companies will increase their exploration and production budget in 2H17.
In 2Q17, analysts expect Nabors Industries (NBR) to post adjusted loss of $0.35 per share.
Chesapeake Energy’s (CHK) short interest ratio, or short interest as a percentage of float, in its stock on July 20, 2017, was ~23%.
Around 64.7% of Wall Street analysts have rated Chesapeake Energy (CHK) a “hold.” CHK’s average broker target price of $5.86 implies a potential return of ~18% over the next 12 months.
Chesapeake Energy (CHK) has fallen significantly since the beginning of this year. It has been on a marked downtrend since mid-April.