Concho Resources Inc
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Range Resources: A Look at Its Institutional Holdings
Range Resources (RRC) reported adjusted EPS of -$0.07 in the third quarter. Let’s talk about institutional investor activity in RRC in the quarter.
Upstream Stocks: The Top Movers of 2019
In 2019 so far, upstream energy companies Hess Corporation (HES) and Noble Energy (NBL) have risen 61.8% and 15.1%, respectively.
Whiting Petroleum Sees Yearlong Decline
Whiting Petroleum (WLL) announced its Q2 2019 earnings results on July 31. The company’s stock prices fell 38.2% and touched a new yearlong low.
Concho Resources’ Target Price Cut by Credit Suisse
On August 1, Credit Suisse and TD Securities reduced their target prices on Concho Resources (CXO) stock by $15 to $105 and $100, respectively.
Concho Resources and Denbury Resources Buck Oil’s Rise
All of the oil-weighted stocks except Concho Resources (CXO) and Denbury Resources (DNR) ended in the green. Concho Resources was unchanged, while Denbury Resources fell 0.8%.
How Brent-WTI Spread Is Affecting Oil Exports and Energy Stocks
The widening gap between Brent and WTI crude oil prices could benefit US crude oil exporters.
Brent-WTI Spread Impacts Energy Sector Movements
On April 8, Goldman Sachs wrote in a note that it expects Brent crude oil and US crude oil to average ~$66 and $59.50 per barrel in 2019.
Occidental Petroleum: Analysts’ Ratings before Its Q1 Earnings
Among the 26 analysts tracking Occidental Petroleum (OXY), 62% recommended a “buy,” while 38% recommended a “hold.”
US Oil Supply Might Not Impact Oil Much
On April 10, US crude oil May futures rose 1% and closed at $64.61 per barrel—the highest closing level since November.
Is Oil Getting Riskier?
On April 3, US crude oil May futures declined just 0.2% and closed at $62.46 per barrel.
Barclays Expects Higher Oil Prices in the Second Quarter
On March 28, Barclays wrote in a note that it expects Brent crude oil and US crude oil to average around $73 and $65 per barrel in the second quarter of 2019, respectively.
Will US Oil Exports Continue to Rise?
On March 25, Brent crude oil May futures settled ~$8.4 higher than the WTI crude oil May futures. On March 18, the spread was ~$8.2.
Why Apache’s Earnings Could Fall More than 60%
Apache (APA) is set to announce its fourth-quarter earnings results on February 27. Based on analysts’ consensus estimates, its adjusted earnings per share could fall 61.9% on a sequential basis.
Oil: Futures Spread and Prices Are Diverging
On February 25, US crude oil April 2019 futures closed ~$1.8 below the April 2020 futures.
Analysts Cut Price Target on Concho Resources
On February 20, Concho Resources (CXO) fell 7.1%.
Brent-WTI Spread Impacts US Upstream Stocks
On February 19, Brent crude oil April futures settled ~$10 higher than WTI crude oil April futures—near its four-month high.
Pioneer Natural Resources: Key Price Points in February
On February 19, Pioneer Natural Resources’ (PXD) implied volatility was 28.8%, which is ~19.6% lower than its 15-day average.
Cimarex Energy: Analysts’ Recommendations and Target Price
The mean target price for Cimarex Energy in the next year is ~$97, which implies a potential upside of ~27.7% from its last closing level.
Why ‘Buy’ Recommendations for Concho Resources Have Increased
Of the 36 analysts tracking Concho Resources, 89% have given the stock “buys,” 11% have given it “holds,” and none have given it “sells.”
ConocoPhillips Stock Rises following Its Q4 Earnings Results
On January 31, ConocoPhillips (COP) reported adjusted EPS of $1.13 for the fourth quarter, a fall of 17% on a sequential basis.
Oil Might Push Hess’s EPS into Negative Territory
Hess Corporation (HES) is scheduled to report its fourth-quarter earnings results on January 30.
Oil’s Bullishness Rises after Inventory Data Release
Yesterday, US crude oil March 2019 futures closed ~$2.07 below March 2020 futures.
Oil-Weighted Stocks Could Be Influenced by Volatile Oil Prices
On December 19, US crude oil February futures rose 3.4% from the lowest closing level in more than a year and closed at $48.17 per barrel.
Goldman Sachs: Trump’s Love for Cheap Oil Could Cost Oil Drillers
Jeff Currie, Goldman Sachs’ (GS) commodities’ head, told CNBC that oil’s fall to $50 will hurt US oil producers.
Top Upstream Gainers in the Trailing Week
On November 12–19, upstream stock Concho Resources (CXO) gained the most on our list of upstream energy stocks.
A Look at ConocoPhillips’ Operational Metrics
COP’s total natural gas production has fallen 6.4% from Q3 2017.
Energy & Utilities Which Oil ETFs Fell Less than Oil Last Week?
On November 2–9, the United States Oil ETF (USO) and the United States 12-Month Oil ETF (USL) fell 4.6% and 3.8%, respectively.
Diamondback Energy’s Pro Forma Permian Production versus Peers
Diamondback Energy expects its 2018 production to lie between 115.0 Mboepd and 119.0 Mboepd.
Crude Oil Prices: Is More Downside Possible?
The API reported that US crude oil inventories rose by 5.6 MMbbls (million barrels) on July 20–27.
WTI Cushing–WTI Midland Spread at Highest Level since August 2014
The Brent-WTI Midland spread reached $23.11 per barrel on May 31, which was its highest level since August 2014.
Factors Keeping US Crude Oil below the $70 Mark
US crude oil September futures closed at $68.69 per barrel on July 27—the fifth straight closing below $70.00 per barrel.
What Analysts Recommend for Hess Stock
Approximately 52% of analysts covering Hess (HES) recommend “hold,” ~43% recommend “buy,” and 5% rate it as “underperform.”
Continental Resources’ Stock Range before Its Earnings
The current implied volatility for Continental Resources (CLR) stock is ~39.46%, which is 0.81% higher than its 15-day average of ~39.14%.
Using Implied Volatility to Forecast Oasis’s Stock Price Range
Oasis Petroleum (OAS) stock’s current implied volatility is ~ 50.22%, which is ~2.08% higher than its 15-day average of 49.19%.
What Are Analysts’ Views on Whiting Petroleum Stock?
Of the analysts covering Whiting Petroleum (WLL) stock, 36.4% recommend “buy,” 45.5% recommend “hold,” and 12% have rated it as “underperform.”
Forecasting Apache’s Stock Price Range
The current implied volatility in Apache’s stock (APA) is ~37.79%. In comparison, the Energy Select Sector SPDR ETF (XLE) has an implied volatility of 17.8%.
What Has Been Driving Apache Stock Lately?
Apache (APA) stock hasn’t risen as much as its peers this year. On a YoY (year-over-year) basis, Apache stock has declined 6.85%.
What’s the Forecast for Oasis Stock ahead of Q2 Earnings?
Oasis Petroleum (OAS) stock has a current implied volatility of ~50.2%, which is ~1.95% higher than its 15-day average of 49.26%.
What to Expect from Oasis Petroleum’s Q2 2018 Earnings
Oasis Petroleum (OAS) is expected to release its second-quarter earnings on August 1.
WTI Cushing–WTI Midland Spread Drops from Multiyear High
The WTI Cushing-WTI Midland spread was $11.25 per barrel on July 16, compared to $13.25 per barrel on July 9.
Iran Running Out of Options: Could Oil Spike?
From June 29 to July 6, US crude oil August futures fell 0.5%. On July 6, US crude oil August futures settled at $73.80 per barrel.
Are Hedge Funds Buying COG, XEC, WMB, CXO, and HAL?
In Q1 2018, hedge funds increased their aggregate holdings in Cimarex Energy, Williams Companies, and Concho Resources by 12.66%, 22.73%, and 71.02%, respectively.
Concho Resources: The Fourth-Lowest Energy Performer in XLE
In the first half of 2018, CXO fell from its 2017 close of $150.22 to $138.35—a moderate decrease of ~8.0%.
Wall Street Analyst Sentiment for Whiting Petroleum Stock
Approximately 36.4% of Wall Street analysts rated Whiting Petroleum (WLL) a “buy” while 45.5% analysts rated it a “hold.”
What’s the Oil Futures Market Saying?
On July 2, US crude oil August futures closed ~$10 above the August 2019 futures contract. On June 25, the futures spread was at a premium of $5.4.
The Price of WTI Oil Hits $70 per Barrel: Are the Bulls Back?
US crude oil inventories fell 9.2 MMbbls (million barrels) to 421.4 MMbbls from June 15–22.
What’s Apache’s Stock Price Forecast?
The current implied volatility in Apache’s stock (APA) is ~33.4%.
What Could Be Holding Back Apache Stock?
Apache stock (APA) has fallen 6.6% year-over-year driven by lackluster first-quarter earnings and increasing price differentials in the Permian.
Why Did the WTI Cushing-WTI Midland Spread Drop?
The WTI Cushing-WTI Midland spread was at $4.12 per barrel on June 25—compared to $9.7 per barrel on June 18. The spread fell 58% on June 18–25.
EIA Reports Significant Build in US Natural Gas Inventories
On June 21, the EIA released its natural gas storage report. It reported that US natural gas inventories rose by 91 Bcf (billion cubic feet) to 2,004 Bcf from June 8 to 15.
Forecasting Oasis’s Stock Price Using Its Implied Volatility
Oasis Petroleum (OAS) stock’s implied volatility is ~45%, ~3% lower than its 15-day average of ~46.3%.
Saudi Arabia’s Oil Production Is near a Five-Month High
Saudi Arabia’s crude oil production increased by 60,000 bpd to 10,120,000 bpd in May—compared to the previous month.
Rising Permian Production Has Been Straining Price Differentials
The Midland-WTI crude oil price differential and the Waha–Henry Hub natural gas price basis differential have widened since the beginning of 2018.
Light Sweet Crude Oil Drives US Crude Oil Production Growth
According to the EIA (U.S. Energy Information Administration), recent growth in US crude oil production has been driven primarily by light, sweet crude oil.
Large Drop in US Crude Oil Inventories Helps Oil Bulls
The EIA reported that US crude oil inventories decreased by 4.1 MMbbls (million barrels) to 432.4 MMbbls on June 1–8.
Implied Volatility in Whiting Petroleum: Forecasting Stock Range
Current implied volatility in Whiting Petroleum (WLL) is ~49.9%, 0.20% higher than its 15-day average of 49.8%.
Can US Crude Oil’s Recovery Be Sustained?
On June 11, US crude oil July futures rose 0.5% and settled at $66.10 per barrel.
Which Energy Stocks Fell the Most Last Week?
Between May 25 and June 1, integrated energy stock Petrobras (PBR) fell the most on our list of energy stocks.
Crude Oil Futures: Drivers on June 4–8
The API is scheduled to release its crude oil inventory report on June 5. The EIA is scheduled to release its US crude oil production data on June 6.
Could US Crude Oil Fall More?
On May 31, US crude oil July futures fell 1.7% and closed at $67.04 per barrel. That day, the United States Oil ETF (USO) fell 2%.
Latest Forecasts for US Natural Gas Production Growth
According to the EIA, near-term production growth will be supported by a growing demand in a low, stable natural gas price environment.
Could WTI Crude Oil Prices Rise This Week?
The API (American Petroleum Institute) is set to release its weekly crude oil inventory report on May 30, and the EIA (U.S. Energy Information Administration) is set to release its US crude oil production data on May 31.
Record US Crude Oil Production Weighs on Oil Prices
The EIA reported that US crude oil production increased by 2,000 bpd (barrels per day) to a record high of 10,725,000 bpd on May 11–18.
CXO, SM, FANG, NBL, and SRCI’s Stock Performances
SRC Energy (SRCI) was clearly the outperformer among its peers. SRC Energy has risen 78% YoY (year-over-year).
Upstream Companies with the Highest Operating Margins
In the first quarter, Concho Resources (CXO) reported operating margins of ~108%—compared to 173% in the first quarter of 2017.
Upstream Losses: CXO, CDEV, CPE, RSPP, and MTDR
In the week starting on May 14, Concho Resources (CXO) decreased from $152.70 to $149.33—a decrease of more than 2.2%.
Why US Crude Oil Inventory Levels May Fall
According to the EIA (U.S. Energy Information Administration), in the week ended May 4, US crude oil inventories fell by ~2.2 MMbbls (million barrels) to ~433.8 MMbbls.
Cushing Inventories Are near a 12-Week High
The EIA estimates that Cushing inventories increased by 0.4 MMbbls (million barrels) to 35.7 MMbbls on April 20–27.
Forecasting Anadarko Petroleum’s Stock Price
On April 25, Anadarko Petroleum’s (APC) implied volatility was ~34%—approximately 0.70% higher than its 15-day average of ~33.9%.
Energy & Utilities Which Oil-Weighted Stocks Could Fall If Oil Falls?
On April 25, US crude oil June futures rose 0.5% and closed at $68.05 per barrel, despite a bearish inventory report.
Rise in US Oil Inventories Could Help Oil Rise More
In the week ending April 13, US crude oil inventories fell by 1.1 MMbbls (million barrels) to ~427.6 MMbbls.
Oil at a 3-Year High: Oil-Weighted Stocks that Could Gain
On April 11, US crude oil May futures closed at $66.82 per barrel—the peak level for US crude oil active futures since December 2, 2014.
Mattel: S&P 500’s Top Gainer on April 11
Mattel, which is an American multinational toy manufacturing company, was the S&P 500’s top gainer on Wednesday.
Higher Inventories Might Help Oil Prices Rise
In the week ending March 30, 2018, US crude oil inventories fell by 4.6 MMbbls (million barrels) to ~425.3 MMbbls.
Analyzing the Weakest Energy Performers Last week
On March 29–April 6, 2018, upstream stock RSP Permian (RSPP) fell the most on our list of energy stocks.
More Weakness in Oil Prices?
On March 29–April 6, 2018, US crude oil May futures fell 4.4% and settled at $62.06 per barrel on April 6, 2018.
Oil Prices Could Fall after the EIA’s Inventory Data
In the week ending March 23, 2018, US crude oil inventories rose by 1.64 MMbbls (million barrels) to ~429.94 MMbbls.
The Concho–RSP Permian Announcement: How the Market Reacted
The day of the acquisition announcement, CXO stock fell 8.8%, and RSP Permian (RSPP) stock rose 16%.
How Concho Resources Expects to Benefit from RSP Permian Deal
The deal with RSP Permian (RSPP) would expand Concho Resources’ (CXO) Permian Basin footprint by 92,000 acres.
RSP Permian Buy to Be ‘Immediately Accretive’ to Concho Resources
RSPP shareholders will receive 0.32 of Concho Resources (CXO) shares for each RSP share.
Concho Resources to Buy RSP Permian in Largest-Ever Permian Deal
On March 28, 2017, Concho Resources (CXO) announced the acquisition of RSP Permian in an all-stock transaction valued at $9.5 billion.
Are Oil-Weighted Stocks Falling More than Oil?
Between February 11, 2016, and March 28, 2018, US crude oil active futures rose 145.6% from their 12-year low.
Update: Permian Rig Counts and New Well Production
In the latest US rig count report released by Baker Hughes (BHI), the number of active US rigs drilling for oil grew by four to 804 last week, compared to the previous week.
Permian Driving US Crude Oil Production Growth
The EIA has forecast that US crude oil production in 2018 will average 10.7 million barrels per day.
US Crude Oil Is near a 3-Year High
On March 21, 2018, US crude oil May futures rose 2.6% and closed at $65.17 per barrel.
Comparing Stock Performance: LPI, EQT, FANG, SRCI, and CXO
Stock performance In this part, we’ll compare Laredo Petroleum’s (LPI), EQT’s (EQT), Diamondback Energy’s (FANG), SRC Energy’s (SRCI), and Concho Resources’ (CXO) stock performance. As we saw in the previous part, these stocks reported the widest net profit margins in fiscal 2017. Outliers and underperformers Diamondback Energy (FANG) outperformed its peers, rising 27% YoY (year-over-year). Meanwhile, […]
These Upstream Companies Had the Widest Net Margins in 2017
Top five upstream companies based on net margins Let’s now look at the five upstream companies with the widest net profit margins in fiscal 2017. Profit margins are helpful in gauging a company’s profitability and operational efficiency. Profit margin growth shows that a company is increasing its operational efficiency and making more money on each unit […]
Oasis Petroleum’s 4Q17 Results: What to Expect on February 28
Oasis Petroleum (OAS) is expected to release its fiscal 4Q17 earnings on February 28.
Implied Volatility in APA Stock: Forecasting Its Stock Price Range
The current implied volatility in Apache stock (APA) is ~50.5%, which is 1.2% higher than its 15-day average of ~31.3%.
How Anadarko’s Earnings and Revenue May Fare in 4Q17
Anadarko Petroleum (APC) plans to report its 4Q17 and fiscal 2017 earnings on February 6, 2018, after the markets close.
Hess to Release Its 4Q17 Earnings on February 5
Hess’s 4Q17 revenue estimate is $1.3 billion, while its fiscal 2017 revenue estimate is ~$5.3 billion. Hess reported revenues of $1.19 billion in 4Q16.
Forecasting Hess’s Stock Price Based on Its Implied Volatility
Hess’s implied volatility Hess’s (HES) current implied volatility is ~32.3%, which is ~3.1% higher than its 15-day average of ~31.3%. In comparison, peers Apache (APA), Concho Resources (CXO), and Continental Resources (CLR) have implied volatility of ~30.1%, 20.4%, and ~28.4, respectively. Stock price forecast Based on Hess’s implied volatility of ~32.3% and assuming a normal distribution of […]
What’s the Forecast for West Texas Intermediate Crude Oil?
The EIA (U.S. Energy Information Administration) forecasts that US crude oil production will average 9.2 million barrels per day in 2017.
Trends in Drilling and Completion Costs in the Permian Basin
According to IHS Markit, there will be a 10% increase in the cost index for the Permian region by the end of 2017.
A Look at the Trends in Permian Rig Counts
In the latest US rig count report released by Baker Hughes (BHI), the number of active US rigs drilling for oil rose by two to 751 in the week ended December 8, 2017.
Could Permian Basin Drive Growth in US Crude Oil Production?
In its November Short-Term Energy Outlook (or STEO) report, the EIA forecast that US crude oil production in 2017 would average 9.2 million barrels per day.
Who’s Shorting WLL? Gauging the Short Interest in Whiting Petroleum Stock
On December 6, 2017, the short interest ratio for Whiting Petroleum (WLL) stock was ~19.4%, compared with ~3.14% in January 2017.
Forecasting Anadarko’s Stock Price via Implied Volatility
Anadarko Petroleum’s (APC) implied volatility is 28.5%, which is ~5% lower than its 15-day average of ~30%.
Gauging the Short Interest Trend in Apache Stock
On November 15, 2017, the short interest as a percentage of float (or short interest ratio) in Apache stock was ~7.1%, compared with 5.4% in January 2017.
Where Apache’s Relative Valuation Stands next to Peers
Apache’s (APA) forward EV-to-EBITDA ratio is 6.3x, compared with Concho Resources’ higher forward EV-to-EBITDA multiple of ~11.3x.