Last week (ended October 13, 2017), the natural gas rig count fell by two to 185, but on a YoY (year-over-year) basis, the natural gas rig count rose 76.2%.
Under EQT Corporation’s (EQT) existing ownership, the company owns a 90% limited partner interest and non-economic general partner interest in EQT GP Holdings (EQGP).
On October 9, 2017, natural gas (BOIL) (FCG) November futures closed at $2.83 MMBtu (million British thermal units), which was 1% less than the previous day’s closing price.
In the week ended September 29, 2017, the natural gas rig count fell by one to 189. On a year-over-year basis, the natural gas rig count has risen ~97%.
Because of the Permian’s lowest break-even costs and high IRRs (internal rates of return), producers scooped up prime acreage that could produce at a profit even as crude oil prices stayed low.
EQT’s (EQT) proposed acquisition of Rice Energy (RICE) is expected to add around 1.3 Bcfe (billion cubic feet equivalent) per day to EQT’s natural gas volumes.
Jana Partners submitted a letter to EQT’s board earlier this month, making it clear that it continues to oppose EQT’s intention to acquire Rice Energy (RICE).
Between August 14 and August 21, 2017, natural gas–weighted stocks fell 1.1% compared to a 0.1% rise in the natural gas September futures during this period.
In the week ending August 4, 2017, natural gas inventories rose by 28 Bcf to 3,038 Bcf. The EIA reported natural gas inventory data on August 10, 2017.
In the week ending July 14, 2017, natural gas inventories rose by 28 Bcf to 2,973 Bcf. The market expected a rise of 39 Bcf for the week ending July 14.
On Monday, July 3, 2017, activist hedge fund Jana Partners revealed a 5.8% stake in EQT (EQT). The hedge fund is hoping to thwart EQT’s plans to acquire Rice Energy (RICE).
Following the announcement of the EQT (EQT)–Rice Energy (RICE) deal, EQT’s stock was down ~10% on June 19. Rice Energy’s (RICE) stock, on the other hand, rose ~25%.
On April 19, Cabot Oil and Gas’s short interest as a percentage of its float was ~4.5%. At the beginning of the year, its short interest ratio was 4.2%.
RMP’s natural gathering volume increased 71% year-over-year in 4Q16. The increase was largely driven by the partnership’s strong third-party volume growth.
On March 3, 2016, natural gas futures touched a 17-year low of $1.64. From March 3, 2016, to March 6, 2017, natural gas rose 76.8% on a closing price basis.
On February 27, 2017, natural gas futures contracts for April 2017 delivery closed at $2.69 per MMBtu, which is ~3.4% below the previous closing price.
Chesapeake Energy reported its 4Q16 earnings before the market opened on February 24, 2017. Its 4Q16 revenue was ~$2 billion, compared to an estimate of ~$2.6 billion.
On February 17, 2017, natural gas futures (UNG) (BOIL) (FCG) contracts for March 2017 delivery closed at $2.83 per MMBtu (million British thermal units).
On January 27, 2017, Noble Energy’s short interest as a percentage of its float, or its short interest ratio, was ~3.4%. Its short interest ratio at the end of 3Q16 was ~2.6%.
Around 67% of analysts recommend Chesapeake Energy as a “hold.” The average broker target price of $7.54 implies a return of ~9% over the next 12 months.
Chesapeake Energy stock closed $0.02 lower on December 20, but after its announcement of a second Haynesville Shale divestiture, it rose $0.02 to $7.31.
Ratings for Continental Resources Approximately 71% of analysts have rated Continental Resources (CLR) a “buy” and ~26% have rated it as a “hold.” The remaining ~3% have rated it a “sell.” The average broker target price of $58.69 for CLR implies a return of around 9% over the next 12 months. CLR makes up part […]
Cabot Oil & Gas’s operations are focused in two shale plays: Marcellus and Eagle Ford. COG holds ~200,000 net acres in Marcellus and ~86,000 net acres in Eagle Ford.
On March 3, 2016, natural gas futures touched a 17-year low of $1.64. From March 3 to October 24, 2016, natural gas rose 72.6% on a closing price basis.
Short interest On October 12, 2016, the short interest as a percentage of float, or the short interest ratio, of Cabot Oil & Gas’s (COG) stock was ~3%. Its short interest ratio on June 30, 2016, was 4%. This means that since the end of 2Q16, Cabot’s short interest has fallen ~27%. Cabot Oil & Gas’s […]
On March 3, 2016, natural gas futures touched a 17-year low of $1.64. From March 3 to October 10, 2016, natural gas rose 99.7% on a closing price basis.
In this part of the series, we’ll look at Chesapeake Energy’s (CHK) cash flow. In 2Q16, CHK reported cash flow from operations (or CFO) of ~$95 million.
On March 3, 2016, natural gas futures touched a 17-year low of $1.64. From March 3 to August 22, 2016, natural gas rose 58.6% on a closing price basis.
Rice Energy (RICE) stock was mostly declining in 2015. But with the recent rally in natural gas prices, the stock has been on an uptrend since February 2016.
In a presentation released in June 2016, Rice Energy (RICE) noted that its gross production was averaging 1 Bcf (billion cubic feet) per day with only 180 wells.
In its organizational structure, Rice Energy, through its GP Holdings subsidiary, and the public hold 35% and 65% limited partner interest, respectively, in Rice Midstream Partners.
Natural gas represented 99.6% of Rice Energy’s (RICE) total production in 2Q16. Its share as a percentage of RICE’s total production has mostly remained steady at almost 100%.
Natural gas–weighted stocks with high correlations to natural gas futures moved with natural gas. Stocks with low correlations weren’t impacted as much.
Between July 1 and July 11, 2016, an equally weighted basket of natural gas–weighted stocks fell 3.2%. These stocks operate with a production mix of at least 60% in natural gas.
We’ll look at upstream companies that are part of XOP. We’ll discuss upstream companies that operate with a production mix of at least 60% natural gas.
In this series, we’ll perform a comparative analysis of four small to mid-size gathering MLPs. We’ll examine Rice Midstream Partners (RMP), Antero Midstream Partners (AM), Cone Midstream Partners (CNNX), and Summit Midstream Partners (SMLP).
About 73% of Street analysts rate Rice Energy a “buy,” while ~19% rate it a “hold,” and ~8% rate it a “sell.” The average broker target price is $18.93.
Newfield Exploration (NFX) will release its 1Q16 earnings after the Market closes on May 3, 2016. NFX’s 1Q16 revenue is expected to come in at ~$343 million.
An immediate support level for natural gas futures is $2.05. It’s the 50% retracement of natural gas futures from the high on January 8 and the low on March 4.
