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SM Energy (SM) has been experiencing a rough time over the last three months, with its stock price falling by -25.3% to $26.28 per share. This puts SM in the top losers' category for the quarter, which is a cause for concern for investors who hold SM shares. A.I.dvisor analyzed 315 stocks in the Oil & Gas Production Industry for the same period, and the results showed that 87.5% of them...
Occidental Petroleum Corp. (OXY) has been making waves in the energy industry since it was founded in 1920. The business is a major oil and gas producer with a broad portfolio of assets spread over North America, South America, the Middle East, and Africa. Occidental Petroleum is one of the biggest oil corporations in the world, with a market worth of about $50 billion. Despite the challenges...
ConocoPhillips posted its second-quarter adjusted earnings per share of $3.91, which exceeded the Zacks Consensus Estimate of $3.78. The prior-year quarter’s $1.27 per share. The oil and gas major’s quarterly revenues came in at $21,989 million(vs. prior-year quarter’s 2021 $10,211 million), beating the Zacks Consensus Estimate of $18,019 million. The results were bolstered by higher...
Mexco Energy Corporation posted net income of $1.36 per diluted share, for fiscal year 2022, compared to $0.08 per diluted share for fiscal 2021. Operating revenues in fiscal 2022 rose +135% to $6,587,780, on the back of 22% increase in barrels of oil equivalent (BOE) production and a 93% increase in BOE prices. The Company was engaged in the drilling of 40 wells consisting of 36 horizontal...
Tsakos Energy Navigation Ltd. reported a first-quarter FY22 Voyage revenue of $149.7 million, missing the consensus of $152.71 million. It is + 7.7% higher year-over-year. The company’s loss narrowed to $(0.12) a share from $(0.80) in the year-ago quarter, and also beat consensus of $(0.21). The operating margin expanded by 480 bps to 6.4%. Adjusted EBITDA climbed +13.1% year-over-year to...
Stock trading is not a hobby. It’s science. Anyone who thinks otherwise is destined to experience huge losses at some point. Hobbyists tend to have a lack of emotional control. They do everything on impulse because they “feel it in their gut.” That might work once or twice for a trader. In the long run, without a trading plan, it’s a path to failure. Most of the mistakes that result in stock...
Shares of Tellurian climbed, following news of natural gas company finalizing a 10-year deal to provide energy trader Vitol with LNG from its proposed liquefaction facility terminal in Louisiana.
The deal, valued at at about $12 billion in revenue over the deal period, is for 3 million tonnes per annum (MTPA) of LNG.
Last week, Tellurian also inked a 10-year agreement with commodity trader Gunvor Group for 3 MTPA of LNG.The LNG would be delivered from the proposed liquefaction facility Driftwood LNG, near Lake Charles, Louisiana in the U.S. Gulf Coast.
Devon Energy shares rose Tuesday, following a rating upgrade and price target increase by Raymond James analyst.
Analyst John Freeman boosted rating on the energy company’s shares to strong buy from outperform. Freeman hiked his price target to $40 from $34.
Freeman mentioned that the solid performance of Devon's Delaware wells offer opportunities for productivity gains – something that would boost Devon's free-cash-flow-to-enterprise-value ratio, which could lead toa a higher dividend yield, according to Freeman .
The deal would lead to tangible annual synergies of at least $60 - $80 million.
Diamondback agreed to acquire Guidon in a cash-stock deal, which includes 10.63 million shares of Diamondback common stock, and $375 million cash to be probably funded through a combination of cash on hand and the company’s credit facility.The deal would value Guidon at $862 million.
The pending QEP acquisition, combined with the previously announced pending acquisition of assets from Guidon will bring Diamondback’s total leasehold interests to over 276,000 net surface acres in the Midland Basin (429,000 Midland and Delaware Basin net acres)
The stock also got added to Goldman’s conviction list.
Analyst Neil Mehta said that micro/macro fundamentals are bottoming and that he expects ConocoPhillips to be a strong participant in the upcoming oil price upcycle, “given the level of underperformance relative to large-capitalization U.S. majors to date, as well as the company’s strong leverage to Brent [crude].".
Mehta also raised his price target to $51 from $38
Plunging crude prices are propelling Occidental Petroleum to slash its quarterly dividend payout , and lower capital spending
The oil & gas major said it would cut its quarterly dividend payout by -86% to 11 cents a share, effective in July.It would also reduce 2020 capital spending to between $3.5 billion and $3.7 billion – compared to prior expectations between $5.2 billion and $5.4 billion.
After Saudi Arabia and Russia both announced that they would supply more oil into the market after failing to reach an agreement, oil prices have been largely in a free fall.
Although on Tuesday, there were some improvements with Brent crude rising 6.5% to $36.58 and U.S. benchmark West Texas Intermediate crude rising 6.9% to $33.28.
Energy company Apache Corp. is going ahead with a 50-50 joint venture with France’s Total S.A, for an offshore drilling project in Suriname, a northeastern South American.
The joint venture will explore Block 58, which has around 1.4 million acres in water depths ranging from less than 100 meters to more than 2,100 meters.Apache’s CEO and President John J. Christmann indicated that Total’s offshore operational experience and global presence make it an ideal partner for the project.
Along with the 50% working interest, Apache will also receive $5 billion of cash carry on the company’s first $7.5 billion of appraisal and development capital and a 25% cash carry on all Apache appraisals that exceed the $7.5 billion mark.