Company Overview and News
Those on Wall Street that were bearish on the oil patch certainly have changed their tune, and with good reason. After bottoming in 2014 at an incredible $26 per barrel, the price has jumped over the $70 mark, getting nudged even higher by the United States departing the Iran deal and the former glut in supply finally being erased. While nobody really wants to see a $100 per barrel price, as that would start to choke off the economic growth, it’s possible $80 could be in sight.
These reports value about 50 US shale exploration and production companies (“E&Ps”) based on their net asset values (“NAV”). Each quarter, I expect to publish new reports with updated quarterly information. Also, because I track a substantial amount of information on each company, from time to time I also intend to publish E&P sector wide trends reports.
The futures traded slightly higher Thursday morning as investors looked to digest a big move in the markets over the past five days. While the Iran situation has been somewhat tempered by the beginnings of new relations in North Korea, an element of tension still exists and the volatility index (VIX) is rising.
Document Table of Contents
These reports value about 50 US shale exploration and production companies ("E&Ps") based on their net asset values ("NAV"). Each quarter, I expect to publish new reports with updated quarterly information. Also, because I track a substantial amount of information on each company, from time to time I also intend to publish E&P sector wide trends reports.
PDC Energy and Extraction Oil and Gas are overvalued on an asset basis but undervalued on a DCF basis.
WLL, OAS, NOG and AXAS all have relatively small asset bases, especially when compared to Permian Basin E&Ps.
AREX is a special situation, undervalued on an asset basis but overvalued on a DCF basis.
First Report (4/24/2018): US Shale: NAV Analysis of Diversified Oil-Weighted E&Ps, covering EOG Resources (NYSE:EOG), Devon Energy (NYSE:DVN), Continental Resources (NYSE:CLR), QEP Resources (NYSE:QEP), WPX Energy (NYSE:WPX), Cimarex Energy (NYSE:XEC)
This is the first in a series of reports I will publish. These reports will value about 50 US shale exploration and production companies ("E&Ps") based on their net asset values ("NAV"). Each quarter, I expect to publish new reports with updated quarterly information. Also, because I track a substantial amount of information on each company, from time to time I also intend to publish E&P sector-wide trends reports.
With WTI crude oil putting in another strong day, a gain of more than $2 per barrel has put the price of benchmark crude back above $68.50 per barrel. This marked the highest level going back to when oil prices were falling rapidly in the second half of 2014.
After significantly lagging the market for the past couple of years, it is becoming pretty obvious to many across Wall Street that energy may be one of the hottest sectors going forward. The oil glut in storage that hung over the market for years has largely been cleared, and most feel that production in the United States will peak this year.
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2018-05-21 - Asif
Overview Anthera Pharmaceuticals, Inc. is a biopharmaceutical company focused on advancing the development and commercialization of innovative medicines that benefit patients with unmet medical needs. The company currently have two compounds in development, Sollpura and blisibimod. The company licensed Sollpura from Eli Lilly & Co (“Eli Lilly”) in July 2014. Sollpura is a novel non-porcine investigational Pancreatic Enzyme Replacement Therapy (“PERT”) intended for the treatment of patients with Exocrine Pancreatic Insufficiency (“EPI”), often seen in patients with cystic fibrosis and other conditions. The company licensed blisibimod from Amgen, Inc. (“Amgen”) in December 2007. Blisibimod targets B-cell activating factor, or BAFF, which has been shown to be elevated in a variety of B-cell mediated autoimmune diseases, including Immunoglobulin A nephropathy, or IgA nephropathy. Sollpura The exocrine pancreas is responsible for synthesis and secretion of digestive en...
2018-05-21 - Asif
Business Agenus is a clinical-stage immuno-oncology (“I-O”) company dedicated to becoming a leader in the discovery and development of innovative combination therapies and committed to bringing effective medicines to patients with cancer. The company's business is designed to drive success in I-O through speed, innovation, and effective combination therapies. Agenus has assembled fully integrated capabilities from novel target discovery, antibody generation, cell line development, and good manufacturing practice (“GMP”) manufacturing together with a comprehensive portfolio consisting of antibody-based therapeutics, adjuvants and cancer vaccine platforms. The company leverage its immune biology platforms to identify effective combination therapies for development and have developed productive partnerships to advance its innovation. The company believe the next generation of cancer treatment will build on clinically validated antibodies targeting CTLA-4 and PD-1 combined wi...
2018-05-21 - Asif
Business The company started Square in February 2009 to enable businesses (sellers) to accept card payments, an important capability that was previously inaccessible to many businesses. However, sellers also need innovative solutions to thrive, and Square has since expanded to provide additional products and services to give these businesses access to the same tools as large businesses. This approach aligns with its purpose of economic empowerment, as everything the company do should give sellers accessible, affordable tools to grow their businesses and participate in the economy. Square is a cohesive commerce ecosystem that helps its sellers start, run, and grow their businesses. The company combine sophisticated software with affordable hardware to enable sellers to turn mobile and computing devices into powerful payment and point-of-sale solutions. Square has high seller acceptance rates and fast onboarding, while maintaining low risk and fraud losses as a result of its a...
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