Buy Canadian Oil and Gas
|
|
|
- Melissa Palmer
- 5 years ago
- Views:
Transcription
1 Buy Canadian Oil and Gas Summary and Recommendation Buy-recommended (B1) Encana (ECA) and buy-rated (B3) Petro-Canada (PCZ), Suncor (SU) and Imperial Oil (IMO) offer high potential return, low McDep Ratio investment in the resources of the country that supplies the most imported oil and gas to the U.S. Other Canadian stocks in our coverage with low McDep Ratios include Canadian Natural Resources (CNQ) and Purcell Energy (PEL.TO). The Western Canadian Sedimentary Basin accounted for 41% of production for Buy-recommended (B1) Burlington Resources (BR), the third largest natural gas producer in the basin. We are at the Canadian Association of Petroleum Producers Oil and Gas Investment Symposium that is underway as we write this. Kurt H. Wulff, CFA Dollars Per Million Btu Natural Gas Six-Year Futures Strip and 40 Week Average (Constant Delivery Volume for 72 Months) /28/2001 2/28/2002 4/28/2002 6/28/2002 8/28/ /28/ /28/2002 2/28/2003 4/28/2003 6/28/2003 8/28/ /28/ /28/2003 2/28/2004 4/28/2004 Neither he nor his spouse trade a subject stock within a week before or after a change in rating. 1
2 Table 1-1 Energy Producers Rank by McDep Ratio: Market Cap and Debt to Present Value Net ($/sh) Market Present Debt/ Symbol/ 14-Jun Shares Cap Value Present McDep Rating 2004 (mm) ($mm) ($/sh) Value Ratio Mega Cap Exxon Mobil Corporation XOM B , , BP plc BP B , , Shell Transport and Trading Co. plc SC B ,587 69, Royal Dutch Petroleum RD B , , Total S.A. TOT B , , ChevronTexaco Corporation CVX B ,066 95, Total or Median 865, Producer/Refiners - Large Cap and Mid Cap Kinder Morgan, Inc. KMI S , Valero Energy Corporation VLO , Murphy Oil Corporation MUR , Marathon Oil Corporation MRO B , Imperial Oil Limited (30%) IMO B , ConocoPhillips COP B , ENI S.p.A. E , Suncor Energy SU B , Petro-Canada PCZ B , Norsk Hydro ASA NHY B , PetroChina Company Ltd (10%) PTR B , Lukoil Oil Company LUKOY B , Petroleo Brasileiro S. A. PBR ,096 28, Total or Median 264, Independent Natural Gas and Oil CNOOC Limited (19%) CEO B , XTO Energy Inc. XTO B , Unocal Corporation UCL B , Canadian Natural Resources Limited CNQ , Encana Corporation ECA B , Apache Corporation APA , Pogo Producing Company PPP , Anadarko Petroleum Corp. APC B , Occidental Petroleum Corp. OXY B , Pioneer Natural Resources Company PXD , Devon Energy DVN B , Burlington Resources BR B , Total or Median 127, B1 = Buy full unlevered position, B2 = Buy half unlevered position, B3 = Alternative buy S2 = Short half unlevered position McDep Ratio = Market cap and Debt to present value of oil and gas and other businesses Neither he nor his spouse trade a subject stock within a week before or after a change in rating. 2
3 Table 1-2 Energy Producers Rank by EV/Ebitda: Enterprise Value to Earnings Before Interest, Tax, Deprec. Divd or ($/sh) EV/ EV/ Distrib PV/ Symbol/ 14-Jun Sales Ebitda P/E NTM Ebitda Rating 2004 NTM NTM NTM (%) NTM Mega Cap Exxon Mobil Corporation XOM B Total S.A. TOT B BP plc BP B Shell Transport and Trading Co. plc SC B Royal Dutch Petroleum RD B ChevronTexaco Corporation CVX B Median Producer/Refiners - Large Cap and Mid Cap Kinder Morgan, Inc. KMI S Suncor Energy SU B Murphy Oil Corporation MUR Valero Energy Corporation VLO Imperial Oil Limited (30%) IMO B Marathon Oil Corporation MRO B ENI S.p.A. E ConocoPhillips COP B PetroChina Company Ltd (10%) PTR B Norsk Hydro ASA NHY B Petro-Canada PCZ B Petroleo Brasileiro S. A. PBR Lukoil Oil Company LUKOY B Median Independent Natural Gas and Oil CNOOC Limited (19%) CEO B XTO Energy Inc. XTO B Occidental Petroleum Corp. OXY B Pioneer Natural Resources Company PXD Unocal Corporation UCL B Anadarko Petroleum Corp. APC B Apache Corporation APA Burlington Resources BR B Canadian Natural Resources Limited CNQ Encana Corporation ECA B Devon Energy DVN B Pogo Producing Company PPP Median EV = Enterprise Value = Market Cap and Debt; Ebitda = Earnings before interest, tax, depreciation and amortization; NTM = Next Twelve Months Ended March 31, 2005; P/E = Stock to Earnings; PV = Present Value of oil and gas and other businesses Neither he nor his spouse trade a subject stock within a week before or after a change in rating. 3
4 Table 2-1 Independent Natural Gas and Oil Producers - Small Cap Rank by McDep Ratio: Market Cap and Debt to Present Value Net ($/sh) Market Present Debt/ Symbol/ 14-Jun Shares Cap Value Present McDep Rating 2004 (mm) ($mm) ($/sh) Value Ratio Short Life Spinnaker Exploration Company SKE , Western Gas Resources WGR , Southwestern Energy Company SWN The Houston Exploraton Company THX , Denbury Resources Inc. DNR , Newfield Exploration Company NFX , Cimarex Energy Company XEC B , St. Mary Land and Exploration CompanySM Stone Energy Company SGY , Westport Resources Corporation WRC , Chesapeake Energy Corporation CHK , Range Resources Corporation RRC Energy Partners Ltd. EPL B PetroKazakhstan Inc. PKZ , Forest Oil Corporation FST , Total or Median 23, Long Life Ultra Petroleum Corp. UPL , Unit Corporation UNT , Quicksilver Resources Inc. KWK , Penn Virginia Corporation PVA Swift Energy Company SFY Whiting Petroleum Corporation WLL Evergreen Resources, Inc. EVG , Magnum Hunter Resources, Inc. MHR Berry Petroleum Company BRY B Encore Acquisition Company EAC B Vintage Petroleum, Inc. VPI Total or Median 11, Micro Cap Abraxas Petroleum Corporation ABP Purcell Energy, Ltd. (US$) PEL.TO Buy (B) and Sell (S) rated stocks scheduled for quarterly single stock analyses. McDep Ratio = Market cap and Debt to present value of oil and gas and other businesses Numeral after B or S signifies half position recommended(2) or alternative idea(3). Neither he nor his spouse trade a subject stock within a week before or after a change in rating. 4
5 Table 2-2 Independent Natural Gas and Oil Producers - Small Cap Rank by EV/Ebitda: Enterprise Value to Earnings Before Interest, Tax, Deprec. Divd or ($/sh) EV/ EV/ Distrib PV/ Symbol/ 14-Jun Sales Ebitda P/E NTM Ebitda Rating 2004 NTM NTM NTM (%) NTM Short Life Western Gas Resources WGR Southwestern Energy Company SWN Spinnaker Exploration Company SKE Denbury Resources Inc. DNR Range Resources Corporation RRC Chesapeake Energy Corporation CHK Westport Resources Corporation WRC Stone Energy Company SGY St. Mary Land and Exploration Company SM The Houston Exploraton Company THX Forest Oil Corporation FST Cimarex Energy Company XEC B Newfield Exploration Company NFX Energy Partners Ltd. EPL B PetroKazakhstan Inc. PKZ Median Long Life Ultra Petroleum Corp. UPL Quicksilver Resources Inc. KWK Unit Corporation UNT Evergreen Resources, Inc. EVG Penn Virginia Corporation PVA Swift Energy Company SFY Encore Acquisition Company EAC B Berry Petroleum Company BRY B Whiting Petroleum Corporation WLL Magnum Hunter Resources, Inc. MHR Vintage Petroleum, Inc. VPI Median Micro Cap Abraxas Petroleum Corporation ABP Purcell Energy, Ltd. (US$) PEL.TO EV = Enterprise Value = Market Cap and Debt; Ebitda = Earnings before interest, tax, depreciation and amortization; NTM = Next Twelve Months Ended March 31, 2005; P/E = Stock to Earnings; PV = Present Value of oil and gas and other businesses Neither he nor his spouse trade a subject stock within a week before or after a change in rating. 5
Is Oil Price Too High?
Is Oil Price Too High? Summary and Recommendation The $39 a barrel price indicated for light sweet crude oil in May 2004 implies a gain of 39% over cash price in May 2003, less than the 70% gain that might
Meter Reader A Weekly Analysis of Energy Stocks Using the McDep Ratio April 13, More Ratings Ahead
More Ratings Ahead Summary and Recommendation More of the energy stocks in our coverage are likely to be rated buy, sell, or neutral over the next several weeks as we communicate our research in a manner
Oil Price Scenario for the Decade
Oil Scenario for the Decade Summary and Recommendation During the 2010s the price of Light Sweet Crude Oil quoted on the New York Mercantile Exchange might settle near $40 a barrel, in 2003 dollars, following
Raise Present Value for Independent Producers
Raise Present Value for Independent Producers Summary and Recommendation Recommended Encana Corporation (ECA), Burlington Resources (BR) and Anadarko (APC) appear to be among the most attractive of large
2004: Buy Energy Producers
2004: Buy Energy Producers Summary and Recommendation Will 2004 bring growth, inflation or deflation? Judging by bond yields as measured in U.S. Treasury securities of ten-year maturity, inflation expectation
Qatari LNG. Meter Reader A Weekly Analysis of Energy Stocks Using the McDep Ratio July 24, Summary and Recommendation
Qatari LNG Summary and Recommendation Recent publicity about giant liquefied natural gas projects under consideration for Qatar reinforce our view that the conventional North American natural gas resource
The Case for Energy Investment
The Case for Energy Investment Summary and Recommendation We outline our current presentation that recommends energy stocks for real growth, inflation protection, deflation resistance and tax efficiency.
Jobs and Growth Tax Relief Reconciliation Act of 2003
Jobs and Growth Tax Relief Reconciliation Act of 2003 Summary and Recommendation A historic change in dividend taxation boosts the after tax income of the McDep Energy Portfolio by about 0.7% of principal
Real Return in International Oil Dividends
Real Return in International Oil Dividends Summary and Recommendation Looking ahead, real yield favors new investment in high quality international oil equity over high quality government bonds. The relationship
Independent Natural Gas and Oil Producers
Independent Natural Gas and Oil Producers Summary and Recommendation Expanding our research coverage by 11 to 39 stocks concentrated purely on production, we see independent natural gas and oil producers
Pipeline Partnership Take Under
Pipeline Partnership Take Under Summary and Recommendation Valuation risk appears to be mounting in "high greed" pipeline partnerships. The price paid by private equity buyers for the general partner (GP)
High Natural Gas Price is a Good Thing
High Natural Gas is a Good Thing Summary and Recommendation In an unusual appearance before a Congressional committee on an industry issue, the Chairman of the Federal Reserve, Mr. Greenspan, urged a major
Canadian Self-Reliance
Canadian Self-Reliance Summary and Recommendation As we write this the EnCana deal has just been announced combining buy recommended PanCanadian Energy (PCX) and Alberta Energy to the form the largest
New 2002 High For Natural Gas
New 2002 High For Natural Gas Summary and Recommendation Unlike a year ago when natural gas had peaked and was in temporary decline, now natural gas is setting new 2002 highs and climbing. Buy recommendations
McDep Energy Portfolio
McDep Energy Portfolio Summary and Recommendation In a model portfolio we weight all our current recommendations as a coherent combination that could be the complete energy portion of a diversified investment
Europe Bids Natural Gas Higher
Europe Bids Natural Gas Higher Summary and Recommendation Rising futures prices for natural gas in Europe dramatize unrecognized value in the natural gas resources of buy-recommended Encana (ECA), XTO
Rising Oil Price and Inflation Expectations
Rising Oil and Inflation Expectations Summary and Recommendation One-year and six-year oil futures had a good week setting new highs piercing the $28 and $24 level respectively (see Chart). Representing
Inflation Beating Deflation
Inflation Beating Deflation Summary and Recommendation Our buy recommendations of natural gas producers Burlington Resources (BR), Encana (ECA) and XTO Energy (XTO) get current support from a rising trend
Buy a Small Cap Natural Gas and Oil Producer
Buy a Small Cap Producer Summary and Recommendation Among 24 small cap natural gas and oil producers, recommended Canadian Oil Sands Trust (COS_u.TO) and San Juan Basin Royalty Trust (SJT) offer low McDep
Meter Reader A Weekly Analysis of Energy Stocks Using the McDep Ratio November 23, Gold Rush!
Gold Rush! Summary and Recommendation The accessibility of gold to investors widened greatly last week in the form of a new security, symbol GLD, launched on the New York Stock Exchange. We liken the significance
Meter Reader A Weekly Analysis of Energy Stocks Using the McDep Ratio February 15, Crude Awakening
Crude Awakening Summary and Recommendation Declining production from Mexico s largest oil field, Cantarell, fortifies concerns about future oil supply. A timely discussion in the Wall Street Journal on
Meter Reader A Weekly Analysis of Energy Stocks Using the McDep Ratio December 7, Canadian Income
Canadian Income Summary and Recommendation Reinstating our coverage of Enerplus Resources Fund (ERF) and Pengrowth Energy Trust (PGH) we see reasonable value and attractive income from Canadian oil and
Meter Reader A Weekly Analysis of Energy Stocks Using the McDep Ratio June 26, Sophistication Gap
Sophistication Gap Summary and Recommendation The wide valuation disparity between our sell recommendations and our buy recommendations might be attributed in part to a sophistication gap, a term we learn
Quarterly Results and the Correlation
Quarterly Results and the Correlation Summary and Recommendation During this cycle of quarterly earnings disclosures, we have referred to a correlation in our quick analyses for most rated stocks. Specifically,
Meter Reader A Weekly Analysis of Energy Stocks Using the McDep Ratio November 19, Upward Slope
Upward Slope Summary and Recommendation The drop in near term oil quotes gives the oil price futures curve a definitive upward slope that promises improving returns ahead for energy investors. At the same
Coal, China and Currency
Coal, China and Currency Summary and Recommendation Explosive growth in coal burning in Asia from 2003 to 2005 has displaced a whopping ten million barrels equivalent daily of oil and gas. Instead of jawboning
Enhance Performance with McDep Ratio
Meter Reader Page 1 Enhance Performance with McDep Ratio Summary and Recommendation The McDep Energy Portfolio differentiates among buy recommendations in an attempt to be more represented in lowest McDep
Oil At 2002 High. Six-Year and One-Year Natural Gas and Oil Futures. 72 Month Natural Gas 12 Month Natural Gas 72 Month Oil 12 Month Oil 4/18/02
Oil At 2002 High Summary and Recommendation Crude oil prices at new highs for the year mean profits for investors in our oil recommendations including Canadian Oil Sands Trust (COS_u.TO) and CNOOC Ltd
Meter Reader Page 1 A Weekly Analysis of Energy Stocks Using the McDep Ratio August 15, Unchanged Thesis
Meter Reader Page 1 Unchanged Thesis Summary and Recommendation Despite a momentous oil shutdown in Alaska and a Hezbollah-Israeli war in the Middle East, our oil and gas investment thesis is unchanged.
Own More Norsk Hydro, Less BP
Meter Reader Page 1 Own More Norsk Hydro, Less BP Summary and Recommendation Among European buy recommendations we raise our suggested weighting for Norsk Hydro (NHY) to 2.9% from 1.4% and lower it for
Meter Reader A Weekly Analysis of Energy Stocks Using the McDep Ratio July 29, Move Up to Quality
Move Up to Quality Summary and Recommendation An exaggerated stock price drop for Buy recommended ChevronTexaco (CVX, 69.70) presents an attractive long-term opportunity to invest in a high-quality Mega
Meter Reader A Weekly Analysis of Energy Stocks Using the McDep Ratio September 17, 2001 WAR
WAR Summary In sympathy to the pain and suffering we all feel for the loss of life in the Attack on America we make no reference to stocks as recommendations in our commentary this week. Yet we do carry
Meter Reader Page 1 A Weekly Analysis of Energy Stocks Using the McDep Ratio August 7, Buy Something
Meter Reader Page 1 Buy Something Summary and Recommendation Because nothing has happened to change our long-term fundamental outlook from three weeks ago when the median buy recommendation was priced
Meter Reader A Weekly Analysis of Energy Stocks Using the McDep Ratio November 30, Steel Shortage
Steel Shortage Summary and Recommendation Surprising stories of steel shortages provide another related indicator of a strong longterm outlook for the value of resources in Buy-recommended oil and gas
U.S./China Currency Devaluation Accelerates
Meter Reader Page 1 U.S./China Currency Devaluation Accelerates Summary and Recommendation Some of the recent action in stock price for buy-recommended PetroChina (PTR) and CNOOC Ltd. (CEO) seems to validate
Light Oil Volume Peak
Light Oil Volume Peak Summary and Recommendation The difference in price between Arab Light and Arab Heavy crude oil points to limited availability of raw material for clean energy at the same time environmental
Global Natural Gas Scramble
Global Natural Gas Scramble Summary and Recommendation Attesting to global supply limitations, some energy prices have taken flight in Europe with the advent of colder weather. Current daily price for
Low Fee, Low Debt Stands Out
Low Fee, Low Debt Stands Out Summary and Recommendation Two standout income stocks each had a big week fundamentally. Buy recommended Canadian Oil Sands Trust (COS_u.TO) expands its ownership in the Syncrude
Meter Reader A Weekly Analysis of Large Cap Oil and Gas Stocks February 10, 2009
Optimism Creeping Back Summary and Recommendation With oil and gas stock prices gradually tracing a more positive price trend since the stock market low in October 2008, the three buy recommendations that
Meter Reader Page 1 A Weekly Analysis of Energy Stocks Using the McDep Ratio September 25, The Long-Term Energy Squeeze
Meter Reader Page 1 The Long-Term Energy Squeeze Summary and Recommendation In Chapter 24 of The Age of Turbulence, Alan Greenspan reinforces our outlook for higher oil price to benefit our buy recommendations,
Follow the Fees. Energy Income Investment Fees
Follow the Fees Summary and Recommendation Among energy income investments U.S. Royalty Trusts offer the fairest deal to investors followed by Canadian Royalty Trusts. A few U.S. Master Limited Partnerships
Loss Aversion in 2002
Loss Aversion in 20 Summary and Recommendation Our most differentiated idea for 20 is about averting heavy loss. Recommending Strong Sell for Kinder Morgan Energy Partners, L.P. (KMP), we stand at the
Meter Reader Page 1 A Weekly Analysis of Energy Stocks Using the McDep Ratio June 12, Kovykta Kontroversy
Meter Reader Page 1 Kovykta Kontroversy Summary and Recommendation Compromise is the reasonable expectation for imminent resolution of the dispute between the Russian government and buy-recommended BP
Oil and Gas Investment to 2010
Oil and Gas Investment to 2010 By Kurt H. Wulff Boston, Massachusetts June 27, 2006 Summary and Recommendation Invest in oil and gas for the long-term Vision of $150 a barrel in 2010 Six-year oil futures
Meter Reader A Weekly Analysis of Energy Stocks Using the McDep Ratio November 5, Power Struggle
Power Struggle Summary and Recommendation After six months of extending McDep analysis from oil and gas stocks to power stocks we continue recommending purchase of American Electric Power (AEP) because
Meter Reader A Weekly Analysis of Energy Stocks Using the McDep Ratio April 29, IPAA Ideas
IPAA Ideas Summary and Recommendation Three days immersion in the largest industry sponsored U.S. oil and gas investment meeting reinforces our understanding of opportunities and our confidence in buy
Meter Reader A Weekly Analysis of Large Cap Oil and Gas Stocks May 18, 2010
European Oil for Contrarians Summary and Recommendation We classify buy recommendations Royal Dutch Shell, plc (RDS-A), Statoil ASA (STO), and Total S.A. (TOT) as Contrarian Buys to acknowledge that the
Meter Reader A Weekly Analysis of Large Cap Oil and Gas Stocks September 20, 2011
20% More Oil for the Buck Summary and Recommendation The long-term investment appeal of oil and gas stocks in a growing global economy is better today than five months ago when measured by the future physical
Russian Natural Gas Canadian Tar Sands Offshore Drilling
Russian Natural Gas Canadian Tar Sands Offshore Drilling By Kurt H. Wulff Springfield, Massachusetts February 15, 2006 Summary and Recommendation Buy Gazprom (OGZPF) Canadian Oil Sands Trust (COSWF) Devon
Meter Reader A Weekly Analysis of Large Cap Oil and Gas Stocks February 15, 2011
Euro Oils Pay High Dividends from Global Profits Summary and Recommendation Buy recommendations Total (TOT), Statoil (STO) and Royal Dutch Shell (RDS) offer the highest current dividend yields in our large
Meter Reader A Weekly Analysis of Large Cap Oil and Gas Stocks March 8, 2011
Favor COSWF on Price Blowout, End Buy on CNQ Summary and Recommendation A widening of the price difference between Syncrude and West Texas Intermediate (WTI) to US$12 a barrel, which when added to US$105
Meter Reader A Weekly Analysis of Large Cap Oil and Gas Stocks March 2, 2010 Oil Growth of 70% to 2020 for COSWF
Oil Growth of 70% to 2020 for COSWF Summary and Recommendation Buy-recommended Canadian Oil Sands Trust (COSWF) confirmed last week that preliminary design work is underway to expand oil sands capacity
Meter Reader A Weekly Analysis of Large Cap Oil and Gas Stocks April 5, 2011
Chevron Corporation (CVX) Raise NPV to $154 a Share from $146 Symbol CVX Ebitda Next Twelve Months ending 3/31/12 (US$mm) 56,900 Rating Buy North American Natural Gas/Ebitda (%) 2 Price ($/sh) 108.23 Natural
Meter Reader A Weekly Analysis of Large Cap Oil and Gas Stocks December 29, 2009
Woodside Petroleum Ltd. (WOPEY) Australian Liquefied Natural Gas (LNG) Symbol WOPEY Ebitda Next Twelve Months ending 12/31/10 (US$mm) 2,900 Rating Buy North American Natural Gas/Ebitda (%) 2 Price (US$/sh)
Meter Reader A Weekly Analysis of Large Cap Oil and Gas Stocks December 20, 2011
Centenarians Win Large Cap Race in 2011 Summary and Recommendation In the 100 th anniversary year of the breakup of the Standard Oil Trust, the separate companies and their Anglo-Dutch rival delivered
Louis Dreyfus Natural Gas Corp. Long Life Small Cap Producer
Buy/Sell Rating: 2 - Buy Louis Dreyfus Natural Gas Corp. Long Life Small Cap Producer Price Net ($/sh) Market Present Debt/ EV/ EV/ Div'd PV/ 6-Sep Shares Cap Value Present McDep Sales Ebitda P/E NTM Ebitda
Meter Reader A Weekly Analysis of Large Cap Oil and Gas Stocks October 16, 2012
Royal Dutch Shell (RDS) Clean Energy for Global Growth Meter Reader Symbol RDS-A Ebitda Next Twelve Months ending 9/30/13 (US$mm) 54,400 Rating Buy North American Natural Gas/Ebitda (%) 2 Price (US$/sh)
Meter Reader A Weekly Analysis of Large Cap Oil and Gas Stocks January 3, 2012
Shale Deals for DVN/Sinopec and TOT/CHK Summary and Recommendation Buy-recommended Devon Energy (DVN) will receive $2.2 billion from China oil company Sinopec and Buy-recommended Total (TOT) will pay $2.3
Industry Idea Analysis of Oil and Gas Stocks October 17, 2017
Large Cap Frackers Oil Price Moderators Price Oil Dist. (US$/sh) Market Enterprise EV/ EV/ PV/ Prod'n/ Yield McDep Symbol/Rating 16-Oct Cap Value Market Ebitda Ebitda PV NTM Ratio 2017 (US$mm) ($mm) Cap
Industry Idea Analysis of Oil and Gas Stocks July 19, 2017
Large Cap Independent Producers Potential to Prosper Price Oil Dist. (US$/sh) Market Enterprise EV/ EV/ PV/ Prod'n/ Yield McDep Symbol/Rating 18-Jul Cap Value Market Ebitda Ebitda PV NTM Ratio 2017 (US$mm)
Industry Idea Analysis of Oil and Gas Stocks January 13, 2016, Intraday
Large Cap Independent Producers Wild Markets in Oil and Securities Present Value by Segment (%) Price North Rest of Dist. (US$/sh) EV/ Enterprise Amer. World Yield Symbol/Rating 13-Jan Market Value Natural
Meter Reader A Weekly Analysis of Large Cap Oil and Gas Stocks May 1, 2012
Royal Dutch Shell (RDS/A) LNG and GTL Profit Gains Meter Reader Symbol RDS-A Ebitda Next Twelve Months ending 3/31/13 (US$mm) 58,500 Rating Buy North American Natural Gas/Ebitda (%) 2 Price (US$/sh) 71.54
Meter Reader A Weekly Analysis of Large Cap Oil and Gas Stocks April 17, 2012
ConocoPhillips (COP-W) Largest North American Independent Producer Debut Symbol COP-W Ebitda Next Twelve Months ending 3/31/13 (US$mm) 22,500 Rating Buy North American Natural Gas/Ebitda (%) 5 Price (US$/sh)
Meter Reader A Weekly Analysis of Large Cap Oil and Gas Stocks June 19, 2012
Cenovus Energy (CVE - Contrarian Buy) Deep Oil Sands Growth at Lower Price Symbol CVE Ebitda Next Twelve Months ending 6/30/13 (US$mm) 4,500 Rating Contrarian Buy North American Natural Gas/Ebitda (%)
Independent Stock Idea October 18, 2016
California Resources Corporation (CRC) Option on Oil Price Independent Stock Idea Symbol CRC Ebitda Next Twelve Months ending 9/30/17 (US$mm) 713 Rating North American Natural Gas/Ebitda (%) 11 Price ($/sh)
Suncor Energy Raise Net Present Value to $75 a Share
McDep Associates Page 1 Suncor Energy Raise Net Present Value to $75 a Share Rating: Buy S&P 500: 1274 Symbol SU Ebitda Next Twelve Months ending 12/31/06 (US$mm) 5,200 Rating Buy North American Natural
Industry Idea Analysis of Oil and Gas Stocks November 22, 2016
Income Payers Sparkle CRT, DMLP, PBT, SBR, SJT Present Value by Segment (%) Price North Rest of Dist. (US$/sh) EV/ Enterprise Amer. World Yield Symbol/Rating 21-Nov Market Value Natural Natural Oil Down-
Meter Reader A Weekly Analysis of Large Cap Oil and Gas Stocks May 23, 2011
Statoil ASA (STO) Nordic Oil and Gas Stalwart Meter Reader Symbol STO Ebitda Next Twelve Months ending 3/31/12 (US$mm) 30,900 Rating Buy North American Natural Gas/Ebitda (%) 0 Price ($/sh) 24.01 Natural
Independent Stock Idea November 12, 2017
Birchcliff Energy Ltd. (BIREF) Downward Price Pressure Lifting Independent Stock Idea Symbol BIREF Ebitda Next Twelve Months ending 9/30/18 (US$mm) 297 Rating Buy North American Natural Gas/Ebitda (%)
Independent Stock Idea May 18, 2017 Intraday
Dorchester Minerals, L.P. (DMLP) Midland Basin Spotlight Symbol DMLP Ebitda Next Twelve Months ending 3/31/18 (US$mm) 40 Rating North American Natural Gas/Ebitda (%) 46 Price (US$/sh) 16.50 Natural Gas
Meter Reader A Weekly Analysis of Large Cap Oil and Gas Stocks February 28, 2012
ConocoPhillips (COP Buy) Shale Oil Growth with Alaska Upside Symbol COP Ebitda Next Twelve Months ending 12/31/12 (US$mm) 28,100 Rating Buy North American Natural Gas/Ebitda (%) 5 Price (US$/sh) 76.43
Reentry Point to Buy Natural Gas
Reentry Point to Buy Natural Gas Summary and Recommendation A decline of 71% in the spot price of natural gas is enough to justify renewed buy interest in our best fuel. Our immediate action is to revise
Independent Stock Idea Intraday November 2, 2017
Marathon Oil (MRO) Shale Oil Value Symbol MRO Ebitda Next Twelve Months ending 9/30/18 (US$mm) 2,570 Rating Buy North American Natural Gas/Ebitda (%) 8 Price (US$/sh) 14.99 Natural Gas and Oil Production/Ebitda
Industry Idea Analysis of Oil and Gas Stocks September 1, 2015
MRO, DVN, COP, OXY, EOG Resilient Large Cap Independent Producers Present Value by Segment (%) Price North Rest of Dist. (US$/sh) EV/ Enterprise Amer. World Yield Symbol/Rating 31-Aug Market Value Natural
Industry Idea Analysis of Oil and Gas Stocks January 22, 2016
Income Payer Surprises CRT, PBT, SBR, SJT, DMLP Present Value by Segment (%) Price North Rest of Dist. (US$/sh) EV/ Enterprise Amer. World Yield Symbol/Rating 21-Jan Market Value Natural Natural Oil Down-
Meter Reader A Monthly Analysis of Oil and Gas Stocks Intraday November 16, 2017
Buy ETF or Global Integrated Stock Price Oil Dist. (US$/sh) Market Enterprise EV/ EV/ PV/ Prod'n/ Yield McDep Symbol/Rating 16-Nov Cap Value Market Ebitda Ebitda PV NTM Ratio 2017 (US$mm) ($mm) Cap NTM
Kinder Morgan Energy Partners The Game Goes On
McDep Associates Page 1 Kinder Morgan Energy Partners The Game Goes On Rating: Sell S&P 500: 1235 Symbol KMI KMP KMR KMx Rating Sell Sell Sell Price (US$/sh) 89.48 53.79 48.63 Pricing Date 7/20/05 07/20/05
Meter Reader A Weekly Analysis of Large Cap Oil and Gas Stocks March 30, 2010 Lower ConocoPhillips NPV to $95 from $105
Lower ConocoPhillips NPV to $95 from $105 Symbol COP Ebitda Next Twelve Months ending 3/31/11 (US$mm) 25,600 Rating Buy North American Natural Gas/Ebitda (%) 8 Price (US$/sh) 51.15 Natural Gas and Oil
Independent Stock Idea Intraday October 24, 2017
Cross Timbers Royalty Trust (CRT) Free Cash Flow Independent Stock Idea Symbol CRT Ebitda Next Twelve Months ending 9/30/18 (US$mm) 9 Rating Buy North American Natural Gas/Ebitda (%) 48 Price (US$/sh)
Meter Reader A Monthly Analysis of Oil and Gas Stocks December 12, 2017
Oil and Gas Gains in 2018 Summary and Recommendation Meter Reader Renewed optimism for global growth promises rising demand for oil and gas at the same time surplus fuel inventories are dwindling. U.S.
Independent Stock Idea Intraday August 8, 2017
San Juan Basin Royalty Trust (SJT) BP Tests Best San Juan Well in 14 Years Independent Stock Idea Symbol SJT Ebitda Next Twelve Months ending 6/30/18 (US$mm) 24 Rating North American Natural Gas/Ebitda
Independent Stock Idea Intraday March 1, 2018
EOG Resources (EOG) Raise NPV to $130 on Production Independent Stock Idea Symbol EOG Ebitda Next Twelve Months ending 3/31/19 (US$mm) 8,500 Rating Natural Gas/Ebitda (%) 9 Price ($/sh) 100.82 Natural
Meter Reader A Weekly Analysis of Large Cap Oil and Gas Stocks July 3, 2012
Gazprom (OGZPY - Contrarian Buy) Dividend Double Approved Symbol OGZPY Ebitda Next Twelve Months ending 6/30/13 (US$mm) 62,000 Rating Contrarian Buy North American Natural Gas/Ebitda (%) 0 Price (US$/sh)
Meter Reader A Monthly Analysis of Oil and Gas Stocks June 13, 2017
Value Beckoning Meter Reader Price Oil Dist. (US$/sh) Market Enterprise EV/ EV/ PV/ Prod'n/ Yield McDep Symbol/Rating 12-Jun Cap Value Market Ebitda Ebitda PV NTM Ratio 2017 (US$mm) ($mm) Cap NTM NTM (%)
Independent Stock Idea February 2, 2018
ConocoPhillips (COP) Raise NPV to $80 on Higher Cash Flow Independent Stock Idea Symbol COP Ebitda Next Twelve Months ending 12/31/18 (US$mm) 14,200 Rating Natural Gas/Ebitda (%) 23 Price (US$/sh) 59.35
Industry Idea Analysis of Oil and Gas Stocks December 20, 2017
Top Line Premium and Bottom Line Upside CRT, DMLP, PBT, SBR, SJT Price Oil Dist. (US$/sh) Market Enterprise EV/ EV/ PV/ Prod'n/ Yield McDep Symbol/Rating 19-Dec Cap Value Market Ebitda Ebitda PV NTM Ratio
Meter Reader A Weekly Analysis of Large Cap Oil and Gas Stocks January 29, 2013
Improved Crude Oil Price Outlook North American Advantage Summary and Recommendation An uptrend in long-term oil price and reduced geographic differences may benefit oil and gas producers in 2013, including
Industry Idea Analysis of Oil and Gas Stocks September 25, 2017
Cash, Fracking and Inflation CRT, DMLP, PBT, SBR, SJT Price Oil Dist. (US$/sh) Market Enterprise EV/ EV/ PV/ Prod'n/ Yield McDep Symbol/Rating 22-Sep Cap Value Market Ebitda Ebitda PV NTM Ratio 2017 (US$mm)
Independent Stock Idea September 22, 2015
Cross Timbers Royalty Trust (CRT) Low Risk 7.5% Income Independent Stock Idea Symbol CRT Ebitda Next Twelve Months ending 9/30/16 (US$mm) 10 Rating Buy North American Natural Gas/Ebitda (%) 50 Price (US$/sh)
Independent Stock Idea Intraday August 7, 2018
Dorchester Minerals, L.P. (DMLP) Q2 on Trend Independent Stock Idea Symbol DMLP Ebitda Next Twelve Months ending 6/30/19 (US$mm) 66 Rating Natural Gas/Ebitda (%) 43 Price (US$/sh) 18.45 Natural Gas and
Independent Stock Idea Intraday September 4, 2018
Suncor Energy (SU) Oil Value Upside Symbol SU Ebitda Next Twelve Months ending 9/30/19 (US$mm) 12,600 Rating Natural Gas/Ebitda (%) 0 Price (US$/sh) 40.35 Natural Gas and Oil Production/Ebitda (%) 78 Pricing
Meter Reader Monthly Analysis of Oil and Gas Stocks June 12, 2018
Positive Charts Summary and Recommendation Meter Reader Fifteen of the twenty-two stocks in our research have price charts with three momentum measures all pointing up. All 15 are in the golden cross pattern
Industry Idea Analysis of Oil and Gas Stocks August 20, 2018
Small Independents Strategic Value, Uncertain Price BIREF, CRC, RRC, WLL Price Oil Dist. (US$/sh) Market Enterprise EV/ EV/ PV/ Prod'n/ Yield McDep Symbol/Rating 20-Aug Cap Value Market Ebitda Ebitda Ebitda
Meter Reader A Weekly Analysis of Energy Stocks Using the McDep Ratio July 23, Let's Contango
Let's Contango Summary and Recommendation An upward sloping futures price curve, known as contango, implies growing profits for natural gas producers. Commodities usually trace a downward sloping futures
Industry Idea Analysis of Oil and Gas Stocks Intraday July 30, 2018
Durable Cash Generators CVX, RDS, SU, XOM Price Oil Dist. (US$/sh) Market Enterprise EV/ EV/ PV/ Prod'n/ Yield McDep Symbol/Rating 30-Jul Cap Value Market Ebitda Ebitda Ebitda NTM Ratio 2018 (US$mm) ($mm)
Industry Idea Analysis of Oil and Gas Stocks Intraday August 28, 2018
Roll Forward and Simplify CRT, DMLP, PBT, SBR, SJT Price Oil Dist. (US$/sh) Market Enterprise EV/ EV/ PV/ Prod'n/ Yield McDep Symbol/Rating 28-Aug Cap Value Market Ebitda Ebitda Ebitda NTM Ratio 2018 (US$mm)
Independent Stock Idea June 6, 2018
Royal Dutch Shell (RDS) Bright Future in Integrated Gas Independent Stock Idea Symbol RDS-B Ebitda Next Twelve Months ending 6/30/19 (US$mm) 58,200 Rating Natural Gas/Ebitda (%) 24 Price (US$/sh) 71.79
Meter Reader A Weekly Analysis of Large Cap Oil and Gas Stocks April 16, 2013
Chevron (CVX) Deflation Resistance Symbol CVX Ebitda Next Twelve Months ending 3/31/14 (US$mm) 50,800 Rating Hold North American Natural Gas/Ebitda (%) 2 Price ($/sh) 116.57 Natural Gas and Oil Production/Ebitda
Meter Reader A Weekly Analysis of Large Cap Oil and Gas Stocks May 14, 2013
EOG Resources (EOG) Raise NPV to $180 on More Big Wells Symbol EOG Ebitda Next Twelve Months ending 3/31/14 (US$mm) 7,400 Rating Hold North American Natural Gas/Ebitda (%) 12 Price ($/sh) 133.66 Natural
Industry Idea Analysis of Oil and Gas Stocks October 23, 2018
Rising Distributions CRT, DMLP, PBT, SBR, SJT Price Oil Dist. (US$/sh) Market Enterprise EV/ EV/ PV/ Prod'n/ Yield McDep Symbol/Rating 22-Oct Cap Value Market Ebitda Ebitda Ebitda NTM Ratio 2018 (US$mm)