Презентация, доклад Oil Prices Crushed These 5 Oil Stocks This Week
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What:
Clayton Williams Energy (NYSE: CWEI) slipped more than 16% this week.
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So What:
Key driver: The continued crash of crude oil
With the price of oil now below $35 per barrel, it is significantly reducing the economic drilling inventory of Clayton Williams
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The weak oil price is also cutting deeply into its cash flow, which will make it harder to maintain its debt
Key takeaway: Investors worry that Clayton Williams won’t survive if crude continues to crash
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Enable Midstream Partners (NYSE: ENBL) slumped 20% this week.
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Key driver: Growing concerns with its direct commodity price exposure
Every 10% decrease in the price of natural gas yields a $5 million decrease in its Adjusted EBITDA for 2016
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Meanwhile, a 10% decrease in NGL and condensate prices would yield a $3 million decrease in Adjusted EBITDA in 2016
Key takeaway: With its distribution coverage ratio already tight, investors are worried that falling commodity prices mean a distribution cut is on the horizon
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Hornbeck Offshore Services (NYSE: HOS) dropped 20% this week.
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Key driver: The continued crash of crude
With oil now falling below $35 per barrel, it makes it much less likely that new oil projects in the Gulf of Mexico will be given the green light
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This will force the company to continue to stack vessels, cutting its margins and leading to lower cash flow
Key takeaway: Investors are growing concerned that operating conditions could get much worse
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What:
Carrizo Oil & Gas (NASDAQ: CRZO) slumped more than 21% this week.
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So What:
Key driver: The continued crash of crude oil
With oil now down below $35 per barrel, it is further reducing Carizzo’s economic drilling locations, which is a concern given that only 55% of its drilling locations were economic at an oil price below $45 per barrel
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On a more positive note, FBR Capital recommended the stock and two peers this week because of its staying power, margin stability, and strong management
Key takeaway: Investors are more concerned that Carrizo’s economic drilling inventory is slipping away with each drop in the price of crude
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What:
Cobalt International (NYSE: CIE) fell more than 21% this week.
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Key driver: The continued crash of crude
Unlike most oil companies, Cobalt doesn’t currently produce any oil and won’t start producing until the Heidelberg project comes online next quarter
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However, the slide in crude will make that, and other projects in development, less profitable than expected
Key takeaway: Investors are revaluing the company’s future potential given crude’s persistent slide
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