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REN

Resolute Energy

$35.13

-2.53 (-6.72%)

08:34
10/11/18
10/11
08:34
10/11/18
08:34

Resolute Energy sees Q3 net loss increasing vs. Q2, production of 34,750 Boe/d

Resolute Energy provided preliminary third quarter 2018 production results and an operations update.Aggregate third quarter 2018 production averaged approximately 34,750 barrel of oil equivalent per day, an increase of 45 percent from the second quarter. Third quarter 2018 oil production averaged approximately 15,740 barrels of oil per day, an increase of approximately 47 percent over second quarter 2018. Year over year, third quarter Boe production increased 54 percent and oil production increased approximately 40 percent, both pro forma for the divestiture of the Aneth Field assets. Growth in production is being driven by the company's successful ongoing development program. During the quarter, the company spud six wells, reached total depth on thirteen wells and placed eighteen wells on production. Third quarter 2018 net loss is expected to increase compared to the second quarter net loss of $3.7 million due in large part to the effect of non-cash mark-to-market derivative losses. Third quarter 2018 Adjusted EBITDA is expected to be nearly double second quarter 2018 Adjusted EBITDA of $33.7 million. This significant increase in expected Adjusted EBIDTA is being driven by stronger production volumes, as well as lower unit operating and overhead costs. The third quarter 2018 cost structure is expected to have improved substantially from second quarter as a result of lower per unit lease operating expense and cash-based general and administrative expense, primarily due to significantly higher production volumes with only moderately higher absolute operating costs and modestly lower cash general and administrative expenses from quarter to quarter.

REN Resolute Energy
$35.13

-2.53 (-6.72%)

04/12/18
GSCO
04/12/18
DOWNGRADE
Target $39
GSCO
Neutral
Resolute Energy downgraded to Neutral from Buy at Goldman Sachs
Goldman Sachs analyst John Nelson downgraded Resolute Energy to Neutral from Buy, saying that he now sees its operational execution as being discounted in shares following outperformance versus SMID Permian E&Ps. However, he does think that shareholder activism, which he believes has contributed to Resolute's recent outperformance, could continue to be a near-term driver of share price, Nelson tells investors. He lowered his price target on Resolute shares to $39 from $52.
04/16/18
RHCO
04/16/18
DOWNGRADE
RHCO
Hold
Resolute Energy downgraded to Hold from Buy at SunTrust
04/16/18
RHCO
04/16/18
DOWNGRADE
Target $41
RHCO
Hold
Resolute Energy downgraded to Hold from Buy at SunTrust
SunTrust analyst Neal Dingmann downgraded Resolute Energy to Hold from Buy and lowered his price target to $41 from $44 as part of his broader research note on Q1 reporting season for companies in the Permian basin. Dingmann says that while he expects the company to post strong production growth this year, its plan to "tackle batch completions" could prove challenging, leading output to be weighted toward the back end of 2018 and potentially more lumpy. The analyst also points to Resolute Energy's valuation, with the stock price having risen about 12% year-to-date relative to a 2% decline average among its Permian peers.
06/14/18
IMPC
06/14/18
NO CHANGE
IMPC
Outperform
Imperial Capital sees attractive valuations for Permian names
The market has overreacted to the "inevitable traffic jams and competition for outbound transportation" taking place in the Permian region, Imperial Capital analysts Irene Haas and Jason Wangler tells investors in a research note. Following conversations with industry participants in both the upstream and midstream arenas of the Permian Region, the analysts believes relief for oil could materialize in early 2019. They sees a "handful of high quality Permian names at attractive valuations," including Diamondback Energy (FANG), Resolute Energy (REN), Ring Energy (REI), Callon Petroleum (CPE), Matador Resources and PDC Energy (PDCE).

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