|Over a week ago|
HighPoint Resources says 2020 guidance 'should no longer be relied upon' » 07:2503/1903/19/20
The Company plans to…
The Company plans to provide more comprehensive details and updated 2020 guidance as part of its first quarter earnings conference call in May and, as such, the 2020 guidance issued on February 26th should no longer be relied upon.
HighPoint Resources provides update to 2020 development program » 07:2403/1903/19/20
HighPoint Resources Corporation announced an update to its 2020 development program, liquidity and hedges. Today's update takes into account the recent significant decrease in crude oil prices, and includes the following: All drilling and completion activity that is currently in progress will be completed, and all new planned activity will be deferred; this will not impact first half of 2020 production volumes; Maintain flexibility to adjust capital program further based on market conditions; Strong hedge position protects 2020 cash flow and has a current mark-to-market value of approximately $225 million; Still anticipate generating positive free cash flow in 2020; Anticipate reducing bank debt by approximately $45 million during the first quarter of 2020 and have no significant debt maturity before October 2022. CEO and President Scot Woodall commented, "Given the rapidly changing dynamics of crude oil prices our top priority is to preserve our balance sheet and liquidity in this lower crude price environment. As such, we have prudently decided to defer any new drilling and completion activity as we continue to monitor the present market environment. Although our hedge portfolio protects the returns of our 2020 investment program, we have elected to slow down activity and preserve liquidity. While this impacts near-term development activity, it is not expected to adversely affect anticipated production volumes for the first half of the year and will maintain our opportunity set for future development. Moreover, we are well positioned financially with a strong hedge portfolio covering over 90% of anticipated 2020 oil volumes at a WTI price of approximately $58.00 per barrel with an estimated mark-to-market value of approximately $225 million based on current WTI strip prices." The Company's current liquidity position is approximately $370 million. This is an increase of approximately $35 million from December 31, 2019, as the Company has reduced borrowings on its credit facility to approximately $115 million with a further reduction of approximately $20 million anticipated by the end of the first quarter of 2020.
HighPoint Resources discloses NYSE listing standard notice » 16:2903/1303/13/20
HighPoint Resources announced that on March 10, 2020, it received formal notice from the NYSE that the average closing price of the company's shares of common stock had fallen below $1.00 per share over a period of 30 consecutive trading days, which is the minimum average share price for continued listing on the NYSE. As required by the NYSE, the company has responded to the NYSE regarding its intent to cure the deficiency to return to compliance with the NYSE continued listing requirements within the six-month cure period. The company has put forth a proposal for a reverse stock split in connection with its annual meeting of shareholders to be held on April 28, 2020. During the cure period, the Company's shares of common stock will continue to trade on the NYSE, subject to compliance with other continued listing requirements. The NYSE notification does not affect the Company's ongoing business operations or its U.S. Securities and Exchange Commission reporting requirements, nor does cause an event of default under any of the Company's debt obligations.
HighPoint Resources provides summary of hedge position » 08:1303/1203/12/20
HighPoint Resources provided a summary of the Company's hedge position. The Company currently has approximately 95% of anticipated 2020 oil volumes hedged at a WTI price of $58.32 per barrel and nearly half of anticipated 2021 oil volumes hedged at a WTI price of $54.71 per barrel. In addition, the Company estimates that the value of its hedge portfolio is approximately $145 million based on current WTI strip prices. Chief Executive Officer and President Scot Woodall commented, "Proactive hedging of anticipated forward oil production has been an important component of our corporate strategy to insulate against commodity price risk, to protect anticipated cash flows, and to support our capital program. This strategy has served us well and ensures a greater level of certainty to our cash flows. We remain focused on maintaining value for the long term and have reduced capital spending as part of our original 2020 operating and financial plan. In addition, we will reassess our development activity and adjust activity levels as needed to preserve our balance sheet and liquidity in this lower crude price environment."
HighPoint Resources downgraded to Hold from Buy at SunTrust » 08:1503/0903/09/20
SunTrust analyst Welles…
SunTrust analyst Welles Fitzpatrick downgraded HighPoint Resources to Hold from Buy. The analyst notes that the company has recently cut its FY20 production guidance in an effort to right-size its capital program for the lower commodity environment, but he warns that another cut may be coming given today's drop in oil prices. Fitzpatrick adds that he is suspending his rating on the name as the stock trades below $1, "making visibility on future performance particularly difficult to predict."
|Over a month ago|
HighPoint Resources downgraded to In-Line from Outperform at Imperial Capital » 05:1702/2802/28/20
Imperial Capital analyst…
Imperial Capital analyst Jason Wangler downgraded HighPoint Resources to In-Line from Outperform with a price target of $1.50, down from $3. Slowing 2020 spending to reduce short-term cash outspend, which impacts the company's EBITDA and debt metrics, make for a difficult long-term outlook, Wangler tells investors in a research note.
HighPoint Resources reports Q4 adj. EPS (5c), consensus (3c) » 16:4402/2602/26/20
Reports Q4 revenue…
Reports Q4 revenue $121.81M, consensus $132.96M. Production sales volume for Q4 totaled 3.5 MMBoe, which was an increase of 12% over Q4 of 2018.
|Over a quarter ago|
HighPoint Resources reports Q3 EPS 3c, consensus (5c) » 17:0511/0411/04/19
Reports Q3 revenue…
Reports Q3 revenue $121.28M, consensus $126.72M. Reported production sales volume of 3.4M barrels of oil equivalent for Q3, which represents an increase of 20% over Q2 and a 24% increase over Q3 of 2018.
Seaport Global downgrades HighPoint Resources to Neutral among 13 E&P downgrades » 07:2010/1010/10/19
As previously reported,…
As previously reported, Seaport Global analyst Mike Kelly downgraded HighPoint Resources to Neutral from Buy, stating that the company struggles to generate organic growth at $50 oil and he projects debt-adjusted growth through 2022 at negative 1% with no free cash generation in the near term. He also cites the company's elevated leverage. The rating change was among 13 downgrades made in the E&P sector by Kelly, who contends that "the 2020 oil macro set up is a mess."
HighPoint Resources downgraded to Neutral from Buy at Seaport Global 07:0010/1010/10/19