Wells Fargo says oil markets heading into eye of 'perfect storm' in Q2 » 07:0704/0304/03/20
PXD, PDCE, WPX, CXO, FANG, PE, COG, NBL, XOG, OAS, GPOR, WLL, AR
Wells Fargo analyst Nitin…
Wells Fargo analyst Nitin Kumar says he thinks the oil markets are heading into the eye of a "perfect storm" in Q2, contending that not only is global oil demand expected to decline ~8%-10% q/q from Q1 as the impact of the coronavirus pandemic deepens, but the bulk of OPEC+ incremental supply is set to come to market while U.S. supply is unlikely to roll over fast enough. While the analyst isn't making any ratings changes, his top picks continue to be Pioneer Natural (PXD), PDC Energy (PDCE) and WPX Energy (WPX), and continues to favor Concho Resources (CXO), Diamondback (FANG), Parsley Energy (PE), Cabot Oil (COG) and Noble Energy (NBL), while remaining Underweight Extraction Oil & Gas (XOG), Oasis Petroleum (OAS), Gulfport Energy (GPOR), Whiting Petroleum (WLL) and Antero Resources (AR). The analyst lowered his price target for Pioneer to $93 from $107, for PDC to $22 from $23, for Parsley Energy to $13 from $14, for Noble Energy to $9 from $10, for Diamondback to $49 from $42, for Concho to $71 from $76, and for Cabot to $21 from $22.
|Over a week ago|
WPX Energy rises 22.9% » 12:0004/0204/02/20
WPX Energy is up 22.9%,…
WPX Energy is up 22.9%, or 63c to $3.38.
WPX Energy rises 13.8% » 10:0004/0204/02/20
WPX Energy is up 13.8%,…
WPX Energy is up 13.8%, or 38c to $3.13.
WPX Energy reinstated with an Overweight at Barclays » 09:1603/2403/24/20
Barclays analyst Jeanine…
Barclays analyst Jeanine Wai reinstated coverage of WPX Energy with an Overweight rating and $7 price target. The current wash out in oil prices is the positive reset the Exploration and Production sector needs to attract longer-term investors, analysts Jeanine Wai and William Thompson tell investors in a research note. The oil crash accelerated the industry's self- help story and creates a "unique opportunity" to invest in high-quality names that can weather the storm and which are trading at distressed prices, say the analysts. Going forward, they believe balance sheets and liquidity matter more, along with preserving operational momentum for efficiencies. Wai and Thompson see a wider bifurcation in stock performance between the strong and the weak as the market focuses "up market cap for liquidity/stability." With this in mind, they analysts made a number of rating changes in the E&P sector.
WPX Energy assumed with an Outperform at Credit Suisse » 07:0203/1903/19/20
As previously reported,…
As previously reported, Credit Suisse analyst William Janela assumed coverage of WPX Energy with an Outperform rating and $8 price target. WPX has no significant debt maturities until 2023 and he sees it sustaining oil production at about current levels through year-end and in 2021, Janela tells investors.
WPX Energy assumed with an Outperform at Credit Suisse » 16:3603/1803/18/20
Credit Suisse analyst…
Credit Suisse analyst William Janela assumed coverage of WPX Energy with an Outperform rating and $8 price target.
WPX Energy cuts roughly 25% of its 2020 capital budget » 16:0603/1703/17/20
WPX Energy is revising…
WPX Energy is revising its plan for 2020, cutting $400M - or approximately 25% - of its capital budget, with the flexibility to cut further. For 2020, WPX has 95,978 bbl/d of oil hedged with fixed price swaps at a weighted average price of $56.27 per barrel and 20,000 bbl/d with fixed price collars at a weighted average floor price of $53.33. The revised capital plan of $1.275B to $1.4B maintains WPX's current oil production of roughly 150,000 bbl/d for the balance of the year, which benefits from the March 6 acquisition of Felix Energy. Based on the revised capital plan and today's strip pricing, WPX expects to generate at least $150M of free cash flow in 2020, not including savings for potential service price deflation. Discussions with vendors about service costs are actively occurring, which presents known opportunities for WPX to lower capital further and increase its free cash flow target.
WPX Energy downgraded at Raymond James amid expected oil price decline » 08:4103/1703/17/20
Raymond James analyst…
Raymond James analyst John Freeman downgraded WPX Energy to Outperform from Strong Buy with a price target of $7, down from $12. While Freeman says the company has a strong balance sheet with leverage only expanding to around 2x by YE2021 if WTI averages $30 and $40 for the remainder of 2020 and 2021, respectively, given the significant downturn in commodity prices and his expectation for another leg down in oil prices in Q2, he is lowering his rating.
WPX Energy downgraded to Outperform from Strong Buy at Raymond James » 08:0003/1703/17/20
Raymond James analyst…
Raymond James analyst John Freeman downgraded WPX Energy to Outperform from Strong Buy with a price target of $7, down from $12.
WPX Energy files to sell 152.96M shares of common stock for holders 16:2703/1203/12/20