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The overall sentiment within the Exploration & Production sector has changed for the better as a 50-percent spike in oil prices since last June has been matched with flat performance for the E&P group, according to Seaport Global.
The Analyst
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Seaport Global's Mike Kelly and team made the following upgrades:
- Newfield Exploration Co. (NYSE:NFX) from Neutral to Buy.
- Parsley Energy Inc (NYSE:PE) from Neutral to Buy.
- WPX Energy Inc (NYSE:WPX) from Neutral to Buy.
Newfield Exploration
- The company's reputation of under-promising and over-delivering in the STACK should continue.
- Anadarko oil volumes should grow by up to 30 percent per year over the next three years, which is a higher growth rate compared to its gas business.
- The company's strip net asset value is estimated at $38 per share.
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Parsley Energy
- Parsley Energy should benefit from from its ongoing operational turnaround and strong exposure to Permian crude and gas.
- The company holds a major advantage over its peers as it can move 95 Mbopd out of the Permian.
- The company's strip net asset value is estimated at $39 per share.
WPX Energy
- WPX's management team alone justifies a premium after transitioning from an over-levered gas company into a Delaware and Bakken powerhouse.
- Cash flows should triple through 2020.
- The first-quarter earnings report foreshadows improving results over time and a strong operational trajectory.
- The company's net asset value is estimated at $25 per share.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.