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Cabot Oil & Gas Corp Valuation – March 2019 #COG

Company Profile (excerpt from Reuters): Cabot Oil & Gas Corporation, incorporated on December 14, 1989, is an independent oil and gas company engaged in the development, exploitation and exploration of oil and gas properties. The Company operates in the segment of natural gas and oil development, exploitation, exploration and production, in the continental United States. Its assets are concentrated in areas with known hydrocarbon resources, which are conducive to multi-well, repeatable drilling programs. As of December 31, 2016, the Company’s exploration, development and production operations were primarily concentrated in two unconventional plays: the Marcellus Shale in northeast Pennsylvania and the Eagle Ford Shale in south Texas. The Company also has operations in various other unconventional and conventional plays throughout the continental United States.

 

Downloadable PDF version of this valuation:

ModernGraham Valuation of COG – March 2019

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

 

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $10,990,606,932 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 1.90 Fail
3. Earnings Stability Positive EPS for 10 years prior Fail
4. Dividend Record Dividend Payments for 10 years prior Pass
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 240.83% Pass
6. Moderate PEmg Ratio PEmg < 20 36.67 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 5.39 Fail
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 1.90 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 4.77 Fail
3. Earnings Stability Positive EPS for 5 years prior Fail
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Pass

 

Stage 2: Determination of Intrinsic Value

EPSmg $0.71
MG Growth Estimate 15.00%
MG Value $27.26
Opinion Fairly Valued
MG Grade D+
MG Value based on 3% Growth $10.27
MG Value based on 0% Growth $6.02
Market Implied Growth Rate 14.08%
Current Price $25.96
% of Intrinsic Value 95.24%

Cabot Oil & Gas Corporation does not satisfy the requirements of either the Enterprising Investor or the more conservative Defensive Investor. The Defensive Investor is concerned with the low current ratio, insufficient earnings stability over the last ten years, and the high PEmg and PB ratios. The Enterprising Investor has concerns regarding the level of debt relative to the net current assets, and the lack of earnings stability over the last five years. As a result, all value investors following the ModernGraham approach should explore other opportunities at this time or proceed cautiously with a speculative attitude.

As for a valuation, the company appears to be Fairly Valued after growing its EPSmg (normalized earnings) from $0.17 in 2015 to an estimated $0.71 for 2019. This level of demonstrated earnings growth supports the market’s implied estimate of 14.08% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value within a margin of safety relative to the price.

At the time of valuation, further research into Cabot Oil & Gas Corporation revealed the company was trading above its Graham Number of $12.44. The company pays a dividend of $0.25 per share, for a yield of 1% Its PEmg (price over earnings per share – ModernGraham) was 36.67, which was below the industry average of 58.42, which by some methods of valuation makes it one of the most undervalued stocks in its industry. Finally, the company was trading above its Net Current Asset Value (NCAV) of $-3.61.

Cabot Oil & Gas Corporation scores quite poorly in the ModernGraham grading system, with an overall grade of D+.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) -$3.61
Graham Number $12.44
PEmg 36.67
Current Ratio 1.90
PB Ratio 5.39
Current Dividend $0.25
Dividend Yield 0.96%
Number of Consecutive Years of Dividend Growth 2

Useful Links:

 

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 12/1/2018
Total Current Assets $544,545,000
Total Current Liabilities $287,264,000
Long-Term Debt $1,226,104,000
Total Assets $4,198,829,000
Intangible Assets $0
Total Liabilities $2,110,670,000
Shares Outstanding (Diluted Average) 433,333,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $1.42
Dec2018 $1.24
Dec2017 $0.22
Dec2016 -$0.91
Dec2015 -$0.28
Dec2014 $0.25
Dec2013 $0.66
Dec2012 $0.31
Dec2011 $0.29
Dec2010 $0.25
Dec2009 $0.36
Dec2008 $0.52
Dec2007 $0.43
Dec2006 $0.81
Dec2005 $0.37
Dec2004 $0.15
Dec2003 $0.05
Dec2002 $0.03
Dec2001 $0.13
Dec2000 $0.09
Dec1999 $0.02

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $0.71
Dec2018 $0.27
Dec2017 -$0.15
Dec2016 -$0.22
Dec2015 $0.17
Dec2014 $0.38
Dec2013 $0.42
Dec2012 $0.31
Dec2011 $0.33
Dec2010 $0.39
Dec2009 $0.48
Dec2008 $0.51
Dec2007 $0.46
Dec2006 $0.41
Dec2005 $0.19
Dec2004 $0.09
Dec2003 $0.06

Recommended Reading:

Other ModernGraham posts about the company

Cabot Oil & Gas Corp Valuation – June 2018 $COG
Cabot Oil & Gas Corp Valuation – March 2017 $COG
Cabot Oil & Gas Corp Valuation – December 2015 Update $COG
5 Speculative and Overvalued Companies to Avoid – December 2014
32 Companies in the Spotlight This Week – 12/6/14

Other ModernGraham posts about related companies

Concho Resources Inc Valuation – March 2019 #CXO
Valero Energy Corp Valuation – March 2019 #VLO
Occidental Petroleum Corp Valuation – March 2019 #OXY
Phillips 66 Valuation – March 2019 #PSX
Halliburton Co Valuation – March 2019 #HAL
Kinder Morgan Inc Valuation – February 2019 $KMI
National Oilwell Varco Inc Valuation – February 2019 $NOV
Diamondback Energy Inc Valuation – February 2019 $FANG
TechnipFMC PLC Valuation – February 2019 $FTI
Marathon Petroleum Corp Valuation – February 2019 $MPC

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Carrizo Oil & Gas Inc Valuation – August 2018 $CRZO

Company Profile (excerpt from Reuters): Carrizo Oil & Gas, Inc. (Carrizo), incorporated on September 24, 1993, is an energy company. The Company is engaged in the exploration, development and production of oil and gas from resource plays located in the United States. Its operations are focused in proven, producing oil and gas plays in the Eagle Ford Shale in South Texas, the Delaware Basin in West Texas, the Utica Shale in Ohio, the Niobrara Formation in Colorado, and the Marcellus Shale in Pennsylvania. As of December 31, 2016, the Company’s proved reserves of 200 million barrels of oil equivalent (MMBoe) were 64% crude oil, 12% natural gas liquids (NGLs) and 24% natural gas. As of December 31, 2016, it operated approximately 94% of the wells in Eagle Ford in which it held an interest. As of December 31, 2016, it held an average interest of approximately 85% in these operated wells. As of December 31, 2016, it owned leases covering approximately 309,200 gross (179,179 net) acres in the Eagle Ford, Niobrara, Utica and the Delaware Basin areas.

 

Downloadable PDF version of this valuation:

ModernGraham Valuation of CRZO – August 2018

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $2,230,812,793 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 0.26 Fail
3. Earnings Stability Positive EPS for 10 years prior Fail
4. Dividend Record Dividend Payments for 10 years prior Fail
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 53.70% Pass
6. Moderate PEmg Ratio PEmg < 20 -6.09 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 3.41 Fail
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 0.26 Fail
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 -4.05 Fail
3. Earnings Stability Positive EPS for 5 years prior Fail
4. Dividend Record Currently Pays Dividend Fail
5. Earnings Growth EPSmg greater than 5 years ago Fail

 

Stage 2: Determination of Intrinsic Value

EPSmg -$4.00
MG Growth Estimate -4.25%
MG Value $0.00
Opinion Overvalued
MG Grade D
MG Value based on 3% Growth -$58.02
MG Value based on 0% Growth -$34.01
Market Implied Growth Rate -7.29%
Current Price $24.35
% of Intrinsic Value N/A

Carrizo Oil & Gas Inc does not satisfy the requirements of either the Enterprising Investor or the more conservative Defensive Investor. The Defensive Investor is concerned with the low current ratio, insufficient earnings stability over the last ten years, and the poor dividend history, and the high PEmg and PB ratios. The Enterprising Investor has concerns regarding the level of debt relative to the current assets, and the lack of earnings stability or growth over the last five years, and the lack of dividends. As a result, all value investors following the ModernGraham approach should explore other opportunities at this time or proceed cautiously with a speculative attitude.

As for a valuation, the company appears to be Overvalued after seeing its EPSmg (normalized earnings) decline from $2.34 in 2014 to an estimated $-4 for 2018. This level of negative earnings does not support a positive valuation.As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value below the price.

At the time of valuation, further research into Carrizo Oil & Gas Inc revealed the company was trading above its Graham Number of $13.99. The company does not pay a dividend. Its PEmg (price over earnings per share – ModernGraham) was -6.09, which was below the industry average of 59.52, which by some methods of valuation makes it one of the most undervalued stocks in its industry. Finally, the company was trading above its Net Current Asset Value (NCAV) of $-23.73.

Carrizo Oil & Gas Inc scores quite poorly in the ModernGraham grading system, with an overall grade of D.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) -$23.73
Graham Number $13.99
PEmg -6.09
Current Ratio 0.26
PB Ratio 3.41
Current Dividend $0.00
Dividend Yield 0.00%
Number of Consecutive Years of Dividend Growth 0

Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 6/1/2018
Total Current Assets $132,505,000
Total Current Liabilities $503,531,000
Long-Term Debt $1,502,307,000
Total Assets $2,721,839,000
Intangible Assets $0
Total Liabilities $2,122,513,000
Shares Outstanding (Diluted Average) 83,853,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $1.91
Dec2017 $1.06
Dec2016 -$11.27
Dec2015 -$22.45
Dec2014 $4.90
Dec2013 $1.06
Dec2012 $1.39
Dec2011 $0.92
Dec2010 $0.29
Dec2009 -$6.61
Dec2008 -$1.49
Dec2007 $0.57
Dec2006 $0.71
Dec2005 $0.42
Dec2004 $0.49
Dec2003 $0.43
Dec2002 $0.26
Dec2001 $0.57
Dec2000 $0.74
Dec1999 -$0.07
Dec1998 -$2.15

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate -$4.00
Dec2017 -$6.42
Dec2016 -$8.53
Dec2015 -$5.72
Dec2014 $2.34
Dec2013 $0.51
Dec2012 -$0.21
Dec2011 -$1.10
Dec2010 -$1.84
Dec2009 -$2.36
Dec2008 -$0.11
Dec2007 $0.56
Dec2006 $0.52
Dec2005 $0.43
Dec2004 $0.46
Dec2003 $0.42
Dec2002 $0.23

Recommended Reading:

Other ModernGraham posts about the company

Carrizo Oil & Gas Inc Valuation – Initial Coverage $CRZO

Other ModernGraham posts about related companies

Denbury Resources Inc Valuation – August 2018 $DNR
California Resources Corp Valuation – August 2018 $CRC
Crew Energy Inc Valuation – August 2018 $TSE-CR
Superior Energy Services Inc Valuation – August 2018 $SPN
Crescent Point Energy Corp Valuation – August 2018 $TSE-CPG
Kelt Exploration Ltd Valuation – August 2018 $TSE-KEL
Canadian Natural Resources Ltd Valuation – August 2018 $TSE:CNQ
SM Energy Co Valuation – August 2018 $SM
Surge Energy Inc Valuation – July 2018 $TSE:SGY
CIRCOR International Inc Valuation – July 2018 $CIR

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Cabot Oil & Gas Corp Valuation – June 2018 $COG

Company Profile (excerpt from Reuters): Cabot Oil & Gas Corporation, incorporated on December 14, 1989, is an independent oil and gas company engaged in the development, exploitation and exploration of oil and gas properties. The Company operates in the segment of natural gas and oil development, exploitation, exploration and production, in the continental United States. Its assets are concentrated in areas with known hydrocarbon resources, which are conducive to multi-well, repeatable drilling programs. As of December 31, 2016, the Company’s exploration, development and production operations were primarily concentrated in two unconventional plays: the Marcellus Shale in northeast Pennsylvania and the Eagle Ford Shale in south Texas. The Company also has operations in various other unconventional and conventional plays throughout the continental United States.

COG Chart

COG data by YCharts

 

Downloadable PDF version of this valuation:

ModernGraham Valuation of COG – June 2018

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $10,650,594,464 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 2.42 Pass
3. Earnings Stability Positive EPS for 10 years prior Fail
4. Dividend Record Dividend Payments for 10 years prior Pass
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end -73.03% Fail
6. Moderate PEmg Ratio PEmg < 20 142.11 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 4.52 Fail
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 2.42 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 1.68 Fail
3. Earnings Stability Positive EPS for 5 years prior Fail
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Fail

 

Stage 2: Determination of Intrinsic Value

EPSmg $0.17
MG Growth Estimate -4.25%
MG Value $0.00
Opinion Overvalued
MG Grade F
MG Value based on 3% Growth $2.41
MG Value based on 0% Growth $1.41
Market Implied Growth Rate 66.80%
Current Price $23.59
% of Intrinsic Value N/A

Cabot Oil & Gas Corporation does not satisfy the requirements of either the Enterprising Investor or the more conservative Defensive Investor. The Defensive Investor is concerned with the insufficient earnings stability or growth over the last ten years, and the high PEmg and PB ratios. The Enterprising Investor has concerns regarding the level of debt relative to the net current assets, and the lack of earnings stability or growth over the last five years. As a result, all value investors following the ModernGraham approach should explore other opportunities at this time or proceed cautiously with a speculative attitude.

As for a valuation, the company appears to be Overvalued after seeing its EPSmg (normalized earnings) decline from $0.38 in 2014 to an estimated $0.17 for 2018. This level of demonstrated earnings growth does not support the market’s implied estimate of 66.8% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value below the price.

At the time of valuation, further research into Cabot Oil & Gas Corporation revealed the company was trading above its Graham Number of $10.71. The company pays a dividend of $0.17 per share, for a yield of 0.7% Its PEmg (price over earnings per share – ModernGraham) was 142.11, which was above the industry average of 87.76. Finally, the company was trading above its Net Current Asset Value (NCAV) of $-1.94.

Cabot Oil & Gas Corporation scores quite poorly in the ModernGraham grading system, with an overall grade of F.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) -$1.94
Graham Number $10.71
PEmg 142.11
Current Ratio 2.42
PB Ratio 4.52
Current Dividend $0.17
Dividend Yield 0.72%
Number of Consecutive Years of Dividend Growth 1

Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 3/1/2018
Total Current Assets $1,236,118,000
Total Current Liabilities $510,491,000
Long-Term Debt $1,218,231,000
Total Assets $4,538,401,000
Intangible Assets $0
Total Liabilities $2,131,885,000
Shares Outstanding (Diluted Average) 461,549,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $0.93
Dec2017 $0.22
Dec2016 -$0.91
Dec2015 -$0.28
Dec2014 $0.25
Dec2013 $0.66
Dec2012 $0.31
Dec2011 $0.29
Dec2010 $0.25
Dec2009 $0.36
Dec2008 $0.52
Dec2007 $0.43
Dec2006 $0.81
Dec2005 $0.37
Dec2004 $0.22
Dec2003 $0.05
Dec2002 $0.04
Dec2001 $0.13
Dec2000 $0.09
Dec1999 $0.02
Dec1998 $0.01

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $0.17
Dec2017 -$0.15
Dec2016 -$0.22
Dec2015 $0.17
Dec2014 $0.38
Dec2013 $0.42
Dec2012 $0.31
Dec2011 $0.33
Dec2010 $0.39
Dec2009 $0.48
Dec2008 $0.52
Dec2007 $0.47
Dec2006 $0.43
Dec2005 $0.21
Dec2004 $0.12
Dec2003 $0.07
Dec2002 $0.07

Recommended Reading:

Other ModernGraham posts about the company

Cabot Oil & Gas Corp Valuation – March 2017 $COG
Cabot Oil & Gas Corp Valuation – December 2015 Update $COG
5 Speculative and Overvalued Companies to Avoid – December 2014
32 Companies in the Spotlight This Week – 12/6/14
Cabot Oil & Gas Corporation Annual Valuation – 2014 $COG

Other ModernGraham posts about related companies

Concho Resources Inc Valuation – June 2018 $CXO
Vlaero Energy Corp Valuation – June 2018 $VLO
Occidental Petroleum Corp Valuation – June 2018 $OXY
Andeavor Valuation – May 2018 $ANDV
Halliburton Co Valuation – May 2018 $HAL
National Oilwell Varco Inc Valuation – May 2018 $NOV
Newfield Exploration Co Valuation – May 2018 $NFX
Kinder Morgan Inc Valuation – May 2018 $KMI
Range Resources Corp Valuation – May 2018 $RRC
Phillips 66 Valuation – April 2018 $PSX

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Cabot Oil & Gas Corp Valuation – March 2017 $COG

Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Stocks for Using A Benjamin Graham Value Investing Strategy – March 2017.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how Cabot Oil & Gas Corp (COG) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Cabot Oil & Gas Corporation is an independent oil and gas company engaged in the development, exploitation and exploration of oil and gas properties. The Company operates in the segment of natural gas and oil development, exploitation, exploration and production, in the continental United States. Its assets are concentrated in areas with known hydrocarbon resources, which are conducive to multi-well, repeatable drilling programs. As of December 31, 2016, its exploration, development and production operations were primarily concentrated in two unconventional plays: the Marcellus Shale in northeast Pennsylvania and the Eagle Ford Shale in south Texas. The Company also has operations in various other unconventional and conventional plays throughout the continental United States. Its Marcellus Shale properties are principally located in Susquehanna County, Pennsylvania. Its properties in the Eagle Ford Shale are principally located in Atascosa, Frio and La Salle Counties, Texas.

COG Chart

COG data by YCharts

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Downloadable PDF version of this valuation:

ModernGraham Valuation of COG – March 2017

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $10,581,334,679 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 2.78 Pass
3. Earnings Stability Positive EPS for 10 years prior Fail
4. Dividend Record Dividend Payments for 10 years prior Pass
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end -193.75% Fail
6. Moderate PEmg Ratio PEmg < 20 -127.50 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 3.96 Fail
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 2.78 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 3.32 Fail
3. Earnings Stability Positive EPS for 5 years prior Fail
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Fail

Stage 2: Determination of Intrinsic Value

EPSmg -$0.17
MG Growth Estimate -4.25%
MG Value $0.00
Opinion Overvalued
MG Grade D
MG Value based on 3% Growth -$2.53
MG Value based on 0% Growth -$1.48
Market Implied Growth Rate -68.00%
Current Price $22.27
% of Intrinsic Value N/A

Cabot Oil & Gas Corporation does not satisfy the requirements of either the Enterprising Investor or the more conservative Defensive Investor. The Defensive Investor is concerned with the insufficient earnings stability or growth over the last ten years, and the high PEmg and PB ratios. The Enterprising Investor has concerns regarding the level of debt relative to the net current assets, and the lack of earnings stability or growth over the last five years. As a result, all value investors following the ModernGraham approach should explore other opportunities at this time or proceed cautiously with a speculative attitude.

As for a valuation, the company appears to be Overvalued after seeing its EPSmg (normalized earnings) decline from $0.42 in 2013 to an estimated $-0.17 for 2017. This level of negative earnings does not support a positive valuation.As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value below the price.

At the time of valuation, further research into Cabot Oil & Gas Corporation revealed the company was trading above its Graham Number of $4.17. The company pays a dividend of $0.08 per share, for a yield of 0.4% Its PEmg (price over earnings per share – ModernGraham) was -127.5, which was below the industry average of 69.19, which by some methods of valuation makes it one of the most undervalued stocks in its industry. Finally, the company was trading above its Net Current Asset Value (NCAV) of $-4.03.

Cabot Oil & Gas Corporation scores quite poorly in the ModernGraham grading system, with an overall grade of D.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) -$4.03
Graham Number $4.17
PEmg -127.50
Current Ratio 2.78
PB Ratio 3.96
Current Dividend $0.08
Dividend Yield 0.36%
Number of Consecutive Years of Dividend Growth 0

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Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 12/1/2016
Total Current Assets $715,881,000
Total Current Liabilities $257,812,000
Long-Term Debt $1,520,530,000
Total Assets $5,122,569,000
Intangible Assets $0
Total Liabilities $2,554,902,000
Shares Outstanding (Diluted Average) 456,847,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $0.14
Dec2016 -$0.91
Dec2015 -$0.28
Dec2014 $0.25
Dec2013 $0.66
Dec2012 $0.31
Dec2011 $0.29
Dec2010 $0.25
Dec2009 $0.36
Dec2008 $0.52
Dec2007 $0.43
Dec2006 $0.81
Dec2005 $0.37
Dec2004 $0.22
Dec2003 $0.05
Dec2002 $0.04
Dec2001 $0.13
Dec2000 $0.09
Dec1999 $0.02
Dec1998 $0.01
Dec1997 $0.08

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate -$0.17
Dec2016 -$0.22
Dec2015 $0.17
Dec2014 $0.38
Dec2013 $0.42
Dec2012 $0.31
Dec2011 $0.33
Dec2010 $0.39
Dec2009 $0.48
Dec2008 $0.52
Dec2007 $0.47
Dec2006 $0.43
Dec2005 $0.21
Dec2004 $0.12
Dec2003 $0.07
Dec2002 $0.07
Dec2001 $0.08

Recommended Reading:

Other ModernGraham posts about the company

Cabot Oil & Gas Corp Valuation – December 2015 Update $COG
5 Speculative and Overvalued Companies to Avoid – December 2014
32 Companies in the Spotlight This Week – 12/6/14
Cabot Oil & Gas Corporation Annual Valuation – 2014 $COG

Other ModernGraham posts about related companies

CARBO Ceramics Inc Valuation – Initial Coverage $CRR
Concho Resources Inc Valuation – Initial Coverage $CXO
Murphy Oil Corporation Valuation – March 2017 $MUR
Suncor Energy Inc Valuation – Initial Coverage $TSE:SU
CST Brands Inc Valuation – Initial Coverage $CST
Valero Energy Corp Valuation – February 2017 $VLO
Tidewater Inc Valuation – February 2017 $TDW
Occidental Petroleum Corp Valuation – February 2017 $OXY
Carrizo Oil & Gas Inc Valuation – Initial Coverage $CRZO
Denbury Resources Inc Valuation – February 2017 $DNR

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Carrizo Oil & Gas Inc Valuation – Initial Coverage $CRZO

Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Stocks for Using A Benjamin Graham Value Investing Strategy – February 2017.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how Carrizo Oil & Gas, Inc.  (CRZO) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Carrizo Oil & Gas, Inc. is an energy company. The Company is engaged in the exploration, development and production of oil and gas from resource plays located in the United States. Its operations are focused in proven, producing oil and gas plays in the Eagle Ford Shale in South Texas, the Delaware Basin in West Texas, the Utica Shale in Ohio, the Niobrara Formation in Colorado, and the Marcellus Shale in Pennsylvania. The Company has a total production of over 13.4 million barrels of oil equivalent (MMBoe) per year. The Company’s proved reserves of over 170.6 MMBoe are over 64% crude oil, 12% natural gas liquids (NGLs) and 24% natural gas. It operates over 90% of the wells in Eagle Ford in which it holds an interest. It holds an average interest of over 88% in these operated wells. It owns leases covering approximately 291,610 gross (165,470 net) acres in the Eagle Ford, Niobrara, Utica and the Delaware Basin areas. It operates over 70 gross wells drilled in the Eagle Ford.

CRZO Chart

CRZO data by YCharts

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ModernGraham Valuation of CRZO – February 2017

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $1,985,216,296 Fail
2. Sufficiently Strong Financial Condition Current Ratio > 2 0.34 Fail
3. Earnings Stability Positive EPS for 10 years prior Fail
4. Dividend Record Dividend Payments for 10 years prior Fail
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 319.72% Pass
6. Moderate PEmg Ratio PEmg < 20 -4.91 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 86.01 Fail
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 0.34 Fail
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 -9.54 Fail
3. Earnings Stability Positive EPS for 5 years prior Fail
4. Dividend Record Currently Pays Dividend Fail
5. Earnings Growth EPSmg greater than 5 years ago Fail

Stage 2: Determination of Intrinsic Value

EPSmg -$6.46
MG Growth Estimate -4.25%
MG Value $0.00
Opinion Overvalued
MG Grade D
MG Value based on 3% Growth -$93.64
MG Value based on 0% Growth -$54.89
Market Implied Growth Rate -6.71%
Current Price $31.73
% of Intrinsic Value N/A

Carrizo Oil & Gas Inc does not satisfy the requirements of either the Enterprising Investor or the more conservative Defensive Investor. The Defensive Investor is concerned with the small size, low current ratio, insufficient earnings stability over the last ten years, the poor dividend history, and the high PEmg and PB ratios. The Enterprising Investor has concerns regarding the level of debt relative to the current assets, and the lack of earnings stability or growth over the last five years, and the lack of dividends. As a result, all value investors following the ModernGraham approach should explore other opportunities at this time or proceed cautiously with a speculative attitude.

As for a valuation, the company appears to be Overvalued after seeing its EPSmg (normalized earnings) decline from $0.51 in 2013 to an estimated $-6.46 for 2017. This level of negative earnings does not support a positive valuation.As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value below the price.

At the time of valuation, further research into Carrizo Oil & Gas Inc revealed the company was trading above its Graham Number of $2.79. The company does not pay a dividend. Its PEmg (price over earnings per share – ModernGraham) was -4.91, which was below the industry average of 69.19, which by some methods of valuation makes it one of the most undervalued stocks in its industry. Finally, the company was trading above its Net Current Asset Value (NCAV) of $-24.06.

Carrizo Oil & Gas Inc scores quite poorly in the ModernGraham grading system, with an overall grade of D.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) -$24.06
Graham Number $2.79
PEmg -4.91
Current Ratio 0.34
PB Ratio 86.01
Current Dividend $0.00
Dividend Yield 0.00%
Number of Consecutive Years of Dividend Growth 0

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Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 12/1/2016
Total Current Assets $72,988,000
Total Current Liabilities $211,959,000
Long-Term Debt $1,325,418,000
Total Assets $1,626,327,000
Intangible Assets $0
Total Liabilities $1,602,869,000
Shares Outstanding (Diluted Average) 63,587,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $0.94
Dec2016 -$11.27
Dec2015 -$22.45
Dec2014 $4.90
Dec2013 $1.06
Dec2012 $1.39
Dec2011 $0.92
Dec2010 $0.29
Dec2009 -$6.61
Dec2008 -$1.49
Dec2007 $0.57
Dec2006 $0.71
Dec2005 $0.42
Dec2004 $0.49
Dec2003 $0.43
Dec2002 $0.26
Dec2001 $0.57
Dec2000 $0.74
Dec1999 -$0.07
Dec1998 -$2.15

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate -$6.46
Dec2016 -$8.53
Dec2015 -$5.72
Dec2014 $2.34
Dec2013 $0.51
Dec2012 -$0.21
Dec2011 -$1.10
Dec2010 -$1.84
Dec2009 -$2.36
Dec2008 -$0.11
Dec2007 $0.56
Dec2006 $0.52
Dec2005 $0.43
Dec2004 $0.46
Dec2003 $0.42
Dec2002 $0.23
Dec2001 $0.09

Recommended Reading:

Other ModernGraham posts about the company

None. This is the first time ModernGraham has covered the company.

Other ModernGraham posts about related companies

Denbury Resources Inc Valuation – February 2017 $DNR
California Resources Corp Valuation – Initial Coverage $CRC
Crew Energy Inc Valuation – Initial Coverage $TSE:CR
Exxon Mobil Corp Valuation – February 2017 $XOM
Superior Energy Services Inc Valuation – Initial Coverage $SPN
2017 Oil & Gas Industry Review
Spartan Energy Corp Valuation – Initial Coverage $TSE:SPE
Crescent Point Energy Corp Valuation – Initial Coverage $TSE:CPG
Tesoro Corporation Valuation – February 2017 $TSO
Kelt Exploration Ltd Valuation – Initial Coverage $TSE:KEL

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

2017 Oil & Gas Industry Review

I am excited to announce the new ModernGraham Industry Review report series!  Each month I will be releasing a new report on a different industry, with a plan of covering the twelve industries which have the highest number of companies in the MG Universe.  This month, I cover the Oil & Gas Industry, which currently includes 64 companies in the MG Universe.

How to Get this Report

There are two ways to get a copy of this report.  If you are currently an advanced level premium member, you can just log in to the website and find the report in the Subscriber Content.  If you are currently a basic level premium member and want to upgrade your membership, please email me at ben@moderngraham.com.

An advanced level premium membership starts at only $13.33/month and gets a bunch more great content, but if you just want to buy the report and miss out on all of the other great premium content on ModernGraham, then click this button:
I Want the Report!

What’s Inside?

  • Number of Companies that are:
    • Suitable for Defensive Investors
    • Suitable for Enterprising Investors
    • Speculative Companies
    • Undervalued Companies
    • Fairly Valued Companies
    • Overvalued Companies
  • Industry Averages of:
    • PEmg ratio
    • Price / MG Value
    • Dividend Yield
    • Beta
  • Summary Table of all the Oil & Gas Companies in the MG Universe, including:
    • Link to most recent individual valuation
    • Current MG Grade
    • Investor Type
    • MG Value
    • Recent Price
    • Price as a Percent of Value
    • PEmg Ratio
    • Dividend Yield
    • Consecutive Years of Dividend Growth
    • Graham Number
    • Beta
    • Net Current Asset Value (NCAV)

Testimonials About ModernGraham

Beautiful clean posts, great format, well written commentary and straighttorward graphics. Ben, you really have built a great site and resource for value investing.

With so much talk about stocks being overvalued, I’m glad to find someone that helps with the legwork of determining value investments. When the downturn occurs I feel confident ill be better prepared than most. I purchased your March screens and am looking forward to April. Thanks.

Excellent modernizing application of Graham’s life work. Thank you!

I just discovered your web site and find it intriguing. I inherited some div stocks 20 yrs ago and just recently decided to reallocate using “Seeking Alpha as ” as a tool and discovered a whole different world. And now with MG further frontiers seem to be unfolding. I’m looking forward to spending my mornings with MG and making my investments with sound tried and true, (and profitable) assistance.

Although Canada based, I’ve just started to dip a toe into
the U.S. market, so, as a novice in that market and Defensive investor, I’ve found your MG summaries very
useful and illuminating.

History shows that people who save and invest grow and prosper. ModernGraham gives us the knowledge and wisdom to help us invest wisely in order to grow our investments.

Invest with knowledge on your side. ModernGraham provides that.

Before I buy a stock, I always check first to see if MG has evaluated it. Buying within your criteria for a defensive investor, I always feel that at a minimum, I will be able to sleep at night and very possibly earn a handsome gain in the process. Thanks for helping me plot an even course through all the “vicissitudes” and profit from Mr. Market’s emotional ups and downs. Keep up the great work!

Since I’ve been using Modern Graham’s recommendations my portfolio is moving into the black! I thoroughly recommend this service as a way to improve buying choices in a volatile market.

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Finally, please leave a review or a comment with suggestions for improvements.  I want this product to be a valuable tool for your enjoyment!*

*As always, ModernGraham makes no recommendations for investments in specific situations.  Please consult a registered broker or investment advisor regarding your individual investment decisions.

AGL Resources Inc Valuation – June 2016 $GAS

Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Companies Benjamin Graham Would Invest In Today – March 2016.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how AGL Resources Inc (GAS) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): AGL Resources Inc. (AGL Resources) is an energy services holding company engaged in the distribution of natural gas. The Company operates in four operating segments: distribution operations, retail operations, wholesale services and midstream operations. Its distribution operations segment is engaged in the operation, construction and maintenance of approximately 81,300 miles of natural gas pipeline and over 10 storage facilities and provides natural gas to residential, commercial and industrial customers. The retail operations segment provides natural gas commodity and related services. The wholesale services segment is engaged in natural gas storage, gas pipeline arbitrage and provides natural gas asset management and related logistics services for its utilities, as well as for non-affiliated companies. Midstream operations segment consists of the operations of natural gas storage facilities and select pipelines.

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Downloadable PDF version of this valuation:

ModernGraham Valuation of AGL – June 2016

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $7,960,057,070 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 0.62 Fail
3. Earnings Stability Positive EPS for 10 years prior Pass
4. Dividend Record Dividend Payments for 10 years prior Pass
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 18.36% Fail
6. Moderate PEmg Ratio PEmg < 20 21.26 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 1.97 Pass
Score
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 0.62 Fail
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 -3.44 Fail
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Pass

Stage 2: Determination of Intrinsic Value

GAS value chart June 2016

EPSmg $3.10
MG Growth Estimate 3.54%
MG Value $48.34
Opinion Overvalued
MG Grade D
MG Value based on 3% Growth $44.97
MG Value based on 0% Growth $26.36
Market Implied Growth Rate 6.38%
Current Price $65.93
% of Intrinsic Value 136.38%

AGL Resources Inc. does not satisfy the requirements of either the Enterprising Investor or the more conservative Defensive Investor. The Defensive Investor is concerned with the low current ratio, insufficient earnings growth over the last ten years, and the high PEmg ratio. The Enterprising Investor has concerns regarding the level of debt relative to the current assets. As a result, all value investors following the ModernGraham approach should explore other opportunities at this time or proceed cautiously with a speculative attitude.

As for a valuation, the company appears to be Overvalued after growing its EPSmg (normalized earnings) from $2.51 in 2012 to an estimated $3.1 for 2016. This level of demonstrated earnings growth does not support the market’s implied estimate of 6.38% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on Benjamin Graham’s formula, returns an estimate of intrinsic value below the price.

AGL Resources Inc. scores quite poorly in the ModernGraham grading system, with an overall grade of D.

Stage 3: Information for Further Research

GAS charts June 2016

Net Current Asset Value (NCAV) -$72.82
Graham Number $47.57
PEmg 21.26
Current Ratio 0.62
PB Ratio 1.97
Current Dividend $2.06
Dividend Yield 3.12%
Number of Consecutive Years of Dividend Growth 4

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Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 3/1/2016
Total Current Assets $1,537,000,000
Total Current Liabilities $2,489,000,000
Long-Term Debt $3,273,000,000
Total Assets $14,336,000,000
Intangible Assets $1,918,000,000
Total Liabilities $10,304,000,000
Shares Outstanding (Diluted Average) 120,400,000

Earnings Per Share History

Next Fiscal Year Estimate $3.01
Dec2015 $2.94
Dec2014 $4.04
Dec2013 $2.64
Dec2012 $2.31
Dec2011 $2.12
Dec2010 $3.00
Dec2009 $2.88
Dec2008 $2.84
Dec2007 $2.72
Dec2006 $2.72
Dec2005 $2.48
Dec2004 $2.28
Dec2003 $2.01
Dec2002 $1.82
Sep2001 $1.62
Sep2000 $1.29
Sep1999 $1.29
Sep1998 $1.41
Sep1997 $1.37
Sep1996 $1.37

Earnings Per Share – ModernGraham History

Next Fiscal Year Estimate $3.10
Dec2015 $3.03
Dec2014 $3.00
Dec2013 $2.51
Dec2012 $2.51
Dec2011 $2.64
Dec2010 $2.88
Dec2009 $2.79
Dec2008 $2.70
Dec2007 $2.57
Dec2006 $2.41
Dec2005 $2.19
Dec2004 $1.96
Dec2003 $1.74
Dec2002 $1.56
Sep2001 $1.42
Sep2000 $1.33

Recommended Reading:

Other ModernGraham posts about the company

5 Speculative and Overvalued Companies to Avoid – January 2015
AGL Resources Inc. Annual Valuation – 2015 $GAS
14 Companies in the Spotlight This Week – 1/4/14
ModernGraham Valuation: AGL Resources Inc. (GAS)

Other ModernGraham posts about related companies

Williams Companies Inc Valuation – June 2016 $WMB
Western Refining Inc. Valuation – June 2016 $WNR
Cameron International Company Valuation – May 2016 $CAM
FMC Technologies Inc Valuation – March 2016 $FTI
Phillips 66 Valuation – March 2016 $PSX
Valero Energy Corp Valuation – February 2016 $VLO
Schlumberger Ltd Valuation – February 2016 $SLB
National Oilwell Varco Inc Valuation – February 2016 Update $NOV
Southwestern Energy Company Valuation – February 2016 Update $SWN
Apache Corporation Valuation – January 2016 Update $APA

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Airgas Inc Stock Valuation – February 2016 $ARG

Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Companies Benjamin Graham Would Invest In Today – February 2016.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how Airgas Inc (ARG) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Airgas, Inc. is a supplier of industrial, medical and specialty gases, and hard goods, such as welding equipment and related products. The Company is also a producer of atmospheric gases, carbon dioxide, dry ice and nitrous oxide and a supplier of safety products, refrigerants, ammonia products and process chemicals. It operates through two segments: Distribution and All Other Operations. The Distribution segment offers a portfolio of related gas and hard goods products and services to the end customers. The All Other Operations segment consists of five business units which manufacture or distribute carbon dioxide, dry ice, nitrous oxide, ammonia and refrigerant gases. It also offers supply chain management services and solutions, and product and process technical support across many customer segments. It markets its products and services through multiple sales channels, including branch-based sales representatives, retail stores and strategic customer account programs, among others.

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Premium members can view a full ModernGraham valuation of the company and have access to download a PDF version of the valuation for easy reference. Here is a free sample valuation pdf, and here is a post detailing what can be found within each individual company’s valuation.

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[not-level-free]

Downloadable PDF version of this valuation:

ModernGraham Valuation of ARG

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $10,158,106,313 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 1.12 Fail
3. Earnings Stability Positive EPS for 10 years prior Pass
4. Dividend Record Dividend Payments for 10 years prior Pass
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 84.42% Pass
6. Moderate PEmg Ratio PEmg < 20 30.24 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 5.19 Fail
Score
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 1.12 Fail
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 12.51 Fail
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Pass

Stage 2: Determination of Intrinsic Value

ARG value chart February 2016

EPSmg $4.63
MG Growth Estimate 6.86%
MG Value $102.95
Opinion Overvalued
MG Grade F
MG Value based on 3% Growth $67.17
MG Value based on 0% Growth $39.38
Market Implied Growth Rate 10.87%
Current Price $140.10
% of Intrinsic Value 136.08%

Airgas, Inc. does not satisfy the requirements of either the Enterprising Investor or the more conservative Defensive Investor. The Defensive Investor is concerned with the low current ratio, high PEmg and PB ratios. The Enterprising Investor has concerns regarding the level of debt relative to the current assets. As a result, all value investors following the ModernGraham approach should explore other opportunities at this time or proceed cautiously with a speculative attitude.

As for a valuation, the company appears to be Overvalued after growing its EPSmg (normalized earnings) from $3.18 in 2012 to an estimated $4.63 for 2016. This level of demonstrated earnings growth does not support the market’s implied estimate of 10.87% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on Benjamin Graham’s formula, returns an estimate of intrinsic value below the price. Airgas, Inc. scores quite poorly in the ModernGraham grading system, with an overall grade of F.

Stage 3: Information for Further Research

ARG charts February 2016

Net Current Asset Value (NCAV) -$37.90
Graham Number $53.59
PEmg 30.24
Current Ratio 1.12
PB Ratio 5.19
Dividend Yield 1.83%
Number of Consecutive Years of Dividend Growth 13

[/not-level-free]

Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information Dec2015
Total Current Assets $1,434,447,000
Total Current Liabilities $1,278,350,000
Long-Term Debt $1,953,450,000
Total Assets $6,180,874,000
Intangible Assets $1,618,861,000
Total Liabilities $4,205,404,000
Shares Outstanding (Diluted Average) 73,112,000

Earnings Per Share History

Next Fiscal Year Estimate $4.67
Mar2015 $4.85
Mar2014 $4.68
Mar2013 $4.35
Mar2012 $4.00
Mar2011 $2.94
Mar2010 $2.34
Mar2009 $3.12
Mar2008 $2.66
Mar2007 $1.92
Mar2006 $1.57
Mar2005 $1.20
Mar2004 $1.07
Mar2003 $0.94
Mar2002 -$0.15
Mar2001 $0.42
Mar2000 $0.54
Mar1999 $0.72
Mar1998 $0.57
Mar1997 $0.34
Mar1996 $0.60

Earnings Per Share – ModernGraham History

Next Fiscal Year Estimate $4.63
Mar2015 $4.46
Mar2014 $4.07
Mar2013 $3.62
Mar2012 $3.18
Mar2011 $2.71
Mar2010 $2.50
Mar2009 $2.42
Mar2008 $1.94
Mar2007 $1.50
Mar2006 $1.17
Mar2005 $0.88
Mar2004 $0.67
Mar2003 $0.48
Mar2002 $0.30
Mar2001 $0.53
Mar2000 $0.57

Recommended Reading:

Other ModernGraham posts about the company

27 Companies in the Spotlight This Week – 12/20/14

Other ModernGraham posts about related companies

Air Products & Chemicals Inc Valuation – February 2016 $APD
FMC Corporation Valuation – January 2016 Update $FMC
Eastman Chemical Co Valuation – January 2016 $EMN
Ashland Inc Valuation – January 2016 Update $ASH
LyondellBasell Industries Valuation – November 2015 Update $LYB
Albemarle Corporation Valuation – November 2015 Update $ALB
Dow Chemical Company Analysis – October 2015 Update $DOW
Sigma-Aldrich Corporation Analysis – September 2015 Update $SIAL
FMC Corporation Analysis – September 2015 Update $FMC
Eastman Chemical Company Analysis – September 2015 Update $EMN

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Cabot Oil & Gas Corp Valuation – December 2015 Update $COG

Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Most Undervalued Companies for the Defensive Investor – November 2015.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how Cabot Oil & Gas Corp (COG) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Cabot Oil & Gas Corporation is an independent oil and gas company engaged in the development, exploitation and exploration of oil and gas properties. The Company’s exploration, development and production operations are primarily concentrated in two plays: the Marcellus Shale in northeast Pennsylvania and the Eagle Ford Shale in south Texas. The Company’s Marcellus Shale properties are principally located in Susquehanna County and to a lesser extent Wyoming County, Pennsylvania. The Company’s properties in the Eagle Ford Shale are principally located in Atascosa, Frio and La Salle Counties, Texas. The Company also has operations in various other unconventional and conventional plays throughout the continental United States, including the Utica Shale in Pennsylvania; the Cotton Valley, Haynesville, Bossier, and James Lime formations in east Texas, and the Devonian Shale, Big Lime, Weir and Berea in West Virginia.

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Premium members can view a full ModernGraham valuation of the company and have access to download a PDF version of the valuation for easy reference. Here is a free sample valuation pdf, and here is a post detailing what can be found within each individual company’s valuation.

[/level-free]
[level-mg-stocks-screens-subscriber]

Downloadable PDF version of this valuation:

ModernGraham Valuation of COG – December 2015

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $7,193,063,900 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 0.81 Fail
3. Earnings Stability Positive EPS for 10 years prior Fail
4. Dividend Record Dividend Payments for 10 years prior Pass
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end -55.16% Fail
6. Moderate PEmg Ratio PEmg < 20 80.74 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 3.45 Fail
Score
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 0.81 Fail
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 -40.21 Fail
3. Earnings Stability Positive EPS for 5 years prior Fail
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Fail

Stage 2: Determination of Intrinsic Value

COG value Chart December 2015

EPSmg $0.22
MG Growth Estimate -3.97%
MG Value $0.12
Opinion Overvalued
MG Value based on 3% Growth $3.18
MG Value based on 0% Growth $1.86
Market Implied Growth Rate 36.12%
Current Price $17.71
% of Intrinsic Value 14525.93%

Cabot Oil & Gas Corp does not qualify for either the Enterprising Investor or the more conservative Defensive Investor.  The Defensive Investor is concerned by the low current ratio, the insufficient earnings growth or stability over the last ten years, and the high PEmg and PB ratios.  The Enterprising Investor has concerns with the level of debt in relation to the current assets as well as the insufficient earnings stability or growth over the last five years. As a result, all value investors following the ModernGraham approach based on Benjamin Graham’s methods should explore other opportunities at this time or proceed with a cautious speculative attitude.

As for a valuation, the company appears to be overvalued after seeing its EPSmg (normalized earnings) decline from $0.30 in 2011 to an estimated $0.22 for 2015.  This level of demonstrated earnings growth does not support the market’s implied estimate of 36.12% annual earnings growth over the next 7-10 years.  As a result, the ModernGraham valuation model, based on Benjamin Graham’s formula, returns an estimate of intrinsic value below the price.

The next part of the analysis is up to individual investors, and requires discussion of the company’s prospects.  What do you think?  What value would you put on Cabot Oil & Gas Corp (COG)?  Where do you see the company going in the future?  Is there a company you like better?  Leave a comment on our Facebook page or mention @ModernGraham on Twitter to discuss.

Stage 3: Information for Further Research

COG Charts December 2015

Net Current Asset Value (NCAV) -$7.61
Graham Number #NUM!
PEmg 80.74
Current Ratio 0.81
PB Ratio 3.45
Dividend Yield 0.45%
Number of Consecutive Years of Dividend Growth 4

 

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Most Recent Balance Sheet Figures

Balance Sheet Information Sep15
Total Current Assets $215,421,000
Total Current Liabilities $265,585,000
Long-Term Debt $2,017,000,000
Total Assets $5,484,672,000
Intangible Assets $0
Total Liabilities $3,362,935,000
Shares Outstanding (Diluted Average) 413,846,000

Earnings Per Share History

Next Fiscal Year Estimate -$0.12
Dec14 $0.25
Dec13 $0.66
Dec12 $0.31
Dec11 $0.29
Dec10 $0.12
Dec09 $0.36
Dec08 $0.52
Dec07 $0.43
Dec06 $0.81
Dec05 $0.37
Dec04 $0.22
Dec03 $0.05
Dec02 $0.04
Dec01 $0.13
Dec00 $0.09
Dec99 $0.02
Dec98 $0.01
Dec97 $0.08
Dec96 $0.06
Dec95 -$0.34

Earnings Per Share – ModernGraham History

Next Fiscal Year Estimate $0.22
Dec14 $0.37
Dec13 $0.40
Dec12 $0.29
Dec11 $0.30
Dec10 $0.35
Dec09 $0.48
Dec08 $0.52
Dec07 $0.47
Dec06 $0.43
Dec05 $0.21
Dec04 $0.12
Dec03 $0.07
Dec02 $0.07
Dec01 $0.08
Dec00 $0.05
Dec99 $0.01

Recommended Reading:

Other ModernGraham posts about the company

5 Speculative and Overvalued Companies to Avoid – December 2014
32 Companies in the Spotlight This Week – 12/6/14
Cabot Oil & Gas Corporation Annual Valuation – 2014 $COG

Other ModernGraham posts about related companies

Helmerich & Payne Inc Valuation – November 2015 Update $HP
Murphy Oil Corporation Valuation – November 2015 Update $MUR
Denbury Resources Inc. Valuation – November 2015 Update $DNR
Western Refining Inc. Valuation – October 2015 Update $WNR
Valero Energy Corporation Valuation – October 2015 Update $VLO
Schlumberger Limited Valuation – October 2015 Update $SLB
National Oilwell Varco Inc. Valuation – October 2015 Update $NOV
Tesoro Corporation Analysis – October 2015 Update $TSO
Cameron International Company Analysis – September 2015 Update $CAM
Halliburton Company Analysis – September 2015 Update $HAL

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

The Best Companies of the Oil & Gas Industry – August 2015

A GlimpseWhile ModernGraham supports the bottom-up approach to investing, many investors do utilize the top-down method, whereby an industry is selected before the company itself.  With that in mind, this article will take a brief look at the best companies of the oil & gas industry, selecting the most promising investment opportunities within the industry, and giving a broad look into the industry as a whole.

Out of the more than 550 companies reviewed by ModernGraham, 48 were identified as being closely related to the oil & gas industry.  Of those, only three are suitable for the Defensive Investor, six are suitable for the Enterprising Investor, and the remaining 39 are considered speculative at this time.  Excluding any extreme outliers, the average company was rated as being priced at 108.76% to its MG Value (estimated intrinsic value), with an average PEmg ratio of 20.34.  The industry as a whole, therefore would appear to be fairly valued, particularly in comparison to the market (see Mr. Market’s Mental State).

The Elite

The following companies have been rated as undervalued and suitable for either the Defensive Investor or the Enterprising Investor:

Denbury Resources Inc. (DNR)

Denbury Resources Inc. qualifies for the Enterprising Investor but not the more conservative Defensive Investor.  The Defensive Investor is concerned with the company size, insufficient earnings growth or stability over the last ten years along with the short dividend history.  The Enterprising Investor is concerned with the level of debt relative to the net current assets.  As a result, all Enterprising Investors following the ModernGraham approach based on Benjamin Graham’s methods should feel comfortable proceeding with the evaluation.

As for a valuation, the company appears to be undervalued after growing its EPSmg (normalized earnings) from $0.88 in 2011 to an estimated $1.05 for 2015.  This level of demonstrated earnings growth surpasses the market’s implied estimate of 2.58% annual earnings decline over the next 7-10 years.  As a result, the ModernGraham valuation model, based on Benjamin Graham’s formula, returns an estimate of intrinsic value above the price.  (See the full valuation)

FMC Technologies Inc. (FTI)

FMC Technologies qualifies for the Enterprising Investor but is not suitable for the more conservative Defensive Investor.  The Defensive Investor is concerned with the low current ratio and the lack of dividends.  The Enterprising Investor is only concerned with the lack of dividends.  As a result, all Enterprising Investors following the ModernGraham approach based on Benjamin Graham’s methods should feel comfortable proceeding with further research into the company.

As for a valuation, the company appears to be undervalued after growing its EPSmg (normalized earnings) from $1.50 in 2011 to an estimated $2.29 for 2015.  This level of demonstrated earnings growth outpaces the market’s implied estimate of 3.03% annual earnings growth over the next 7-10 years.  As a result, the ModernGraham valuation model, based on Benjamin Graham’s formula, returns an estimate of intrinsic value above the price.  (See the full valuation)

Helmerich & Payne Inc. (HP)

Helmerich & Payne Inc. qualifies for the more conservative Defensive Investor or the Enterprising Investor.  The company passes all of the requirements of both investor types, a rare accomplishment. As a result, all value investors following the ModernGraham approach based on Benjamin Graham’s methods should feel comfortable proceeding with the valuation.

As for a valuation, the company appears to be undervalued after growing its EPSmg (normalized earnings) from $3.24 in 2011 to an estimated $4.77 for 2015.  This level of demonstrated earnings growth outpaces the market’s implied estimate of 1.85% annual earnings growth over the next 7-10 years.  As a result, the ModernGraham valuation model, based on Benjamin Graham’s formula, returns an estimate of intrinsic value above the price.  (See the full valuation)

Valero Energy Corporation (VLO)

Valero Energy Corporation qualifies for the Enterprising Investor but not the more conservative Defensive Investor.  The Defensive Investor is concerned with the low current ratio, and the insufficient earnings growth or stability over the last ten years.  The Enterprising Investor has no initial concerns.  As a result, all Enterprising Investors following the ModernGraham approach based on Benjamin Graham’s methods should feel comfortable proceeding with the evaluation.

As for a valuation, the company appears to be undervalued after growing its EPSmg (normalized earnings) from $0.95 in 2011 to an estimated $5.66 for 2015.  This level of demonstrated earnings growth outpaces the market’s implied estimate of 1.58% annual earnings growth over the next 7-10 years.  As a result, the ModernGraham valuation model, based on Benjamin Graham’s formula, returns an estimate of intrinsic value above the price.  (See the full valuation)

Western Refining Inc. (WNR)

Western Refining Inc. qualifies for the Enterprising Investor but not the more conservative Defensive Investor.  The Defensive Investor is concerned with the insufficient earnings stability over the last ten years as well as the inconsistent dividend record over that period.  The Enterprising Investor is only initially concerned with the level of debt relative to the net current assets.  As a result, all Enterprising Investors following the ModernGraham approach based on Benjamin Graham’s methods should feel comfortable proceeding with the evaluation.

As for a valuation, the company appears to be undervalued after growing its EPSmg (normalized earnings) from a loss of $0.13 in 2011 to a gain of $3.97 for 2015.  This level of demonstrated earnings growth surpasses the market’s implied estimate of 1.35% annual earnings growth over the next 7-10 years.  As a result, the ModernGraham valuation model, based on Benjamin Graham’s formula, returns an estimate of intrinsic value above the price.  (See the full valuation)

The Good

The following companies have been rated as fairly valued and suitable for either the Defensive Investor or the Enterprising Investor:

National Oilwell Varco (NOV)

National Oilwell Varco passes the initial requirements of the Enterprising Investor but not the more conservative Defensive Investor. The Defensive Investor is concerned with the insufficient earnings growth over the last ten years and the short dividend history. The Enterprising Investor has no initial concerns. As a result, all Enterprising Investors should feel very comfortable proceeding to the next part of the analysis, which is a determination of the company’s intrinsic value.

When it comes to that valuation, it is critical to consider the company’s earnings history. In this case, it has grown its EPSmg (normalized earnings) from $4.24 in 2011 to an estimated $4.50 for 2015. This level of demonstrated growth supports the market’s implied estimate for annual earnings growth of 0.41% over the next 7-10 years.

In recent years, the company’s actual growth in EPSmg has averaged around 1.27% annually. The ModernGraham valuation model reduces the actual growth to an even more conservative figure when making an estimate, but still returns an estimate of intrinsic value within a margin of safety relative to the current price, indicating that National Oilwell Varco is fairly valued at the present time.  (See the full valuation on Guru Focus)

The Full List

[level-mg-stocks-screens-subscriber]
Clicking on the company name will take you to the company’s latest valuation.  For the investor type, a “D” indicates the company is suitable for the Defensive Investor, an “E” indicates the company is suitable for the Enterprising Investor, and an “S” indicates the company is considered speculative at this time.

Ticker Name with Link Investor Type Latest Valuation Date MG Value Recent Price Price as a percent of Value PEmg Ratio Div. Yield
APA Apache Corporation S 12/1/2014 $126.59 $44.83 35.41% 7.03 2.23%
APC Anadarko Petroleum Corporation S 12/5/2014 $0.00 $70.90 N/A 33.13 N/A
BHI Baker Hughes Incorporated S 5/26/2015 $0.00 $54.72 N/A 26.69 1.24%
CAM Cameron International Corporation D 6/23/2015 $41.68 $64.95 155.83% 23.20 N/A
CHK Chesapeake Energy Corporation S 1/25/2015 $33.98 $7.36 21.66% 8.36 N/A
COG Cabot Oil & Gas Corporation S 12/1/2014 $17.41 $23.30 133.83% 39.49 N/A
COP ConocoPhillips S 1/25/2015 $259.85 $46.82 18.02% 6.94 6.32%
CVX Chevron Corporation S 6/2/2015 $33.69 $80.44 238.77% 9.32 5.32%
DNR Denbury Resources Inc. E 8/9/2015 $15.15 $4.16 27.46% 3.96 N/A
DO Diamond Offshore Drilling Inc S 2/27/2015 $0.00 $24.29 N/A 5.51 N/A
DVN Devon Energy Corp S 1/26/2015 $83.74 $42.22 50.42% 11.57 N/A
EOG EOG Resources Inc S 6/1/2015 $37.86 $77.31 204.20% 34.06 0.87%
EPD Enterprise Products Partners L.P. S 7/21/2015 $37.09 $28.62 77.16% 21.52 5.31%
EQT EQT Corporation S 5/9/2015 $4.66 $77.71 1667.60% 45.18 0.15%
ESV ENSCO PLC S 7/21/2015 $0.00 $17.84 N/A N/A N/A
FTI FMC Technologies, Inc. E 8/12/2015 $55.18 $34.29 62.14% 14.97 N/A
GAS AGL Resources Inc. S 1/6/2015 $20.93 $60.56 289.35% 21.71 3.37%
HAL Halliburton Company D 6/8/2015 $24.97 $38.57 154.47% 15.37 1.87%
HES Hess Corp. S 5/12/2015 $25.89 $57.46 221.94% 12.28 N/A
HP Helmerich & Payne, Inc. D 8/16/2015 $108.12 $57.65 53.32% 12.09 4.77%
KMI Kinder Morgan Inc S 5/14/2014 $0.00 $32.63 N/A 33.30 6.01%
MMP Magellan Midstream Partners, L.P. S 7/22/2015 $111.93 $71.94 64.27% 24.72 4.11%
MPC Marathon Petroleum Corp S 7/23/2015 $172.12 $47.22 27.43% 10.56 2.71%
MRO Marathon Oil Corporation S 3/21/2015 $10.69 $16.65 155.75% 4.93 N/A
MUR Murphy Oil Corporation S 11/17/2014 $24.75 $30.04 121.37% 6.56 4.66%
NBL Noble Energy, Inc. S 2/14/2015 $38.07 $34.53 90.70% 14.88 2.09%
NBR Nabors Industries Ltd. S 2/27/2015 $0.00 $11.40 N/A 16.06 N/A
NE Noble Corp plc S 4/8/2015 $0.00 $12.82 N/A 7.87 N/A
NFX Newfield Exploration Co. S 6/3/2015 $2.25 $31.60 1404.44% 28.99 N/A
NOV National-Oilwell Varco, Inc. E 7/22/2015 $46.83 $41.63 88.90% 9.25 4.42%
OXY Occidental Petroleum Corporation S 6/11/2015 $0.00 $71.84 N/A 22.66 N/A
PSX Phillips 66 S 12/19/2014 $230.79 $77.23 33.46% 12.89 2.90%
PXD Pioneer Natural Resources S 1/5/2015 $0.00 $121.33 N/A 85.44 0.07%
QEP QEP Resources Inc S 2/15/2015 $0.00 $13.70 N/A 12.02 N/A
RDC Rowan Companies PLC S 3/29/2015 $0.00 $17.81 N/A 12.20 2.25%
RIG Transocean LTD S 5/14/2015 $0.00 $13.58 N/A N/A N/A
RRC Range Resources Corp. S 8/18/2015 $36.27 $38.33 105.68% 40.78 0.42%
SE Spectra Energy Corp. S 4/9/2015 $13.51 $28.86 213.62% 18.27 5.13%
SLB Schlumberger Limited. E 7/22/2015 $51.02 $76.05 149.06% 18.97 2.63%
SPH Suburban Propane Partners LP S 1/23/2015 $0.00 $37.00 N/A 24.18 9.59%
SWN Southwestern Energy Company S 12/10/2014 $18.22 $16.00 87.82% 13.22 N/A
TDW Tidewater Inc. S 6/12/2015 $0.00 $17.00 N/A 13.39 N/A
TSO Tesoro Corporation S 10/16/2014 $151.84 $93.46 61.55% 23.72 2.14%
VLO Valero Energy Corporation E 7/23/2015 $218.01 $59.01 27.07% 10.43 2.71%
WMB Williams Companies Inc S 2/2/2015 $24.95 $48.92 196.07% 75.26 4.82%
WNR Western Refining, Inc. E 7/31/2015 $153.02 $43.23 28.25% 10.89 3.15%
WPX WPX Energy Inc S 7/29/2015 $0.00 $7.06 N/A N/A N/A
XOM Exxon Mobil Corporation S 6/4/2015 $42.51 $75.01 176.45% 11.61 3.89%

[/level-mg-stocks-screens-subscriber][level-free]

To view the MG Value and PEmg information,  you must be logged in as a premium member.  Clicking on the company name will take you to the company’s latest valuation.

For the investor type, a “D” indicates the company is suitable for the Defensive Investor, an “E” indicates the company is suitable for the Enterprising Investor, and an “S” indicates the company is considered speculative at this time.

Ticker Name with Link Investor Type Latest Valuation Date MG Value Recent Price Price as a percent of Value PEmg Ratio Div. Yield
APA Apache Corporation S 12/1/2014 $44.83 2.23%
APC Anadarko Petroleum Corporation S 12/5/2014 $70.90 N/A
BHI Baker Hughes Incorporated S 5/26/2015 $54.72 1.24%
CAM Cameron International Corporation D 6/23/2015 $64.95 N/A
CHK Chesapeake Energy Corporation S 1/25/2015 $7.36 N/A
COG Cabot Oil & Gas Corporation S 12/1/2014 $23.30 N/A
COP ConocoPhillips S 1/25/2015 $46.82 6.32%
CVX Chevron Corporation S 6/2/2015 $80.44 5.32%
DNR Denbury Resources Inc. E 8/9/2015 $4.16 N/A
DO Diamond Offshore Drilling Inc S 2/27/2015 $24.29 N/A
DVN Devon Energy Corp S 1/26/2015 $42.22 N/A
EOG EOG Resources Inc S 6/1/2015 $77.31 0.87%
EPD Enterprise Products Partners L.P. S 7/21/2015 $28.62 5.31%
EQT EQT Corporation S 5/9/2015 $77.71 0.15%
ESV ENSCO PLC S 7/21/2015 $17.84 N/A
FTI FMC Technologies, Inc. E 8/12/2015 $34.29 N/A
GAS AGL Resources Inc. S 1/6/2015 $60.56 3.37%
HAL Halliburton Company D 6/8/2015 $38.57 1.87%
HES Hess Corp. S 5/12/2015 $57.46 N/A
HP Helmerich & Payne, Inc. D 8/16/2015 $57.65 4.77%
KMI Kinder Morgan Inc S 5/14/2014 $32.63 6.01%
MMP Magellan Midstream Partners, L.P. S 7/22/2015 $71.94 4.11%
MPC Marathon Petroleum Corp S 7/23/2015 $47.22 2.71%
MRO Marathon Oil Corporation S 3/21/2015 $16.65 N/A
MUR Murphy Oil Corporation S 11/17/2014 $30.04 4.66%
NBL Noble Energy, Inc. S 2/14/2015 $34.53 2.09%
NBR Nabors Industries Ltd. S 2/27/2015 $11.40 N/A
NE Noble Corp plc S 4/8/2015 $12.82 N/A
NFX Newfield Exploration Co. S 6/3/2015 $31.60 N/A
NOV National-Oilwell Varco, Inc. E 7/22/2015 $41.63 4.42%
OXY Occidental Petroleum Corporation S 6/11/2015 $71.84 N/A
PSX Phillips 66 S 12/19/2014 $77.23 2.90%
PXD Pioneer Natural Resources S 1/5/2015 $121.33 0.07%
QEP QEP Resources Inc S 2/15/2015 $13.70 N/A
RDC Rowan Companies PLC S 3/29/2015 $17.81 2.25%
RIG Transocean LTD S 5/14/2015 $13.58 N/A
RRC Range Resources Corp. S 8/18/2015 $38.33 0.42%
SE Spectra Energy Corp. S 4/9/2015 $28.86 5.13%
SLB Schlumberger Limited. E 7/22/2015 $76.05 2.63%
SPH Suburban Propane Partners LP S 1/23/2015 $37.00 9.59%
SWN Southwestern Energy Company S 12/10/2014 $16.00 N/A
TDW Tidewater Inc. S 6/12/2015 $17.00 N/A
TSO Tesoro Corporation S 10/16/2014 $93.46 2.14%
VLO Valero Energy Corporation E 7/23/2015 $59.01 2.71%
WMB Williams Companies Inc S 2/2/2015 $48.92 4.82%
WNR Western Refining, Inc. E 7/31/2015 $43.23 3.15%
WPX WPX Energy Inc S 7/29/2015 $7.06 N/A
XOM Exxon Mobil Corporation S 6/4/2015 $75.01 3.89%

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Disclaimer:
 The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours. This article is not investment advice and all readers are encouraged to speak to a registered investment adviser prior to making any investing decisions.  Please also read our full disclaimer.

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