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Pioneer Natural Resources Co Valuation – April 2019 #PXD

Company Profile (excerpt from Reuters): Pioneer Natural Resources Company (Pioneer), incorporated on April 2, 1997, is an oil and gas exploration and production company. The Company explores for, develops and produces oil, natural gas liquids (NGLs) and gas within the United States, with operations primarily in the Permian Basin in West Texas, the Eagle Ford Shale play in South Texas, the Raton field in southeast Colorado and the West Panhandle field in the Texas Panhandle. The Company’s operations include well stimulation and completion activities, such as hydraulic fracturing, and water distribution and disposal activities. As of December 31, 2016, the Company owned interests in eight gas processing plants and nine treating facilities.

 

Downloadable PDF version of this valuation:

ModernGraham Valuation of PXD – April 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 $24,703,246,605 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 1.42 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 10.03% Fail
6. Moderate PEmg Ratio PEmg < 20 43.92 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 2.07 Pass
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 1.42 Fail
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 3.00 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 $3.34
MG Growth Estimate 15.00%
MG Value $128.69
Opinion Overvalued
MG Grade D
MG Value based on 3% Growth $48.47
MG Value based on 0% Growth $28.41
Market Implied Growth Rate 17.71%
Current Price $146.81
% of Intrinsic Value 114.08%

Pioneer Natural Resources 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 or 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, 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 Overvalued after growing its EPSmg (normalized earnings) from $0.52 in 2015 to an estimated $3.34 for 2019. This level of demonstrated earnings growth does not support the market’s implied estimate of 17.71% 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 Pioneer Natural Resources revealed the company was trading above its Graham Number of $82.52. The company pays a dividend of $0.32 per share, for a yield of 0.2% Its PEmg (price over earnings per share – ModernGraham) was 43.92, which was below the industry average of 52.47, 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 $-18.78.

Pioneer Natural Resources 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) -$18.78
Graham Number $82.52
PEmg 43.92
Current Ratio 1.42
PB Ratio 2.07
Current Dividend $0.32
Dividend Yield 0.22%
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 12/1/2018
Total Current Assets $2,580,000,000
Total Current Liabilities $1,818,000,000
Long-Term Debt $2,284,000,000
Total Assets $17,903,000,000
Intangible Assets $407,000,000
Total Liabilities $5,792,000,000
Shares Outstanding (Diluted Average) 171,000,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $4.26
Dec2018 $5.70
Dec2017 $4.85
Dec2016 -$3.34
Dec2015 -$1.83
Dec2014 $6.38
Dec2013 -$6.16
Dec2012 $1.50
Dec2011 $6.88
Dec2010 $5.08
Dec2009 -$0.46
Dec2008 $1.76
Dec2007 $3.06
Dec2006 $5.81
Dec2005 $3.80
Dec2004 $2.46
Dec2003 $3.46
Dec2002 $0.23
Dec2001 $1.00
Dec2000 $1.53
Dec1999 -$0.22

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $3.34
Dec2018 $2.71
Dec2017 $0.80
Dec2016 -$1.05
Dec2015 $0.52
Dec2014 $2.04
Dec2013 $0.37
Dec2012 $3.41
Dec2011 $3.99
Dec2010 $2.72
Dec2009 $1.96
Dec2008 $3.24
Dec2007 $3.89
Dec2006 $3.92
Dec2005 $2.71
Dec2004 $2.02
Dec2003 $1.60

Recommended Reading:

Other ModernGraham posts about the company

Pioneer Natural Resources Co Valuation – June 2018 $PXD
Pioneer Natural Resources Valuation – September 2017 $PXD
Pioneer Natural Resources Valuation – June 2016 $PXD
Pioneer Natural Resources Annual Valuation – 2015 $PXD

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Schlumberger NV Valuation – March 2019 #SLB
Anadarko Petroleum Corp Valuation – March 2019 #APC
Apache Corp Valuation – March 2019 #APA
Cabot Oil & Gas Corp Valuation – March 2019 #COG
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

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.

Jacobs Engineering Group Inc Valuation – March 2019 #JEC

Company Profile (excerpt from Reuters): Jacobs Engineering Group Inc., incorporated on January 8, 1987, is a technical professional services company. The Company provides a range of technical, professional and construction services to industrial, commercial and governmental clients. The Company’s services include Project Services; Process, Scientific, and Systems Consulting Services; Construction Services, and Operations and Maintenance Services. The Company operates four lines of business (LOBs): Petroleum and Chemicals; Buildings and Infrastructure; Aerospace and Technology, and Industrial. It caters its services to various sectors, such as oil and gas exploration, production and refining; chemicals and polymers; programs for various national governments, including aerospace, defense, and environmental programs; buildings (including specialized buildings for clients operating in the fields of healthcare, education, and high technology; governmental complexes; other specialized civic and mission critical buildings, installations, and laboratories; and retail and commercial buildings); infrastructure and telecommunications; mining and minerals; pharmaceuticals and biotechnology; power; pulp and paper; technology and manufacturing, and food and consumer products.

 

Downloadable PDF version of this valuation:

ModernGraham Valuation of JEC – 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 $10,214,039,442 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 1.58 Fail
3. Earnings Stability Positive EPS for 10 years prior Pass
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 2.27% Fail
6. Moderate PEmg Ratio PEmg < 20 28.76 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 1.80 Pass
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 1.58 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 1.48 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 Fail

 

Stage 2: Determination of Intrinsic Value

EPSmg $2.55
MG Growth Estimate -0.71%
MG Value $18.04
Opinion Overvalued
MG Grade F
MG Value based on 3% Growth $36.93
MG Value based on 0% Growth $21.65
Market Implied Growth Rate 10.13%
Current Price $73.24
% of Intrinsic Value 405.88%

Jacobs Engineering Group 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 poor dividend history, and the high PEmg ratio. The Enterprising Investor has concerns regarding the level of debt relative to the net current assets, and the lack of earnings 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 $2.67 in 2015 to an estimated $2.55 for 2019. This level of demonstrated earnings growth does not support the market’s implied estimate of 10.13% 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 Jacobs Engineering Group Inc revealed the company was trading above its Graham Number of $61.47. The company pays a dividend of $0.75 per share, for a yield of 1% Its PEmg (price over earnings per share – ModernGraham) was 28.76, which was above the industry average of 20.99. Finally, the company was trading above its Net Current Asset Value (NCAV) of $-15.36.

Jacobs Engineering Group Inc 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) -$15.36
Graham Number $61.47
PEmg 28.76
Current Ratio 1.58
PB Ratio 1.80
Current Dividend $0.75
Dividend Yield 1.02%
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 $4,898,862,000
Total Current Liabilities $3,094,724,000
Long-Term Debt $2,668,993,000
Total Assets $12,945,259,000
Intangible Assets $5,323,116,000
Total Liabilities $7,104,225,000
Shares Outstanding (Diluted Average) 143,578,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $4.08
Sep2018 $1.17
Sep2017 $2.42
Sep2016 $1.73
Sep2015 $2.40
Sep2014 $2.48
Sep2013 $3.23
Sep2012 $2.94
Sep2011 $2.60
Sep2010 $1.96
Sep2009 $3.21
Sep2008 $3.38
Sep2007 $2.35
Sep2006 $1.64
Sep2005 $1.12
Sep2004 $1.01
Sep2003 $1.00
Sep2002 $0.99
Sep2001 $0.81
Sep2000 $0.48
Sep1999 $0.62

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $2.55
Sep2018 $1.87
Sep2017 $2.29
Sep2016 $2.34
Sep2015 $2.67
Sep2014 $2.75
Sep2013 $2.86
Sep2012 $2.72
Sep2011 $2.64
Sep2010 $2.61
Sep2009 $2.73
Sep2008 $2.30
Sep2007 $1.65
Sep2006 $1.25
Sep2005 $1.03
Sep2004 $0.94
Sep2003 $0.86

Recommended Reading:

Other ModernGraham posts about the company

Jacobs Engineering Group Inc Valuation – May 2018 $JEC
Jacobs Engineering Group Inc Valuation – January 2017 $JEC
Jacobs Engineering Group Inc Valuation – August 2016 $JEC
Jacobs Engineering Group Inc Valuation – January 2016 Update $JEC
Jacobs Engineering Group Analysis – October 2015 Update $JEC

Other ModernGraham posts about related companies

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D.R. Horton Inc Valuation – February 2019 $DHI
Martin Marietta Materials Inc Valuation – February 2019 $MLM
Fluor Corp Valuation – February 2019 $FLR
Lennar Corp Valuation – February 2019 $LEN
Vulcan Materials Co Valuation – February 2019 $VMC
PulteGroup Inc Valuation – January 2019 $PHM
Sherwin-Williams Co Valuation – January 2019 $SHW
Johnson Controls International PC Valuation – January 2019 $JCI
Cummins Inc Valuation – January 2019 $CMI

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.

NextEra Energy Inc Valuation – February 2019 $NEE

Company Profile (excerpt from Reuters): NextEra Energy, Inc. (NEE), incorporated on September 10, 1984, is a holding company. The Company is an electric power companies in North America and, through its subsidiary NextEra Energy Resources, LLC (NEER) and its affiliated entities, is the generator of renewable energy from the wind and sun. NEE also owns and/or operates generation, transmission and distribution facilities to support its services to retail and wholesale customers, and has investments in gas infrastructure assets. Its segments include FPL and NEER. NEE also provides risk management services related to power and gas consumption related to its own generation assets and for a limited number of wholesale customers in selected markets. As of December 31, 2016, NEE’s business included approximately 45,900 megawatts (MW) of generating capacity with electric generation facilities located in 30 states in the United States, four provinces in Canada and in Spain; approximately 16% of the installed base of the United States wind power production capacity; approximately 11% of the installed base of the United States universal solar power production capacity; fleets of nuclear power stations in the United States, with eight reactors at five sites located in four states, representing approximately 6% of U.S. nuclear power electric generating capacity; more than 5.4 million retail and wholesale electric customer accounts, and approximately 14,700 people employed, primarily in the United States.

 

Downloadable PDF version of this valuation:

ModernGraham Valuation of NEE – February 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 $89,957,748,174 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 0.36 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 141.32% Pass
6. Moderate PEmg Ratio PEmg < 20 18.88 Pass
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 2.42 Pass
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 0.36 Fail
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 -2.40 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

EPSmg $9.97
MG Growth Estimate 13.09%
MG Value $345.61
Opinion Undervalued
MG Grade A
MG Value based on 3% Growth $144.50
MG Value based on 0% Growth $84.71
Market Implied Growth Rate 5.19%
Current Price $188.13
% of Intrinsic Value 54.43%

NextEra Energy Inc qualifies for both the Defensive Investor and the Enterprising Investor. The Defensive Investor is only initially concerned with the low current 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 feel comfortable proceeding with the analysis.

As for a valuation, the company appears to be Undervalued after growing its EPSmg (normalized earnings) from $5.32 in 2015 to an estimated $9.97 for 2019. This level of demonstrated earnings growth outpaces the market’s implied estimate of 5.19% 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 above the price.

At the time of valuation, further research into NextEra Energy Inc revealed the company was trading above its Graham Number of $115.16. The company pays a dividend of $4.44 per share, for a yield of 2.4%, putting it among the best dividend paying stocks today. Its PEmg (price over earnings per share – ModernGraham) was 18.88, which was below the industry average of 22.79, 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 $-124.47.

NextEra Energy Inc fares extremely well in the ModernGraham grading system, scoring an A.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) -$124.47
Graham Number $115.16
PEmg 18.88
Current Ratio 0.36
PB Ratio 2.42
Current Dividend $4.44
Dividend Yield 2.36%
Number of Consecutive Years of Dividend Growth 20

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 $6,393,000,000
Total Current Liabilities $17,563,000,000
Long-Term Debt $26,782,000,000
Total Assets $103,702,000,000
Intangible Assets $1,599,000,000
Total Liabilities $66,289,000,000
Shares Outstanding (Diluted Average) 481,200,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $8.25
Dec2018 $13.88
Dec2017 $11.39
Dec2016 $6.24
Dec2015 $6.06
Dec2014 $5.60
Dec2013 $4.47
Dec2012 $4.56
Dec2011 $4.59
Dec2010 $4.74
Dec2009 $3.97
Dec2008 $4.07
Dec2007 $3.27
Dec2006 $3.23
Dec2005 $2.34
Dec2004 $1.24
Dec2003 $1.27
Dec2002 $0.69
Dec2001 $1.16
Dec2000 $2.07
Dec1999 $2.04

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $9.97
Dec2018 $10.09
Dec2017 $7.72
Dec2016 $5.72
Dec2015 $5.32
Dec2014 $4.90
Dec2013 $4.52
Dec2012 $4.49
Dec2011 $4.35
Dec2010 $4.10
Dec2009 $3.65
Dec2008 $3.27
Dec2007 $2.67
Dec2006 $2.16
Dec2005 $1.53
Dec2004 $1.18
Dec2003 $1.25

Recommended Reading:

Other ModernGraham posts about the company

NextEra Energy Inc Valuation – May 2018 $NEE
NextEra Energy Inc Valuation – December 2016 $NEE
NextEra Energy Inc. Analysis – August 2015 Update $NEE
47 Companies in the Spotlight This Week – 5/16/15
NextEra Energy Inc. Quarterly Valuation – May 2015 $NEE

Other ModernGraham posts about related companies

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AES Corp Valuation – January 2019 $AES
FirstEnergy Corp Valuation – January 2019 $FE
Edison International Valuation – January 2019 $EIX
WEC Energy Group Inc Valuation – January 2019 $WEC
Southern Co Valuation – January 2019 $SO
CenterPoint Energy Inc Valuation – January 2019 $CNP

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.

Pioneer Natural Resources Co Valuation – June 2018 $PXD

Company Profile (excerpt from Reuters): Pioneer Natural Resources Company (Pioneer), incorporated on April 2, 1997, is an oil and gas exploration and production company. The Company explores for, develops and produces oil, natural gas liquids (NGLs) and gas within the United States, with operations primarily in the Permian Basin in West Texas, the Eagle Ford Shale play in South Texas, the Raton field in southeast Colorado and the West Panhandle field in the Texas Panhandle. The Company’s operations include well stimulation and completion activities, such as hydraulic fracturing, and water distribution and disposal activities. As of December 31, 2016, the Company owned interests in eight gas processing plants and nine treating facilities.

PXD Chart

PXD data by YCharts

 

Downloadable PDF version of this valuation:

ModernGraham Valuation of PXD – 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 $32,926,277,882 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 1.26 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 -50.17% Fail
6. Moderate PEmg Ratio PEmg < 20 85.50 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 2.84 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 1.26 Fail
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 3.98 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 $2.21
MG Growth Estimate 1.27%
MG Value $24.46
Opinion Overvalued
MG Grade D
MG Value based on 3% Growth $32.09
MG Value based on 0% Growth $18.81
Market Implied Growth Rate 38.50%
Current Price $189.24
% of Intrinsic Value 773.82%

Pioneer Natural Resources 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 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 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 Overvalued after growing its EPSmg (normalized earnings) from $2.04 in 2014 to an estimated $2.21 for 2018. This level of demonstrated earnings growth does not support the market’s implied estimate of 38.5% 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 Pioneer Natural Resources revealed the company was trading above its Graham Number of $79.31. The company pays a dividend of $0.08 per share, for a yield of 0% Its PEmg (price over earnings per share – ModernGraham) was 85.5, which was below the industry average of 87.76, 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 $-18.11.

Pioneer Natural Resources 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) -$18.11
Graham Number $79.31
PEmg 85.50
Current Ratio 1.26
PB Ratio 2.84
Current Dividend $0.08
Dividend Yield 0.04%
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 3/1/2018
Total Current Assets $2,824,000,000
Total Current Liabilities $2,250,000,000
Long-Term Debt $2,284,000,000
Total Assets $17,323,000,000
Intangible Assets $269,000,000
Total Liabilities $5,921,000,000
Shares Outstanding (Diluted Average) 171,000,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $4.22
Dec2017 $4.85
Dec2016 -$3.34
Dec2015 -$1.83
Dec2014 $6.38
Dec2013 -$6.16
Dec2012 $1.50
Dec2011 $6.88
Dec2010 $5.08
Dec2009 -$0.46
Dec2008 $1.76
Dec2007 $3.06
Dec2006 $5.81
Dec2005 $3.80
Dec2004 $2.46
Dec2003 $3.46
Dec2002 $0.23
Dec2001 $1.00
Dec2000 $1.53
Dec1999 -$0.22
Dec1998 -$7.46

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $2.21
Dec2017 $0.80
Dec2016 -$1.05
Dec2015 $0.52
Dec2014 $2.04
Dec2013 $0.37
Dec2012 $3.41
Dec2011 $3.99
Dec2010 $2.72
Dec2009 $1.96
Dec2008 $3.24
Dec2007 $3.89
Dec2006 $3.92
Dec2005 $2.71
Dec2004 $2.02
Dec2003 $1.60
Dec2002 $0.12

Recommended Reading:

Other ModernGraham posts about the company

Pioneer Natural Resources Valuation – September 2017 $PXD
Pioneer Natural Resources Valuation – June 2016 $PXD
Pioneer Natural Resources Annual Valuation – 2015 $PXD

Other ModernGraham posts about related companies

Cabot Oil & Gas Corp Valuation – June 2018 $COG
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

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.

Jacobs Engineering Group Inc Valuation – May 2018 $JEC

Company Profile (excerpt from Reuters): Jacobs Engineering Group Inc., incorporated on January 8, 1987, is a technical professional services company. The Company provides a range of technical, professional and construction services to industrial, commercial and governmental clients. The Company’s services include Project Services; Process, Scientific, and Systems Consulting Services; Construction Services, and Operations and Maintenance Services. The Company operates four lines of business (LOBs): Petroleum and Chemicals; Buildings and Infrastructure; Aerospace and Technology, and Industrial. It caters its services to various sectors, such as oil and gas exploration, production and refining; chemicals and polymers; programs for various national governments, including aerospace, defense, and environmental programs; buildings (including specialized buildings for clients operating in the fields of healthcare, education, and high technology; governmental complexes; other specialized civic and mission critical buildings, installations, and laboratories; and retail and commercial buildings); infrastructure and telecommunications; mining and minerals; pharmaceuticals and biotechnology; power; pulp and paper; technology and manufacturing, and food and consumer products.

JEC Chart

JEC data by YCharts

 

Downloadable PDF version of this valuation:

ModernGraham Valuation of JEC – May 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 $8,907,882,957 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 1.49 Fail
3. Earnings Stability Positive EPS for 10 years prior Pass
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 6.82% Fail
6. Moderate PEmg Ratio PEmg < 20 21.91 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 1.51 Pass
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 1.49 Fail
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 1.70 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

EPSmg $2.86
MG Growth Estimate 0.58%
MG Value $27.63
Opinion Overvalued
MG Grade D
MG Value based on 3% Growth $41.47
MG Value based on 0% Growth $24.31
Market Implied Growth Rate 6.71%
Current Price $62.67
% of Intrinsic Value 226.79%

Jacobs Engineering Group 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 poor dividend history, 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 $2.75 in 2014 to an estimated $2.86 for 2018. This level of demonstrated earnings growth does not support the market’s implied estimate of 6.71% 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 Jacobs Engineering Group Inc revealed the company was trading above its Graham Number of $58.61. The company pays a dividend of $0.45 per share, for a yield of 0.7% Its PEmg (price over earnings per share – ModernGraham) was 21.91, which was below the industry average of 26.36, 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 $-15.46.

Jacobs Engineering Group 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) -$15.46
Graham Number $58.61
PEmg 21.91
Current Ratio 1.49
PB Ratio 1.51
Current Dividend $0.45
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 $4,457,271,000
Total Current Liabilities $2,983,233,000
Long-Term Debt $2,511,800,000
Total Assets $12,601,866,000
Intangible Assets $6,662,774,000
Total Liabilities $6,665,299,000
Shares Outstanding (Diluted Average) 142,833,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $4.15
Sep2017 $2.42
Sep2016 $1.73
Sep2015 $2.40
Sep2014 $2.48
Sep2013 $3.23
Sep2012 $2.94
Sep2011 $2.60
Sep2010 $1.96
Sep2009 $3.21
Sep2008 $3.38
Sep2007 $2.35
Sep2006 $1.64
Sep2005 $1.12
Sep2004 $1.01
Sep2003 $1.00
Sep2002 $0.99
Sep2001 $0.81
Sep2000 $0.48
Sep1999 $0.62
Sep1998 $0.52

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $2.86
Sep2017 $2.29
Sep2016 $2.34
Sep2015 $2.67
Sep2014 $2.75
Sep2013 $2.86
Sep2012 $2.72
Sep2011 $2.64
Sep2010 $2.61
Sep2009 $2.73
Sep2008 $2.30
Sep2007 $1.65
Sep2006 $1.25
Sep2005 $1.03
Sep2004 $0.94
Sep2003 $0.86
Sep2002 $0.76

Recommended Reading:

Other ModernGraham posts about the company

Jacobs Engineering Group Inc Valuation – January 2017 $JEC
Jacobs Engineering Group Inc Valuation – August 2016 $JEC
Jacobs Engineering Group Inc Valuation – January 2016 Update $JEC
Jacobs Engineering Group Analysis – October 2015 Update $JEC
Jacobs Engineering Group Inc. Analysis – July 2015 Update $JEC

Other ModernGraham posts about related companies

Masco Corp Valuation – May 2018 $MAS
D.R. Horton Inc Valuation – May 2018 $DHI
Martin Marietta Materials Inc Valuation – May 2018 $MLM
Fluor Corporation Valuation – April 2018 $FLR
Lennar Corp Valuation – April 2018 $LEN
Vulcan Materials Co Valuation – April 2018 $VMC
PulteGroup Inc Valuation – March 2018 $PHM
Sherwin-Williams Co Valuation – March 2018 $SHW
Cummins Inc Valuation – March 2018 $CMI
Johnson Controls International PLC Valuation – March 2018 $JCI

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.

NextEra Energy Inc Valuation – May 2018 $NEE

Company Profile (excerpt from Reuters): NextEra Energy, Inc. (NEE), incorporated on September 10, 1984, is a holding company. The Company is an electric power companies in North America and, through its subsidiary NextEra Energy Resources, LLC (NEER) and its affiliated entities, is the generator of renewable energy from the wind and sun. NEE also owns and/or operates generation, transmission and distribution facilities to support its services to retail and wholesale customers, and has investments in gas infrastructure assets. Its segments include FPL and NEER. NEE also provides risk management services related to power and gas consumption related to its own generation assets and for a limited number of wholesale customers in selected markets. As of December 31, 2016, NEE’s business included approximately 45,900 megawatts (MW) of generating capacity with electric generation facilities located in 30 states in the United States, four provinces in Canada and in Spain; approximately 16% of the installed base of the United States wind power production capacity; approximately 11% of the installed base of the United States universal solar power production capacity; fleets of nuclear power stations in the United States, with eight reactors at five sites located in four states, representing approximately 6% of U.S. nuclear power electric generating capacity; more than 5.4 million retail and wholesale electric customer accounts, and approximately 14,700 people employed, primarily in the United States.

NEE Chart

NEE data by YCharts

 

Downloadable PDF version of this valuation:

ModernGraham Valuation of NEE – May 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 $76,919,687,666 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 0.59 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 89.62% Pass
6. Moderate PEmg Ratio PEmg < 20 20.50 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 2.38 Pass
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 0.59 Fail
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 -7.07 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

EPSmg $8.00
MG Growth Estimate 9.48%
MG Value $219.64
Opinion Undervalued
MG Grade B-
MG Value based on 3% Growth $115.94
MG Value based on 0% Growth $67.97
Market Implied Growth Rate 6.00%
Current Price $163.91
% of Intrinsic Value 74.63%

NextEra Energy 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 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 Undervalued after growing its EPSmg (normalized earnings) from $4.9 in 2014 to an estimated $8 for 2018. This level of demonstrated earnings growth outpaces the market’s implied estimate of 6% 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 above the price.

At the time of valuation, further research into NextEra Energy Inc revealed the company was trading above its Graham Number of $101.13. The company pays a dividend of $3.93 per share, for a yield of 2.4%, putting it among the best dividend paying stocks today. Its PEmg (price over earnings per share – ModernGraham) was 20.5, which was below the industry average of 23.55, 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 $-118.

NextEra Energy Inc performs fairly well in the ModernGraham grading system, scoring a B-.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) -$118.00
Graham Number $101.13
PEmg 20.50
Current Ratio 0.59
PB Ratio 2.38
Current Dividend $3.93
Dividend Yield 2.40%
Number of Consecutive Years of Dividend Growth 20

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 $5,612,000,000
Total Current Liabilities $9,579,000,000
Long-Term Debt $28,062,000,000
Total Assets $94,284,000,000
Intangible Assets $0
Total Liabilities $61,578,000,000
Shares Outstanding (Diluted Average) 474,300,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $7.59
Dec2017 $11.38
Dec2016 $6.25
Dec2015 $6.06
Dec2014 $5.60
Dec2013 $4.47
Dec2012 $4.56
Dec2011 $4.59
Dec2010 $4.74
Dec2009 $3.97
Dec2008 $4.07
Dec2007 $3.27
Dec2006 $3.23
Dec2005 $2.34
Dec2004 $2.48
Dec2003 $2.53
Dec2002 $1.38
Dec2001 $2.31
Dec2000 $2.07
Dec1999 $2.04
Dec1998 $1.93

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $8.00
Dec2017 $7.72
Dec2016 $5.72
Dec2015 $5.32
Dec2014 $4.90
Dec2013 $4.52
Dec2012 $4.49
Dec2011 $4.35
Dec2010 $4.10
Dec2009 $3.65
Dec2008 $3.35
Dec2007 $2.92
Dec2006 $2.63
Dec2005 $2.29
Dec2004 $2.22
Dec2003 $2.09
Dec2002 $1.89

Recommended Reading:

Other ModernGraham posts about the company

NextEra Energy Inc Valuation – December 2016 $NEE
NextEra Energy Inc. Analysis – August 2015 Update $NEE
47 Companies in the Spotlight This Week – 5/16/15
NextEra Energy Inc. Quarterly Valuation – May 2015 $NEE
15 Companies in the Spotlight This Week – 5/3/2014

Other ModernGraham posts about related companies

PG&E Corp Valuation – April 2018 $PCG
Dominion Energy Inc Valuation – April 2018 $D
Exelon Corp Valuation – March 2018 $EXC
NRG Energy Inc Valuation – March 2018 $NRG
DTE Energy Co Valuation – March 2018 $DTE
The AES Corp Valuation – March 2018 $AES
FirstEnergy Corp Valuation – March 2018 $FE
Edison International Valuation – March 2018 $EIX
WEC Energy Group Inc Valuation – March 2018 $WEC
CenterPoint Energy Inc Valuation – March 2018 $CNP

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.

Pioneer Natural Resources Valuation – September 2017 $PXD

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 Undervalued Stocks for the Enterprising Investor – August 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 Pioneer Natural Resources (PXD) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Pioneer Natural Resources Company is an oil and gas exploration and production company. The Company explores for, develops and produces oil, natural gas liquids (NGLs) and gas within the United States, with operations primarily in the Permian Basin in West Texas, the Eagle Ford Shale play in South Texas, the Raton field in southeast Colorado and the West Panhandle field in the Texas Panhandle. As of December 31, 2016, the Company owned interests in eight gas processing plants and nine treating facilities. As of December 31, 2016, its Spraberry/Wolfcamp field covered approximately 800,000 gross acres (690,000 net acres). The Company completed 12 Eagle Ford Shale wells during the fiscal year ended December 31, 2016. As of December 31, 2016, the Company owned approximately 185,000 gross acres (165,000 net acres) in the center of the Raton Basin. As of December 31, 2016, the Company’s gas had an average energy content of 1,400 British thermal unit (Btu).

PXD Chart

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Downloadable PDF version of this valuation:

ModernGraham Valuation of PXD – September 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 $22,304,888,628 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 1.97 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 -137.93% Fail
6. Moderate PEmg Ratio PEmg < 20 1,311.30 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 2.10 Pass
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 1.97 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 1.51 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 $0.10
MG Growth Estimate -4.25%
MG Value $0.00
Opinion Overvalued
MG Grade F
MG Value based on 3% Growth $1.45
MG Value based on 0% Growth $0.85
Market Implied Growth Rate 651.40%
Current Price $131.13
% of Intrinsic Value N/A

Pioneer Natural Resources 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 or growth over the last ten years, and the high PEmg ratio. 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 $0.37 in 2013 to an estimated $0.1 for 2017.  This level of demonstrated earnings growth does not support the market’s implied estimate of 651.4% 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 Pioneer Natural Resources revealed the company was trading above its Graham Number of $61.59.  The company pays a dividend of $0.08 per share, for a yield of 0.1%  Its PEmg (price over earnings per share – ModernGraham) was 1311.3, which was above the industry average of 63.11.  Finally, the company was trading above its Net Current Asset Value (NCAV) of $-15.35.

Pioneer Natural Resources 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) -$15.35
Graham Number $61.59
PEmg 1,311.30
Current Ratio 1.97
PB Ratio 2.10
Current Dividend $0.08
Dividend Yield 0.06%
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 6/1/2017
Total Current Assets $3,064,000,000
Total Current Liabilities $1,558,000,000
Long-Term Debt $2,281,000,000
Total Assets $16,271,000,000
Intangible Assets $270,000,000
Total Liabilities $5,674,000,000
Shares Outstanding (Diluted Average) 170,000,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $2.75
Dec2016 -$3.34
Dec2015 -$1.83
Dec2014 $6.38
Dec2013 -$6.16
Dec2012 $1.50
Dec2011 $6.88
Dec2010 $5.08
Dec2009 -$0.46
Dec2008 $1.76
Dec2007 $3.06
Dec2006 $5.81
Dec2005 $3.80
Dec2004 $2.46
Dec2003 $3.46
Dec2002 $0.23
Dec2001 $1.00
Dec2000 $1.53
Dec1999 -$0.22
Dec1998 -$7.46
Dec1997 -$17.14

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $0.10
Dec2016 -$1.05
Dec2015 $0.52
Dec2014 $2.04
Dec2013 $0.37
Dec2012 $3.41
Dec2011 $3.99
Dec2010 $2.72
Dec2009 $1.96
Dec2008 $3.24
Dec2007 $3.89
Dec2006 $3.92
Dec2005 $2.71
Dec2004 $2.02
Dec2003 $1.60
Dec2002 $0.12
Dec2001 -$1.44

Recommended Reading:

Other ModernGraham posts about the company

Pioneer Natural Resources Annual Valuation – 2015 $PXD

Other ModernGraham posts about related companies

Gulfport Energy Corp Valuation – Initial Coverage $GPOR
Schlumberger Limited Valuation – July 2017 $SLB
Tesco Corporation (USA) Valuation – Initial Coverage $TESO
Southwestern Energy Company Valuation – July 2017 $SWN
Apache Corp Valuation – April 2017 $APA
Anadarko Petroleum Co Valuation – April 2017 $APC
Cenovus Energy Inc Valuation – Initial Coverage $TSE:CVE
Cabot Oil & Gas Corp Valuation – March 2017 $COG
Chevron Corporation Valuation – March 2017 $CVX
CARBO Ceramics Inc Valuation – Initial Coverage $CRR

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.

Jacobs Engineering Group Inc Valuation – January 2017 $JEC

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 – January 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 Jacobs Engineering Group Inc (JEC) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Jacobs Engineering Group Inc. is a technical professional services company. The Company provides a range of technical, professional and construction services to industrial, commercial and governmental clients. The Company’s services include Project Services; Process, Scientific, and Systems Consulting Services; Construction Services, and Operations and Maintenance Services. It operates four lines of business (LOBs): Petroleum and Chemicals; Buildings and Infrastructure; Aerospace and Technology, and Industrial. It caters its services to various sectors, such as oil and gas exploration, production and refining; chemicals and polymers; programs for various national governments, including aerospace, defense, and environmental programs; buildings; infrastructure and telecommunications; mining and minerals; pharmaceuticals and biotechnology; power; pulp and paper; technology and manufacturing, and food and consumer products.

JEC Chart

JEC data by YCharts

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To read the details of this valuation, you must be logged in as a premium member. If you are not a premium member, please consider becoming one.

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. Recent valuations of the components of the Dow Jones Industrial Average are available for free members, including this one of Microsoft Corporation.  In addition, here is a post detailing what can be found within each individual company’s valuation.

[/level-free]
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Downloadable PDF version of this valuation:

ModernGraham Valuation of JEC – January 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 $6,900,305,131 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 1.61 Fail
3. Earnings Stability Positive EPS for 10 years prior Pass
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 -16.14% Fail
6. Moderate PEmg Ratio PEmg < 20 23.21 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 1.65 Pass
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 1.61 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 0.36 Pass
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Fail
5. Earnings Growth EPSmg greater than 5 years ago Fail

Stage 2: Determination of Intrinsic Value

EPSmg $2.50
MG Growth Estimate -1.87%
MG Value $11.92
Opinion Overvalued
MG Grade D
MG Value based on 3% Growth $36.26
MG Value based on 0% Growth $21.26
Market Implied Growth Rate 7.36%
Current Price $58.05
% of Intrinsic Value 486.92%

Jacobs Engineering Group 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, the poor dividend history, and the high PEmg ratio. The Enterprising Investor has concerns regarding the lack of earnings 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 $2.86 in 2013 to an estimated $2.5 for 2017. This level of demonstrated earnings growth does not support the market’s implied estimate of 7.36% 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 Jacobs Engineering Group Inc revealed the company was trading above its Graham Number of $49.11. The company does not pay a dividend. Its PEmg (price over earnings per share – ModernGraham) was 23.21, which was below the industry average of 28.49, 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 $-1.9.

Jacobs Engineering Group 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) -$1.90
Graham Number $49.11
PEmg 23.21
Current Ratio 1.61
PB Ratio 1.65
Current Dividend $0.00
Dividend Yield 0.00%
Number of Consecutive Years of Dividend Growth 0

[/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 9/1/2016
Total Current Assets $2,864,470,000
Total Current Liabilities $1,782,686,000
Long-Term Debt $385,330,000
Total Assets $7,360,022,000
Intangible Assets $3,416,550,000
Total Liabilities $3,094,746,000
Shares Outstanding (Diluted Average) 121,483,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $3.04
Sep2016 $1.73
Sep2015 $2.40
Sep2014 $2.48
Sep2013 $3.23
Sep2012 $2.94
Sep2011 $2.60
Sep2010 $1.96
Sep2009 $3.21
Sep2008 $3.38
Sep2007 $2.35
Sep2006 $1.64
Sep2005 $1.12
Sep2004 $1.01
Sep2003 $1.00
Sep2002 $0.99
Sep2001 $0.81
Sep2000 $0.48
Sep1999 $0.62
Sep1998 $0.52
Sep1997 $0.45

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $2.50
Sep2016 $2.34
Sep2015 $2.67
Sep2014 $2.75
Sep2013 $2.86
Sep2012 $2.72
Sep2011 $2.64
Sep2010 $2.61
Sep2009 $2.73
Sep2008 $2.30
Sep2007 $1.65
Sep2006 $1.25
Sep2005 $1.03
Sep2004 $0.94
Sep2003 $0.86
Sep2002 $0.76
Sep2001 $0.62

Recommended Reading:

Other ModernGraham posts about the company

Jacobs Engineering Group Inc Valuation – January 2016 Update $JEC
Jacobs Engineering Group Analysis – October 2015 Update $JEC
Jacobs Engineering Group Inc. Analysis – July 2015 Update $JEC
24 Companies in the Spotlight This Week – 3/28/15
Jacobs Engineering Group Inc. Quarterly Valuation – March 2015 $JEC

Other ModernGraham posts about related companies

Quanta Services Inc Valuation – August 2016 $PWR
Jacobs Engineering Group Inc Valuation – August 2016 $JEC
PPG Industries Inc Valuation – August 2016 $PPG
D.R. Horton Inc Valuation – August 2016 $DHI
Martin Marietta Materials Inc Valuation – August 2016 $MLM
Fluor Corporation Valuation – August 2016 $FLR
Vulcan Materials Co Valuation – July 2016 $VMC
PulteGroup Inc Valuation – July 2016 $PHM
Sherwin-Williams Co Valuation – July 2016 $SHW
Cummins Inc Valuation – July 2016 $CMI

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.

NextEra Energy Inc Valuation – December 2016 $NEE

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 – December 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 NextEra Energy Inc (NEE) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): NextEra Energy, Inc. (NEE) is a holding company. The Company is an electric power company in North America with electric generating facilities located in over 30 states in the United States and approximately five provinces in Canada. NEE’s operating segments are FPL, an electric utility, and NEER, an energy business. NEE provides risk management services related to power and gas consumption related to its own generation assets and for a limited number of wholesale customers in selected markets. NEE also generates renewable energy from the wind and sun. It operates through two subsidiaries, which includeFlorida Power & Light Company (FPL) and NextEra Energy Resources, LLC (NEER). FPL is an electric utility engaged primarily in the generation, transmission, distribution and sale of electric energy in Florida. NEER owns, develops, constructs, manages and operates electric generating facilities in wholesale energy markets primarily in the United States, as well as in Canada and Spain.

NEE Chart

NEE data by YCharts

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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. Recent valuations of the components of the Dow Jones Industrial Average are available for free members, including this one of Microsoft Corporation.  In addition, here is a post detailing what can be found within each individual company’s valuation.

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Downloadable PDF version of this valuation:

ModernGraham Valuation of NEE – December 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 $55,455,168,745 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 0.65 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 50.31% Pass
6. Moderate PEmg Ratio PEmg < 20 21.90 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 2.31 Pass
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 0.65 Fail
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 -7.60 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

EPSmg $5.42
MG Growth Estimate 3.08%
MG Value $79.43
Opinion Overvalued
MG Grade C
MG Value based on 3% Growth $78.53
MG Value based on 0% Growth $46.04
Market Implied Growth Rate 6.70%
Current Price $118.60
% of Intrinsic Value 149.32%

NextEra Energy 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 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 $4.49 in 2012 to an estimated $5.42 for 2016. This level of demonstrated earnings growth does not support the market’s implied estimate of 6.7% 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 NextEra Energy Inc revealed the company was trading above its Graham Number of $78.4. The company pays a dividend of $3.38 per share, for a yield of 2.8%, putting it among the best dividend paying stocks today. Its PEmg (price over earnings per share – ModernGraham) was 21.9, which was below the industry average of 23.36, 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 $-122.77.

NextEra Energy Inc receives an average overall rating in the ModernGraham grading system, scoring a C.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) -$122.77
Graham Number $78.40
PEmg 21.90
Current Ratio 0.65
PB Ratio 2.31
Current Dividend $3.38
Dividend Yield 2.85%
Number of Consecutive Years of Dividend Growth 20

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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 9/1/2016
Total Current Assets $6,747,000,000
Total Current Liabilities $10,456,000,000
Long-Term Debt $28,195,000,000
Total Assets $87,864,000,000
Intangible Assets $0
Total Liabilities $63,957,000,000
Shares Outstanding (Diluted Average) 466,000,000

Earnings Per Share History

Next Fiscal Year Estimate $5.34
Dec2015 $6.06
Dec2014 $5.60
Dec2013 $4.47
Dec2012 $4.56
Dec2011 $4.59
Dec2010 $4.74
Dec2009 $3.97
Dec2008 $4.07
Dec2007 $3.27
Dec2006 $3.23
Dec2005 $2.34
Dec2004 $2.48
Dec2003 $2.53
Dec2002 $1.38
Dec2001 $2.31
Dec2000 $2.07
Dec1999 $2.04
Dec1998 $1.92
Dec1997 $1.79
Dec1996 $1.67

Earnings Per Share – ModernGraham History

Next Fiscal Year Estimate $5.42
Dec2015 $5.32
Dec2014 $4.90
Dec2013 $4.52
Dec2012 $4.49
Dec2011 $4.35
Dec2010 $4.10
Dec2009 $3.65
Dec2008 $3.35
Dec2007 $2.92
Dec2006 $2.63
Dec2005 $2.29
Dec2004 $2.22
Dec2003 $2.09
Dec2002 $1.89
Dec2001 $2.10
Dec2000 $1.97

Recommended Reading:

Other ModernGraham posts about the company

NextEra Energy Inc. Analysis – August 2015 Update $NEE
47 Companies in the Spotlight This Week – 5/16/15
NextEra Energy Inc. Quarterly Valuation – May 2015 $NEE
15 Companies in the Spotlight This Week – 5/3/2014
NextEra Energy Inc. (NEE) Annual Valuation – 2014

Other ModernGraham posts about related companies

Westar Energy Inc Valuation – August 2016 $WR
Eversource Energy Valuation – August 2016 $ES
Public Service Enterprise Group Inc Valuation – August 2016 $PEG
NiSource Inc Valuation – August 2016 $NI
Consolidated Edison Inc Valuation – August 2016 $ED
Ameren Corp Valuation – August 2016 $AEE
PG&E Corp Valuation – July 2016 $PCG
SCANA Corporation Valuation – July 2016 $SCG
Exelon Corporation Valuation – July 2016 $EXC
DTE Energy Co Valuation – July 2016 $DTE

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.

Jacobs Engineering Group Inc Valuation – August 2016 $JEC

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 – July 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 Jacobs Engineering Group Inc (JEC) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Jacobs Engineering Group Inc. is a technical professional services company. The Company provides a range of technical, professional and construction services to industrial, commercial and governmental clients. The Company’s services include Project Services; Process, Scientific, and Systems Consulting Services; Construction Services, and Operations and Maintenance Services. It operates four lines of business (LOBs): Petroleum and Chemicals; Buildings and Infrastructure; Aerospace and Technology, and Industrial. It caters its services to various sectors, such as oil and gas exploration, production and refining; chemicals and polymers; programs for various national governments, including aerospace, defense, and environmental programs; buildings; infrastructure and telecommunications; mining and minerals; pharmaceuticals and biotechnology; power; pulp and paper; technology and manufacturing, and food and consumer products.

JEC Chart

JEC data by YCharts

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To read the details of this valuation, you must be logged in as a premium member. If you are not a premium member, please consider becoming one.

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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Downloadable PDF version of this valuation:

ModernGraham Valuation of JEC – August 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 $6,629,335,348 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 1.62 Fail
3. Earnings Stability Positive EPS for 10 years prior Pass
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 -20.58% Fail
6. Moderate PEmg Ratio PEmg < 20 21.52 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 1.48 Pass
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 1.62 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 0.43 Pass
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Fail
5. Earnings Growth EPSmg greater than 5 years ago Fail

Stage 2: Determination of Intrinsic Value

JEC value chart August 2016

EPSmg $2.50
MG Growth Estimate -1.19%
MG Value $15.31
Opinion Overvalued
MG Grade D
MG Value based on 3% Growth $36.29
MG Value based on 0% Growth $21.27
Market Implied Growth Rate 6.51%
Current Price $53.85
% of Intrinsic Value 351.79%

Jacobs Engineering Group 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 poor dividend history, and the high PEmg ratio. The Enterprising Investor has concerns regarding the lack of earnings 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 $2.72 in 2012 to an estimated $2.5 for 2016. This level of demonstrated earnings growth does not support the market’s implied estimate of 6.51% 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 Jacobs Engineering Group Inc revealed the company was trading above its Graham Number of $42.57. The company does not pay a dividend. Its PEmg (price over earnings per share – ModernGraham) was 21.52, which was below the industry average of 28.02, 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 $-0.56.

Jacobs Engineering Group Inc scores quite poorly in the ModernGraham grading system, with an overall grade of D.

Stage 3: Information for Further Research

JEC charts August 2016

Net Current Asset Value (NCAV) -$0.56
Graham Number $42.57
PEmg 21.52
Current Ratio 1.62
PB Ratio 1.48
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 6/1/2016
Total Current Assets $2,928,589,000
Total Current Liabilities $1,806,440,000
Long-Term Debt $479,000,000
Total Assets $7,420,792,000
Intangible Assets $3,413,429,000
Total Liabilities $2,996,166,000
Shares Outstanding (Diluted Average) 121,446,000

Earnings Per Share History

Next Fiscal Year Estimate $2.22
Sep2015 $2.40
Sep2014 $2.48
Sep2013 $3.23
Sep2012 $2.94
Sep2011 $2.60
Sep2010 $1.96
Sep2009 $3.21
Sep2008 $3.38
Sep2007 $2.35
Sep2006 $1.64
Sep2005 $1.12
Sep2004 $1.01
Sep2003 $1.00
Sep2002 $0.99
Sep2001 $0.81
Sep2000 $0.48
Sep1999 $0.62
Sep1998 $0.52
Sep1997 $0.45
Sep1996 $0.39

Earnings Per Share – ModernGraham History

Next Fiscal Year Estimate $2.50
Sep2015 $2.67
Sep2014 $2.75
Sep2013 $2.86
Sep2012 $2.72
Sep2011 $2.64
Sep2010 $2.61
Sep2009 $2.73
Sep2008 $2.30
Sep2007 $1.65
Sep2006 $1.25
Sep2005 $1.03
Sep2004 $0.94
Sep2003 $0.86
Sep2002 $0.76
Sep2001 $0.62
Sep2000 $0.52

Recommended Reading:

Other ModernGraham posts about the company

Jacobs Engineering Group Inc Valuation – January 2016 Update $JEC
Jacobs Engineering Group Analysis – October 2015 Update $JEC
Jacobs Engineering Group Analysis – October 2015 Update $JEC
Jacobs Engineering Group Inc. Analysis – July 2015 Update $JEC
24 Companies in the Spotlight This Week – 3/28/15

Other ModernGraham posts about related companies

PPG Industries Inc Valuation – August 2016 $PPG
D.R. Horton Inc Valuation – August 2016 $DHI
Martin Marietta Materials Inc Valuation – August 2016 $MLM
Fluor Corporation Valuation – August 2016 $FLR
Vulcan Materials Co Valuation – July 2016 $VMC
PulteGroup Inc Valuation – July 2016 $PHM
Sherwin-Williams Co Valuation – July 2016 $SHW
Cummins Inc Valuation – July 2016 $CMI
Corning Inc Valuation – May 2016 $GLW
Flowserve Corporation Valuation – May 2016 $FLS

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.

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