We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Stone Energy (SGY) Swings to Profit in Q2, Revenues Fall Y/Y
Read MoreHide Full Article
Oil and gas producer Stone Energy Corporation posted second-quarter 2017 profit of 33 cents per share (excluding non-recurring items), as against the Zacks Consensus Estimate of a loss of 9 cents. The improvement can be attributed to higher oil equivalent price realizations, which were partially offset by lower production and higher lease operating expenses.
Total operating revenue fell to $77 million in the quarter from $89 million in the year-ago quarter.
Operational Highlights
During the quarter, production averaged 20.6 thousand barrels of oil equivalent per day (MBoe/D), compared with 29 MBoe/D in the second quarter of 2016. Of the total production, natural gas accounted for 23%, oil constituted 69% and natural gas liquids made up for the remaining 9%.
Overall realization, on a per Boe basis, was $38.04 in the reported quarter compared with $33.68 in second-quarter 2016. Natural gas price of $2.56 per Mcf was above $2.46 in the year-ago quarter. NGL price increased to $20.36 a barrel from $15.24 in the year-earlier quarter. Oil price was higher at $47.49 a barrel from $46.97 a year ago.
On the cost front, unit lease operating expenses increased to $8.88 per Boe from $7.13 in the year-earlier quarter. Depreciation, depletion and amortization were $17.22 per Boe compared with $17.08. Salaries, general and administrative expenses came in at $9.88 per Boe as compared with $7.58.
Price Performance
Stone Energy lost 15.9% in the April-to-June quarter of this year versus the 16.9% decline of its industry.
Liquidity
As of Jun 30, 2017, Stone Energy had approximately $207.9 million in cash. The company had long-term debt of $235.7 million.
TransCanada posted an average positive earnings surprise of 4.06% over the last four quarters.
Range Resources’ 2017 earnings are estimated to grow almost 116%.
Global Partners posted average positive earnings surprise of 415.30% over the last four quarters.
More Stock News: Tech Opportunity Worth $386 Billion in 2017
From driverless cars to artificial intelligence, we've seen an unsurpassed growth of high-tech products in recent months. Yesterday's science-fiction is becoming today's reality. Despite all the innovation, there is a single component no tech company can survive without. Demand for this critical device will reach $387 billion this year alone, and it's likely to grow even faster in the future.
Zacks has released a brand-new Special Report to help you take advantage of this exciting investment opportunity. Most importantly, it reveals 4 stocks with massive profit potential. See these stocks now>>
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
Stone Energy (SGY) Swings to Profit in Q2, Revenues Fall Y/Y
Oil and gas producer Stone Energy Corporation posted second-quarter 2017 profit of 33 cents per share (excluding non-recurring items), as against the Zacks Consensus Estimate of a loss of 9 cents. The improvement can be attributed to higher oil equivalent price realizations, which were partially offset by lower production and higher lease operating expenses.
Total operating revenue fell to $77 million in the quarter from $89 million in the year-ago quarter.
Operational Highlights
During the quarter, production averaged 20.6 thousand barrels of oil equivalent per day (MBoe/D), compared with 29 MBoe/D in the second quarter of 2016. Of the total production, natural gas accounted for 23%, oil constituted 69% and natural gas liquids made up for the remaining 9%.
Overall realization, on a per Boe basis, was $38.04 in the reported quarter compared with $33.68 in second-quarter 2016. Natural gas price of $2.56 per Mcf was above $2.46 in the year-ago quarter. NGL price increased to $20.36 a barrel from $15.24 in the year-earlier quarter. Oil price was higher at $47.49 a barrel from $46.97 a year ago.
On the cost front, unit lease operating expenses increased to $8.88 per Boe from $7.13 in the year-earlier quarter. Depreciation, depletion and amortization were $17.22 per Boe compared with $17.08. Salaries, general and administrative expenses came in at $9.88 per Boe as compared with $7.58.
Price Performance
Stone Energy lost 15.9% in the April-to-June quarter of this year versus the 16.9% decline of its industry.
Liquidity
As of Jun 30, 2017, Stone Energy had approximately $207.9 million in cash. The company had long-term debt of $235.7 million.
Zacks Rank & Key Picks
Stone Energy currently carries a Zacks Rank #3 (Hold). A few better-ranked players in the energy sector are TransCanada Corporation (TRP - Free Report) , Range Resources Corporation (RRC - Free Report) and Global Partners LP (GLP - Free Report) . All the stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
TransCanada posted an average positive earnings surprise of 4.06% over the last four quarters.
Range Resources’ 2017 earnings are estimated to grow almost 116%.
Global Partners posted average positive earnings surprise of 415.30% over the last four quarters.
More Stock News: Tech Opportunity Worth $386 Billion in 2017
From driverless cars to artificial intelligence, we've seen an unsurpassed growth of high-tech products in recent months. Yesterday's science-fiction is becoming today's reality. Despite all the innovation, there is a single component no tech company can survive without. Demand for this critical device will reach $387 billion this year alone, and it's likely to grow even faster in the future.
Zacks has released a brand-new Special Report to help you take advantage of this exciting investment opportunity. Most importantly, it reveals 4 stocks with massive profit potential. See these stocks now>>