Latest Research Reports on Bill Barrett and Stone Energy as Oil Prices Hit 1-Month Low on OPEC Production Concerns

NEW YORK, NY / ACCESSWIRE / January 11, 2017 / Oil prices dropped to a one-month low Tuesday as investors began to question the validity of the Organization of the Petroleum Exporting Countries (OPEC) recent deal to lower production. U.S. crude prices declined $1.14, or 2.2 percent, to settle at $50.82 a barrel, its lowest settlement since December 7th. The SPDR S&P Oil & Gas Exploration & Production ETF has fallen approximately 2.0 percent year-to-date.

“The petroleum markets are consolidating at the lower levels reached in Monday trade after doubts emerged over the degree of compliance with OPEC production cuts as Iraqi exports remain high, as well as the more general pace of market rebalancing,” Tim Evans, energy futures specialist at Citigroup said in a note.

“Fresh reports that non-OPEC producers Russia and Kazakhstan have reduced output have produced little price reaction, with the failure to rally on bullish news suggesting that the market is overbought and vulnerable to a further downward correction.”

Bill Barrett Corporation (NYSE: BBG)

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Bill Barrett’s shares gained 1.70 percent to close at $7.18 a share Tuesday. The stock traded between $6.95 and $7.21 on volume of 1.84 million shares traded. The company is expected to report earnings of $-0.09 per share in the fourth quarter of 2016, according to FactSet Research. Consensus analyst EPS estimates has called for U$-0.10 per share a month ago. Bill Barrett resumed its XRL development program and announced plans to spud up to 15 gross XRL wells by the end of the year, according to the company’s third quarter earnings release. The company’s reported third quarter production was 1.6 Million barrels of Oil equivalent with 65% of total production in oil, 18% in natural gas and 17% in NGLs.

Stone Energy Corporation (NYSE: SGY)

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Stone Energy’s shares declined 3.29 percent to close at $6.47 a share Tuesday. The stock traded between $6.40 and $6.74 on volume of 589,262 shares traded. The company reported a net loss of $89.6 million, or $16.01 per share, for the third quarter of 2016, compared to a net loss of $292.0 million, or $52.82 per share, in the third quarter of 2015. Net daily production averaged 39.1 thousand barrels of oil equivalent (MBoe) per day for the third quarter of 2016. Production guidance for the fourth quarter of 2016 is estimated to be in the range of 41 to 43 MBoe per day.

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