Intrinsic value of PetroQuest Energy - PQ

Previous Close

$1.45

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$1.45

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

We calculate the intrinsic value of PQ stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -42.24
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  67
  107
  166
  248
  359
  507
  697
  936
  1,229
  1,581
  1,997
  2,480
  3,032
  3,654
  4,348
  5,112
  5,946
  6,850
  7,821
  8,857
  9,958
  11,122
  12,347
  13,633
  14,980
  16,386
  17,852
  19,379
  20,968
  22,620
  24,337
Variable operating expenses, $m
 
  378
  583
  872
  1,266
  1,786
  2,455
  3,295
  4,327
  5,568
  7,033
  8,733
  10,677
  12,869
  15,312
  18,004
  20,943
  24,125
  27,544
  31,195
  35,072
  39,171
  43,487
  48,017
  52,758
  57,711
  62,875
  68,253
  73,849
  79,667
  85,714
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  157
  378
  583
  872
  1,266
  1,786
  2,455
  3,295
  4,327
  5,568
  7,033
  8,733
  10,677
  12,869
  15,312
  18,004
  20,943
  24,125
  27,544
  31,195
  35,072
  39,171
  43,487
  48,017
  52,758
  57,711
  62,875
  68,253
  73,849
  79,667
  85,714
Operating income, $m
  -90
  -270
  -418
  -625
  -906
  -1,279
  -1,758
  -2,360
  -3,099
  -3,987
  -5,036
  -6,253
  -7,645
  -9,215
  -10,964
  -12,892
  -14,997
  -17,275
  -19,723
  -22,338
  -25,114
  -28,049
  -31,140
  -34,383
  -37,779
  -41,325
  -45,023
  -48,874
  -52,881
  -57,047
  -61,377
EBITDA, $m
  -61
  -229
  -354
  -529
  -767
  -1,083
  -1,489
  -1,998
  -2,624
  -3,376
  -4,264
  -5,295
  -6,474
  -7,803
  -9,284
  -10,916
  -12,698
  -14,627
  -16,700
  -18,914
  -21,264
  -23,750
  -26,366
  -29,113
  -31,988
  -34,990
  -38,121
  -41,382
  -44,775
  -48,302
  -51,969
Interest expense (income), $m
  33
  28
  7
  16
  30
  48
  72
  102
  141
  188
  245
  313
  391
  480
  581
  693
  817
  952
  1,098
  1,255
  1,422
  1,601
  1,789
  1,987
  2,195
  2,413
  2,640
  2,878
  3,125
  3,382
  3,649
Earnings before tax, $m
  -90
  -298
  -425
  -641
  -936
  -1,326
  -1,830
  -2,462
  -3,239
  -4,175
  -5,281
  -6,566
  -8,036
  -9,695
  -11,545
  -13,585
  -15,813
  -18,227
  -20,821
  -23,592
  -26,537
  -29,650
  -32,929
  -36,370
  -39,974
  -43,738
  -47,663
  -51,752
  -56,005
  -60,429
  -65,026
Tax expense, $m
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -91
  -298
  -425
  -641
  -936
  -1,326
  -1,830
  -2,462
  -3,239
  -4,175
  -5,281
  -6,566
  -8,036
  -9,695
  -11,545
  -13,585
  -15,813
  -18,227
  -20,821
  -23,592
  -26,537
  -29,650
  -32,929
  -36,370
  -39,974
  -43,738
  -47,663
  -51,752
  -56,005
  -60,429
  -65,026

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  28
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  145
  187
  289
  432
  627
  885
  1,217
  1,633
  2,144
  2,759
  3,485
  4,327
  5,291
  6,377
  7,587
  8,921
  10,378
  11,954
  13,648
  15,458
  17,379
  19,410
  21,548
  23,793
  26,142
  28,597
  31,155
  33,820
  36,593
  39,476
  42,472
Adjusted assets (=assets-cash), $m
  117
  187
  289
  432
  627
  885
  1,217
  1,633
  2,144
  2,759
  3,485
  4,327
  5,291
  6,377
  7,587
  8,921
  10,378
  11,954
  13,648
  15,458
  17,379
  19,410
  21,548
  23,793
  26,142
  28,597
  31,155
  33,820
  36,593
  39,476
  42,472
Revenue / Adjusted assets
  0.573
  0.572
  0.574
  0.574
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
Average production assets, $m
  130
  207
  320
  479
  695
  980
  1,347
  1,809
  2,375
  3,056
  3,860
  4,793
  5,860
  7,063
  8,404
  9,881
  11,494
  13,241
  15,117
  17,121
  19,249
  21,499
  23,867
  26,353
  28,956
  31,674
  34,508
  37,460
  40,531
  43,724
  47,043
Working capital, $m
  -37
  -67
  -104
  -155
  -225
  -318
  -437
  -587
  -770
  -991
  -1,252
  -1,555
  -1,901
  -2,291
  -2,726
  -3,205
  -3,728
  -4,295
  -4,903
  -5,553
  -6,244
  -6,973
  -7,742
  -8,548
  -9,392
  -10,274
  -11,193
  -12,151
  -13,147
  -14,183
  -15,259
Total debt, $m
  294
  66
  158
  287
  462
  694
  993
  1,368
  1,828
  2,381
  3,034
  3,793
  4,660
  5,637
  6,727
  7,927
  9,238
  10,657
  12,182
  13,810
  15,539
  17,367
  19,292
  21,312
  23,426
  25,635
  27,938
  30,336
  32,832
  35,426
  38,123
Total liabilities, $m
  396
  168
  260
  389
  564
  796
  1,095
  1,470
  1,930
  2,483
  3,136
  3,895
  4,762
  5,739
  6,829
  8,029
  9,340
  10,759
  12,284
  13,912
  15,641
  17,469
  19,394
  21,414
  23,528
  25,737
  28,040
  30,438
  32,934
  35,528
  38,225
Total equity, $m
  -251
  19
  29
  43
  63
  88
  122
  163
  214
  276
  348
  433
  529
  638
  759
  892
  1,038
  1,195
  1,365
  1,546
  1,738
  1,941
  2,155
  2,379
  2,614
  2,860
  3,116
  3,382
  3,659
  3,948
  4,247
Total liabilities and equity, $m
  145
  187
  289
  432
  627
  884
  1,217
  1,633
  2,144
  2,759
  3,484
  4,328
  5,291
  6,377
  7,588
  8,921
  10,378
  11,954
  13,649
  15,458
  17,379
  19,410
  21,549
  23,793
  26,142
  28,597
  31,156
  33,820
  36,593
  39,476
  42,472
Debt-to-equity ratio
  -1.171
  3.550
  5.470
  6.640
  7.370
  7.850
  8.160
  8.380
  8.520
  8.630
  8.710
  8.760
  8.810
  8.840
  8.870
  8.890
  8.900
  8.910
  8.930
  8.930
  8.940
  8.950
  8.950
  8.960
  8.960
  8.960
  8.970
  8.970
  8.970
  8.970
  8.980
Adjusted equity ratio
  -2.385
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -91
  -298
  -425
  -641
  -936
  -1,326
  -1,830
  -2,462
  -3,239
  -4,175
  -5,281
  -6,566
  -8,036
  -9,695
  -11,545
  -13,585
  -15,813
  -18,227
  -20,821
  -23,592
  -26,537
  -29,650
  -32,929
  -36,370
  -39,974
  -43,738
  -47,663
  -51,752
  -56,005
  -60,429
  -65,026
Depreciation, amort., depletion, $m
  29
  41
  64
  96
  139
  196
  269
  362
  475
  611
  772
  959
  1,172
  1,413
  1,681
  1,976
  2,299
  2,648
  3,023
  3,424
  3,850
  4,300
  4,773
  5,271
  5,791
  6,335
  6,902
  7,492
  8,106
  8,745
  9,409
Funds from operations, $m
  -111
  -257
  -361
  -545
  -797
  -1,130
  -1,560
  -2,100
  -2,764
  -3,564
  -4,509
  -5,607
  -6,864
  -8,283
  -9,864
  -11,609
  -13,514
  -15,578
  -17,798
  -20,168
  -22,687
  -25,350
  -28,155
  -31,100
  -34,183
  -37,403
  -40,762
  -44,260
  -47,899
  -51,684
  -55,618
Change in working capital, $m
  -54
  -25
  -37
  -51
  -70
  -93
  -119
  -150
  -184
  -221
  -261
  -303
  -346
  -390
  -435
  -479
  -523
  -566
  -609
  -650
  -690
  -730
  -768
  -806
  -844
  -882
  -919
  -957
  -996
  -1,036
  -1,077
Cash from operations, $m
  -57
  -232
  -324
  -494
  -727
  -1,038
  -1,441
  -1,951
  -2,581
  -3,343
  -4,248
  -5,305
  -6,518
  -7,892
  -9,430
  -11,130
  -12,991
  -15,012
  -17,189
  -19,518
  -21,997
  -24,620
  -27,387
  -30,293
  -33,339
  -36,521
  -39,842
  -43,302
  -46,903
  -50,648
  -54,541
Maintenance CAPEX, $m
  0
  -26
  -41
  -64
  -96
  -139
  -196
  -269
  -362
  -475
  -611
  -772
  -959
  -1,172
  -1,413
  -1,681
  -1,976
  -2,299
  -2,648
  -3,023
  -3,424
  -3,850
  -4,300
  -4,773
  -5,271
  -5,791
  -6,335
  -6,902
  -7,492
  -8,106
  -8,745
New CAPEX, $m
  -30
  -78
  -113
  -159
  -216
  -285
  -367
  -461
  -566
  -681
  -804
  -933
  -1,067
  -1,203
  -1,341
  -1,478
  -1,613
  -1,746
  -1,877
  -2,004
  -2,128
  -2,250
  -2,369
  -2,486
  -2,602
  -2,718
  -2,834
  -2,952
  -3,071
  -3,193
  -3,319
Cash from investing activities, $m
  -5
  -104
  -154
  -223
  -312
  -424
  -563
  -730
  -928
  -1,156
  -1,415
  -1,705
  -2,026
  -2,375
  -2,754
  -3,159
  -3,589
  -4,045
  -4,525
  -5,027
  -5,552
  -6,100
  -6,669
  -7,259
  -7,873
  -8,509
  -9,169
  -9,854
  -10,563
  -11,299
  -12,064
Free cash flow, $m
  -62
  -335
  -478
  -716
  -1,039
  -1,462
  -2,004
  -2,681
  -3,509
  -4,499
  -5,664
  -7,010
  -8,544
  -10,268
  -12,183
  -14,288
  -16,581
  -19,057
  -21,714
  -24,546
  -27,549
  -30,720
  -34,055
  -37,553
  -41,211
  -45,031
  -49,011
  -53,156
  -57,466
  -61,947
  -66,605
Issuance/(repayment) of debt, $m
  -44
  -205
  92
  129
  175
  232
  298
  375
  460
  553
  653
  758
  867
  978
  1,089
  1,201
  1,311
  1,419
  1,525
  1,628
  1,729
  1,828
  1,925
  2,020
  2,115
  2,209
  2,303
  2,398
  2,495
  2,595
  2,697
Issuance/(repurchase) of shares, $m
  0
  573
  435
  655
  955
  1,352
  1,863
  2,504
  3,290
  4,237
  5,354
  6,650
  8,132
  9,804
  11,666
  13,719
  15,959
  18,384
  20,990
  23,773
  26,729
  29,853
  33,142
  36,595
  40,209
  43,983
  47,919
  52,018
  56,283
  60,717
  65,326
Cash from financing (excl. dividends), $m  
  -57
  368
  527
  784
  1,130
  1,584
  2,161
  2,879
  3,750
  4,790
  6,007
  7,408
  8,999
  10,782
  12,755
  14,920
  17,270
  19,803
  22,515
  25,401
  28,458
  31,681
  35,067
  38,615
  42,324
  46,192
  50,222
  54,416
  58,778
  63,312
  68,023
Total cash flow (excl. dividends), $m
  -119
  33
  48
  68
  92
  122
  157
  197
  242
  291
  343
  399
  456
  514
  573
  631
  689
  746
  802
  856
  909
  961
  1,012
  1,062
  1,112
  1,161
  1,211
  1,261
  1,312
  1,364
  1,418
Retained Cash Flow (-), $m
  88
  -573
  -435
  -655
  -955
  -1,352
  -1,863
  -2,504
  -3,290
  -4,237
  -5,354
  -6,650
  -8,132
  -9,804
  -11,666
  -13,719
  -15,959
  -18,384
  -20,990
  -23,773
  -26,729
  -29,853
  -33,142
  -36,595
  -40,209
  -43,983
  -47,919
  -52,018
  -56,283
  -60,717
  -65,326
Prev. year cash balance distribution, $m
 
  5
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -535
  -386
  -588
  -863
  -1,230
  -1,706
  -2,307
  -3,049
  -3,946
  -5,010
  -6,252
  -7,677
  -9,290
  -11,093
  -13,087
  -15,270
  -17,638
  -20,189
  -22,917
  -25,820
  -28,892
  -32,131
  -35,533
  -39,097
  -42,822
  -46,708
  -50,757
  -54,971
  -59,353
  -63,908
Discount rate, %
 
  16.10
  16.91
  17.75
  18.64
  19.57
  20.55
  21.58
  22.65
  23.79
  24.98
  26.23
  27.54
  28.91
  30.36
  31.88
  33.47
  35.14
  36.90
  38.75
  40.68
  42.72
  44.85
  47.10
  49.45
  51.92
  54.52
  57.25
  60.11
  63.11
  66.27
PV of cash for distribution, $m
 
  -461
  -283
  -360
  -436
  -503
  -556
  -588
  -595
  -578
  -539
  -482
  -415
  -342
  -271
  -206
  -151
  -105
  -71
  -45
  -28
  -16
  -9
  -5
  -3
  -1
  -1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  2.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

PetroQuest Energy, Inc. is an oil and gas company. The Company is engaged in exploratory, development and acquisition activities. The Company has approximately 30 gross exploratory wells and over 30 gross development wells. The Company has reserves in various areas, including East Texas, Gulf Coast Basin and Oklahoma Woodford. Its annual production from East Texas area is approximately 114.1 billions of cubic feet equivalent (Bcfe); Gulf Coast Basin is over 43.9 Bcfe, and Oklahoma Woodford is approximately 20.0 Bcfe. The net production from its East Texas assets averages over 30.4 millions of cubic feet equivalent (MMcfe) per day. Production from Gulf Coast Basin area totals approximately 37.8 MMcfe per day. The average daily production from its Oklahoma-Woodford properties totals over 25 MMcfe per day. The Company sells its oil and natural gas production under fixed or floating market contracts.

FINANCIAL RATIOS  of  PetroQuest Energy (PQ)

Valuation Ratios
P/E Ratio -0.3
Price to Sales 0.5
Price to Book -0.1
Price to Tangible Book
Price to Cash Flow -0.5
Price to Free Cash Flow -0.4
Growth Rates
Sales Growth Rate -42.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -67%
Cap. Spend. - 3 Yr. Gr. Rate -36.9%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity -108%
Total Debt to Equity -117.1%
Interest Coverage -2
Management Effectiveness
Return On Assets -22%
Ret/ On Assets - 3 Yr. Avg. -18.8%
Return On Total Capital -80.2%
Ret/ On T. Cap. - 3 Yr. Avg. -51.4%
Return On Equity 44%
Return On Equity - 3 Yr. Avg. 779.8%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 56.7%
Gross Margin - 3 Yr. Avg. 65.2%
EBITDA Margin -41.8%
EBITDA Margin - 3 Yr. Avg. -46.4%
Operating Margin -134.3%
Oper. Margin - 3 Yr. Avg. -124.5%
Pre-Tax Margin -134.3%
Pre-Tax Margin - 3 Yr. Avg. -124.5%
Net Profit Margin -135.8%
Net Profit Margin - 3 Yr. Avg. -125.5%
Effective Tax Rate -1.1%
Eff/ Tax Rate - 3 Yr. Avg. -4.3%
Payout Ratio -1.1%

PQ stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PQ stock intrinsic value calculation we used $67 million for the last fiscal year's total revenue generated by PetroQuest Energy. The default revenue input number comes from 2016 income statement of PetroQuest Energy. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our PQ stock valuation model: a) initial revenue growth rate of 60% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 16.1%, whose default value for PQ is calculated based on our internal credit rating of PetroQuest Energy, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of PetroQuest Energy.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of PQ stock the variable cost ratio is equal to 352.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for PQ stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 10.3% for PetroQuest Energy.

Corporate tax rate of 27% is the nominal tax rate for PetroQuest Energy. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the PQ stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for PQ are equal to 193.3%.

Life of production assets of 4.5 years is the average useful life of capital assets used in PetroQuest Energy operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for PQ is equal to -62.7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $-251 million for PetroQuest Energy - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 21.836 million for PetroQuest Energy is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of PetroQuest Energy at the current share price and the inputted number of shares is $0.0 billion.

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COMPANY NEWS

▶ EnerCom Dallas Announces 2018 Conference Presenters   [Jan-18-18 05:44PM  PR Newswire]
▶ PetroQuest reports 3Q loss   [Nov-01-17 05:39PM  Associated Press]
▶ 5 Top Performing Energy Stocks of September   [Oct-04-17 04:14PM  Zacks]
▶ PetroQuest Energy Continued Listing Plan Accepted by NYSE   [Aug-24-17 04:59PM  GlobeNewswire]
▶ PetroQuest reports 2Q loss   [Aug-02-17 11:27PM  Associated Press]
▶ PetroQuest reports 1Q loss   [May-03-17 05:39PM  Associated Press]
▶ Webcast-OGIS New York for PetroQuest Energy, Inc.   [Mar-08-17 05:56PM  at Company Spotlight]
▶ PetroQuest reports 4Q loss   [Mar-07-17 06:20PM  Associated Press]
▶ Hedge Funds Are Crazy About Avinger Inc (AVGR)   [Dec-15-16 06:23AM  at Insider Monkey]
▶ [$$] PetroQuest Skips Interest Payment on Bonds   [Sep-02-16 02:01PM  at The Wall Street Journal]
▶ 9 Energy and Metals Stocks Analysts Want You to Buy Now   [Aug-28-16 10:40AM  at 24/7 Wall St.]
Financial statements of PQ
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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