Intrinsic value of W&T Offshore - WTI

Previous Close

$3.89

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$3.89

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

We calculate the intrinsic value of WTI 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, %
  -21.10
  2.80
  3.02
  3.22
  3.40
  3.56
  3.70
  3.83
  3.95
  4.05
  4.15
  4.23
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
Revenue, $m
  400
  411
  424
  437
  452
  468
  486
  504
  524
  545
  568
  592
  617
  644
  673
  703
  735
  769
  805
  842
  882
  924
  968
  1,014
  1,063
  1,114
  1,168
  1,225
  1,284
  1,347
  1,413
Variable operating expenses, $m
 
  1,341
  1,381
  1,425
  1,474
  1,526
  1,583
  1,643
  1,708
  1,777
  1,851
  1,930
  2,013
  2,101
  2,194
  2,293
  2,397
  2,507
  2,623
  2,746
  2,875
  3,011
  3,154
  3,305
  3,464
  3,631
  3,807
  3,992
  4,186
  4,391
  4,606
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
  607
  1,341
  1,381
  1,425
  1,474
  1,526
  1,583
  1,643
  1,708
  1,777
  1,851
  1,930
  2,013
  2,101
  2,194
  2,293
  2,397
  2,507
  2,623
  2,746
  2,875
  3,011
  3,154
  3,305
  3,464
  3,631
  3,807
  3,992
  4,186
  4,391
  4,606
Operating income, $m
  -207
  -929
  -957
  -988
  -1,022
  -1,058
  -1,097
  -1,139
  -1,184
  -1,232
  -1,283
  -1,338
  -1,395
  -1,456
  -1,521
  -1,590
  -1,662
  -1,738
  -1,819
  -1,904
  -1,993
  -2,087
  -2,187
  -2,291
  -2,401
  -2,517
  -2,639
  -2,767
  -2,902
  -3,044
  -3,193
EBITDA, $m
  5
  -771
  -795
  -820
  -848
  -878
  -911
  -946
  -983
  -1,023
  -1,065
  -1,110
  -1,158
  -1,209
  -1,263
  -1,319
  -1,379
  -1,443
  -1,509
  -1,580
  -1,654
  -1,733
  -1,815
  -1,902
  -1,993
  -2,089
  -2,191
  -2,297
  -2,409
  -2,527
  -2,650
Interest expense (income), $m
  97
  88
  20
  22
  24
  27
  29
  32
  34
  37
  40
  44
  47
  51
  55
  59
  64
  69
  74
  79
  85
  91
  97
  103
  110
  117
  125
  133
  142
  150
  160
Earnings before tax, $m
  -292
  -1,017
  -978
  -1,011
  -1,046
  -1,085
  -1,126
  -1,171
  -1,219
  -1,270
  -1,324
  -1,381
  -1,443
  -1,508
  -1,576
  -1,649
  -1,726
  -1,807
  -1,892
  -1,983
  -2,078
  -2,178
  -2,284
  -2,395
  -2,512
  -2,635
  -2,764
  -2,901
  -3,044
  -3,194
  -3,353
Tax expense, $m
  -43
  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
  -249
  -1,017
  -978
  -1,011
  -1,046
  -1,085
  -1,126
  -1,171
  -1,219
  -1,270
  -1,324
  -1,381
  -1,443
  -1,508
  -1,576
  -1,649
  -1,726
  -1,807
  -1,892
  -1,983
  -2,078
  -2,178
  -2,284
  -2,395
  -2,512
  -2,635
  -2,764
  -2,901
  -3,044
  -3,194
  -3,353

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  70
  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
  830
  782
  805
  831
  860
  890
  923
  958
  996
  1,037
  1,080
  1,125
  1,174
  1,225
  1,280
  1,337
  1,398
  1,462
  1,530
  1,601
  1,677
  1,756
  1,840
  1,928
  2,020
  2,118
  2,220
  2,328
  2,441
  2,561
  2,686
Adjusted assets (=assets-cash), $m
  760
  782
  805
  831
  860
  890
  923
  958
  996
  1,037
  1,080
  1,125
  1,174
  1,225
  1,280
  1,337
  1,398
  1,462
  1,530
  1,601
  1,677
  1,756
  1,840
  1,928
  2,020
  2,118
  2,220
  2,328
  2,441
  2,561
  2,686
Revenue / Adjusted assets
  0.526
  0.526
  0.527
  0.526
  0.526
  0.526
  0.527
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
Average production assets, $m
  769
  790
  814
  840
  868
  899
  933
  968
  1,007
  1,047
  1,091
  1,137
  1,186
  1,238
  1,293
  1,351
  1,413
  1,477
  1,546
  1,618
  1,694
  1,774
  1,859
  1,948
  2,041
  2,140
  2,243
  2,352
  2,467
  2,587
  2,714
Working capital, $m
  -11
  -75
  -78
  -80
  -83
  -86
  -89
  -92
  -96
  -100
  -104
  -108
  -113
  -118
  -123
  -129
  -135
  -141
  -147
  -154
  -161
  -169
  -177
  -186
  -194
  -204
  -214
  -224
  -235
  -246
  -259
Total debt, $m
  1,021
  236
  257
  280
  306
  333
  363
  395
  429
  465
  504
  545
  588
  635
  684
  735
  790
  848
  909
  973
  1,041
  1,112
  1,188
  1,267
  1,350
  1,438
  1,530
  1,627
  1,729
  1,837
  1,949
Total liabilities, $m
  1,489
  704
  725
  748
  774
  801
  831
  863
  897
  933
  972
  1,013
  1,056
  1,103
  1,152
  1,203
  1,258
  1,316
  1,377
  1,441
  1,509
  1,580
  1,656
  1,735
  1,818
  1,906
  1,998
  2,095
  2,197
  2,305
  2,417
Total equity, $m
  -659
  78
  81
  83
  86
  89
  92
  96
  100
  104
  108
  113
  117
  123
  128
  134
  140
  146
  153
  160
  168
  176
  184
  193
  202
  212
  222
  233
  244
  256
  269
Total liabilities and equity, $m
  830
  782
  806
  831
  860
  890
  923
  959
  997
  1,037
  1,080
  1,126
  1,173
  1,226
  1,280
  1,337
  1,398
  1,462
  1,530
  1,601
  1,677
  1,756
  1,840
  1,928
  2,020
  2,118
  2,220
  2,328
  2,441
  2,561
  2,686
Debt-to-equity ratio
  -1.549
  3.010
  3.190
  3.370
  3.560
  3.740
  3.930
  4.120
  4.300
  4.490
  4.660
  4.840
  5.010
  5.180
  5.340
  5.500
  5.650
  5.800
  5.940
  6.080
  6.210
  6.330
  6.460
  6.570
  6.680
  6.790
  6.890
  6.990
  7.080
  7.170
  7.260
Adjusted equity ratio
  -0.959
  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
  -249
  -1,017
  -978
  -1,011
  -1,046
  -1,085
  -1,126
  -1,171
  -1,219
  -1,270
  -1,324
  -1,381
  -1,443
  -1,508
  -1,576
  -1,649
  -1,726
  -1,807
  -1,892
  -1,983
  -2,078
  -2,178
  -2,284
  -2,395
  -2,512
  -2,635
  -2,764
  -2,901
  -3,044
  -3,194
  -3,353
Depreciation, amort., depletion, $m
  212
  158
  163
  168
  174
  180
  187
  194
  201
  209
  218
  227
  237
  248
  259
  270
  283
  295
  309
  324
  339
  355
  372
  390
  408
  428
  449
  470
  493
  517
  543
Funds from operations, $m
  -139
  -859
  -815
  -843
  -872
  -905
  -940
  -977
  -1,017
  -1,060
  -1,106
  -1,154
  -1,206
  -1,260
  -1,318
  -1,379
  -1,443
  -1,511
  -1,583
  -1,659
  -1,739
  -1,823
  -1,912
  -2,005
  -2,103
  -2,207
  -2,316
  -2,430
  -2,550
  -2,677
  -2,810
Change in working capital, $m
  -153
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
Cash from operations, $m
  14
  -857
  -813
  -840
  -870
  -902
  -937
  -974
  -1,014
  -1,056
  -1,101
  -1,150
  -1,201
  -1,255
  -1,312
  -1,373
  -1,437
  -1,505
  -1,577
  -1,652
  -1,732
  -1,815
  -1,904
  -1,997
  -2,094
  -2,197
  -2,306
  -2,420
  -2,539
  -2,665
  -2,798
Maintenance CAPEX, $m
  0
  -154
  -158
  -163
  -168
  -174
  -180
  -187
  -194
  -201
  -209
  -218
  -227
  -237
  -248
  -259
  -270
  -283
  -295
  -309
  -324
  -339
  -355
  -372
  -390
  -408
  -428
  -449
  -470
  -493
  -517
New CAPEX, $m
  -49
  -21
  -24
  -26
  -29
  -31
  -33
  -36
  -38
  -41
  -43
  -46
  -49
  -52
  -55
  -58
  -61
  -65
  -68
  -72
  -76
  -80
  -84
  -89
  -94
  -98
  -104
  -109
  -115
  -121
  -127
Cash from investing activities, $m
  -82
  -175
  -182
  -189
  -197
  -205
  -213
  -223
  -232
  -242
  -252
  -264
  -276
  -289
  -303
  -317
  -331
  -348
  -363
  -381
  -400
  -419
  -439
  -461
  -484
  -506
  -532
  -558
  -585
  -614
  -644
Free cash flow, $m
  -68
  -1,033
  -995
  -1,029
  -1,066
  -1,106
  -1,150
  -1,196
  -1,246
  -1,298
  -1,354
  -1,414
  -1,477
  -1,544
  -1,615
  -1,690
  -1,769
  -1,853
  -1,941
  -2,033
  -2,131
  -2,234
  -2,343
  -2,457
  -2,578
  -2,704
  -2,837
  -2,977
  -3,125
  -3,279
  -3,442
Issuance/(repayment) of debt, $m
  72
  -777
  21
  23
  25
  28
  30
  32
  34
  36
  39
  41
  44
  46
  49
  52
  55
  58
  61
  64
  68
  71
  75
  79
  83
  88
  92
  97
  102
  107
  113
Issuance/(repurchase) of shares, $m
  0
  1,817
  980
  1,013
  1,049
  1,088
  1,130
  1,174
  1,222
  1,274
  1,328
  1,386
  1,448
  1,513
  1,582
  1,655
  1,732
  1,813
  1,899
  1,990
  2,085
  2,186
  2,292
  2,403
  2,521
  2,645
  2,775
  2,911
  3,055
  3,206
  3,365
Cash from financing (excl. dividends), $m  
  53
  1,040
  1,001
  1,036
  1,074
  1,116
  1,160
  1,206
  1,256
  1,310
  1,367
  1,427
  1,492
  1,559
  1,631
  1,707
  1,787
  1,871
  1,960
  2,054
  2,153
  2,257
  2,367
  2,482
  2,604
  2,733
  2,867
  3,008
  3,157
  3,313
  3,478
Total cash flow (excl. dividends), $m
  -15
  7
  7
  7
  8
  9
  9
  10
  11
  12
  12
  13
  14
  15
  16
  17
  18
  18
  20
  21
  22
  23
  24
  25
  27
  28
  30
  31
  33
  34
  36
Retained Cash Flow (-), $m
  133
  -1,817
  -980
  -1,013
  -1,049
  -1,088
  -1,130
  -1,174
  -1,222
  -1,274
  -1,328
  -1,386
  -1,448
  -1,513
  -1,582
  -1,655
  -1,732
  -1,813
  -1,899
  -1,990
  -2,085
  -2,186
  -2,292
  -2,403
  -2,521
  -2,645
  -2,775
  -2,911
  -3,055
  -3,206
  -3,365
Prev. year cash balance distribution, $m
 
  62
  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
 
  -1,748
  -973
  -1,006
  -1,041
  -1,079
  -1,120
  -1,164
  -1,211
  -1,262
  -1,316
  -1,373
  -1,434
  -1,498
  -1,566
  -1,638
  -1,714
  -1,795
  -1,880
  -1,969
  -2,064
  -2,163
  -2,268
  -2,378
  -2,494
  -2,616
  -2,745
  -2,880
  -3,022
  -3,172
  -3,329
Discount rate, %
 
  13.60
  14.28
  14.99
  15.74
  16.53
  17.36
  18.23
  19.14
  20.09
  21.10
  22.15
  23.26
  24.42
  25.64
  26.93
  28.27
  29.69
  31.17
  32.73
  34.37
  36.08
  37.89
  39.78
  41.77
  43.86
  46.05
  48.36
  50.78
  53.31
  55.98
PV of cash for distribution, $m
 
  -1,539
  -745
  -661
  -580
  -502
  -429
  -361
  -299
  -243
  -194
  -152
  -117
  -87
  -64
  -46
  -32
  -22
  -14
  -9
  -6
  -3
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  3.7
  0.3
  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

W&T Offshore, Inc. is an independent oil and natural gas producer. The Company is engaged in the exploration, development and acquisition of oil and natural gas properties in the Gulf of Mexico. As of December 31, 2016, the Company had interests in offshore leases covering approximately 750,000 gross acres (450,000 net acres) spanning across the Outer Continental Shelf (OCS) off the coasts of Louisiana, Texas, Mississippi and Alabama. Its producing fields are located in federal and state waters in the Gulf of Mexico in water depths ranging from less than 10 feet up to 7,300 feet. Its fields include Ship Shoal 349 Field (Mahogany), Fairway Field, Viosca Knoll 783 Field (Viosca Knoll 783 (Tahoe) and Viosca Knoll 784 (SE Tahoe)), Mississippi Canyon 782 Field (Dantzler), Mississippi Canyon 698 Field (Big Bend), Mississippi Canyon 243 Field (Matterhorn), Ewing Bank 910, Brazos A-133 Field and Viosca Knoll 823 Field (Virgo).

FINANCIAL RATIOS  of  W&T Offshore (WTI)

Valuation Ratios
P/E Ratio -2.2
Price to Sales 1.3
Price to Book -0.8
Price to Tangible Book
Price to Cash Flow 38.3
Price to Free Cash Flow -15.3
Growth Rates
Sales Growth Rate -21.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -78.8%
Cap. Spend. - 3 Yr. Gr. Rate -38.4%
Financial Strength
Quick Ratio 9
Current Ratio 0
LT Debt to Equity -153.7%
Total Debt to Equity -154.9%
Interest Coverage -2
Management Effectiveness
Return On Assets -16.3%
Ret/ On Assets - 3 Yr. Avg. -21.4%
Return On Total Capital -48.2%
Ret/ On T. Cap. - 3 Yr. Avg. -43.8%
Return On Equity 42%
Return On Equity - 3 Yr. Avg. 4111.3%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 99.5%
Gross Margin - 3 Yr. Avg. 99.4%
EBITDA Margin 4.3%
EBITDA Margin - 3 Yr. Avg. -28.5%
Operating Margin -51.8%
Oper. Margin - 3 Yr. Avg. -90.4%
Pre-Tax Margin -73%
Pre-Tax Margin - 3 Yr. Avg. -106.9%
Net Profit Margin -62.3%
Net Profit Margin - 3 Yr. Avg. -89.9%
Effective Tax Rate 14.7%
Eff/ Tax Rate - 3 Yr. Avg. 18.7%
Payout Ratio 0%

WTI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WTI stock intrinsic value calculation we used $400 million for the last fiscal year's total revenue generated by W&T Offshore. The default revenue input number comes from 2016 income statement of W&T Offshore. 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 WTI stock valuation model: a) initial revenue growth rate of 2.8% 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 13.6%, whose default value for WTI is calculated based on our internal credit rating of W&T Offshore, 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 W&T Offshore.
    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 WTI stock the variable cost ratio is equal to 326%.

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 WTI 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 8.7% for W&T Offshore.

Corporate tax rate of 27% is the nominal tax rate for W&T Offshore. 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 WTI 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 WTI are equal to 192.1%.

Life of production assets of 3.6 years is the average useful life of capital assets used in W&T Offshore 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 WTI is equal to -18.3%. 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 - $-659 million for W&T Offshore - 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 138.656 million for W&T Offshore 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 W&T Offshore at the current share price and the inputted number of shares is $0.5 billion.

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Financial statements of WTI
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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