Intrinsic value of California Resources - CRC

Previous Close

$39.30

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$39.30

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

We calculate the intrinsic value of CRC 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

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.40
  5.36
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.07
Revenue, $m
  2,134
  2,268
  2,407
  2,552
  2,703
  2,861
  3,025
  3,196
  3,375
  3,563
  3,758
  3,962
  4,176
  4,400
  4,634
  4,879
  5,136
  5,405
  5,686
  5,981
  6,290
  6,615
  6,954
  7,311
  7,684
  8,076
  8,487
  8,919
  9,371
  9,846
Variable operating expenses, $m
  512
  544
  578
  612
  649
  687
  726
  767
  810
  855
  902
  951
  1,002
  1,056
  1,112
  1,171
  1,233
  1,297
  1,365
  1,435
  1,510
  1,587
  1,669
  1,755
  1,844
  1,938
  2,037
  2,141
  2,249
  2,363
Fixed operating expenses, $m
  1,548
  1,582
  1,617
  1,653
  1,689
  1,726
  1,764
  1,803
  1,843
  1,883
  1,925
  1,967
  2,010
  2,055
  2,100
  2,146
  2,193
  2,241
  2,291
  2,341
  2,393
  2,445
  2,499
  2,554
  2,610
  2,668
  2,726
  2,786
  2,848
  2,910
Total operating expenses, $m
  2,060
  2,126
  2,195
  2,265
  2,338
  2,413
  2,490
  2,570
  2,653
  2,738
  2,827
  2,918
  3,012
  3,111
  3,212
  3,317
  3,426
  3,538
  3,656
  3,776
  3,903
  4,032
  4,168
  4,309
  4,454
  4,606
  4,763
  4,927
  5,097
  5,273
Operating income, $m
  74
  141
  212
  287
  365
  448
  535
  626
  723
  824
  931
  1,044
  1,164
  1,289
  1,422
  1,562
  1,710
  1,866
  2,031
  2,205
  2,388
  2,582
  2,786
  3,002
  3,230
  3,470
  3,724
  3,992
  4,274
  4,573
EBITDA, $m
  655
  759
  868
  982
  1,101
  1,227
  1,358
  1,497
  1,642
  1,795
  1,955
  2,124
  2,301
  2,488
  2,684
  2,891
  3,109
  3,338
  3,579
  3,834
  4,101
  4,383
  4,680
  4,993
  5,323
  5,670
  6,036
  6,421
  6,827
  7,254
Interest expense (income), $m
  0
  345
  275
  299
  324
  351
  378
  407
  436
  467
  500
  534
  569
  606
  645
  685
  728
  772
  819
  867
  918
  972
  1,028
  1,087
  1,148
  1,213
  1,280
  1,351
  1,426
  1,504
  1,586
Earnings before tax, $m
  -271
  -134
  -87
  -38
  14
  70
  128
  190
  255
  324
  398
  475
  557
  644
  737
  834
  938
  1,047
  1,163
  1,286
  1,416
  1,554
  1,700
  1,854
  2,017
  2,190
  2,373
  2,566
  2,771
  2,987
Tax expense, $m
  0
  0
  0
  0
  4
  19
  35
  51
  69
  88
  107
  128
  151
  174
  199
  225
  253
  283
  314
  347
  382
  420
  459
  501
  545
  591
  641
  693
  748
  806
Net income, $m
  -271
  -134
  -87
  -38
  11
  51
  93
  139
  186
  237
  290
  347
  407
  470
  538
  609
  685
  765
  849
  939
  1,034
  1,134
  1,241
  1,353
  1,473
  1,599
  1,732
  1,873
  2,023
  2,180

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  6,608
  7,022
  7,452
  7,901
  8,369
  8,856
  9,365
  9,896
  10,450
  11,030
  11,635
  12,268
  12,930
  13,622
  14,347
  15,106
  15,900
  16,732
  17,604
  18,517
  19,475
  20,478
  21,531
  22,634
  23,791
  25,004
  26,277
  27,612
  29,013
  30,483
Adjusted assets (=assets-cash), $m
  6,608
  7,022
  7,452
  7,901
  8,369
  8,856
  9,365
  9,896
  10,450
  11,030
  11,635
  12,268
  12,930
  13,622
  14,347
  15,106
  15,900
  16,732
  17,604
  18,517
  19,475
  20,478
  21,531
  22,634
  23,791
  25,004
  26,277
  27,612
  29,013
  30,483
Revenue / Adjusted assets
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
Average production assets, $m
  6,162
  6,548
  6,949
  7,368
  7,804
  8,258
  8,733
  9,228
  9,745
  10,285
  10,850
  11,440
  12,057
  12,703
  13,379
  14,086
  14,827
  15,603
  16,416
  17,268
  18,160
  19,096
  20,077
  21,106
  22,185
  23,316
  24,503
  25,749
  27,055
  28,425
Working capital, $m
  -286
  -304
  -323
  -342
  -362
  -383
  -405
  -428
  -452
  -477
  -504
  -531
  -560
  -590
  -621
  -654
  -688
  -724
  -762
  -801
  -843
  -886
  -932
  -980
  -1,030
  -1,082
  -1,137
  -1,195
  -1,256
  -1,319
Total debt, $m
  4,232
  4,604
  4,992
  5,396
  5,817
  6,256
  6,713
  7,191
  7,690
  8,212
  8,756
  9,326
  9,922
  10,545
  11,197
  11,880
  12,595
  13,344
  14,129
  14,951
  15,812
  16,716
  17,663
  18,655
  19,697
  20,789
  21,934
  23,136
  24,397
  25,720
Total liabilities, $m
  5,947
  6,319
  6,707
  7,111
  7,532
  7,971
  8,428
  8,906
  9,405
  9,927
  10,471
  11,041
  11,637
  12,260
  12,912
  13,595
  14,310
  15,059
  15,844
  16,666
  17,527
  18,431
  19,378
  20,370
  21,412
  22,504
  23,649
  24,851
  26,112
  27,435
Total equity, $m
  661
  702
  745
  790
  837
  886
  936
  990
  1,045
  1,103
  1,163
  1,227
  1,293
  1,362
  1,435
  1,511
  1,590
  1,673
  1,760
  1,852
  1,947
  2,048
  2,153
  2,263
  2,379
  2,500
  2,628
  2,761
  2,901
  3,048
Total liabilities and equity, $m
  6,608
  7,021
  7,452
  7,901
  8,369
  8,857
  9,364
  9,896
  10,450
  11,030
  11,634
  12,268
  12,930
  13,622
  14,347
  15,106
  15,900
  16,732
  17,604
  18,518
  19,474
  20,479
  21,531
  22,633
  23,791
  25,004
  26,277
  27,612
  29,013
  30,483
Debt-to-equity ratio
  6.400
  6.560
  6.700
  6.830
  6.950
  7.060
  7.170
  7.270
  7.360
  7.450
  7.530
  7.600
  7.670
  7.740
  7.800
  7.860
  7.920
  7.980
  8.030
  8.070
  8.120
  8.160
  8.200
  8.240
  8.280
  8.310
  8.350
  8.380
  8.410
  8.440
Adjusted equity ratio
  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
  -271
  -134
  -87
  -38
  11
  51
  93
  139
  186
  237
  290
  347
  407
  470
  538
  609
  685
  765
  849
  939
  1,034
  1,134
  1,241
  1,353
  1,473
  1,599
  1,732
  1,873
  2,023
  2,180
Depreciation, amort., depletion, $m
  581
  618
  656
  695
  736
  779
  824
  871
  919
  970
  1,024
  1,079
  1,137
  1,198
  1,262
  1,329
  1,399
  1,472
  1,549
  1,629
  1,713
  1,802
  1,894
  1,991
  2,093
  2,200
  2,312
  2,429
  2,552
  2,682
Funds from operations, $m
  310
  484
  569
  657
  747
  830
  917
  1,009
  1,106
  1,207
  1,314
  1,426
  1,544
  1,669
  1,800
  1,938
  2,083
  2,236
  2,398
  2,568
  2,747
  2,936
  3,135
  3,345
  3,566
  3,798
  4,044
  4,302
  4,575
  4,862
Change in working capital, $m
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -34
  -36
  -38
  -40
  -41
  -43
  -46
  -48
  -50
  -53
  -55
  -58
  -61
  -64
Cash from operations, $m
  327
  502
  587
  677
  767
  851
  939
  1,032
  1,130
  1,232
  1,340
  1,454
  1,573
  1,699
  1,831
  1,971
  2,118
  2,273
  2,436
  2,607
  2,789
  2,979
  3,180
  3,392
  3,616
  3,851
  4,099
  4,360
  4,636
  4,926
Maintenance CAPEX, $m
  -546
  -581
  -618
  -656
  -695
  -736
  -779
  -824
  -871
  -919
  -970
  -1,024
  -1,079
  -1,137
  -1,198
  -1,262
  -1,329
  -1,399
  -1,472
  -1,549
  -1,629
  -1,713
  -1,802
  -1,894
  -1,991
  -2,093
  -2,200
  -2,312
  -2,429
  -2,552
New CAPEX, $m
  -371
  -386
  -402
  -418
  -436
  -455
  -474
  -495
  -517
  -540
  -564
  -590
  -617
  -646
  -676
  -707
  -741
  -776
  -813
  -852
  -893
  -936
  -981
  -1,029
  -1,079
  -1,132
  -1,187
  -1,245
  -1,306
  -1,371
Cash from investing activities, $m
  -917
  -967
  -1,020
  -1,074
  -1,131
  -1,191
  -1,253
  -1,319
  -1,388
  -1,459
  -1,534
  -1,614
  -1,696
  -1,783
  -1,874
  -1,969
  -2,070
  -2,175
  -2,285
  -2,401
  -2,522
  -2,649
  -2,783
  -2,923
  -3,070
  -3,225
  -3,387
  -3,557
  -3,735
  -3,923
Free cash flow, $m
  -590
  -465
  -432
  -397
  -364
  -340
  -314
  -287
  -258
  -227
  -195
  -160
  -123
  -84
  -43
  1
  48
  98
  151
  207
  267
  330
  398
  469
  546
  626
  712
  803
  900
  1,003
Issuance/(repayment) of debt, $m
  -1,074
  372
  388
  404
  421
  439
  458
  478
  499
  521
  545
  570
  596
  623
  652
  683
  715
  749
  785
  822
  862
  903
  947
  993
  1,041
  1,092
  1,146
  1,202
  1,261
  1,323
Issuance/(repurchase) of shares, $m
  1,746
  175
  130
  83
  36
  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 from financing (excl. dividends), $m  
  672
  547
  518
  487
  457
  439
  458
  478
  499
  521
  545
  570
  596
  623
  652
  683
  715
  749
  785
  822
  862
  903
  947
  993
  1,041
  1,092
  1,146
  1,202
  1,261
  1,323
Total cash flow (excl. dividends), $m
  82
  82
  86
  89
  93
  99
  144
  191
  241
  294
  350
  409
  472
  539
  609
  684
  763
  847
  935
  1,029
  1,128
  1,233
  1,345
  1,462
  1,587
  1,719
  1,858
  2,005
  2,161
  2,326
Retained Cash Flow (-), $m
  -1,746
  -175
  -130
  -83
  -47
  -49
  -51
  -53
  -55
  -58
  -61
  -63
  -66
  -69
  -72
  -76
  -79
  -83
  -87
  -91
  -96
  -100
  -105
  -110
  -116
  -121
  -127
  -134
  -140
  -147
Prev. year cash balance distribution, $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 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
  -1,664
  -93
  -45
  7
  46
  50
  93
  138
  186
  236
  290
  346
  406
  470
  537
  608
  684
  763
  848
  938
  1,033
  1,133
  1,239
  1,352
  1,471
  1,597
  1,731
  1,872
  2,021
  2,179
Discount rate, %
  15.10
  15.86
  16.65
  17.48
  18.35
  19.27
  20.24
  21.25
  22.31
  23.43
  24.60
  25.83
  27.12
  28.47
  29.90
  31.39
  32.96
  34.61
  36.34
  38.16
  40.06
  42.07
  44.17
  46.38
  48.70
  51.13
  53.69
  56.38
  59.19
  62.15
PV of cash for distribution, $m
  -1,446
  -69
  -28
  3
  20
  17
  26
  30
  30
  29
  26
  22
  18
  14
  11
  8
  5
  4
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  50.0
  39.5
  33.3
  30.0
  28.7
  28.7
  28.7
  28.7
  28.7
  28.7
  28.7
  28.7
  28.7
  28.7
  28.7
  28.7
  28.7
  28.7
  28.7
  28.7
  28.7
  28.7
  28.7
  28.7
  28.7
  28.7
  28.7
  28.7
  28.7
  28.7

California Resources Corporation is an independent oil and natural gas exploration and production company, with operating properties within the State of California. The Company produced approximately 140 thousand barrels of oil equivalent per day (MBoe/d), as of December 31, 2016. As of December 31, 2016, the Company had net proved reserves of 568 million barrels of oil equivalent (MMBoe). As of December 31, 2016, it drilled 42 development wells with 37 wells in the San Joaquin basin and five in the Los Angeles basin, which included over 30 steamflood and eight waterflood wells. As of December 31, 2016, the Company produced 36 billion barrels of oil equivalent (BBoe), including approximately 20 BBoe in the San Joaquin basin, 11 BBoe in the Los Angeles basin, three BBoe in the Ventura basin and 10 trillion cubic feet (Tcf) of natural gas in the Sacramento basin. Its operations included 135 fields with 8,837 gross active wellbores, as of December 31, 2016.

FINANCIAL RATIOS  of  California Resources (CRC)

Valuation Ratios
P/E Ratio 6
Price to Sales 1
Price to Book -3
Price to Tangible Book
Price to Cash Flow 12.9
Price to Free Cash Flow 30.4
Growth Rates
Sales Growth Rate -22.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -81.3%
Cap. Spend. - 3 Yr. Gr. Rate -46.2%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity -927.8%
Total Debt to Equity -945.8%
Interest Coverage 0
Management Effectiveness
Return On Assets 4.2%
Ret/ On Assets - 3 Yr. Avg. -14.4%
Return On Total Capital 5.6%
Ret/ On T. Cap. - 3 Yr. Avg. -19.9%
Return On Equity -37.9%
Return On Equity - 3 Yr. Avg. -160%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 54.4%
Gross Margin - 3 Yr. Avg. 62.4%
EBITDA Margin 43.4%
EBITDA Margin - 3 Yr. Avg. -61%
Operating Margin 40.2%
Oper. Margin - 3 Yr. Avg. -82.5%
Pre-Tax Margin 11.5%
Pre-Tax Margin - 3 Yr. Avg. -95.9%
Net Profit Margin 15.9%
Net Profit Margin - 3 Yr. Avg. -58.3%
Effective Tax Rate -38.8%
Eff/ Tax Rate - 3 Yr. Avg. 12.4%
Payout Ratio 0%

CRC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CRC stock intrinsic value calculation we used $2006 million for the last fiscal year's total revenue generated by California Resources. The default revenue input number comes from 0001 income statement of California Resources. 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 CRC stock valuation model: a) initial revenue growth rate of 6.4% 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 15.1%, whose default value for CRC is calculated based on our internal credit rating of California Resources, 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 California Resources.
    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 CRC stock the variable cost ratio is equal to 24%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1515 million in the base year in the intrinsic value calculation for CRC 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 6.5% for California Resources.

Corporate tax rate of 27% is the nominal tax rate for California Resources. 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 CRC 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 CRC are equal to 288.7%.

Life of production assets of 10.6 years is the average useful life of capital assets used in California Resources 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 CRC is equal to -13.4%. 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 - $-814 million for California Resources - 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 48.353 million for California Resources 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 California Resources at the current share price and the inputted number of shares is $1.9 billion.

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COMPANY NEWS

▶ California Resources: 2Q Earnings Snapshot   [05:04AM  Associated Press]
▶ 4 Top Stocks to Buy for Explosive Earnings Acceleration   [Jul-26-18 01:06PM  InvestorPlace]
▶ 3 Sector ETFs & Stocks to Play April Inflation Data   [May-14-18 12:30PM  InvestorPlace]
▶ California Resources: 1Q Earnings Snapshot   [05:03AM  Associated Press]
▶ Harry Boxers two biotechnology stocks to watch today   [Apr-26-18 11:19AM  MarketWatch]
▶ California offshore oil firms hit with nearly 400 violations   [Apr-11-18 05:21PM  Associated Press]
▶ Why Oil Stocks Are Red-Hot Today   [Apr-10-18 04:10PM  Motley Fool]
▶ Edited Transcript of CRC presentation 8-Mar-17 2:50pm GMT   [11:21AM  Thomson Reuters StreetEvents]
▶ New Strong Sell Stocks for March 20th   [Mar-20-18 09:53AM  Zacks]
▶ California Resources reports 4Q loss   [Feb-26-18 06:23PM  Associated Press]
▶ 3 Stocks That Doubled in Just the Last 6 Months   [Jan-31-18 04:33PM  Motley Fool]
▶ IIROC Trade Resumption - CRC   [Jan-24-18 09:01AM  PR Newswire]
▶ Southwestern Energys Possible Trading Range for the Week   [Jan-23-18 07:35AM  Market Realist]
▶ These Energy Stocks Gained despite Oils Fall Last Week   [Jan-22-18 12:35PM  Market Realist]
▶ These Oil-Weighted Stocks Are Gaining More than US Crude Oil   [Jan-18-18 09:28AM  Market Realist]
▶ Which Oil-Weighted Stocks Are Outdoing Oils Gains?   [Jan-11-18 12:01PM  Market Realist]
▶ IIROC Trading Halt - CRC   [10:13AM  CNW Group]
▶ Energy Stocks Outperformed US Crude Oil Last Week   [Jan-03-18 11:55AM  Market Realist]
▶ Which Oil-Weighted Stocks Could Be a Better Bet Than Oil?   [Dec-28-17 09:25AM  Market Realist]
▶ Are Oil-Weighted Stocks Underperforming Oil?   [10:56AM  Market Realist]
▶ Some Oil-Weighted Stocks Ignored Oils Fall   [Dec-05-17 11:33AM  Market Realist]
▶ This Is the Biggest Challenge in the Stock Market Right Now   [Dec-04-17 05:09PM  TheStreet.com]
▶ This is Not an Easy Market   [01:43PM  TheStreet.com]
▶ Have Oil-Weighted Stocks Missed Oils Rise?   [01:01PM  Market Realist]
▶ Analyzing Oil-Weighted Stocks during Oils Downturn   [Nov-21-17 09:43AM  Market Realist]

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