Intrinsic value of Eclipse Resources - ECR

Previous Close

$1.21

  Intrinsic Value

$0.47

stock screener

  Rating & Target

str. sell

-61%

Previous close

$1.21

 
Intrinsic value

$0.47

 
Up/down potential

-61%

 
Rating

str. sell

We calculate the intrinsic value of ECR 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 0.4

 

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, %
  20.20
  18.68
  17.31
  16.08
  14.97
  13.98
  13.08
  12.27
  11.54
  10.89
  10.30
  9.77
  9.29
  8.86
  8.48
  8.13
  7.82
  7.53
  7.28
  7.05
  6.85
  6.66
  6.50
  6.35
  6.21
  6.09
  5.98
  5.88
  5.80
  5.72
Revenue, $m
  461
  547
  642
  745
  857
  977
  1,104
  1,240
  1,383
  1,534
  1,692
  1,857
  2,029
  2,209
  2,397
  2,591
  2,794
  3,004
  3,223
  3,451
  3,687
  3,932
  4,188
  4,454
  4,730
  5,019
  5,319
  5,632
  5,958
  6,299
Variable operating expenses, $m
  138
  164
  192
  223
  256
  292
  330
  371
  414
  459
  506
  555
  607
  661
  717
  775
  835
  898
  964
  1,032
  1,102
  1,176
  1,252
  1,332
  1,414
  1,501
  1,590
  1,684
  1,781
  1,883
Fixed operating expenses, $m
  294
  301
  307
  314
  321
  328
  335
  343
  350
  358
  366
  374
  382
  391
  399
  408
  417
  426
  435
  445
  455
  465
  475
  486
  496
  507
  518
  530
  541
  553
Total operating expenses, $m
  432
  465
  499
  537
  577
  620
  665
  714
  764
  817
  872
  929
  989
  1,052
  1,116
  1,183
  1,252
  1,324
  1,399
  1,477
  1,557
  1,641
  1,727
  1,818
  1,910
  2,008
  2,108
  2,214
  2,322
  2,436
Operating income, $m
  29
  83
  143
  208
  280
  356
  439
  526
  619
  717
  820
  928
  1,040
  1,158
  1,281
  1,409
  1,542
  1,680
  1,824
  1,974
  2,130
  2,292
  2,461
  2,637
  2,820
  3,011
  3,210
  3,418
  3,635
  3,862
EBITDA, $m
  171
  252
  341
  438
  544
  658
  780
  909
  1,046
  1,190
  1,342
  1,501
  1,667
  1,840
  2,020
  2,208
  2,404
  2,607
  2,819
  3,039
  3,267
  3,505
  3,753
  4,011
  4,280
  4,560
  4,852
  5,156
  5,474
  5,806
Interest expense (income), $m
  48
  50
  63
  77
  93
  111
  130
  150
  171
  194
  219
  244
  271
  299
  328
  359
  390
  423
  458
  493
  530
  569
  609
  651
  694
  739
  786
  835
  886
  939
  994
Earnings before tax, $m
  -21
  20
  66
  115
  169
  227
  289
  355
  425
  498
  576
  657
  741
  830
  922
  1,018
  1,118
  1,222
  1,331
  1,443
  1,561
  1,683
  1,810
  1,943
  2,081
  2,225
  2,376
  2,533
  2,697
  2,868
Tax expense, $m
  0
  5
  18
  31
  46
  61
  78
  96
  115
  135
  155
  177
  200
  224
  249
  275
  302
  330
  359
  390
  421
  454
  489
  525
  562
  601
  641
  684
  728
  774
Net income, $m
  -21
  15
  48
  84
  123
  166
  211
  259
  310
  364
  420
  479
  541
  606
  673
  743
  816
  892
  971
  1,054
  1,139
  1,228
  1,321
  1,418
  1,519
  1,624
  1,734
  1,849
  1,969
  2,094

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
  1,469
  1,743
  2,045
  2,374
  2,729
  3,110
  3,517
  3,949
  4,404
  4,884
  5,387
  5,913
  6,463
  7,036
  7,632
  8,253
  8,898
  9,568
  10,265
  10,989
  11,741
  12,524
  13,337
  14,184
  15,065
  15,983
  16,939
  17,936
  18,975
  20,060
Adjusted assets (=assets-cash), $m
  1,469
  1,743
  2,045
  2,374
  2,729
  3,110
  3,517
  3,949
  4,404
  4,884
  5,387
  5,913
  6,463
  7,036
  7,632
  8,253
  8,898
  9,568
  10,265
  10,989
  11,741
  12,524
  13,337
  14,184
  15,065
  15,983
  16,939
  17,936
  18,975
  20,060
Revenue / Adjusted assets
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
Average production assets, $m
  1,238
  1,470
  1,724
  2,001
  2,301
  2,622
  2,965
  3,329
  3,713
  4,118
  4,542
  4,986
  5,449
  5,932
  6,435
  6,958
  7,502
  8,067
  8,654
  9,265
  9,899
  10,559
  11,245
  11,958
  12,701
  13,475
  14,281
  15,121
  15,998
  16,912
Working capital, $m
  -72
  -85
  -100
  -116
  -134
  -152
  -172
  -193
  -216
  -239
  -264
  -290
  -317
  -345
  -374
  -404
  -436
  -469
  -503
  -538
  -575
  -613
  -653
  -695
  -738
  -783
  -830
  -879
  -929
  -983
Total debt, $m
  625
  771
  932
  1,107
  1,296
  1,499
  1,715
  1,945
  2,187
  2,442
  2,710
  2,990
  3,282
  3,587
  3,904
  4,234
  4,577
  4,934
  5,305
  5,690
  6,090
  6,507
  6,939
  7,390
  7,859
  8,347
  8,855
  9,386
  9,939
  10,516
Total liabilities, $m
  781
  927
  1,088
  1,263
  1,452
  1,655
  1,871
  2,101
  2,343
  2,598
  2,866
  3,146
  3,438
  3,743
  4,060
  4,390
  4,734
  5,090
  5,461
  5,846
  6,246
  6,663
  7,096
  7,546
  8,015
  8,503
  9,012
  9,542
  10,095
  10,672
Total equity, $m
  687
  816
  957
  1,111
  1,277
  1,456
  1,646
  1,848
  2,061
  2,286
  2,521
  2,767
  3,025
  3,293
  3,572
  3,862
  4,164
  4,478
  4,804
  5,143
  5,495
  5,861
  6,242
  6,638
  7,051
  7,480
  7,927
  8,394
  8,880
  9,388
Total liabilities and equity, $m
  1,468
  1,743
  2,045
  2,374
  2,729
  3,111
  3,517
  3,949
  4,404
  4,884
  5,387
  5,913
  6,463
  7,036
  7,632
  8,252
  8,898
  9,568
  10,265
  10,989
  11,741
  12,524
  13,338
  14,184
  15,066
  15,983
  16,939
  17,936
  18,975
  20,060
Debt-to-equity ratio
  0.910
  0.950
  0.970
  1.000
  1.010
  1.030
  1.040
  1.050
  1.060
  1.070
  1.070
  1.080
  1.090
  1.090
  1.090
  1.100
  1.100
  1.100
  1.100
  1.110
  1.110
  1.110
  1.110
  1.110
  1.110
  1.120
  1.120
  1.120
  1.120
  1.120
Adjusted equity ratio
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -21
  15
  48
  84
  123
  166
  211
  259
  310
  364
  420
  479
  541
  606
  673
  743
  816
  892
  971
  1,054
  1,139
  1,228
  1,321
  1,418
  1,519
  1,624
  1,734
  1,849
  1,969
  2,094
Depreciation, amort., depletion, $m
  142
  169
  198
  230
  264
  301
  341
  383
  427
  473
  522
  573
  626
  682
  740
  800
  862
  927
  995
  1,065
  1,138
  1,214
  1,292
  1,375
  1,460
  1,549
  1,641
  1,738
  1,839
  1,944
Funds from operations, $m
  122
  184
  246
  314
  388
  467
  552
  642
  737
  837
  942
  1,052
  1,168
  1,288
  1,413
  1,543
  1,679
  1,819
  1,966
  2,119
  2,277
  2,442
  2,614
  2,793
  2,979
  3,173
  3,376
  3,587
  3,807
  4,038
Change in working capital, $m
  -12
  -13
  -15
  -16
  -17
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -51
  -53
Cash from operations, $m
  134
  197
  261
  330
  405
  486
  572
  663
  759
  861
  967
  1,078
  1,194
  1,316
  1,442
  1,573
  1,710
  1,852
  2,000
  2,154
  2,314
  2,480
  2,654
  2,834
  3,022
  3,218
  3,422
  3,636
  3,858
  4,091
Maintenance CAPEX, $m
  -118
  -142
  -169
  -198
  -230
  -264
  -301
  -341
  -383
  -427
  -473
  -522
  -573
  -626
  -682
  -740
  -800
  -862
  -927
  -995
  -1,065
  -1,138
  -1,214
  -1,292
  -1,375
  -1,460
  -1,549
  -1,641
  -1,738
  -1,839
New CAPEX, $m
  -207
  -231
  -254
  -277
  -300
  -322
  -343
  -364
  -384
  -404
  -424
  -444
  -463
  -483
  -503
  -523
  -544
  -565
  -587
  -610
  -634
  -660
  -686
  -714
  -743
  -774
  -806
  -840
  -876
  -914
Cash from investing activities, $m
  -325
  -373
  -423
  -475
  -530
  -586
  -644
  -705
  -767
  -831
  -897
  -966
  -1,036
  -1,109
  -1,185
  -1,263
  -1,344
  -1,427
  -1,514
  -1,605
  -1,699
  -1,798
  -1,900
  -2,006
  -2,118
  -2,234
  -2,355
  -2,481
  -2,614
  -2,753
Free cash flow, $m
  -192
  -176
  -163
  -145
  -124
  -100
  -73
  -42
  -8
  29
  70
  112
  158
  206
  257
  311
  367
  425
  486
  549
  615
  683
  754
  828
  905
  985
  1,068
  1,154
  1,244
  1,338
Issuance/(repayment) of debt, $m
  130
  146
  161
  175
  189
  203
  216
  230
  242
  255
  268
  280
  292
  305
  317
  330
  343
  357
  371
  385
  400
  416
  433
  450
  469
  488
  509
  530
  553
  577
Issuance/(repurchase) of shares, $m
  136
  114
  93
  70
  43
  13
  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  
  266
  260
  254
  245
  232
  216
  216
  230
  242
  255
  268
  280
  292
  305
  317
  330
  343
  357
  371
  385
  400
  416
  433
  450
  469
  488
  509
  530
  553
  577
Total cash flow (excl. dividends), $m
  74
  83
  91
  100
  108
  115
  144
  188
  235
  285
  337
  392
  450
  511
  575
  641
  710
  781
  856
  934
  1,015
  1,099
  1,187
  1,278
  1,373
  1,473
  1,576
  1,684
  1,797
  1,915
Retained Cash Flow (-), $m
  -136
  -128
  -141
  -154
  -166
  -178
  -190
  -202
  -213
  -224
  -235
  -246
  -257
  -268
  -279
  -290
  -302
  -314
  -326
  -339
  -352
  -366
  -381
  -396
  -412
  -429
  -447
  -466
  -486
  -508
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
  -62
  -45
  -50
  -54
  -59
  -63
  -47
  -14
  21
  60
  102
  146
  193
  243
  295
  350
  408
  468
  530
  595
  663
  733
  806
  882
  961
  1,043
  1,129
  1,218
  1,310
  1,407
Discount rate, %
  7.00
  7.35
  7.72
  8.10
  8.51
  8.93
  9.38
  9.85
  10.34
  10.86
  11.40
  11.97
  12.57
  13.20
  13.86
  14.55
  15.28
  16.04
  16.85
  17.69
  18.57
  19.50
  20.48
  21.50
  22.58
  23.70
  24.89
  26.13
  27.44
  28.81
PV of cash for distribution, $m
  -58
  -39
  -40
  -40
  -39
  -38
  -25
  -7
  9
  21
  31
  38
  41
  43
  42
  40
  36
  32
  28
  23
  19
  15
  11
  8
  6
  4
  3
  2
  1
  1
Current shareholders' claim on cash, %
  74.7
  60.5
  52.0
  47.0
  44.6
  44.0
  44.0
  44.0
  44.0
  44.0
  44.0
  44.0
  44.0
  44.0
  44.0
  44.0
  44.0
  44.0
  44.0
  44.0
  44.0
  44.0
  44.0
  44.0
  44.0
  44.0
  44.0
  44.0
  44.0
  44.0

Eclipse Resources Corporation is an independent exploration and production company. The Company is engaged in the acquisition and development of oil and natural gas properties in the Appalachian Basin. The Company is the operator of the Utica Core Area and its Marcellus Project Area. The Ordovician-aged Utica Shale is an unconventional reservoir consisting of organic-rich black shale, with production occurring at vertical depths between 6,000 and 10,000 feet. The Marcellus Shale consists of organic-rich black shale, with production occurring at vertical depths between 5,000 and 8,000 feet. As of December 31, 2016, the Company had commenced drilling 202 gross wells within the Utica Core Area and three gross wells within its Marcellus Area. As of December 31, 2016, it had approximately 92,000 net acres in the Utica Shale in Eastern Ohio within the Utica Core Area. As of December 31, 2016, the Company had assembled an acreage position approximating 199,000 net acres in Eastern Ohio.

FINANCIAL RATIOS  of  Eclipse Resources (ECR)

Valuation Ratios
P/E Ratio -1.5
Price to Sales 1.3
Price to Book 0.6
Price to Tangible Book
Price to Cash Flow 52.5
Price to Free Cash Flow -1.9
Growth Rates
Sales Growth Rate -7.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -64.6%
Cap. Spend. - 3 Yr. Gr. Rate -7.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 88.3%
Total Debt to Equity 88.3%
Interest Coverage -3
Management Effectiveness
Return On Assets -12.6%
Ret/ On Assets - 3 Yr. Avg. -27.1%
Return On Total Capital -18.6%
Ret/ On T. Cap. - 3 Yr. Avg. -34.7%
Return On Equity -34.6%
Return On Equity - 3 Yr. Avg. -54.7%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 88.9%
Gross Margin - 3 Yr. Avg. 85.8%
EBITDA Margin -26.4%
EBITDA Margin - 3 Yr. Avg. -107%
Operating Margin -42.6%
Oper. Margin - 3 Yr. Avg. -171.3%
Pre-Tax Margin -86.4%
Pre-Tax Margin - 3 Yr. Avg. -192.1%
Net Profit Margin -86.8%
Net Profit Margin - 3 Yr. Avg. -200.1%
Effective Tax Rate -0.5%
Eff/ Tax Rate - 3 Yr. Avg. -19.5%
Payout Ratio 0%

ECR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ECR stock intrinsic value calculation we used $383.659 million for the last fiscal year's total revenue generated by Eclipse Resources. The default revenue input number comes from 0001 income statement of Eclipse 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 ECR stock valuation model: a) initial revenue growth rate of 20.2% 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 7%, whose default value for ECR is calculated based on our internal credit rating of Eclipse 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 Eclipse 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 ECR stock the variable cost ratio is equal to 29.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $288 million in the base year in the intrinsic value calculation for ECR 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% for Eclipse Resources.

Corporate tax rate of 27% is the nominal tax rate for Eclipse 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 ECR 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 ECR are equal to 268.5%.

Life of production assets of 8.7 years is the average useful life of capital assets used in Eclipse 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 ECR is equal to -15.6%. 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 - $572.354 million for Eclipse 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 302.325 million for Eclipse 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 Eclipse Resources at the current share price and the inputted number of shares is $0.4 billion.

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COMPANY NEWS

▶ Why Eclipse Resources Corp. Stock Is on Fire Today   [Nov-01-18 04:29PM  Motley Fool]
▶ Eclipse Resources: 3Q Earnings Snapshot   [06:01PM  Associated Press]
▶ Eclipse founder/CEO to leave company following merger   [04:24PM  American City Business Journals]
▶ Two Appalachian natural gas companies to combine   [12:27PM  American City Business Journals]
▶ Eclipse Resources Corp. to Host Earnings Call   [Aug-03-18 08:00AM  ACCESSWIRE]
▶ Eclipse Resources: 2Q Earnings Snapshot   [07:16PM  Associated Press]
▶ Here's Why You Should Buy Northern Oil Stock   [Jun-22-18 04:58PM  Zacks]
▶ Sources: Private equity owner could combine two local shale drillers   [Jun-01-18 12:49PM  American City Business Journals]
▶ 6 Energy Stocks That Crushed Estimates This Earnings Season   [May-23-18 04:28PM  InvestorPlace]
▶ Eclipse Resources: 1Q Earnings Snapshot   [May-03-18 05:06AM  Associated Press]
▶ Should You Buy Eclipse Resources Corporation (NYSE:ECR)?   [Apr-11-18 05:27PM  Simply Wall St.]
▶ Driller, undergoing review of options, blazing trail in natural gas industry   [Mar-28-18 12:48PM  American City Business Journals]
▶ Benzinga Pro's 5 Stocks To Watch Today   [Mar-27-18 08:50AM  Benzinga]
▶ Eclipse Resources hires advisers for strategic, financial review   [07:47AM  American City Business Journals]
▶ Eclipse Resources Corp. to Host Earnings Call   [Mar-01-18 08:45AM  ACCESSWIRE]
▶ Eclipse Resources reports 4Q loss   [Feb-28-18 06:49PM  Associated Press]

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