Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on WHITECAP RESOURCES INC. We currently have 27 research reports from 1 professional analysts.
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WHITECAP RESOURCES INC
WHITECAP RESOURCES INC
Whitecap Looks to Accelerate Growth Plans in 2017e
12 Sep 16
In the latest corporate presentation, Management has updated its preliminary 2017e outlook where anticipated capital spending has increased from $205 mm to $300 mm. Average annual volume guidance under this accelerated view increases by 6% to 57,000 boe/d. This move continues to be funded well inside of organic cash flow generation with a proforma cash use to cash flow ratio of 83% (82% under the forward strip) while the balance sheet remains solid at 1.5x D/CF (2017e trailing). We are reaffirming our Outperform ranking with a target price of $13.75 per share
Posts Solid 2Q16 Results
05 Aug 16
Whitecap’s production topped FirstEnergy and Management guidance by 5%, and ideally spawn from capital spending that was 25% lower than anticipated. Commensurate cash flow was also 8% ahead of expectations with the help of production outperformance (particularly on the liquids front). While exit 2016e production guidance of 51,000 boe/d has been maintained, solid current volumes proforma the Husky asset deal and an active drilling campaign in 2H16e mean the Company appears on track to outperform this target in our view. Given the increase to both our 2016e and 2017e outlook, we are elevating our target price to $13.75 per share and maintaining our Outperform ranking.
2Q16e Quarterly Preview
26 Jul 16
Some Recovery on Segmented Cash Flow Generation Over Q1 Though Still Down 56% Y/Y. In aggregate, the Intermediate, Mid, and Small Cap groups are expected to generate 2Q16e cash flow of $1,281 mm, $183 mm, and $53 mm, or $1.517 billion in total, that while depressed relative to the same period last year (~$2.647 billion combined), is up 17% sequentially from the prior quarter, largely on the strength of crude oil price recovery in the period. Severely weak natural gas pricing picture markedly reversed into summer, market likely to ignore financials for natural gas producers and look ahead to winter and formalization of sell-side 2018e estimates in coming months. Spot AECO natural gas prices recently crested C$2.60/mcf, and with a reasonable alignment of previously distressed NE BC Stn2 differentials, augmented by a withdrawal expected next week, view the market psyche as constructive and looking ahead, with the analogy that this market is shaping up to mirror 2012 still holding. That said, with crude oil poised to retest support levels, combined with strong stock price performance broadly observed YTD, we would characterize sentiment as slightly pessimistic in the near-term which could reduce or unwind momentum-based investment strategies that have worked thus far in 2016.
1Q16 Results Match Expectations
05 May 16
Whitecap’s 1Q16 production of 43,000 boe/d was inline with our forecast and Company projections. Cash flow generation of $67.9 mm or $0.22 per share marginally outpaced FirstEnergy and consensus forecasts that were both $0.21 per share. Volumes and cash flow markers were achieved on spending that was 9% lower than anticipated. The Company continued its cost cutting initiatives with production expenses now ducking below the $10.00/boe level, which leaves it in the running for lowest cost operator for the period on this basis.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher
10 for 17
09 Jan 17
As always at the start of a year, there are significant uncertainties about the year ahead but I think in 2017, the level of uncertainly has decisively moved up a gear. In fact, a leading economist at the LSE, Ethan Ilzetzki, was recently quoted as saying “I view the current global economic environment as the most uncertain in modern history”. Wow.
Conviction List Q1 2017
05 Jan 17
Since its inception in 2010, the Conviction List has outperformed the market in 11 of 19 periods and a reinvested Conviction List would have returned 260% against a Small Companies index that would have returned 194%. Our Conviction List returned 0.4% over the last quarter; this was set against the benchmark UK Small Companies index that returned 4.0% over the same period.
GMP FirstEnergy ― UK Energy morning research package
10 Jan 17
GeoPark (GPRK-NYSE) 1,6; BUY, US$6.50: 4Q16 operations update and production results | Northern Petroleum (NOP LN)1; SPEC. BUY, £0.10: Results of open offer | Serica Energy (SQZ LN) (not covered): Operations Update | Roxi Petroleum (RXP LN) (not covered): BNG Operational update in Kazakhstan | Tullow Oil (TLW LN); REDUCE, £2.90: Transaction in Uganda frees up cash for Kenya | Eco Atlantic (EOC CN) (not covered): Intention to list on AIM –