Raising Our WPX FVE but Still Bearish Due to Oil Uncertainty
We are raising our fair value estimate for WPX Energy to $15 per share with high uncertainty from $13 with very high uncertainty. The improvement reflects the company's impressive second-quarter financial and operating results. WPX delivered production of 125 thousand barrels of oil equivalent per day in the second quarter, 22% higher sequentially and 65% higher year over year (divestiture adjusted). This was well above our forecast of 114 mboe/d and much better than the company's own estimates ...WPX Energy is an independent oil and natural gas exploration and production company engaged in the exploitation and development of long-life unconventional properties. The company is focused on exploiting, developing and growing its oil positions in the Delaware Basin (a subset of the Permian Basin) in Texas and New Mexico and the Williston Basin in North Dakota.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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