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China’s Deal with Iran: What Does It Mean for the Energy Market? (Continued from Prior Part) Moving averages
The 100-day moving averages of upstream companies’ stocks have shown strong resistance. For example, Pioneer Natural Resources (PXD) managed to trade above its 100-day moving average before December 15, 2015. Now it’s trading 17.3% below its 100-day moving average. Also, EQT Corporation (EQT) and Cabot Oil & Gas Corporation (COG) are trading 10% and 9%, respectively, below their 100-day moving averages. EQT and Cabot Oil & Gas operate with production mixes of 90% and 95%, respectively, in natural gas.
With the exception of EQT and COG, upstream companies are trading well below their 20-day moving averages. The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) is trading 28% below its 100-day moving average.
Wall Street analysts’ consensus estimates
The above table shows several upstream companies’ moving averages and forward target prices. Wall Street analysts’ consensus estimates suggest a 60.3% upside for these upstream companies—compared to the 42.2% upside estimates for large cap refineries. In part 7 of this series, we’ll discuss analysts’ estimates for large cap oil refining companies. Over the next 12 months, EQT and Cabot Oil & Gas could rise by as much as 32% and 21%, respectively, from current levels.
Wall Street analysts’ estimates for three other major upstream companies over the next 12 months are as follows:
- ConocoPhillips (COP) could see a 55% rise.
- EOG Resources (EOG) could rise by 35.5%.
- Apache (APA) could see a 30% rise.
Continue to Next Part Browse this series on Market Realist:
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Cabot Oil & Gas Corporation
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CODE : COG |
ISIN : US1270971039 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Cabot Oil & Gas is a oil exploration company based in United states of america. Cabot Oil & Gas is listed in Germany and in United States of America. Its market capitalisation is US$ 10.2 billions as of today (€ 9.0 billions). Its stock quote reached its lowest recent point on March 26, 2004 at US$ 10.00, and its highest recent level on January 14, 2022 at US$ 22.20. Cabot Oil & Gas has 460 786 236 shares outstanding. |