Nt4.zacks.com
| Dxi Energy Inc |(DXI-AMEX) |
|Current Price (08/04/16) |$0.11 |
|Valuation | |
OUTLOOK
|Analyst must write |
SUMMARY DATA
|52-Week High |$0.70 |
|52-Week Low |$0.11 |
|One-Year Return (%) |-80.83 |
|Beta |0.57 |
|Average Daily Volume (sh) |282,877 |
| | |
|Shares Outstanding (mil) |45 |
|Market Capitalization ($mil) |$5 |
|Short Interest Ratio (days) |N/A |
|Institutional Ownership (%) |0 |
|Insider Ownership (%) |N/A |
| | |
|Annual Cash Dividend |$0.00 |
|Dividend Yield (%) |0.00 |
| | |
|5-Yr. Historical Growth Rates | |
| Sales (%) |-2.3 |
| Earnings Per Share (%) |N/A |
| Dividend (%) |N/A |
| | |
|P/E using TTM EPS |N/A |
|P/E using 2016 Estimate |-0.5 |
|P/E using 2017 Estimate |-2.2 |
| | |
|Zacks Rank |N/A |
| | |
|Risk Level |High, |
|Type of Stock |Small-Value |
|Industry |Oil-C$ Exp&Prod |
|Zacks Rank in Industry |N/A |
KEY POINTS
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OVERVIEW
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INDUSTRY OUTLOOK
INDUSTRY OUTLOOK - NEUTRAL
Our outlook for the U.S. oil and gas E&P industry is Neutral. Through 2003, strength in commodity prices has enabled the group to post impressive year over year operating results. In addition, cash flows and earnings have generally enabled most of the E&P companies to strengthen their balance sheets. However, sequentially we believe the comparisons are going to become much more difficult.
Looking ahead, 2004 consensus commodity price forecasts are considerably lower than today's pricing. Additionally, finding and development costs and production costs have been increasing at an accelerating rate. Fortunately for the E&P players the current high commodity prices have shielded the cost increases. To some degree the market has priced this in, as forward multiples are lower than prior up cycles. However, the risks are considerable, especially given the relative volatility in natural gas prices that has occurred over the last few years and are likely to occur into the future.
The economics of oil and gas supply and demand is the fundamental driver of the E&P industry. Currently oil inventories are modestly lower than average, and prices have remained high and actually relatively stable over the past year. This is a direct result of OPEC's discipline. However, over the next year we still expect the price of crude oil to fall into the mid 20's. We expect political forces to continue to stabilize and Iraq gradually, though slower than originally anticipated, to increase its production to pre-war levels. The expected increase in supply forces will exert downward pressure on price.
Natural gas is a bigger question. Storage levels are currently below their 5 year average, however the injection season has been very strong, and few expected storage levels to reach its current level. Demand destruction has been high, given the high prices, and a relatively mild summer enabled gas storage levels to reach almost normal levels. Demand has become increasingly susceptible to pricing, creating a ceiling and floor to natural gas pricing. However, a mild to normal winter coupled with the high rig count, could cause significant downward pressure to natural gas prices. It is this risk that has pressured E&P companies to continue to focus on easy land drilling and delay more complicated drilling. However, as time goes on easy finds will be more difficult to find, and eventually E&P players will have to look to more complicated, and more costly drilling in order to even maintain production. These forces will likely exaggerate the cyclical nature of the natural gas focused E&P players.
INDUSTRY POSITION
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RECENT NEWS
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VALUATION
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RISKS
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INSIDER TRADING AND OWNERSHIP
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PROJECTED INCOME STATEMENT & BALANCE SHEET
Historical Stock Price
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DISCLOSURES
The following disclosures relate to relationships between Zacks Small-Cap Research (“Zacks SCR”), a division of Zacks Investment Research (“ZIR”), and the issuers covered by the Zacks SCR Analysts in the Small-Cap Universe.
ANALYST DISCLOSURES
I, Steven Ralston, hereby certify that the view expressed in this research report accurately reflect my personal views about the subject securities and issuers. I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the recommendations or views expressed in this research report. I believe the information used for the creation of this report has been obtained from sources I considered to be reliable, but I can neither guarantee nor represent the completeness or accuracy of the information herewith. Such information and the opinions expressed are subject to change without notice.
INVESTMENT BANKING AND FEES FOR SERVICES
Zacks SCR does not provide investment banking services nor has it received compensation for investment banking services from the issuers of the securities covered in this report or article.
Zacks SCR has received compensation from the issuer directly or from an investor relations consulting firm engaged by the issuer for providing non-investment banking services to this issuer and expects to receive additional compensation for such non-investment banking services provided to this issuer. The non-investment banking services provided to the issuer includes the preparation of this report, investor relations services, investment software, financial database analysis, organization of non-deal road shows, and attendance fees for conferences sponsored or co-sponsored by Zacks SCR. The fees for these services vary on a per-client basis and are subject to the number and types of services contracted. Fees typically range between ten thousand and fifty thousand dollars per annum. Details of fees paid by this issuer are available upon request.
POLICY DISCLOSURES
This report provides an objective valuation of the issuer today and expected valuations of the issuer at various future dates based on applying standard investment valuation methodologies to the revenue and EPS forecasts made by the SCR Analyst of the issuer’s business.
SCR Analysts are restricted from holding or trading securities in the issuers that they cover. ZIR and Zacks SCR do not make a market in any security followed by SCR nor do they act as dealers in these securities. Each Zacks SCR Analyst has full discretion over the valuation of the issuer included in this report based on his or her own due diligence. SCR Analysts are paid based on the number of companies they cover.
SCR Analyst compensation is not, was not, nor will be, directly or indirectly, related to the specific valuations or views expressed in any report or article.
ADDITIONAL INFORMATION
Additional information is available upon request. Zacks SCR reports and articles are based on data obtained from sources that it believes to be reliable, but are not guaranteed to be accurate nor do they purport to be complete. Because of individual financial or investment objectives and/or financial circumstances, this report or article should not be construed as advice designed to meet the particular investment needs of any investor. Investing involves risk. Any opinions expressed by Zacks SCR Analysts are subject to change without notice. Reports or articles or tweets are not to be construed as an offer or solicitation of an offer to buy or sell the securities herein mentioned.
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Month Day, Year
[pic]Small-Cap Research Steven Ralston
312-265-xxxx
email@
scr. 10 S. Riverside Plaza, Chicago, IL 60606
ZACKS ESTIMATES
Revenue
(in millions of $)
| |Q1 |Q2 |Q3 |Q4 |Year |
| |(Mar) |(Jun) |(Sep) |(Dec) |(Dec) |
|2014 |3 A |3 A |2 A |1 A |7 A |
|2015 |1 A |2 A |2 A |2 A |6 A |
|2016 |1 A |1 E |1 E |1 E |4 E |
|2017 | | | | | |
Price/Sales Ratio (Industry = 2.5x)
| |Q1 |Q2 |Q3 |Q4 |Year |
| |(Mar) |(Jun) |(Sep) |(Dec) |(Dec) |
|2014 |-$0.10 A |$0.00 A |-$0.05 A |-$0.05 A |-$0.15 A |
|2015 |-$0.05 A |$0.00 A |-$0.03 A |-$0.08 A |-$0.15 A |
|2016 |-$0.03 A |-$0.04 E |-$0.11 E |-$0.03 E |-$0.21 E |
|2017 | | | | |-$0.05 E |
|Zacks Projected EPS Growth Rate - Next 5 Years % |N/A |
|N/A |N/A |
| Top 5 Public Companies in the industry |
| | | | |
|Ticker |Company |Market Share |Zacks |
| | | |Rec |
|CNQ |Cdn Ntrl Rsrcs |33.13545 |Hold |
|ECA |Encana Corp |15.57543 |Hold |
|PEGFF |Pac Rubiale Egy |9.61446 |N/A |
|TLM |Talisman Energy |9.32894 |Sell |
|CPG |Crescent Pt Egy |6.44595 |Hold |
| Dxi Energy Inc | |
|Income Statement and Balance Sheet | |
|(Dollars in millions, except EPS data) | |
| | | | | | | | | |
| |12/11 |12/12 |12/13 |12/14 |12/15 |12/16E |
|Sales | |9 |7 |9 |8 |6 |4 |
| |Cost of Goods Sold |3 |4 |3 |4 |3 |2 |
| |SG&A |5 |4 |4 |4 |2 |2 |
| |Other operating expenses |9 |11 |4 |6 |3 |3 |
| |Interest and other |4 |0 |1 |1 |2 |2 |
|Zacks Adjusted Income before NRI |-10 |-13 |-3 |-6 |-5 |-9 |
|Net Income |-11 |-12 |-3 |-7 |-6 |-9 |
|Diluted EPS before NRI |-0.40 |-0.45 |-0.10 |-0.15 |-0.15 |-0.21 |
|Reported EPS |-0.45 |-0.40 |-0.10 |-0.15 |-0.15 |-0.21 |
| | | | | | | |
|Cash & Marketable Securities |3 |2 |0 |1 |0 |0 |
|Current Assets |4 |2 |1 |2 |2 |2 |
|Current Liabilities |12 |11 |10 |6 |10 |10 |
|Long Term Debt |0 |5 |0 |0 |4 |4 |
|Shareholder's Equity |17 |10 |9 |9 |5 |-4 |
Industry Comparables
| |Pr Chg |P/E CurrFY |EPS Gr |Price/ |Price/ |Price/ |
| |YTD | |5Yr Est |Book |Sales |CF |
|DXI ENERGY INC |-31.1 | | |0.8 |0.7 | |
| | | | | | | |
|Industry Mean |34.9 | |17.0 |1.7 |63.2 |4.5 |
|Industry Median |30.8 | |16.4 |0.8 |2.0 |2.8 |
|S&P 500 |5.9 |18.3 | |13.4 |3.7 |16.2 |
| | | | | | | |
|ANDERSON ENERGY |-66.8 | | |13.1 |1.0 |0.0 |
|AMERICAS PETROG |13.9 | | |0.5 |1.2 | |
|DEEP WELL OIL |-12.0 | | |0.4 |17.3 | |
|INTELLIGENT CON |106.6 | | |6.5 |1259.9 |2.1 |
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DXI: Zacks Company Report
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