KLR Equity Research Mission: Consistent, objective analysis of full-cycle economic returns derived from actual data rather than Energy company Net Asset Value (or ‘NAV’) representations
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Equity Research

Company-specific analysis underpinned by actual business execution

  • Our construct calibrates the relationship between capital spending and production to compute the capital intensity of an E&P business
  • Our equity valuation applies a five-year DCF using a supportable weighted average cost of capital that integrates the cash flow, balance sheet and income statement

Macro analysis cost of supply derived from actual business execution

  • Comprehensive understanding of U.S. cost of supply underpin our global oil and U.S. gas price outlook
  • The discount rate used to determine our mid-cycle price outlook is derived from analysis of the historical return generated by the marginal source of global oil and U.S. gas supply

Basin-level analysis used to understand well productivity and operator trends

  • Comprehensive analysis of basin development trends (well productivity, composition, lateral length)

The firm’s research is distributed daily to thousands of institutional investors and industry players

  • exploration & production coverage
    company stock symbol analyst
    Anadarko Petroleum APC Gerdes
    Antero Resources Corporation AR Gerdes
    Apache Corporation APA Nicholson
    Approach Resources Inc. AREX Nicholson
    Cabot Oil & Gas Corp. COG Gerdes
    Callon Petroleum CPE Nicholson
    Carrizo Oil & Gas Inc. CRZO Gerdes
    Centennial Resource Development Inc. CDEV Nicholson
    Chesapeake Energy CHK Gerdes
    Cimarex Energy Co. XEC Gerdes
    CNX Resources CNX Gerdes
    Concho Resources Inc. CXO Gerdes
    Continental Resources Inc. CLR Gerdes
    Denbury Resources Inc. DNR Nicholson
    Devon Energy Corporation DVN Gerdes
    Diamondback Energy Inc. FANG Nicholson
    Eclipse Resources ECR Nicholson
    Encana Corp. ECA Gerdes
    Energen Corporation EGN Nicholson
    EOG Resources EOG Gerdes
    EP Energy Corporation EPE Nicholson
    EQT Corp. EQT Gerdes
    Extraction Oil & Gas Inc. XOG Nicholson
    Gulfport Energy Corp. GPOR Gerdes
    Hess Corp. HES Gerdes
    HighPoint Resources HPR Gerdes
    Jagged Peak Energy, Inc. JAG Gerdes
    Laredo Petroleum Holdings Inc. LPI Gerdes
    Marathon Oil Corp. MRO Gerdes
    Matador Resources MTDR Gerdes
    Murphy Oil Corporation MUR Gerdes
    Newfield Exploration Co. NFX Gerdes
    Noble Energy Inc. NBL Nicholson
    Oasis Petroleum Inc. OAS Nicholson
    Parsley Energy, Inc. PE Nicholson
    PDC Energy PDCE Gerdes
    Pioneer Natural Resources Company PXD Gerdes
    QEP Resources Inc. QEP Nicholson
    Range Resources RRC Gerdes
    Resolute Energy Corp. REN Gerdes
    Ring Energy, Inc. REI Morris
    RSP Permian Inc. RSPP Nicholson
    Sanchez Energy Corp. SN Gerdes
    SM Energy SM Gerdes
    Southwestern Energy SWN Gerdes
    SRC Energy SRCI Gerdes
    Ultra Petroleum Corp UPL Gerdes
    Unit Corporation UNT Gerdes
    Whiting Petroleum Corp. WLL Nicholson
    WPX Energy, Inc. WPX Nicholson
    W&T Offshore Inc. WTI Nicholson
    view e&p research models

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    KLR Group's research reports are available to institutional investor clients only. Please contact Thomas Kane, our Institutional Sales Director, for details on becoming a KLR Group client. 

    Phone:(713) 255-5095 Email:tk@klrgroup.com
  • rating system
    KLR Group, LLC employs a three tier rating system for evaluating the potential return associated with owning common equity shares of rated firms. The expected return of any given equity is measured on a quantitative basis in relation to our target price. Since stock prices are volatile on a daily basis KLR will utilize at least a +/- 5% variance tolerance in determining our ratings. Descriptions of the ratings are as follows:

    • Buy – The common stock of the company is estimated to have at least 15% upside to our target price.

    • Hold – The common stock of the company is estimated to be within +/- 15% of our target price.

    • Sell – The common stock of the company is estimated to have at least 15% downside to our target price.