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