Stock Monitor: Western Copper and Gold Post Earnings Reporting
LONDON, UK / ACCESSWIRE / June 4, 2018 / If you want access to our free earnings report on SRC Energy Inc. (NYSE: SRCI), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=SRCI. The Company reported its financial results on May 02, 2018, for the first quarter of the fiscal year 2018 ended March 31, 2018. The Company surpassed analysts' estimates for earnings and revenues in Q1 FY18. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Active-Investors.com is currently working on the research report for Western Copper and Gold Corporation (NYSE AMER: WRN), which also belongs to the Basic Materials sector as the Company SRC Energy. Do not miss out and become a member today for free to access this upcoming report at:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, SRC Energy most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
www.active-investors.com/registration-sg/?symbol=SRCI
Earnings Highlights and Summary
SRC Energy's oil, natural gas, and natural gas liquids (NGLs) revenues reached $147.23 million in Q1 FY18, reflecting an increase of 236.23% from $43.79 million in Q1 FY17. The Company's revenue numbers exceeded analysts' consensus estimates of $146.40 million.
For the quarter under review, crude oil's net volumes increased 200% to 2,041 MBbls on a y-o-y basis; natural gas's net volumes advanced 124% to $7,719 MMcf on a y-o-y basis; and NGLs jumped 121% to 758 MBbls on a y-o-y basis.
During Q1 FY18, SRC Energy incurred total expenses of $69.88 million, 153.76% higher than $27.54 million in Q1 FY17. For the quarter under review, the Company's lease operating expenses increased 112.14% to $7.90 million on a y-o-y basis and its production taxes jumped 816.98% to $13.44 million on a y-o-y basis. SRC Energy incurred general and administrative (G&A) expenses of $9.60 million in Q1 FY18, 17.07% higher than $8.20 million in Q1 FY17. SRC Energy's operating income advanced 375.93% to $77.36 million in Q1 FY18 from $16.25 million in Q1 FY17.
SRC Energy had a net income of $65.80 million in the quarter ended March 31, 2018, 230.97% higher than $19.88 million in the same period of the previous year. The Company's diluted net income per share also rose 170% to $0.27 in the reported quarter from $0.10 in Q1 FY17; beating analysts' consensus estimates of $0.25. The reported results included depreciation, depletion, and accretion; stock-based compensation; gain on commodity derivative contracts; cash settlements on commodity derivative contracts; and income tax expenses. SRC Energy's adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) were $115.70 million in Q1 FY18, an increase of 256.28% from $32.48 million in Q1 FY17.
Cash Matters
SRC Energy had cash and cash equivalents of $71.74 million as on March 31, 2018, an increase of 47.10% from $48.77 million as on December 31, 2017.
SRC Energy's net cash flow from operating activities was $127.68 million in the three months ended March 31, 2018, versus $29.36 million in the comparable period of last year. The Company's capital expenditure for drilling and completion activities was $100.35 million in Q1 FY18, 80.92% higher than $55.46 million in Q1 FY17.
On April 02, 2018, SRC Energy entered into a new amended and restated credit agreement for its revolving credit facility. Among other provisions, the Company's borrowing base under the credit agreement was increased to $550 million, with aggregate elected commitments of $450 million. At present, the Company has no amounts drawn on the facility.
Stock Performance Snapshot
June 01, 2018 - At Friday's closing bell, SRC Energy's stock climbed 2.70%, ending the trading session at $13.29.
Volume traded for the day: 3.24 million shares, which was above the 3-month average volume of 2.75 million shares.
Stock performance in the last month – up 20.49%; previous three-month period – up 47.67%; past twelve-month period – up 89.05%; and year-to-date – up 55.80%
After last Friday's close, SRC Energy's market cap was at $3.21 billion.
Price to Earnings (P/E) ratio was at 15.54.
The stock is part of the Basic Materials sector, categorized under the Industrial Metals & Minerals industry. This sector was up 0.2% at the end of the session.
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