Yuma Energy, Inc. (YUMA)

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YUMAhttp://www.nasdaq.com/symbol/yumaEnergyn/aOil & Gas Production

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Yuma Energy, Inc. Provides an Update to its Liquidity and Operations, and Reports Second Quarter 2018 Financial Results

HOUSTON, Aug. 9, 2018 /PRNewswire/ -- Yuma Energy, Inc. (NYSE American: YUMA) (the "Company" or "Yuma") today provided information related to its liquidity and operations. The Company also reported its financial results for the quarter ended June 30, 2018.

Liquidity

As previously reported, the Company initiated several strategic alternatives to remedy its limited liquidity (defined as cash on hand and undrawn borrowing base), its financial covenant compliance issues, and to provide it with additional working capital to develop its existing assets.  During the second quarter, the Company entered into an Asset Purchase and Sale Agreement on May 21, 2018 regarding its Kern County, California properties, including the sale of all of the Company's oil and gas properties, fee properties, land, buildings, other property and equipment in consideration of $4.7 million in gross proceeds and the buyer's assumption of certain plugging and abandonment liabilities.  The transaction is scheduled to close by August 31, 2018.  Upon the closing of the transaction, it is anticipated that the majority of the proceeds will be applied to the repayment of borrowings under the Company's credit facility.  In addition, the Company has reduced its personnel by eight employees since December 31, 2017, a 24% decrease, including five positions that were eliminated on June 30, 2018.  This brings the Company's headcount to 26 employees as of June 30, 2018.  It should also be noted that, during the second quarter of 2018, the Company took additional steps to further reduce its general and administrative costs by reducing subscriptions, consultants and other non-essential services, as well as eliminating certain of its capital expenditures planned for 2018.

Additionally, the Company plans to take further steps to remedy its limited liquidity which may include, but are not limited to, further reducing or eliminating capital expenditures; entering into additional commodity derivatives for a portion of the Company's anticipated production; further reducing general and administrative expenses; selling certain non-core assets; seeking merger and acquisition related opportunities; and potentially raising proceeds from capital markets transactions, including the sale of debt or equity securities.  There can be no assurance that the exploration of strategic alternatives will result in a transaction or otherwise remedy the Company's limited liquidity.

The Company has borrowings under its credit facility which require, among other things, compliance with certain financial ratios and covenants.  Due to operating losses the Company sustained during recent quarters, at June 30, 2018 the Company was not in compliance under the credit facility with its (i) total debt to EBITDAX covenant for the trailing four quarter period, (ii) current ratio covenant, (iii) EBITDAX to interest expense covenant for the trailing four quarter period, and (iv) the liquidity covenant requiring the Company to maintain unrestricted cash and borrowing base availability of at least $4.0 million.  In addition, due to this non-compliance, the Company classified its entire bank debt as a current liability in its financial statements as of June 30, 2018.  On July 31, 2018, the Borrowers entered into the Waiver and Third Amendment to Credit Agreement (the "Third Amendment") with the Lender.  Pursuant to the Third Amendment, effective as of June 30, 2018, the Borrowers were granted a waiver for non-compliance from the liquidity covenant to have cash and cash equivalent investments together with borrowing base availability under the Credit Agreement of at least $4.0 million.  In addition, as part of the Third Amendment, the Lenders requested that the Borrowers provide weekly cash flow forecasts and a monthly accounts payable report to the Lenders.   The Third Amendment also provides for a redetermination of the borrowing base on August 15, 2018.

As of June 30, 2018, the Company had outstanding borrowings of $35.0 million under its credit facility, and its total borrowing base was $35.0 million, leaving no undrawn borrowing base.  Due to drilling activities and other factors, the Company had a working capital deficit of $40.93 million (inclusive of the Company's outstanding debt under its credit facility) and a loss from operations of $2.90 million for the six months ended June 30, 2018. 

These breaches of the terms and conditions of the Credit Agreement could result in acceleration of the Company's indebtedness, in which case the debt would become immediately due and payable thereby giving its lenders various rights and remedies, including foreclosure. 

The significant risks and uncertainties described above raise substantial doubt about the Company's ability to continue as a going concern. The consolidated financial statements have been prepared on a going concern basis of accounting, which contemplates continuity of operations, realization of assets, and satisfaction of liabilities and commitments in the normal course of business. The consolidated financial statements do not include any adjustments that might result from the outcome of the going concern uncertainty.

Operations Update

In 2017, the Company entered the Permian Basin through a joint venture with two privately held energy companies and established an Area of Mutual Interest ("AMI") covering approximately 33,280 acres in Yoakum County, Texas, located in the Northwest Shelf of the Permian Basin. The primary target within the AMI is the San Andres formation, which has been one of the largest producing formations in Texas to date. As of June 30, 2018, the Company held a 62.5% working interest in approximately 4,823 gross acres (3,014 net acres) within the AMI.  In November 2017, the Company drilled a salt water disposal well, the Jameson SWD #1. In December 2017, the Company spudded the State 320 #1H horizontal San Andres well, which was subsequently completed in February 2018.  The Company opened the well on March 1, 2018 and placed the well on production. As of July 17, 2018, the well has produced a total of 1,708 barrels of oil, 12,748 Mcf of gas, and 421,603 barrels of water.  The well is currently shut-in pending evaluation of the commerciality and future development of the prospect area.  Given the well performance to date, the ability to establish commercial production in the prospect area is uncertain at this time. 

Second Quarter 2018 Financial Results

Production

The following table presents the net quantities of oil, natural gas and natural gas liquids produced and sold by the Company for the three and six months ended June 30, 2018 and 2017, and the average sales price per unit sold.


Three Months Ended June 30,


Six Months Ended June 30,


2018


2017


2018


2017

Production volumes:








Crude oil and condensate (Bbls)

47,322


66,242


94,479


142,640

Natural gas (Mcf)

538,241


786,111


1,171,681


1,685,538

Natural gas liquids (Bbls)

28,974


35,092


54,217


68,566

   Total (Boe) (1)

166,003


232,353


343,976


492,129

Average prices realized:








   Crude oil and condensate (per Bbl)

$67.69


$47.14


$66.36


$48.65

   Natural gas (per Mcf)

$3.30


$3.29


$3.04


$3.05

   Natural gas liquids (per Bbl)

$29.11


$24.05


$30.09


$23.61



(1)

Barrels of oil equivalent have been calculated on the basis of six thousand cubic feet (Mcf) of natural gas equal to one barrel of oil equivalent (Boe).

Revenues

The following table presents the Company's revenues for the three and six months ended June 30, 2018 and 2017.


Three Months Ended June 30,


Six Months Ended June 30,


2018


2017


2018


2017

Sales of natural gas and crude oil:








Crude oil and condensate

$ 3,203,260


$ 3,122,848


$   6,269,517


$   6,938,780

Natural gas

1,775,919


2,587,968


3,567,170


5,141,410

Natural gas liquids

843,398


843,888


1,631,426


1,618,938

   Total revenues

$ 5,822,577


$ 6,554,704


$ 11,468,113


$ 13,699,128

Expenses

The Company's lease operating expenses ("LOE") and LOE per Boe for the three and six months ended June 30, 2018 and 2017, are set forth below:


Three Months Ended June 30,


Six Months Ended June 30,


2018


2017


2018


2017

Lease operating expenses

$1,890,809


$1,844,896


$3,556,129


$3,542,804

Severance, ad valorem taxes and marketing

905,016


1,214,228


1,865,464


2,177,584

     Total LOE

$2,795,825


$3,059,124


$5,421,593


$5,720,388









LOE per Boe

$16.84


$13.17


$15.76


$11.62

LOE per Boe without severance, ad valorem taxes and marketing

$11.39


$7.94


$10.34


$7.20

Commodity Derivative Instruments

Commodity derivative instruments open as of June 30, 2018 are provided below.  Natural gas prices are NYMEX Henry Hub prices, and crude oil prices are NYMEX West Texas Intermediate.



2018


2019


2020



Settlement


Settlement


Settlement

NATURAL GAS (MMBtu):







Swaps







Volume


887,533


1,660,297


1,095,430

Price 


$2.97


$2.75


$2.68








CRUDE OIL (Bbls):







Swaps







Volume


89,995


156,320



Price 


$53.17


$53.77



About Yuma Energy, Inc.

Yuma Energy, Inc., a Delaware corporation, is an independent Houston-based exploration and production company focused on acquiring, developing and exploring for conventional and unconventional oil and natural gas resources.  Historically, the Company's operations have focused on onshore properties located in central and southern Louisiana and southeastern Texas where it has a long history of drilling, developing and producing both oil and natural gas assets.  In addition, during 2017 the Company began acquiring acreage in Yoakum County, Texas, with plans to explore and develop oil and natural gas assets in the Permian Basin.  Finally, the Company has operated positions in Kern County, California, and non-operated positions in the East Texas Woodbine and the Bakken Shale in North Dakota.  Its common stock is listed on the NYSE American under the trading symbol "YUMA."

Forward-Looking Statements

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Statements that are not strictly historical statements constitute forward-looking statements and may often, but not always, be identified by the use of such words such as "expects," "believes," "intends," "anticipates," "plans," "estimates," "potential," "possible," or "probable" or statements that certain actions, events or results "may," "will," "should," or "could" be taken, occur or be achieved. The forward-looking statements include statements about future operations, and estimates of reserve and production volumes. Forward-looking statements are based on current expectations and assumptions and analyses made by the Company in light of experience and perception of historical trends, current conditions and expected future developments, as well as other factors appropriate under the circumstances. However, whether actual results and developments will conform with expectations is subject to a number of risks and uncertainties, including but not limited to: our limited liquidity and the Company's ability to repay outstanding loans when due; the Company's ability to continue as a going concern; reduction in the borrowing base of the Company's credit facility; the risks of the oil and natural gas industry (for example, operational risks in exploring for, developing and producing crude oil and natural gas); risks and uncertainties involving geology of oil and natural gas deposits; the uncertainty of reserve estimates; revisions to reserve estimates as a result of changes in commodity prices; the uncertainty of estimates and projections relating to future production, costs and expenses; potential delays or changes in plans with respect to exploration or development projects or capital expenditures; health, safety and environmental risks and risks related to weather; declines in oil and natural gas prices; inability of management to execute its plans to meet its goals, shortages of drilling equipment, oil field personnel and services, unavailability of gathering systems, pipelines and processing facilities and the possibility that government policies may change.  The Company's annual report on Form 10-K for the year ended December 31, 2017, quarterly reports on Form 10-Q, recent current reports on Form 8-K, and other SEC filings discuss some of the important risk factors identified that may affect its business, results of operations, and financial condition. The Company undertakes no obligation to revise or update publicly any forward-looking statements, except as required by law.

Yuma Energy, Inc.


CONSOLIDATED BALANCE SHEETS

(Unaudited)






June 30,


December 31,


2018


2017





ASSETS 








CURRENT ASSETS:




Cash and cash equivalents 

$    2,348,627


$       137,363

Accounts receivable, net of allowance for doubtful accounts:




Trade

3,522,107


4,496,316

Officer and employees

7,781


53,979

Other

441,795


1,004,479

Prepayments

622,843


976,462

Other deferred charges

387,108


347,490





Total current assets

7,330,261


7,016,089





OIL AND GAS PROPERTIES (full cost method):




Proved properties

504,060,185


494,216,531

Unproved properties - not subject to amortization

534,627


6,794,372






504,594,812


501,010,903

Less:  accumulated depreciation, depletion and amortization

(425,547,424)


(421,165,400)





Net oil and gas properties

79,047,388


79,845,503





OTHER PROPERTY AND EQUIPMENT:




Assets held for sale

2,309,243


-

Land, buildings and improvements

-


1,600,000

Other property and equipment

1,793,397


2,845,459


4,102,640


4,445,459

Less: accumulated depreciation and amortization

(1,324,152)


(1,409,535)





Net other property and equipment

2,778,488


3,035,924





OTHER ASSETS AND DEFERRED CHARGES:




Deposits

467,592


467,592

Other noncurrent assets

79,997


270,842





Total other assets and deferred charges

547,589


738,434





TOTAL ASSETS 

$  89,703,726


$  90,635,950

 

Yuma Energy, Inc.


CONSOLIDATED BALANCE SHEETS – CONTINUED

(Unaudited)



June 30,


December 31,


2018


2017





LIABILITIES AND EQUITY








CURRENT LIABILITIES:




Current maturities of debt

$ 35,094,226


$       651,124

Accounts payable, principally trade

8,904,037


11,931,218

Commodity derivative instruments

2,613,690


903,003

Asset retirement obligations

88,722


277,355

Other accrued liabilities

1,555,117


2,295,438





Total current liabilities

48,255,792


16,058,138





LONG-TERM DEBT

-


27,700,000





OTHER NONCURRENT LIABILITIES:




Asset retirement obligations

10,492,311


10,189,058

Commodity derivative instruments

783,338


336,406

Deferred rent

272,506


290,566

Employee stock awards

143,961


191,110





Total other noncurrent liabilities

11,692,116


11,007,140





COMMITMENTS AND CONTINGENCIES (Notes 2 and 15)








EQUITY




Series D convertible preferred stock




($0.001 par value, 7,000,000 authorized, 1,971,072 issued and outstanding as of June 30, 2018, and 1,904,391 issued and outstanding as of December 31, 2017)


1,971



1,904

Common stock




($0.001 par value, 100 million shares authorized, 23,242,969 outstanding as of June 30, 2018 and 22,661,758 outstanding as of December 31, 2017)


23,243



22,662

Additional paid-in capital

57,304,534


55,064,685

Treasury stock at cost (380,069 shares as of June 30, 2018 and 13,343 shares as of December 31, 2017)


(438,890)



(25,278)

Accumulated earnings (deficit)

(27,135,040)


(19,193,301)





Total equity

29,755,818


35,870,672





TOTAL LIABILITIES AND EQUITY

$ 89,703,726


$  90,635,950

 

Yuma Energy, Inc.


CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)



Three Months Ended June 30,


Six Months Ended June 30,


2018


2017


2018


2017









REVENUES:








Sales of natural gas and crude oil

$  5,822,577


$ 6,554,704


$ 11,468,113


$ 13,699,128









EXPENSES:








Lease operating and production costs

2,795,825


3,059,124


5,421,593


5,720,388

General and administrative – stock-based compensation


64,230



385,097



360,524



436,832

General and administrative – other

1,587,628


1,906,629


3,336,866


4,082,631

Depreciation, depletion and amortization

2,245,170


2,763,444


4,462,491


5,904,384

Asset retirement obligation accretion expense

140,161


141,454


283,101


280,023

Impairment of long lived assets

176,968


-


176,968


-

Bad debt expense

261,659


73,513


327,467


73,513

Total expenses

7,271,641


8,329,261


14,369,010


16,497,771









LOSS FROM OPERATIONS

(1,449,064)


(1,774,557)


(2,900,897)


(2,798,643)









OTHER INCOME (EXPENSE):








Net gains (losses) from commodity derivatives

(2,095,570)


2,138,080


(3,346,830)


5,694,863

Interest expense

(567,635)


(482,285)


(1,033,927)


(978,376)

Gain (loss) on other property and equipment

-


(70,874)


-


484,768

Other, net

81,884


5,659


78,348


42,067

Total other income (expense)

(2,581,321)


1,590,580


(4,302,409)


5,243,322









INCOME (LOSS) BEFORE INCOME TAXES

(4,030,385)


(183,977)


(7,203,306)


2,444,679









Income tax expense (benefit)

-


(20,581)


-


5,950









NET INCOME (LOSS)

(4,030,385)


(163,396)


(7,203,306)


2,438,729









PREFERRED STOCK:








Dividends paid in kind

374,416


349,300


738,433


688,910









NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS

$ (4,404,801)


$  (512,696)


$ (7,941,739)


$   1,749,819









INCOME (LOSS) PER COMMON SHARE:








Basic

($0.19)


($0.04)


($0.35)


$0.14

Diluted

($0.19)


($0.04)


($0.35)


$0.14









WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:








Basic

23,082,334


12,235,286


22,948,475


12,223,337

Diluted

23,082,334


12,235,286


22,948,475


12,407,996

 

Yuma Energy, Inc.


CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)



Six Months Ended June 30,


2018


2017

CASH FLOWS FROM OPERATING ACTIVITIES:




Reconciliation of net income (loss) to net cash provided by (used in) operating activities:




Net income (loss)

$ (7,203,306)


$ 2,438,729

Depreciation, depletion and amortization of property and equipment

4,462,491


5,904,384

Impairment of long lived assets

176,968


-

Amortization of debt issuance costs

260,803


172,826

Deferred rent liability, net

25,668


-

Stock-based compensation expense

360,524


436,832

Settlement of asset retirement obligations

(575,817)


(227,346)

Asset retirement obligation accretion expense

283,101


280,023

Bad debt expense

327,467


73,513

Net (gains) losses from commodity derivatives

3,346,830


(5,694,863)

Gain on sales of fixed assets

-


(556,141)

Loss on write-off of abandoned facilities

-


71,373

(Gain) loss on write-off of liabilities net of assets

(103,045)


(34,835)

Changes in assets and liabilities:




(Increase) decrease in accounts receivable

1,339,227


426,945

Decrease in prepaids, deposits and other assets

297,321


521,167

(Decrease) increase in accounts payable and other current and non-current liabilities

65,487


(923,200)

NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES

3,063,719


2,889,407





CASH FLOWS FROM INVESTING ACTIVITIES:




Capital expenditures for oil and gas properties

(6,928,684)


(4,526,587)

Proceeds from sale of oil and gas properties

1,000,000


5,400,563

Proceeds from sale of other fixed assets

-


641,556

Derivative settlements

(1,189,211)


550,675

NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES

(7,117,895)


2,066,207





CASH FLOWS FROM FINANCING ACTIVITIES:




Proceeds from borrowings on senior credit facility

14,300,000


-

Repayment of borrowings on senior credit facility

(7,000,000)


(7,500,000)

Repayments of borrowings - insurance financing

(556,898)


(512,783)

Debt issuance costs

-


(2,152)

Shelf registration costs

(64,050)


-

Treasury stock repurchases

(413,612)


(23,270)

NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES

6,265,440


(8,038,205)





CHANGE IN CASH AND CASH EQUIVALENTS

2,211,264


(3,082,591)





CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD

137,363


3,625,686





CASH AND CASH EQUIVALENTS AT END OF PERIOD

$  2,348,627


$    543,095





Supplemental disclosure of cash flow information:




Interest payments (net of interest capitalized)

$     773,150


$    811,042

Interest capitalized

$     133,772


$    112,136

Supplemental disclosure of significant non-cash activity:




(Increase) decrease in capital expenditures financed by accounts payable

$  3,252,112


$  (386,337)

 

Cision

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Tengasco

Greenwood Village, Colorado headquartered Tengasco Inc.'s shares recorded a trading volume of 165,197 shares last Friday. The stock finished the trading session 2.70% lower at $1.08. The Company's shares have surged 75.38% in the last month, 36.11% over the previous three months, and 54.29% over the past year. The stock is trading above its 50-day and 200-day moving averages by 34.19% and 47.54%, respectively. Furthermore, shares of Tengasco, which together with its subsidiaries, explores for and produces oil and natural gas in the US, have a Relative Strength Index (RSI) of 55.36. Get the full research report on TGC for free by clicking below at:

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Yuma Energy

On Friday, Houston, Texas-based Yuma Energy Inc.'s stock ended the session 2.22% higher at $0.46. A total volume of 241,544 shares was traded. The Company's shares have gained 21.37% in the last month. The stock is trading 6.24% below its 50-day moving average. Moreover, shares of Yuma Energy, which focuses on the acquisition, development, and exploration for conventional and unconventional oil and natural gas resources in the US Gulf Coast and California, have an RSI of 47.35. The free technical report on YUMA can be accessed at:


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VAALCO Energy

Houston, Texas headquartered VAALCO Energy Inc.'s stock ended the day 1.31% higher at $3.10 with a total trading volume of 425,619 shares. The Company's shares have gained 19.23% in the last month, 219.59% over the previous three months, and 229.44% over the past year. The stock is trading 26.80% and 149.81% above its 50-day and 200-day moving averages, respectively. Additionally, shares of VAALCO Energy, which acquires, explores for, develops, and produces crude oil and natural gas, have an RSI of 59.13. Sign up for free on Wall St. Equities and claim the latest report on EGY at:

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EQT Corp.

Shares in Pittsburgh, Pennsylvania headquartered EQT Corp. recorded a trading volume of 3.25 million shares, which was above their three months average volume of 2.85 million shares. The stock ended Friday's session 0.02% lower at $55.68. The Company's shares have gained 17.57% over the previous three months. The stock is trading above its 50-day and 200-day moving averages by 3.39% and 1.74%, respectively. Furthermore, shares of EQT Corp., which together with its subsidiaries, operates in natural gas industry in the US, have an RSI of 53.99.

On July 05th, 2018, research firm TD Securities initiated a 'Hold' rating on the Company's stock.

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Yuma Energy, Inc. Announces it is Actively Seeking Strategic Alternatives, Provides an Update to its Liquidity and Operations, and Reports First Quarter 2018 Financial Results

HOUSTON, May 11, 2018 /PRNewswire/ -- Yuma Energy, Inc. (NYSE American: YUMA) (the "Company" or "Yuma") today announced that it is actively seeking strategic alternatives and provided information related to its liquidity and operations. The Company also reported its financial results for the quarter ended March 31, 2018. 

Strategic Alternatives

Yuma is currently exploring strategic alternatives in order to enhance and maximize shareholder value.  These strategic alternatives may include, but are not limited to, a business combination, a merger, sale of assets, and possible capital market transactions.  Yuma will thoroughly evaluate all opportunities and third-party proposals, if any, and will aggressively pursue options which are intended to add incremental shareholder value relative to its continued standalone activities. 

Liquidity

Due to operating losses the Company sustained during recent quarters, which were partially a result of several events outside the reasonable control of the Company, including the suspension of production from several wells for a period of time and other associated factors, at March 31, 2018, the Company was not in compliance with its total debt to EBITDAX covenant for the trailing four quarter period under its credit facility.  In addition, due to this non-compliance and the Company's anticipated non-compliance at June 30, 2018, the Company classified its bank debt as a current liability in its consolidated financial statements as of and for the three months ended March 31, 2018.  On May 8, 2018, the Company received a waiver from its lenders to its compliance with the fiscal period total debt to EBITDAX for the trailing four quarter period financial ratio covenant for the period ended March 31, 2018, as long as it does not exceed 3.75 to 1.00.

As of March 31, 2018, the Company had outstanding borrowings of $27.05 million under its credit facility, and its total borrowing base was $40.5 million, leaving $13.45 million of undrawn borrowing base.  As of May 8, 2018, the total borrowing base under the credit facility was reduced to $35.0 million.  Since March 31, 2018, the Company has borrowed an additional $7.2 million for working capital, leaving $750,000 of undrawn borrowing base as of the date hereof.

A breach in the future of any of the terms and conditions of the credit facility or a breach of the financial covenants thereunder could result in acceleration of the Company's indebtedness, in which case the debt would become immediately due and payable.  The Company currently anticipates non-compliance with various financial covenants at June 30, 2018.

The Company has initiated several strategic alternatives to remedy its limited liquidity, its debt covenant compliance issues, and to provide it with additional working capital to develop its existing assets.  These may include, but are not limited to, reducing or eliminating capital expenditures previously planned for 2018; entering into commodity derivatives for a significant portion of its anticipated production for 2018; reducing general and administrative expenses; selling non-core assets; seeking merger and acquisition related opportunities; and potentially raising proceeds from capital markets transactions, including the sale of debt or equity securities. There can be no assurance that the exploration of strategic alternatives will result in a transaction.   

The significant risks and uncertainties described above raise substantial doubt about the Company's ability to continue as a going concern. The Company has prepared its consolidated financial statements for the three months ended March 31, 2018 on a going concern basis of accounting, which contemplates continuity of operations, realization of assets, and satisfaction of liabilities and commitments in the normal course of business. The Company's consolidated financial statements for the three months ended March 31, 2018 do not include any adjustments that might result from the outcome of the going concern uncertainty.

Operations Update

In 2017, the Company entered the Permian Basin through a joint venture with two privately held energy companies and established an Area of Mutual Interest ("AMI") covering approximately 33,280 acres in Yoakum County, Texas, located in the Northwest Shelf of the Permian Basin. The primary target within the AMI is the San Andres formation, which has been one of the largest producing formations in Texas to date. As of May 1, 2018, the Company held a 62.5% working interest in approximately 4,823 gross acres (3,014 net acres) within the AMI.  In November, 2017, the Company spudded a salt water disposal well, the Jameson SWD #1. Upon completion of the salt water disposal well, the drilling rig was moved to the Company's State 320 #1H horizontal San Andres well, which was subsequently drilled and completed.  The Company opened the well on March 1, 2018 to begin the dewatering process and establish production. As of May 6, 2018, the well was producing 31 barrels of oil, 89 Mcf of natural gas, and 3,908 barrels of water per day. While significant water production is typical and was expected from the well, early production rates have not met management's pre-drill expectations. The Company will continue to evaluate well performance and the commerciality of the prospect area, but given the well performance to date, the ability to establish commercial production in the prospect area is uncertain at this time.  As of March 31, 2018, the salt water disposal well and the State 320 #1H well were classified as unproved properties within the Company's consolidated financial statements.

First Quarter 2018 Financial Results

Production

The following table presents the net quantities of oil, natural gas and natural gas liquids produced and sold by the Company for the three months ended March 31, 2018 and 2017, and the average sales price per unit sold.


Three Months Ended March 31,


2018


2017

Production volumes:




Crude oil and condensate (Bbls)

47,157


76,397

Natural gas (Mcf)

633,440


899,427

Natural gas liquids (Bbls)

25,243


33,474

     Total (Boe) (1)

177,973


259,776

Average prices realized:




Crude oil and condensate (per Bbl)

$65.02


$49.95

Natural gas (per Mcf)

$2.83


$2.84

Natural gas liquids (per Bbl)

$31.22


$23.15



(1)

Barrels of oil equivalent have been calculated on the basis of six thousand cubic feet (Mcf) of natural gas equal to one barrel of oil equivalent (Boe).

Revenues

The following table presents the Company's revenues for the three months ended March 31, 2018 and 2017.


Three Months Ended March 31,


2018


2017

Sales of natural gas and crude oil:




Crude oil and condensate

$             3,066,258


$             3,815,932

Natural gas

1,791,251


2,553,443

Natural gas liquids

788,027


775,049

   Total revenues

$             5,645,536


$             7,144,424

Expenses

The Company's lease operating expenses ("LOE") and LOE per Boe for the three months ended March 31, 2018 and 2017, are set forth below:


Three Months Ended March 31,


2018


2017

Lease operating expenses

$        1,665,320


$        1,697,908

Severance, ad valorem taxes and marketing

960,448


963,356

     Total LOE

$        2,625,768


$        2,661,264





LOE per Boe

$14.75


$10.24

LOE per Boe without severance, ad valorem taxes and marketing

$9.36


$6.54

Commodity Derivative Instruments

Commodity derivative instruments open as of March 31, 2018 are provided below.  Natural gas prices are NYMEX Henry Hub prices, and crude oil prices are NYMEX West Texas Intermediate.



2018


2019



Settlement


Settlement (1)

NATURAL GAS (MMBtu):





Swaps





Volume


1,245,893


373,906

Price 


$3.00


$3.00






CRUDE OIL (Bbls):





Swaps





Volume


140,818


156,320

Price 


$53.17


$53.77



(1)

Represents volumes through March 2019.

About Yuma Energy, Inc.

Yuma Energy, Inc., a Delaware corporation, is an independent Houston-based exploration and production company focused on acquiring, developing and exploring for conventional and unconventional oil and natural gas resources.  Historically, the Company's operations have focused on onshore properties located in central and southern Louisiana and southeastern Texas where it has a long history of drilling, developing and producing both oil and natural gas assets.  More recently, the Company has begun acquiring acreage in Yoakum County, Texas, with plans to explore and develop oil and natural gas assets in the Permian Basin.  Finally, the Company has operated positions in Kern County, California, and non-operated positions in the East Texas Woodbine and the Bakken Shale in North Dakota.  Its common stock is listed on the NYSE American under the trading symbol "YUMA."

Forward-Looking Statements

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Statements that are not strictly historical statements constitute forward-looking statements and may often, but not always, be identified by the use of such words such as "expects," "believes," "intends," "anticipates," "plans," "estimates," "potential," "possible," or "probable" or statements that certain actions, events or results "may," "will," "should," or "could" be taken, occur or be achieved. The forward-looking statements include statements about future operations, and estimates of reserve and production volumes. Forward-looking statements are based on current expectations and assumptions and analyses made by the Company in light of experience and perception of historical trends, current conditions and expected future developments, as well as other factors appropriate under the circumstances. However, whether actual results and developments will conform with expectations is subject to a number of risks and uncertainties, including but not limited to: our limited liquidity; the risks of the oil and natural gas industry (for example, operational risks in exploring for, developing and producing crude oil and natural gas); risks and uncertainties involving geology of oil and natural gas deposits; the uncertainty of reserve estimates; revisions to reserve estimates as a result of changes in commodity prices; the uncertainty of estimates and projections relating to future production, costs and expenses; potential delays or changes in plans with respect to exploration or development projects or capital expenditures; health, safety and environmental risks and risks related to weather; declines in oil and natural gas prices; inability of management to execute its plans to meet its goals, shortages of drilling equipment, oil field personnel and services, unavailability of gathering systems, pipelines and processing facilities and the possibility that government policies may change.  The Company's annual report on Form 10-K for the year ended December 31, 2017, quarterly reports on Form 10-Q, recent current reports on Form 8-K, and other SEC filings discuss some of the important risk factors identified that may affect its business, results of operations, and financial condition. The Company undertakes no obligation to revise or update publicly any forward-looking statements, except as required by law.

Yuma Energy, Inc.


CONSOLIDATED BALANCE SHEETS

(Unaudited)







March 31,


December 31,


2018


2017





ASSETS 








CURRENT ASSETS:




Cash and cash equivalents 

$           101,850


$           137,363

Accounts receivable, net of allowance for doubtful accounts:




  Trade

3,569,760


4,496,316

  Officer and employees

-


53,979

  Other

536,243


1,004,479

Prepayments

837,877


976,462

Other deferred charges

406,881


347,490





Total current assets

5,452,611


7,016,089





OIL AND GAS PROPERTIES (full cost method):




Proved properties

494,700,559


494,216,531

Unproved properties - not subject to amortization

9,127,056


6,794,372






503,827,615


501,010,903

Less:  accumulated depreciation, depletion and amortization

(423,342,487)


(421,165,400)





Net oil and gas properties

80,485,128


79,845,503





OTHER PROPERTY AND EQUIPMENT:




Land, buildings and improvements

1,600,000


1,600,000

Other property and equipment

2,845,459


2,845,459


4,445,459


4,445,459

Less: accumulated depreciation and amortization

(1,449,769)


(1,409,535)





Net other property and equipment

2,995,690


3,035,924





OTHER ASSETS AND DEFERRED CHARGES:




Deposits

467,592


467,592

Other noncurrent assets

79,997


270,842





Total other assets and deferred charges

547,589


738,434





TOTAL ASSETS 

$      89,481,018


$      90,635,950

 

Yuma Energy, Inc.


CONSOLIDATED BALANCE SHEETS – CONTINUED

(Unaudited)







March 31,


December 31,


2018


2017





LIABILITIES AND EQUITY








CURRENT LIABILITIES:




Current maturities of debt

$      27,424,499


$           651,124

Accounts payable, principally trade

13,778,740


11,931,218

Commodity derivative instruments

1,476,071


903,003

Asset retirement obligations

88,721


277,355

Other accrued liabilities

1,765,817


2,295,438





Total current liabilities

44,533,848


16,058,138





LONG-TERM DEBT

-


27,700,000





OTHER NONCURRENT LIABILITIES:




Asset retirement obligations

10,352,150


10,189,058

Commodity derivative instruments

485,234


336,406

Deferred rent

281,852


290,566

Employee stock awards

239,095


191,110





Total other noncurrent liabilities

11,358,331


11,007,140





COMMITMENTS AND CONTINGENCIES (Notes 2 and 15)








EQUITY




Series D convertible preferred stock




   ($0.001 par value, 7,000,000 authorized, 1,937,262 issued and outstanding as of March 31, 2018, and 1,904,391 issued and outstanding as of December 31, 2017)

1,937


1,904

Common stock




   ($0.001 par value, 100 million shares authorized, 23,230,169 outstanding as of March 31, 2018 and 22,661,758 outstanding as of December 31, 2017)

23,230


22,662

Additional paid-in capital

56,728,467


55,064,685

Treasury stock at cost (369,238 shares as of March 31, 2018 and 13,343 shares as of December 31, 2017)

(434,557)


(25,278)

Accumulated earnings (deficit)

(22,730,238)


(19,193,301)





Total equity

33,588,839


35,870,672





TOTAL LIABILITIES AND EQUITY

$      89,481,018


$      90,635,950

 

Yuma Energy, Inc.


CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)



Three Months Ended March 31,


2018


2017





REVENUES:




Sales of natural gas and crude oil

$        5,645,536


$          7,144,424





EXPENSES:




Lease operating and production costs

2,625,768


2,661,264

General and administrative – stock-based compensation

296,293


51,735

General and administrative – other

1,749,237


2,176,002

Depreciation, depletion and amortization

2,217,321


3,140,940

Asset retirement obligation accretion expense

142,940


138,569

Bad debt expense

65,808


-

Total expenses

7,097,367


8,168,510





LOSS FROM OPERATIONS

(1,451,831)


(1,024,086)





OTHER INCOME (EXPENSE):




Net gains (losses) from commodity derivatives

(1,251,260)


3,556,783

Interest expense

(466,292)


(496,091)

Gain on other property and equipment

-


555,642

Other, net

(3,537)


36,408

Total other income (expense)

(1,721,089)


3,652,742





INCOME (LOSS) BEFORE INCOME TAXES

(3,172,920)


2,628,656





Income tax expense

-


26,531





NET INCOME (LOSS)

(3,172,920)


2,602,125





PREFERRED STOCK:




Dividends paid in kind

364,017


339,610





NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS


$      (3,536,937)



$          2,262,515





INCOME (LOSS) PER COMMON SHARE:




Basic

($0.16)


$0.19

Diluted

($0.16)


$0.16





WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:




Basic

22,813,130


12,211,256

Diluted

22,813,130


14,056,170

 

Yuma Energy, Inc.


CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)



Three Months Ended March 31,


2018


2017

CASH FLOWS FROM OPERATING ACTIVITIES:




Reconciliation of net income (loss) to net cash provided by (used in) operating activities:




Net income (loss)

$        (3,172,920)


$          2,602,125

Depreciation, depletion and amortization of property and equipment

2,217,321


3,140,940

Amortization of debt issuance costs

184,733


81,843

Deferred rent liability, net

33,117


-

Stock-based compensation expense

296,293


51,735

Settlement of asset retirement obligations

(147,122)


-

Asset retirement obligation accretion expense

142,940


138,569

Bad debt expense

65,808


-

Net (gains) losses from commodity derivatives

1,251,260


(3,556,783)

Gain on sales of fixed assets

-


(555,642)

Loss on write-off of liabilities net of assets

3,631


-

Changes in assets and liabilities:




(Increase) decrease in accounts receivable

879,333


(795,740)

Decrease in prepaids, deposits and other assets

138,585


306,021

(Decrease) increase in accounts payable and other current and non-current liabilities


2,507,831



(461,542)

NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES

4,400,810


951,526





CASH FLOWS FROM INVESTING ACTIVITIES:




Capital expenditures for oil and gas properties

(3,507,005)


(2,053,826)

Proceeds from sale of oil and gas properties

1,000,000


641,056

Derivative settlements

(529,364)


98,700

NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES

(3,036,369)


(1,314,070)





CASH FLOWS FROM FINANCING ACTIVITIES:




Proceeds from borrowings on senior credit facility

6,350,000


-

Repayment of borrowings on senior credit facility

(7,000,000)


-

Repayments of borrowings - insurance financing

(276,625)


(255,026)

Debt issuance costs

-


(76,452)

Shelf registration costs

(64,050)


-

Treasury stock repurchases

(409,279)


(4,170)

NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES

(1,399,954)


(335,648)





NET DECREASE IN CASH AND CASH EQUIVALENTS

(35,513)


(698,192)





CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD

137,363


3,625,686





CASH AND CASH EQUIVALENTS AT END OF PERIOD

$             101,850


$          2,927,494





Supplemental disclosure of cash flow information:




Interest payments (net of interest capitalized)

$             145,871


$             264,542

Interest capitalized

$             115,541


$               44,550

Supplemental disclosure of significant non-cash activity:




(Increase) decrease in capital expenditures financed by accounts payable

$             168,934


$        (1,434,132)

 

Cision

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Why Yuma Energy Inc’s (NYSEMKT:YUMA) Ownership Structure Is Important

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Today, I will be analyzing Yuma Energy Inc’s (AMEX:YUMA) recent ownership structure, an important but not-so-popular subject among individual investors. The impact of a company’s ownership structure affects both its short- and long-term performance. Since the effect of an active institutional investor with a similar ownership as a passive pension-fund can be vastly different on a company’s corporate governance and accountability of shareholders, investors should take a closer look at YUMA’s shareholder registry.

View our latest analysis for Yuma Energy

AMEX:YUMA Ownership_summary May 1st 18

Institutional Ownership

With an institutional ownership of 36.94%, YUMA can face volatile stock price movements if institutions execute block trades on the open market, more so, when there are relatively small amounts of shares available on the market to trade However, as not all institutions are alike, such high volatility events, especially in the short-term, have been more frequently linked to active market participants like hedge funds. Hedge funds, considered active investors, hold a 18.12% stake in the company, which may be the cause of high short-term volatility in the stock price. I am going to further examine YUMA’s ownership structure to check how other major shareholders can affect its investment case.

Insider Ownership

Insiders form another group of important ownership types as they manage the company’s operations and decide the best use of capital. Insider ownership has been linked to better alignment between management and shareholders. YUMA insiders hold a significant stake of 16.28% in the company. This level of insider ownership has been found to have a negative impact on companies with consistently low PE ratios (underperformers), while it has been positive in the case of high PE ratio firms (outperformers). Another aspect of insider ownership is to learn about their recent transactions. Insiders buying company shares can be a positive indicator of future performance, but a selling decision can simply be driven by personal financial needs.

General Public Ownership

The general public holds a substantial 21.56% stake in YUMA, making it a highly popular stock among retail investors. This size of ownership gives retail investors collective power in deciding on major policy decisions such as executive compensation, appointment of directors and acquisitions of businesses. This level of ownership gives retail investors the power to sway key policy decisions such as board composition, executive compensation, and potential acquisitions. This is a positive sign for an investor who wants to be involved in key decision-making of the company.

Private Company Ownership

Another important group of owners for potential investors in YUMA are private companies that hold a stake of 7.10% in YUMA. These are companies that are mainly invested due to their strategic interests or are incentivized by reaping capital gains on investments their shareholdings. With this size of ownership in YUMA, this ownership class can affect the company’s business strategy. As a result, potential investors should further explore the company’s business relations with these companies and find out if they can affect shareholder returns in the long-term.

Next Steps:

With significant institutional ownership, including active hedge, existing investors should seek a margin of safety when investing in YUMA. This will allow an investor to reduce the impact of non-fundamental factors, such as volatile block trading impact on their portfolio value. However, ownership structure should not be the only focus of your research when constructing an investment thesis around YUMA. Rather, you should be examining fundamental factors such as Yuma Energy’s past track record and financial health. I urge you to complete your research by taking a look at the following:

  1. Financial Health: Is YUMA’s operations financially sustainable? Balance sheets can be hard to analyze, which is why we’ve done it for you. Check out our financial health checks here.
  2. Valuation: What is YUMA worth today? Is the stock undervalued, even when its growth outlook is factored into its intrinsic value? The intrinsic value infographic in our free research report helps visualize whether YUMA is currently mispriced by the market.
  3. Other High-Performing Stocks: Are there other stocks that provide better prospects with proven track records? Explore our free list of these great stocks here.

NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures.
To help readers see pass the short term volatility of the financial market, we aim to bring you a long-term focused research analysis purely driven by fundamental data. Note that our analysis does not factor in the latest price sensitive company announcements.

The author is an independent contributor and at the time of publication had no position in the stocks mentioned.

Are Yuma Energy Inc’s (NYSEMKT:YUMA) Interest Costs Too High?

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Yuma Energy Inc (AMEX:YUMA) is a small-cap stock with a market capitalization of US$27.88M. While investors primarily focus on the growth potential and competitive landscape of the small-cap companies, they end up ignoring a key aspect, which could be the biggest threat to its existence: its financial health. Why is it important? Companies operating in the Oil and Gas industry, especially ones that are currently loss-making, tend to be high risk. Evaluating financial health as part of your investment thesis is crucial. I believe these basic checks tell most of the story you need to know. Nevertheless, since I only look at basic financial figures, I suggest you dig deeper yourself into YUMA here.

How does YUMA’s operating cash flow stack up against its debt?

YUMA’s debt levels have fallen from US$40.10M to US$28.35M over the last 12 months – this includes both the current and long-term debt. With this reduction in debt, YUMA currently has US$137.36K remaining in cash and short-term investments , ready to deploy into the business. Additionally, YUMA has produced cash from operations of US$3.25M during the same period of time, resulting in an operating cash to total debt ratio of 11.45%, meaning that YUMA’s current level of operating cash is not high enough to cover debt. This ratio can also be a sign of operational efficiency for loss making businesses since metrics such as return on asset (ROA) requires a positive net income. In YUMA’s case, it is able to generate 0.11x cash from its debt capital.

Can YUMA meet its short-term obligations with the cash in hand?

At the current liabilities level of US$16.06M liabilities, the company has not maintained a sufficient level of current assets to meet its obligations, with the current ratio last standing at 0.44x, which is below the prudent industry ratio of 3x.

AMEX:YUMA Historical Debt Apr 20th 18

Does YUMA face the risk of succumbing to its debt-load?

With debt reaching 79.04% of equity, YUMA may be thought of as relatively highly levered. This is not uncommon for a small-cap company given that debt tends to be lower-cost and at times, more accessible. But since YUMA is presently unprofitable, sustainability of its current state of operations becomes a concern. Maintaining a high level of debt, while revenues are still below costs, can be dangerous as liquidity tends to dry up in unexpected downturns.

Next Steps:

At its current level of cash flow coverage, YUMA has room for improvement to better cushion for events which may require debt repayment. Furthermore, its lack of liquidity raises questions over current asset management practices for the small-cap. Keep in mind I haven’t considered other factors such as how YUMA has been performing in the past. I suggest you continue to research Yuma Energy to get a better picture of the stock by looking at:

  1. Valuation: What is YUMA worth today? Is the stock undervalued, even when its growth outlook is factored into its intrinsic value? The intrinsic value infographic in our free research report helps visualize whether YUMA is currently mispriced by the market.
  2. Historical Performance: What has YUMA’s returns been like over the past? Go into more detail in the past track record analysis and take a look at the free visual representations of our analysis for more clarity.
  3. Other High-Performing Stocks: Are there other stocks that provide better prospects with proven track records? Explore our free list of these great stocks here.


To help readers see pass the short term volatility of the financial market, we aim to bring you a long-term focused research analysis purely driven by fundamental data. Note that our analysis does not factor in the latest price sensitive company announcements.

The author is an independent contributor and at the time of publication had no position in the stocks mentioned.

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