Must Watch Energy Stocks: TTI, AMTX, CRK, MGY, ESTE
There has been a massive focus on the energy sector in the past year and a half owing to the instability in the global political climate. Energy prices were volatile, and many of the companies in the sector also ended up making significant profits. Here is a look at some energy stocks that may be worth tracking at this point in time.
TETRA Technologies Inc. (NYSE:TTI) On July 31, TETRA Technologies Inc. announced its financial results for the second fiscal quarter of 2023. The company announced it generated revenues of $175,463,000, which was an improvement on the revenues of 140,716,000 in the prior-year period. The adjusted EBITDA for the period was $36,046,000 as compared to $18,697,000. The net income attributable to the shareholders was $1400, as opposed to $100 in the prior-year period.
The cash generated from operating activities stood at $28.4 million in the second quarter, and the free cash flow that was generated from continuing operations came in at $17.7 million. TETRA Technologies revealed that it had total liquidity of $99 million in the quarter, and that reflected an improvement on the liquidity sum in the previous quarter.
The company also reported that its unrestricted cash at the end of the quarter was $28 million, and additionally, it had $71 million in the form of credit agreements. The company also hosted a conference call to discuss the financial results the following day. A webcast of the same was made available on the website as well.
Aemetis Inc. (NASDAQ:AMTX) The renewable fuels and renewable natural gas firm Aemetis Inc. is involved with negative carbon intensity products. Yesterday, the company announced its financial results for the three- and six-month periods, which ended on June 30, 2023. In the second quarter, the revenue generated by the company was $45.1 million, compared to $65.9 million in the prior-year period. The prior-year period’s revenue was mainly driven by sales worth $33.6 million from India Biodiesel.
Following a prolonged maintenance period, the company’s California Ethanol operations had also been restarted, which helped generate $11.3 million in combined revenue in May and June. The gross profit for the second quarter was $2 million, which reflected a considerable improvement from the $0.2 million generated in the prior-year period. The Chief Financial Officer of the company, Todd Waltz, noted that everyone at the company was pleased at the many milestones that had been hit by Aemetis in the first half of the year.
Comstock Resources Inc. (NYSE:CRK) This past Monday, Comstock Resources Inc. announced its financial results for the second fiscal quarter that ended on June 30, 2023. The company revealed that the weakness in natural gas prices had taken a heavy toll on its financial performance. Oil and natural gas sales, inclusive of realized hedging gains, stood at $285 million.
The operating cash flow for the quarter was $145 million, which worked out to $0.53 per diluted share. The adjusted EBITDA came in at $182 million, and the adjusted net income for the quarter just broke even. The company generated adjusted net income attributable to shareholders of $1 million, which translated to earnings of $0.00 per diluted share. The reported net loss also included an unrealized pre-tax loss of $60 million related to hedging contracts for risk management.
Magnolia Oil & Gas Corporation (NYSE:MGY) Another energy company that announced its financial results this week was Magnolia Oil & Gas Corporation. In the second fiscal quarter, the company produced net attributable income to Class A common stockholders of $91.5 million, which worked out to $0.48 per diluted share. The total net income for the quarter was $104.6 million, and the total adjusted net income came in at $97.2 million.
The company generated net cash to the tune of $201.8 million from operating activities during the quarter, and the free cash flow amount for the same period was $93.3 million. The total production from Magnolia Oil & Gas Corporation in the second quarter went up 10% year on year and 3% on a sequential basis to 81900 barrels of oil equivalent per day. Outside of its core business, the company also managed to close the acquisition of Giddings, which was a small bolt-on acquisition.
Earthstone Energy Inc. (NYSE:ESTE) On August 2, Earthstone Energy Inc. was one of the companies that announced its financial results for the three- and six-month periods that ended June 30, 2023. The company hit a record average daily production of 105493 barrels of oil equivalent per day, which surpassed the midpoint of the projection for 2023 by 5%. On June 15, it completed the $1 billion acquisition of Novo, which is scheduled to close on August 15.
The company generated a net income of $82.4 million for the quarter and an adjusted net income of $75.6 million. The capital expenditure in the quarter stood at $174.4 million, which was 23% of the midpoint of the projection for the full year.