Timothy Smith
12 years ago
McMoRan Exploration Co (MMR), is T Boone Pickens' second favorite small-cap stock.
Freeport-McMoRan (FCX) acquired the deep-sea driller in December, which had originally initiated a MMR spinoff nearly two decades ago. In the time since the deal, shares of McMoRan Exploration have risen by close to 90%, making Pickens millions in the process.
At the end of the third quarter-the last 13F-filing period we have on record-the billionaire held approximately $3.9 million worth of MMR stock, meaning that he has made a cool $3.5 million in seven weeks' time.
That's that definition of a "smart money-play."
dr_praeses
12 years ago
Takeover rumor, nice for you
Freeport-McMoRan (FCX) Could Target McMoRan Exploration (MMR), Other Oil & Gas Producer in a Takeover
Shares of McMoRan Exploration Co. (NYSE: MMR) are indicated to open sharply higher Wednesday following reports from the Financial Times that Freeport-McMoRan Copper & Gold (NYSE: FCX) is looking to buy the company and another large oil and gas company in an effort to move back into energy producing.
In addition to McMoRan Exploration, Freeport-McMoRan is looking to buy a second company that has Gulf of Mexico assets. Plains Exploration & Production (NYSE: PXP) was not named as the second company, but the FT notes it has ties to Freeport-McMoRan. It also owns a 31.5 percent stake in McMoRan Exploration and its CEO sits on the board of McMoRan Exploration.
Shares of McMoRan Exploration last traded at $10.72 in pre-open trade, up 26 percent.
dr_praeses
12 years ago
McMoRan Expl Stock Rating Reaffirmed by Jefferies Group (MMR)
McMoRan Expl Stock Rating Reaffirmed by Jefferies Group (MMR)
Jefferies Group reiterated their hold rating on shares of McMoRan Expl (NYSE: MMR) in a research note issued to investors on Tuesday.
A number of other analysts have also recently weighed in on MMR. Analysts at Guggenheim initiated coverage on shares of McMoRan Expl in a research note to investors on Thursday, October 18th. They set a buy rating on the stock. Analysts at Susquehanna reiterated a positive rating on shares of McMoRan Expl in a research note to investors on Wednesday, October 3rd. They now have a $18.00 price target on the stock.
McMoRan Expl opened at 12.50 on Tuesday. McMoRan Expl has a 1-year low of $7.76 and a 1-year high of $16.57. The company’s market cap is $2.025 billion.
McMoRan Expl last released its earnings data on Friday, October 19th. The company reported ($0.40) EPS for the quarter, missing the Thomson Reuters consensus estimate of ($0.13) by $0.27. The company’s quarterly revenue was down 33.6% on a year-over-year basis. Analystsexpect that McMoRan Expl will post $-0.61 EPS for the current fiscal year.
McMoRan Exploration Co (McMoRan) is engaged in the exploration, development and production of oil and natural gas offshore in the Gulf of Mexico and onshore in the Gulf Coast area of the United States.
Timothy Smith
12 years ago
McMoRan Exploration Co. Reports Second-Quarter/Six-Month 2012 Results
PRODUCTION ACTIVITIES
Second-quarter 2012 production averaged 140 MMcfe/d net to McMoRan, compared with 197 MMcfe/d in the second quarter of 2011. Production in the second quarter of 2012 was below McMoRan’s previously reported estimate of 145 MMcfe/d in April 2012 because of unplanned downtime for repairs to platforms and third party pipelines and weather related shipping delays. Excluding potential production from Davy Jones, production is expected to average approximately 137 MMcfe/d for the year 2012, including 135 MMcfe/d in the third quarter of 2012. McMoRan’s estimated production rates are dependent on the timing of planned recompletions, production performance, weather and other factors.
Production from the Flatrock field averaged a gross rate of approximately 121 MMcfe/d (50 MMcfe/d net to McMoRan) in the second quarter of 2012, and as anticipated was lower than the year ago period which averaged 172 MMcfe/d (70 MMcfe/d net to McMoRan). McMoRan owns a 55.0 percent working interest and a 41.3 percent net revenue interest in the Flatrock field.
EXPLORATION AND DEVELOPMENT ACTIVITIES
Since 2008, McMoRan’s drilling activities in the shallow waters of the Gulf of Mexico (GOM) below the salt weld (i.e. listric fault) have successfully confirmed McMoRan’s geologic model and the highly prospective nature of this emerging geologic trend. The data from five wells drilled to date indicate the presence below the salt weld of geologic formations including Upper/Middle/Lower Miocene, Frio, Vicksburg, Upper Eocene, Sparta carbonate, Wilcox, Tuscaloosa and Cretaceous carbonate, which have been prolific onshore, in the deepwater GOM and in international locations. The results of these activities indicate the potential for a major new geologic trend spanning 200 miles in the shallow waters of the GOM and onshore in the Gulf Coast area. Further drilling and flow testing will be required to determine the ultimate potential of this new trend.
Full press announcement: http://www.alphatrade.com/news/stories/AM/2012-07-17/BIZ/201207170800BIZWIRE_USPR_____BW5906.html
dr_praeses
13 years ago
the stock tanked on friday, 1/13, something about the divi's for their preferred stock not being up to snuff it seems? do we have any idea of their equity structure? i read 'convertible perpetual preferred stock', like to see a quote for that stuff, maybe will report back on it. might just be common stockholders getting diluted ?
NEW ORLEANS--(BUSINESS WIRE)--McMoRan Exploration Co. (NYSE: MMR) today declared the following cash dividends payable on February 15, 2012 to holders of record as of February 1, 2012 on its preferred stocks:
$14.375 per share of MMR’s 5¾% Convertible Perpetual Preferred Stock.
$20.00 per share of MMR’s 8% Convertible Perpetual Preferred Stock.
McMoRan Exploration Co. is an independent public company engaged in the exploration, development and production of natural gas and oil in the shallow waters of the Gulf of Mexico Shelf and onshore in the Gulf Coast area. Additional information about McMoRan is available on its internet website “www.mcmoran.com”.
Contacts
McMoRan Exploration Co.
Financial & Media Contact:
David P. Joint, 504-582-4203
Recent Stories from McMoRan Exploration Co.
OilStockReport
14 years ago
I agree, I think I see some upside potential. What do you think?
McMoRan Exploration Co. (MMR) - Through its subsidiary, McMoRan Oil & Gas LLC, engages in the exploration, development, and production of oil and natural gas offshore in the Gulf of Mexico and onshore in the Gulf Coast area of the United States. MMR has outstripped the S&P’s 52-week return by 199.31%. The company is trading below analyst’s estimates. MMR has a median price target of $21 by 7 brokers and a high target of $23. On Oct 11, 2010 CapitalOne southcoast upgraded the company from Neutral to Add.