Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Return on Equity (ROE) since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Analysis of Debt
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Historical Valuation Ratios (Summary)
Anadarko Petroleum Corp., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31).
- Price to Earnings (P/E) Ratio
- The Price to Earnings ratio exhibits notable volatility over the reported periods. Initially, data is unavailable, but from the first available quarter, a peak of 63.22 is observed in June 2013, followed by a general decline to values around the mid-20s by year-end 2013. After this point, data for this ratio is missing, preventing further trend analysis.
- Price to Operating Profit (P/OP) Ratio
- The Price to Operating Profit ratio begins reporting from the first quarter of 2013, with a relatively high value of 11.3. The ratio peaks in the second quarter of 2013 at 18.99, then decreases to a range between approximately 7.5 and 13.4 in subsequent quarters through 2014. This fluctuation suggests varying operating profit performance or market valuation changes during this period. Data is absent following 2014, limiting insight into later trends.
- Price to Sales (P/S) Ratio
- Price to Sales ratios are more consistently reported across the timeline, displaying several notable shifts. Early values in 2013 hover around 3.16 to 3.36, indicating relatively stable sales valuation. During 2014, the ratio shows volatility, seeing both rises and falls between roughly 2.64 and 3.36. In the subsequent years, notably from 2015 onwards, the ratio decreases, reaching lows near 2.17 by the first quarter of 2016, followed by an increasing trend peaking at 4.42 in late 2016. The upward movement suggests improved market valuation relative to sales during that time. The ratio then declines toward approximately 2.44 to 2.57 by the third quarter of 2017, indicating a normalization or decrease in sales valuation relative to price.
- Price to Book Value (P/BV) Ratio
- The Price to Book Value ratio presents data across all quarters with fluctuations that may reflect market perception of the company's asset value. Starting at 1.8 in early 2012, the ratio experiences variability, reaching peaks above 2.9 in several quarters during 2014 and 2015. Notably, a sharp decline occurs by the end of 2015, with the ratio dropping to 1.61, suggesting a significant decrease in relative market valuation or an increase in book value. Thereafter, the ratio recovers, rising above 3.0 in early 2017, indicative of increased investor confidence or asset valuation. The trend toward the end of the dataset slightly tapers off but remains elevated compared to earlier periods.
Price to Earnings (P/E)
Anadarko Petroleum Corp., historical P/E calculation (quarterly data)
| Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Net income (loss) attributable to common stockholders (in millions) | ||||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Chevron Corp. | ||||||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||||||
| Exxon Mobil Corp. | ||||||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2017 Calculation
EPS
= (Net income (loss) attributable to common stockholdersQ3 2017
+ Net income (loss) attributable to common stockholdersQ2 2017
+ Net income (loss) attributable to common stockholdersQ1 2017
+ Net income (loss) attributable to common stockholdersQ4 2016)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Anadarko Petroleum Corp. Quarterly or Annual Report.
4 Q3 2017 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited considerable volatility over the observed periods. Initially, from March 2012 to December 2012, the price ranged from approximately $68.81 to $84.13, showing a moderate upward trend. This was followed by a general increase during 2013 and early 2014, peaking near $109.23 in June 2014. After this peak, the share price experienced a downward trend with fluctuations, reaching a low of around $40.50 in December 2015. Subsequently, prices showed a gradual recovery, ending near $49.37 by September 2017. This pattern indicates market uncertainty with a significant decline mid-period and partial recovery towards the end.
- Earnings Per Share (EPS) Trends
- EPS data are missing for the first few quarters of 2012 but available from March 2013 onwards. The EPS generally declined during the entire timeframe, starting with positive values in early 2013—reaching a notable 4.78 and subsequent decreases—and transitioning into negative territory by March 2014 with values such as -4.61 and further declines through 2015 to 2017. The most severe negative EPS occurred around late 2015 (e.g., -11.49 and -13.16), suggesting substantial profitability challenges. Although still negative, the losses slightly moderated towards 2017, implying some recovery or stabilization in earnings.
- Price-to-Earnings (P/E) Ratio Analysis
- The available P/E ratio data, covering mainly 2013, reflect highly variable valuations. The P/E ratio was 17.61 at the start of 2013 but escalated dramatically to 63.22 in the following quarter, indicating that the market was pricing the shares at a high premium relative to earnings during a period of earnings uncertainty or growth expectations. The subsequent decline to 26.02 and 27.21 suggests a normalization of market valuation, though another rise to 52.93 indicates continued market volatility. No P/E data are provided after 2013, possibly due to the negative earnings which make the ratio less meaningful.
- Overall Insights
- The financial performance indicated by EPS shows a deterioration beginning in early 2014 and persisting through subsequent years, which is mirrored by share price behavior—a peak followed by a substantial decline and only partial recovery. The elevated and fluctuating P/E ratios during 2013 further emphasize market uncertainty regarding earnings prospects. The persistence of negative earnings from 2014 onward likely impacted investor confidence and share price valuation. The partial price recovery in later years suggests some improvement in market perceptions despite ongoing profitability challenges.
Price to Operating Profit (P/OP)
Anadarko Petroleum Corp., historical P/OP calculation (quarterly data)
| Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Operating income (loss) (in millions) | ||||||||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Chevron Corp. | ||||||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||||||
| Exxon Mobil Corp. | ||||||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2017 Calculation
Operating profit per share
= (Operating income (loss)Q3 2017
+ Operating income (loss)Q2 2017
+ Operating income (loss)Q1 2017
+ Operating income (loss)Q4 2016)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Anadarko Petroleum Corp. Quarterly or Annual Report.
4 Q3 2017 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share price trend
- The share price exhibited significant volatility over the observed periods. Initially, from March 2012 to December 2013, the price moved within a range fluctuating between approximately $68 to $96, reaching a peak of $95.93 in September 2013. In 2014, the share price generally remained elevated, peaking at $109.23 in June before declining towards the end of the year. A downward trend started in early 2015, with prices falling steadily and notably dropping to a low of $40.50 by December 2015. Subsequently, the price showed a recovery trend during 2016 and 2017, gradually increasing to around $59.44 by September 2016 and reaching $49.37 in September 2017, indicating some stabilization but still below previous highs.
- Operating profit per share (OPPS) pattern
- Operating profit per share was not available until the first quarter of 2013. During 2013 and 2014, OPPS demonstrated healthy positive values, ranging mostly between $4.61 and $12.04. The highest value observed was $12.04 in September 2014, indicating a period of strong operational profitability. However, from the first quarter of 2015 onwards, OPPS turned negative and continued deteriorating significantly. The most severe contraction occurred in late 2015, with OPPS reaching -$17.33 in December 2015. Although still negative, the losses showed some moderation during 2016 and 2017, with values gradually improving but remaining below zero, suggesting ongoing operational challenges.
- Price to Operating Profit ratio (P/OP) observations
- The P/OP ratio was only reported through the periods of 2013 and part of 2014. It showed considerable fluctuation, starting at 11.3 in the first reported quarter and peaking at 18.99 in June 2013, indicative of a high share price relative to operating profit. Subsequently, the ratio decreased to a low of 7.5 in September 2014, reflecting either increased operating profit or a decline in share price. The absence of P/OP data beyond 2014 prevents further assessment; however, the negative operating profits from 2015 onwards would invalidate the ratio or suggest significant valuation concerns.
- Overall analysis
- The financial data reveals a strong operational and market performance through 2013 and 2014, with high operating profits and relatively elevated share prices. Beginning in 2015, the company experienced a pronounced downturn in operating profitability, which was mirrored by a substantial decline in share price. Although modest recovery signs appeared by 2016 and 2017 in both metrics, overall profitability remained negative. These patterns suggest the company faced considerable operational difficulties starting in 2015, impacting investor confidence and share valuation, with only partial recovery achieved by the end of the observed timeline.
Price to Sales (P/S)
Anadarko Petroleum Corp., historical P/S calculation (quarterly data)
| Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Sales revenues (in millions) | ||||||||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Chevron Corp. | ||||||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||||||
| Exxon Mobil Corp. | ||||||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2017 Calculation
Sales per share
= (Sales revenuesQ3 2017
+ Sales revenuesQ2 2017
+ Sales revenuesQ1 2017
+ Sales revenuesQ4 2016)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Anadarko Petroleum Corp. Quarterly or Annual Report.
4 Q3 2017 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The share price exhibited notable fluctuations over the analyzed periods. Initially, from March 2012 to December 2012, the share price showed a slight decline followed by a sharp rise, reaching a peak of $84.13. Through 2013 and into early 2014, the share price mostly increased, peaking near $109.23 in June 2014. However, from that peak onward, there was a general downward trend, with pronounced decreases starting in mid-2015 and continuing into early 2016, where the price bottomed around $40.50 in December 2015. Afterwards, a gradual recovery was observed through 2016 and into 2017, but the share price did not regain previous highs, stabilizing between $40.00 and $60.00 by the end of the period.
Sales per share data, available from March 2013 onwards, demonstrated a peak in late 2014, with the highest recorded value at $33.32 in December 2014. From this point, sales per share showed a consistent and marked decline through 2015 and 2016, reaching a low of $14.14 in December 2016. In early 2017, a modest increase in sales per share can be discerned, rising to $19.20 by September 2017, indicating some recovery in revenue generation per share during that time frame.
The Price-to-Sales (P/S) ratio displays a variable trend that reflects the interplay between share price and sales per share. In the early periods from March 2013 to December 2014, the P/S ratio hovered mostly between 2.64 and 3.36, with some volatility but no definitive trend. However, during the period from 2015 through 2016, the ratio became more volatile with a striking peak of 4.42 in March 2017, indicating that the market price was substantially higher relative to sales at that time. This peak suggests a possible market optimism or share price strength despite low sales per share in preceding quarters. Toward the end of the data set, the P/S ratio declined again, settling around 2.44 to 2.57, reflecting a closer alignment between reduced share prices and somewhat improving sales per share.
Overall, the data reveals a cycle of growth peaking around 2014 in both share price and sales per share, followed by a pronounced downturn through 2015 and 2016. The subsequent partial recovery in 2017 is accompanied by continued fluctuations in valuation multiples, suggesting market adjustments to underlying financial performance. These patterns indicate sensitivity to market and operational factors over the timeframe analyzed, with a lagging recovery in sales relative to share price movements.
- Share Price Trend
- Peaked mid-2014, significant decline through 2015-2016, partial recovery by late 2017.
- Sales per Share Trend
- Highest at end of 2014, then steady decline until late 2016, slight rebound in 2017.
- Price-to-Sales Ratio
- Generally stable initially, became volatile with sharp peak in early 2017, followed by moderation.
Price to Book Value (P/BV)
Anadarko Petroleum Corp., historical P/BV calculation (quarterly data)
| Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Stockholders’ equity (in millions) | ||||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Chevron Corp. | ||||||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||||||
| Exxon Mobil Corp. | ||||||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2017 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Anadarko Petroleum Corp. Quarterly or Annual Report.
4 Q3 2017 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The data indicates fluctuating trends in the share price, book value per share (BVPS), and price-to-book value (P/BV) ratio over the observed periods. These metrics collectively provide insight into the company's market valuation relative to its book value and reflect investor sentiment and underlying asset values.
- Share Price
- The share price demonstrates considerable volatility across the quarters from March 2012 through September 2017. Initially, the price ranged between $68.81 and $88.65 in 2012 and 2013, with a peak near $109.23 in mid-2014. After this peak, a notable decline commenced, particularly through late 2014 and 2015, reaching a low around $40.50 by December 2015. A gradual recovery followed, with prices increasing steadily to $66.77 by December 2016, before again experiencing a moderate decline toward $49.37 by September 2017. This pattern suggests sensitivity to market conditions and possibly external factors influencing the oil and gas sector.
- Book Value per Share (BVPS)
- BVPS exhibited a generally downward trend over the same timeframe. Beginning near $40.59 at the start of 2012, the value remained relatively stable with minor fluctuations until early 2014. From that point forward, there was a steady decline, dropping to $19.71 by September 2017. This consistent decrease in BVPS indicates diminishing net asset value per share, which could be attributed to factors such as asset impairments, increased liabilities, or reduced retained earnings.
- Price-to-Book Value (P/BV) Ratio
- The P/BV ratio varied notably during the period. Initially around 1.69 to 2.08 in 2012 and 2013, the ratio peaked at 2.92 in early 2015 before descending sharply to 1.61 by December 2015, mirroring the share price decline and BVPS fall. Subsequently, it rose again, reaching a high of 3.06 in late 2016, implying that the market price was over three times the book value per share at that point. By the end of the observed period, the ratio settled near 2.51, reflecting moderately high market confidence relative to book value despite declining asset values.
Overall, the data reflects a period of considerable market volatility and declining fundamental equity value. The share price was influenced both by decreasing book value per share and fluctuating market perceptions, as evidenced by the oscillation in the P/BV ratio. The divergence between the declining BVPS and the relatively higher peaks in share price and P/BV ratio suggests that factors beyond book value, such as prospects for growth, market conditions, or sector-specific developments, may have influenced investor behavior during these quarters.