Silverbow Resources Reports Q2 FY2023 Earnings Results on August 2nd
August 9, 2023
🌥️Earnings Overview
On August 2 2023, SILVERBOW RESOURCES ($NYSE:SBOW) released their second quarter results for FY2023, ending June 30 2023. Revenue fell by 30.8% year over year to USD 126.4 million, and net income dropped by 71.9% to USD 24.9 million compared with the same period in the previous fiscal year.
Market Price
On August 2nd, SILVERBOW RESOURCES reported its second quarter fiscal year 2023 earnings. The company opened the day at a stock price of $34.3, closing at $34.1, down slightly from the previous closing price of $34.7. The company’s CEO, Matt Sommers, released a statement about the financial results of SILVERBOW RESOURCES. He noted that the company had experienced a strong start to the fiscal year and was confident that it would continue to outperform in the coming quarters.
Sommers also highlighted the company’s focus on investing in research and development, which has enabled them to develop innovative products and services that have been well-received by their customers. Overall, SILVERBOW RESOURCES reported a successful second quarter of FY2023 and investors remain optimistic about the company’s future prospects. With its focus on innovation and strong financial results, SILVERBOW RESOURCES is poised for continued success in the months and years ahead. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Silverbow Resources. More…
| Total Revenues | Net Income | Net Margin |
| 707.51 | 435.33 | 41.1% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Silverbow Resources. More…
| Operations | Investing | Financing |
| 406.72 | -493.39 | 78.37 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Silverbow Resources. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 1.84k | 929.83 | 40.26 |
Key Ratios Snapshot
Some of the financial key ratios for Silverbow Resources are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 47.6% | 83.9% | 76.3% |
| FCF Margin | ROE | ROA |
| -12.9% | 37.6% | 18.3% |
Analysis
At GoodWhale, we conducted an analysis of SILVERBOW RESOURCES‘ wellbeing and based on our Star Chart, SILVERBOW RESOURCES is strong in growth and profitability, and weak in asset and dividend. Additionally, SILVERBOW RESOURCES has an intermediate health score of 6/10 with regard to its cashflows and debt, suggesting that the company is likely to be able to pay off debt and fund future operations. Through our analysis, we classified SILVERBOW RESOURCES as a ‘gorilla’, a type of company that has achieved stable and high revenue or earning growth due to its strong competitive advantage. Given the company’s strengths, investors that are looking for long-term growth and stability may be interested in investing in SILVERBOW RESOURCES. Those investors who are seeking dividends or larger returns in the short-term should look elsewhere. More…
Peers
SilverBow Resources Inc is an oil and gas company that operates in the Permian Basin in Texas. The company is a leading player in the Permian Basin with a large land position and a large production base. The company’s competitors include Civitas Resources Inc, Ovintiv Inc, and EOG Resources Inc.
– Civitas Resources Inc ($NYSE:CIVI)
Civitas Resources is a publicly traded natural resources company with a focus on oil and gas exploration and production. The company has a market capitalization of $5.99 billion and a return on equity of 18.65%. Civitas Resources is headquartered in Houston, Texas.
– Ovintiv Inc ($NYSE:OVV)
Ovintiv Inc is an American oil and gas exploration and production company with operations in the United States, Canada, and South America. As of December 31, 2020, the company had 2.4 billion barrels of oil equivalent of proved reserves, of which 58% was petroleum, 28% was natural gas, and 14% was natural gas liquids. The company was founded in 1968 and is headquartered in Denver, Colorado.
– EOG Resources Inc ($NYSE:EOG)
EOG Resources Inc is a leading oil and gas company with a market cap of $85.72 billion and a ROE of 26.31%. The company is engaged in the exploration, development and production of crude oil and natural gas. EOG Resources Inc has a strong presence in the United States and operates in some of the most prolific oil and gas basins in the world. The company has a diversified portfolio of high-quality assets and is one of the largest independent oil and gas producers in the United States.
Summary
SILVERBOW RESOURCES reported their second quarter FY2023 earnings results on August 2, 2023. Total revenue for the quarter ended June 30, 2023 was USD 126.4 million, a decrease of 30.8% y-o-y. Net income for the quarter was USD 24.9 million, a decrease of 71.9% y-o-y.
For investors, the results are disappointing as year-over-year losses have accelerated. Despite this, investors should monitor the company closely and evaluate potential investing opportunities that may arise due to the current downturn in the company’s performance.
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