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ROAN - Unloved Natural Gas Producer Roan Resources Shows Real Upside
Roan Resources Inc. Class A
Firm Overview
Roan Resources is an E&P firm with 172,000 acres in the Merge, Scoop and Stack in Oklahoma. It doubled production last year, and expects to see 30% production growth this year and FCF in Q4 2019. Base production is 54,000 Boe/day.
Clear Valuation Support
Reviewing Roan's recent history can make dark reading, so let's start with the valuation, which highlights the appeal of the stock. Roan has a PV-10 as of December 2018 of $2.1B which, less $0.5B of debt, suggests an equity value of $1.6B or $10.43/share. Putting adjusted 2018 earnings of