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The Wax Report - Week Ending 12/02/2016

December 03, 2016 – Comments (0) | RELATED TICKERS: OXY , BHI , CRR

The increasingly well managed Wax Ink Portfolio was up 4.2% overall for the week.

By comparison, the Dow was up 0.1%, the Nasdaq was down 2.7%, the S&P 500 was down 1.0%, the Russell 2000 was down 2.4%, and the Volatility Index, commonly known as the VIX, was up 14.4%.

Year to date, the Wax Ink portfolio is down 20.7% on a per share held basis, the Dow is up 10.0%, the Nasdaq is up 5.0%, the S&P 500 is up 7.2%, the Russell 2000 is up 15.7%, and the VIX is lower by 22.5%.

Portfolio Summary
The portfolio breakdown is roughly 52% cash, 48% equities, and 0% bonds. The current cash value on a per share basis is $25.41 and the current equity value on a per share basis is $23.59, making the average per share price $49.00. The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $29.23 and the average market closing price of all equities held in the Wax Ink Portfolio is $26.01, making the current portfolio growth potential factor (11.01%).

Hydrocarbon Prices
Two numbers often watched by oil traders are the Crude Spread (Brent Crude less WTI Crude) as well as the Gulf Coast Crack Spread (two barrels of gasoline + one barrel of heating oil – three barrels of crude oil) / 3). These numbers are now apart of The Wax Report.

WTI Crude ended the week at $51.68, up 12.2%, while Brent Crude ended the week at $54.46, up 15.3%, creating a crude price spread of $2.78, a gain of 135.6%. Distillate RBOB Gasoline ended the week at $1.5591, up 13.6%, and Heating Oil ended the week at $1.6581, up 12.8%, moving the Gulf Coast 3:2:1 Crack Spread to $15.19, an increase of 17.2% for the week. Natural Gas ended the week at $3.46, up 12.7%.

Year to date WTI Crude is higher by 39.5%, Brent Crude is higher by 46.1%, Natural Gas is higher by 47.9%, RBOB Gasoline is higher by 22.7%, Heating Oil is higher by 47.2%, and the Gulf Coast 3:2:1 Crack Spread is higher by 6.1%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.80, down 2.2%, while the 10 Year Treasury ended the week at 2.37, up 1.3%. The 5 Year AAA Municipal Bond ended the week at 1.85, up 25.0%, and the 10 Year AAA Municipal Bond ended the week at 2.61, up 20.3%. Lastly, the 5 Year AAA Corporate closed the week at 2.05, up 0.5%, with the 10 Year AAA Corporate ending the week up 1.3% at $3.02.

Year to date the 5 Year Treasury is up 3.4%, the 10 Year Treasury is up 5.3%, the 5 Year AAA Muni is up 49.2%, the 10 year AAA Muni is up 22.0%, the 5 Year AAA Corporate is up 7.9%, and the 10 Year AAA Corporate is up 3.4%.

Fair Warning
Please remember that the minimum holding time for shares in my portfolio is 60 months (1825 days), and that I have no position in any stock mentioned in this report. Additionally, I closed my position in Agrium, Inc. for a 243% gain after holding the stock for 3712 days.

Baseline Valuation Estimates and Worksheets
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent SEC 10-K ANNUAL financial data as reported to the U.S. Securities and Exchange Commission.

Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets
Worksheets were either created or updated during the week for the following companies.

Occidental Petroleum Corporation (NYSE: OXY) - FYE 12/2015
Baker Hughes, Inc. (NYSE: BHI) - FYE 12/2015
CARBO Ceramics, Inc. (NYSE: CRR) - FYE 12/2015
Core Laboratories NV (NYSE: CLB) - FYE 12/2015

Baseline Valuation Estimates
Baseline valuation estimates are determined through fundamental analysis of the listed company's most recent annual financial information. Because these valuations are never exact, what is presented here is a baseline valuation range. Baseline valuation estimates were either created or updated during the week for the following companies:

Occidental Petroleum Corporation - $65-$70
Baker Hughes, Inc. - $30-$38
CARBO Ceramics, Inc. - $1-$1
Core Laboratories NV - $42-$47

Growth Only Valuation Estimates
Growth only valuations are determined utilizing current pricing levels, year over year earnings growth, dividend yield, the current PE ratio, and an earnings growth estimate. Because growth only valuations are EXTREMELY volatile, what is presented here is a single growth only valuation estimate. Growth only valuation estimates were either created or updated during the week for the following companies:

Occidental Petroleum Corporation - $2
Baker Hughes, Inc. - $59
CARBO Ceramics, Inc. - ($184)
Core Laboratories NV - $103

Investment Summaries
Investment summaries are determined based on fundamental valuation of the underlying equity AND a consider a minimum hold of 60 months (5 years). Investment summaries were issued during the week for the following companies:

Occidental Petroleum Corporation - Neutral - the current baseline valuation and key performance indicators (KPIs) are mixed for investment consideration at this time (Hold)

Baker Hughes, Inc. - Negative - the current baseline valuation and key performance indicators (KPIs) no longer favor investment consideration (Sell)

CARBO Ceramics, Inc. - Negative - the current baseline valuation and key performance indicators (KPIs) no longer favor investment consideration (Sell)

Core Laboratories NV - Negative - the current baseline valuation and key performance indicators (KPIs) no longer favor investment consideration (Sell)



Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2016 Wax Ink  [more]

Recs

1

The Wax Report - Week Ending 11/25/2016

November 26, 2016 – Comments (0) | RELATED TICKERS: KRA , APC , MCF

The feebly managed Wax Ink Portfolio was up 1.4% overall for the week.

By comparison, the Dow was up 1.5%, the Nasdaq was up 1.5%, the S&P 500 was up 1.4%, the Russell 2000 was up 2.4%, and the Volatility Index, commonly known as the VIX, was down 4.0%.

Year to date, the Wax Ink portfolio is down 24.0% on a per share held basis, the Dow is up 9.9%, the Nasdaq is up 7.8%, the S&P 500 is up 8.3%, the Russell 2000 is up 18.6%, and the VIX is lower by 32.2%.

Portfolio Summary
The portfolio breakdown is roughly 50% cash, 50% equities, and 0% bonds. The current cash value on a per share basis is $23.44 and the current equity value on a per share basis is $23.57, making the average per share price $47.01. The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $31.71 and the average market closing price of all equities held in the Wax Ink Portfolio is $30.14, making the current portfolio equilibrium factor (4.96%).

Hydrocarbon Prices
Two numbers often watched by oil traders are the Crude Spread (Brent Crude less WTI Crude) as well as the Gulf Coast Crack Spread (two barrels of gasoline + one barrel of heating oil – three barrels of crude oil) / 3). These numbers are now apart of The Wax Report.

WTI Crude ended the week at $46.06, up 0.8%, while Brent Crude ended the week at $47.24, up 0.8%, creating a crude price spread of $1.18, a gain of 0.9%. Distillate RBOB Gasoline ended the week at $1.3727, up 2.5%, and Heating Oil ended the week at $1.4700, up 0.8%, moving the Gulf Coast 3:2:1 Crack Spread to $12.96, an increase of 6.1% for the week. Natural Gas ended the week at $3.07, up 7.7%.

Year to date WTI Crude is higher by 24.4%, Brent Crude is higher by 26.7%, Natural Gas is higher by 31.2%, RBOB Gasoline is higher by 8.0%, Heating Oil is higher by 30.5%, and the Gulf Coast 3:2:1 Crack Spread is lower by 9.5%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.84, up 4.0%, while the 10 Year Treasury ended the week at 2.34, unchanged for the week. The 5 Year AAA Municipal Bond ended the week at 1.48, up 5.0%, and the 10 Year AAA Municipal Bond ended the week at 2.17, down 1.4%. Lastly, the 5 Year AAA Corporate closed the week at 2.04, up 1.5%, with the 10 Year AAA Corporate ending the week up 1.0% at $2.98.

Year to date the 5 Year Treasury is up 5.7%, the 10 Year Treasury is up 4.0%, the 5 Year AAA Muni is up 19.4%, the 10 year AAA Muni is up 1.4%, the 5 Year AAA Corporate is up 7.4%, and the 10 Year AAA Corporate is up 2.1%.

Fair Warning
Please remember that the minimum holding time for shares in my portfolio is 60 months (1825 days), and that I have no position in any stock mentioned in this report.

Baseline Valuation Estimates and Worksheets
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent SEC 10-K ANNUAL financial data as reported to the U.S. Securities and Exchange Commission.

Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets
Worksheets were either created or updated during the week for the following companies.

Kraton Performance Polymers, Inc. (NYSE: KRA) - FYE 12/2015
Anadarko Petroleum Corporation (NYSE: APC) - FYE 12/2015
Contango Oil and Gas Company (NYSE: MCF) - FYE 12/2015
Continental Resources, Inc. (NYSE: CLR) - FYE 12/2015

Baseline Valuation Estimates
Baseline valuation estimates are determined through fundamental analysis of the listed company's most recent annual financial information. Because these valuations are never exact, what is presented here is a baseline valuation range. Baseline valuation estimates were either created or

updated during the week for the following companies:

Kraton Performance Polymers, Inc. - $24-$31
Anadarko Petroleum Corporation - $42-$51
Contango Oil and Gas Company - $38-$39
Continental Resources, Inc. - $38-$45

Growth Only Valuation Estimates
Growth only valuations are determined utilizing current pricing levels, year over year earnings growth, dividend yield, the current PE ratio, and an earnings growth estimate. Because growth only valuations are EXTREMELY volatile, what is presented here is a single growth only

valuation estimate. Growth only valuation estimates were either created or updated during the week for the following companies:

Kraton Performance Polymers, Inc. - $24
Anadarko Petroleum Corporation - $28
Contango Oil and Gas Company - ($147)
Continental Resources, Inc. - $28

Investment Summaries
Investment summaries are determined based on fundamental valuation of the underlying equity AND a consider a minimum hold of 60 months (5 years). Investment summaries were issued during the week for the following companies:

Kraton Performance Polymers, Inc. - Neutral - the current baseline valuation and key performance indicators (KPIs) are mixed for investment consideration at this time (Hold)

Anadarko Petroleum Corporation - Negative - the current baseline valuation and key performance indicators (KPIs) no longer favor investment consideration at this time (Sell)

Contango Oil and Gas Company - Positive - the current baseline valuation and key performance indicators (KPIs) favor investment consideration at this time (Buy)

Continental Resources, Inc. - Negative - the current baseline valuation and key performance indicators (KPIs) no longer favor investment consideration at this time (Sell)



Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2016 Wax Ink  [more]

Recs

1

The Wax Report - Week Ending 11/18/2016

November 19, 2016 – Comments (0) | RELATED TICKERS: STS , KMG , ODC

The ineffectively managed Wax Ink Portfolio was up 3.8% overall for the week.

By comparison, the Dow was up 0.1%, the Nasdaq was up 1.6%, the S&P 500 was up 0.8%, the Russell 2000 was up 2.7%, and the Volatility Index, commonly known as the VIX, was down 9.3%.

Year to date, the Wax Ink portfolio is down 25.0% on a per share held basis, the Dow is up 8.3%, the Nasdaq is up 6.3%, the S&P 500 is up 6.7%, the Russell 2000 is up 15.8%, and the VIX is lower by 29.4%.

Portfolio Summary
The portfolio breakdown is roughly 52% cash, 48% equities, and 0% bonds. The current cash value on a per share basis is $22.37 and the current equity value on a per share basis is $22.91, making the average per share price $46.35. The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $31.71 and the average market closing price of all equities held in the Wax Ink Portfolio is $29.50, making the current portfolio equilibrium factor (7.0%).

Hydrocarbon Prices
Two numbers often watched by oil traders are the Crude Spread (Brent Crude less WTI Crude) as well as the Gulf Coast Crack Spread (two barrels of gasoline + one barrel of heating oil – three barrels of crude oil) / 3). These numbers are now apart of The Wax Report.

WTI Crude ended the week at $45.69, up 5.3%, while Brent Crude ended the week at $46.86, up 4.7%, creating a crude price spread of $1.17, a drop of 12.7%. Distillate RBOB Gasoline ended the week at $1.33391, up 2.6%, and Heating Oil ended the week at $1.4577, up 4.0%, moving the Gulf Coast 3:2:1 Crack Spread to $12.21, a decline of 4.3% for the week. Natural Gas ended the week at $2.85, up 8.4%.

Year to date WTI Crude is higher by 23.4%, Brent Crude is higher by 25.7%, Natural Gas is higher by 21.8%, RBOB Gasoline is higher by 5.4%, Heating Oil is higher by 29.4%, and the Gulf Coast 3:2:1 Crack Spread is lower by 14.7%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.77, up 15.7%, while the 10 Year Treasury ended the week at 2.34, up 9.9%. The 5 Year AAA Municipal Bond ended the week at 1.41, up 29.4%, and the 10 Year AAA Municipal Bond ended the week at 2.20, up 20.9%. Lastly, the 5 Year AAA Corporate closed the week at 2.01, up 20.4%, with the 10 Year AAA Corporate ending the week up 10.1% at $2.95.

Year to date the 5 Year Treasury is up 1.7%, the 10 Year Treasury is up 4.0%, the 5 Year AAA Muni is up 13.7%, the 10 year AAA Muni is up 2.8%, the 5 Year AAA Corporate is up 5.8%, and the 10 Year AAA Corporate is up 1.0%.

Fair Warning
Please remember that the minimum holding time for shares in my portfolio is 60 months (1825 days), and that I have a long position in Wabash National Corporation. Also, I closed by position in Griffon Corporation during the week , selling 1600 shares at $20.40 per share for a return of 14%. I had owned this stock for 3296 days. While I am thankful for the positive return, I am pissed that it took me so long to achieve it and very glad to have gotten rid of the stock.

Baseline Valuation Estimates and Worksheets
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent SEC 10-K ANNUAL financial data as reported to the U.S. Securities and Exchange Commission.

Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets
Worksheets were either created or updated during the week for the following companies.

Supreme Industries, Inc. (NYSE: STS) - FYE 12/2015
Wabash National Corporation (NYSE: WNC) - FYE 12/2015
KMG Chemicals, Inc. (NYSE: KMG) - FYE 07/2016
Oil-Dri Corporation of America (NYSE: ODC) - FYE 07/2016

Baseline Valuation Estimates
Baseline valuation estimates are determined through fundamental analysis of the listed company's financial information. Because these valuations are never exact, what is presented here is a baseline valuation range. Baseline valuation estimates were either created or updated during the week for the following companies:

Supreme Industries, Inc. - $22-$29
Wabash National Corporation - $30-$38
KMG Chemicals, Inc. - $32-$39
Oil-Dri Corporation of America - $37-$44

Growth Only Valuation Estimates
Growth only valuations are determined utilizing current pricing levels, year over year earnings growth, dividend yield, the current PE ratio, and an earnings growth estimate. Because growth only valuations are EXTREMELY volatile, what is presented here is a single growth only valuation estimate. Growth only valuation estimates were either created or updated during the week for the following companies:

Supreme Industries, Inc. - $15
Wabash National Corporation - $29
KMG Chemicals, Inc. - $29
Oil-Dri Corporation of America - $36

Investment Summaries
Investment summaries are determined based on fundamental valuation of the underlying equity AND a minimum hold of 60 months (5 years). Investment summaries were issued during the week for the following companies:

Supreme Industries, Inc. - Positive - the current baseline valuation and key performance indicators (KPIs) favor investment consideration at this time (Buy)

Wabash National Corporation - Positive - the current baseline valuation and key performance indicators (KPIs) favor investment consideration at this time (Buy)

KMG Chemicals, Inc. - Neutral - the current baseline valuation and key performance indicators (KPIs) are mixed for investment consideration at this time (Hold)

Oil-Dri Corporation of America - Neutral - the current baseline valuation and key performance indicators (KPIs) are mixed for investment consideration at this time (Hold)



Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2016 Wax Ink  [more]

Recs

1

The Wax Report - Week Ending 11/11/2016

November 12, 2016 – Comments (0) | RELATED TICKERS: MUR , MUSA

The ineffectively managed Wax Ink Portfolio was up 3.8% overall for the week.

By comparison, the Dow was up 5.4%, the Nasdaq was up 3.8%, the S&P 500 was up 3.8%, the Russell 2000 was up 10.1%, and the Volatility Index, commonly known as the VIX, was down 37.1%.

Year to date, the Wax Ink portfolio is down 27.8% on a per share held basis, the Dow is up 8.2%, the Nasdaq is up 4.6%, the S&P 500 is up 5.9%, the Russell 2000 is up 12.8%, and the VIX is lower by 22.2%.

Portfolio Summary
The portfolio breakdown is roughly 52% cash, 48% equities, and 0% bonds. The current cash value on a per share basis is $22.37, unchanged from the prior week, and the current equity value on a per share basis is $22.28, an increase of 7.96% over the prior week, making the average per share price $44.65. The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $30.47 and the average market closing price of all equities held in the Wax Ink Portfolio is $28.43, making the current portfolio equilibrium factor (6.68%).

Hydrocarbon Prices
Two numbers often watched by oil traders are the Crude Spread (Brent Crude less WTI Crude) as well as the Gulf Coast Crack Spread (two barrels of gasoline + one barrel of heating oil – three barrels of crude oil) / 3). These numbers are now apart of The Wax Report.

WTI Crude ended the week at $43.41, down 1.5%, while Brent Crude ended the week at $44.75, down 1.8%, creating a crude price spread of $1.24, a drop of 11.3% for the week. Distillate RBOB Gasoline ended the week at $1.3053, down 5.3%, and Heating Oil ended the week at $1.4012, down 2.0%, moving the Gulf Coast 3:2:1 Crack Spread to $12.76, a decline of 12.4% for the week. Natural Gas ended the week at $2.63, down 5.4%.

Year to date WTI Crude is higher by 17.2%, Brent Crude is higher by 20.0%, Natural Gas is higher by 12.4%, RBOB Gasoline is higher by 2.7%, Heating Oil is higher by 24.4%, and the Gulf Coast 3:2:1 Crack Spread is lower by 10.9%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.53, up 26.4%, while the 10 Year Treasury ended the week at 2.13, up 21%. The 5 Year AAA Municipal Bond ended the week at 1.09, up 14.7%, and the 10 Year AAA Municipal Bond ended the week at 1.82, up 18.2%. Lastly, the 5 Year AAA Corporate closed the week at 1.67, up 19.3%, with the 10 Year AAA Corporate ending the week up 11.7% at $2.68.

Year to date the 5 Year Treasury is down 12.1%, the 10 Year Treasury is down 5.3%, the 5 Year AAA Muni is down 12.1%, the 10 year AAA Muni is down 15.0%, the 5 Year AAA Corporate is down 12.1%, and the 10 Year AAA Corporate is down 8.2%.

Fair Warning
Please remember that the minimum holding time for shares in my portfolio is 60 months (1825 days), and that I have no investment positions in any of the stocks mentioned in this report.

Baseline Valuation Estimates and Worksheets
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent SEC 10-K ANNUAL financial data as reported to the U.S. Securities and Exchange Commission.

Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets
Worksheets were either created or updated during the week for the following companies.

The Manitowac Company, Inc. (NYSE: MTW) - FYE 12/2015
Graham Corporation (NYSE: GHM) - FYE 03/2016
Murphy Oil Corporation (NYSE: MUR) - FYE 12/2015
Murphy USA, Inc. (NYSE: MUSA) - FYE 12/2015

Baseline Valuation Estimates
Baseline valuation estimates are determined through fundamental analysis of the listed company's financial information. Because these valuations are never exact, what is presented here is a baseline valuation range. Baseline valuation estimates were either created or updated during the week for the following companies:

The Manitowac Company, Inc. - $10-$11
Graham Corporation - $25-$34
Murphy Oil Corporation - $52-$52
Murphy USA, Inc. - $58-$61

Growth Only Valuation Estimates
Growth only valuations are determined utilizing current pricing levels, year over year earnings growth, dividend yield, the current PE ratio, and an earnings growth estimate. Because growth only valuations are EXTREMELY volatile, what is presented here is a single growth only valuation estimate. Growth only valuation estimates were either created or updated during the week for the following companies:

The Manitowac Company, Inc. - ($5)
Graham Corporation - $17
Murphy Oil Corporation - ($205)
Murphy USA, Inc. - $65

Investment Summaries
Investment summaries are determined based on fundamental valuation of the underlying equity AND a minimum hold of 60 months (5 years). Investment summaries were issued during the week for the following companies:

The Manitowac Company, Inc. - Positive - the current baseline valuation and key performance indicators (KPIs) favor investment consideration at this time (Buy)

Graham Corporation - Neutral - the current baseline valuation and key performance indicators (KPIs) are mixed for investment consideration at this time (Hold)

Murphy Oil Corporation - Positive - the current baseline valuation and key performance indicators (KPIs) favor investment consideration at this time (Buy)

Murphy USA, Inc. - Neutral - the current baseline valuation and key performance indicators (KPIs) are mixed for investment consideration at this time (Hold)


Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency  [more]

Recs

1

The Wax Report - Week Ending 11/04/2016

November 05, 2016 – Comments (0) | RELATED TICKERS: SLB , HAL

The wretchedly managed Wax Ink Portfolio was down 8.0% for the week.

By comparison, the Dow was down 1.5%, the Nasdaq was down 2.8%, the S&P 500 was down 1.9%, the Russell 2000 was down 2.0%, and the Volatility Index, commonly known as the VIX, was up 39.0%.

Year to date, the Wax Ink portfolio is down 30.4% on a per share held basis, the Dow is up 2.7%, the Nasdaq is up 0.8%, the S&P 500 is up 2.0%, the Russell 2000 is up 2.5%, and the VIX is higher by 23.6%.

Portfolio Summary
The portfolio breakdown is roughly 52% cash, 48% equities, and 0% bonds. The current cash value on a per share basis is $22.36 and the current equity value on a per share basis is $20.64 making the average per share price $43.01. The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $30.47 and the average market closing price of all equities held in the Wax Ink Portfolio is $26.30, making the current portfolio equilibrium factor (13.67%).

Hydrocarbon Prices
Two numbers often watched by oil traders are the Crude Spread (Brent Crude less WTI Crude) as well as the Gulf Coast Crack Spread (two barrels of gasoline + one barrel of heating oil – three barrels of crude oil) / 3). These numbers are now apart of The Wax Report.

WTI Crude ended the week at $44.07, down 9.5%, while Brent Crude ended the week at $45.58, down 8.3%, creating a crude price spread of $1.51, a change of 49.5% for the week. Distillate RBOB Gasoline ended the week at $1.3789, down 6.2%, and Heating Oil ended the week at $1.4303, up 7.3%, moving the Gulf Coast 3:2:1 Crack Spread to $14.56, up 3.7% for the week. Natural Gas ended the week at $2.78, down 10.6%.

Year to date WTI Crude is higher by 19.0%, Brent Crude is higher by 22.3%, Natural Gas is higher by 18.8%, RBOB Gasoline is higher by 8.5%, Heating Oil is higher by 27%, and the Gulf Coast 3:2:1 Crack Spread is higher by 1.6%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.21, down 8.3%, while the 10 Year Treasury ended the week at 1.76, down 3.8%. The 5 Year AAA Municipal Bond ended the week at 0.95, up 3.3%, and the 10 Year AAA Municipal Bond ended the week at 1.54, down 7.8%. Lastly, the 5 Year AAA Corporate closed the week at 1.40, down 4.8%, with the 10 Year AAA Corporate ending the week down 1.2% at $2.40.

Year to date the 5 Year Treasury is down 30.5%, the 10 Year Treasury is down 21.8%, the 5 Year AAA Muni is down 23.4%, the 10 year AAA Muni is down 28%, the 5 Year AAA Corporate is down 26.3%, and the 10 Year AAA Corporate is down 17.8%.

Fair Warning
During the course of the week I added shares of Graham Corporation and Wabash National Corporation to my portfolio. With these two exceptions, I have no investment positions in any of the stocks mentioned in this report.

Baseline Valuation Estimates and Worksheets
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent SEC 10-K ANNUAL financial data as reported to the U.S. Securities and Exchange Commission.

Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets
Worksheets were either created or updated during the week for the following companies.

Schlumberger Limited (NYSE: SLB) - FYE 12/2015
Halliburton Company (NYSE: HAL) - FYE 12/2015
Modine Manufacturing Company, Inc. (NYSE: MOD) - FYE 03/2016
Abaxis, Inc. (Nasdaq: ABAX) - FYE 03/2016
Orbital ATK (NYSE: OA) - FYE 03/2016

Baseline Valuation Estimates
Baseline valuation estimates are determined through fundamental analysis of the listed company's financial information. Because these valuations are never exact, what is presented here is a baseline valuation range. Baseline valuation estimates were either created or updated during the week for the following companies:

Schlumberger Limited - $53-$59
Halliburton Company - $41-$50
Modine Manufacturing Company, Inc. - $15-$20
Abaxis, Inc. - $34-$43
Orbital ATK - $38-$39

Growth Only Valuation Estimates
Growth only valuations are determined utilizing current pricing levels, year over year earnings growth, dividend yield, the current PE ratio, and an earnings growth estimate. Because growth only valuations are EXTREMELY volatile, what is presented here is a single growth only valuation estimate. Growth only valuation estimates were either created or updated during the week for the following companies:

Schlumberger Limited - $75
Halliburton Company - $44
Modine Manufacturing Company, Inc. - $11
Abaxis, Inc. - $53
Orbital ATK - $73

Investment Summaries
Investment summaries are determined based on fundamental valuation of the underlying equity AND a minimum hold of 60 months (5 years). Investment summaries were issued during the week for the following companies:

Schlumberger Limited - Negative - the current baseline valuation and key performance indicators (KPIs) no longer favor investment consideration (Sell)

Halliburton Company - Neutral - the current baseline valuation and key performance indicators (KPIs) are mixed for investment consideration at this time (Hold)

Modine Manufacturing Company, Inc. - Neutral - the current baseline valuation and key performance indicators (KPIs) are mixed for investment consideration at this time (Hold)

Abaxis, Inc. - Negative - the current baseline valuation and key performance indicators (KPIs) no longer favor investment consideration (Sell)

Orbital ATK - Negative - the current baseline valuation and key performance indicators (KPIs) no longer favor investment consideration (Sell)


Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2016 Wax Ink  [more]

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