Harvest Natural Resources (Harvest Natural Resources) Beneish M-Score : 0.00 (As of Apr. 25, 2024)

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What is Harvest Natural Resources Beneish M-Score?

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

The historical rank and industry rank for Harvest Natural Resources's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Harvest Natural Resources was 0.00. The lowest was 0.00. And the median was 0.00.

Harvest Natural Resources Beneish M-Score Historical Data

The historical data trend for Harvest Natural Resources's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

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Harvest Natural Resources Beneish M-Score Chart

Harvest Natural Resources Annual Data

Trend

Dec07

Dec08

Dec09

Dec10

Dec11

Dec12

Dec13

Dec14

Dec15

Dec16

Beneish M-Score

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-2.91

-3.08

-5.70

-8.81

2.08

Harvest Natural Resources Quarterly Data
	Mar12	Jun12	Sep12	Dec12	Mar13	Jun13	Sep13	Dec13	Mar14	Jun14	Sep14	Dec14	Mar15	Jun15	Sep15	Dec15	Mar16	Jun16	Sep16	Dec16
Beneish M-Score	Get a 7-Day Free Trial															-8.81	-10.85	-10.59	-	2.08

Competitive Comparison of Harvest Natural Resources's Beneish M-Score

For the Oil & Gas E&P subindustry, Harvest Natural Resources's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Harvest Natural Resources's Beneish M-Score Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Harvest Natural Resources's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Harvest Natural Resources's Beneish M-Score falls into.

Harvest Natural Resources Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Harvest Natural Resources for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

This Year (Dec16) TTM:

Last Year (Dec15) TTM:

Total Receivables was $12.34 Mil.
Revenue was 0 + 0 + 0 + 0 = $0.00 Mil.
Gross Profit was 0 + 0 + 0 + 0 = $0.00 Mil.
Total Current Assets was $76.41 Mil.
Total Assets was $107.10 Mil.
Property, Plant and Equipment(Net PPE) was $30.55 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.05 Mil.
Selling, General, & Admin. Expense(SGA) was $19.03 Mil.
Total Current Liabilities was $7.80 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was 100.625 + -7.06 + -12.898 + -14.096 = $66.57 Mil.
Non Operating Income was 2.268 + -1.817 + -6.67 + -3.916 = $-10.14 Mil.
Cash Flow from Operations was -4.849 + -6.184 + -3.892 + -1.55 = $-16.48 Mil.

Total Receivables was $2.46 Mil.
Revenue was 0 + 0 + 0 + 0 = $0.00 Mil.
Gross Profit was 0 + 0 + 0 + 0 = $0.00 Mil.
Total Current Assets was $16.22 Mil.
Total Assets was $47.78 Mil.
Property, Plant and Equipment(Net PPE) was $31.45 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.09 Mil.
Selling, General, & Admin. Expense(SGA) was $17.30 Mil.
Total Current Liabilities was $10.53 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(12.343 / 0)	/	(2.458 / 0)
	=		/
	=

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(0 / 0)	/	(0 / 0)
	=		/
	=

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (76.406 + 30.546) / 107.097)	/	(1 - (16.218 + 31.445) / 47.781)
	=	0.001354	/	0.00247
	=

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	0	/	0
	=

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(0.087 / (0.087 + 31.445))	/	(0.051 / (0.051 + 30.546))
	=	0.002759	/	0.001667
	=

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(19.026 / 0)	/	(17.302 / 0)
	=		/
	=

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((0 + 7.798) / 107.097)	/	((0 + 10.533) / 47.781)
	=	0.072812	/	0.220443
	=

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(66.571 - -10.135	-	-16.475)	/	107.097
	=	0.870062

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Harvest Natural Resources Beneish M-Score Related Terms

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Harvest Natural Resources (Harvest Natural Resources) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Oil & Gas » Harvest Natural Resources Inc (NYSE:HNR) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Website

http://www.harvestnr.com

Harvest Natural Resources Inc is an independent energy company engaged in the acquisition, exploration, development, production and disposition of oil and natural gas properties. The Company's also acquires, explores, develops and produces properties in geological basins with active hydrocarbon systems. The Company hold exploration and exploitation acreage offshore of the Republic of Gabon through the Dussafu Marin Permit.

Executives

Patrick M Murray	director	1177 ENCLAVE PARKWAY, SUITE 300, HOUSTON TX 77077
Caisse De Depot Et Placement Du Quebec	10 percent owner	1000 PLACE JEAN-PAUL RIOPELLE, MONTREAL A8 H2Z2B3
John U Clarke	director	PENN VIRGINIA CORPORATION, FOUR RADNOR CORPORATE CENTER, STE 200, RADNOR PA 19087
Byron A Dunn	officer: Senior Vice President	C/O HARVEST NATURAL RESOURCES, INC., 1177 ENCLAVE PARKWAY, SUITE 300, HOUSTON TX 77077
Steven W Tholen	officer: Chief Financial Officer	1177 ENCLAVE PARKWAY, SUITE 300, HOUSTON TX 77077
Peter J Hill	other: Retired CEO & Director	1150 DIMOCK LANE, NAPLES FL 34110