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Carbon Energy (Carbon Energy) Piotroski F-Score : 0 (As of May. 27, 2024)


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What is Carbon Energy Piotroski F-Score?

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Carbon Energy has an F-score of 5 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Carbon Energy's Piotroski F-Score or its related term are showing as below:


Carbon Energy Piotroski F-Score Historical Data

The historical data trend for Carbon Energy's Piotroski F-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.

* Premium members only.

Carbon Energy Piotroski F-Score Chart

Carbon Energy Annual Data
Trend Mar10 Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 3.00 2.00 7.00 4.00 4.00

Carbon Energy Quarterly Data
Sep15 Dec15 Mar16 Jun16 Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 6.00 7.00 4.00 6.00 5.00

How is the Piotroski F-Score calculated?

* 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.

This Year (Jun20) TTM:Last Year (Jun19) TTM:
Net Income was 3.182 + -4.214 + 9.799 + -47.936 = $-39.2 Mil.
Cash Flow from Operations was 4.327 + 4.734 + 1.277 + -9.869 = $0.5 Mil.
Revenue was 30.535 + 23.933 + 42.465 + 4.963 = $101.9 Mil.
Gross Profit was 10.655 + 4.307 + 22.542 + -6.508 = $31.0 Mil.
Average Total Assets from the begining of this year (Jun19)
to the end of this year (Jun20) was
(304.547 + 304.504 + 298.254 + 308.386 + 140.27) / 5 = $271.1922 Mil.
Total Assets at the begining of this year (Jun19) was $304.5 Mil.
Long-Term Debt & Capital Lease Obligation was $66.5 Mil.
Total Current Assets was $16.2 Mil.
Total Current Liabilities was $14.5 Mil.
Net Income was -0.725 + 6.14 + -4.1 + 6.229 = $7.5 Mil.

Revenue was 12.742 + 27.688 + 24.95 + 36.841 = $102.2 Mil.
Gross Profit was 3.811 + 19.979 + 3.298 + 16.605 = $43.7 Mil.
Average Total Assets from the begining of last year (Jun18)
to the end of last year (Jun19) was
(162.386 + 167.592 + 310.891 + 306.064 + 304.547) / 5 = $250.296 Mil.
Total Assets at the begining of last year (Jun18) was $162.4 Mil.
Long-Term Debt & Capital Lease Obligation was $146.6 Mil.
Total Current Assets was $27.5 Mil.
Total Current Liabilities was $48.1 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Carbon Energy's current Net Income (TTM) was -39.2. ==> Negative ==> Score 0.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Carbon Energy's current Cash Flow from Operations (TTM) was 0.5. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Jun19)
=-39.169/304.547
=-0.12861397

ROA (Last Year)=Net Income/Total Assets (Jun18)
=7.544/162.386
=0.04645721

Carbon Energy's return on assets of this year was -0.12861397. Carbon Energy's return on assets of last year was 0.04645721. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Carbon Energy's current Net Income (TTM) was -39.2. Carbon Energy's current Cash Flow from Operations (TTM) was 0.5. ==> 0.5 > -39.2 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Jun20)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun19 to Jun20
=66.525/271.1922
=0.24530573

Gearing (Last Year: Jun19)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun18 to Jun19
=146.575/250.296
=0.58560664

Carbon Energy's gearing of this year was 0.24530573. Carbon Energy's gearing of last year was 0.58560664. ==> This year is lower or equal to last year. ==> Score 1.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Jun20)=Total Current Assets/Total Current Liabilities
=16.207/14.535
=1.11503268

Current Ratio (Last Year: Jun19)=Total Current Assets/Total Current Liabilities
=27.536/48.082
=0.57268832

Carbon Energy's current ratio of this year was 1.11503268. Carbon Energy's current ratio of last year was 0.57268832. ==> This year's current ratio is higher. ==> Score 1.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Carbon Energy's number of shares in issue this year was 2.03. Carbon Energy's number of shares in issue last year was 2.039. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=30.996/101.896
=0.30419251

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=43.693/102.221
=0.42743663

Carbon Energy's gross margin of this year was 0.30419251. Carbon Energy's gross margin of last year was 0.42743663. ==> Last year's gross margin is higher ==> Score 0.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Jun19)
=101.896/304.547
=0.33458218

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun18)
=102.221/162.386
=0.62949392

Carbon Energy's asset turnover of this year was 0.33458218. Carbon Energy's asset turnover of last year was 0.62949392. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=0+1+0+1+1+1+1+0+0
=5

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Carbon Energy has an F-score of 5 indicating the company's financial situation is typical for a stable company.

Carbon Energy  (OTCPK:CRBO) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Carbon Energy Piotroski F-Score Related Terms

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Carbon Energy (Carbon Energy) Business Description

Traded in Other Exchanges
N/A
Address
1700 Broadway, Suite 1170, Denver, CO, USA, 80290
Carbon Energy Corp is an independent natural gas and oil company engaged in the acquisition, exploration, development, and production of oil, natural gas and natural gas liquids properties located in the United States. The company operates in Kentucky, Ohio, Tennessee, Virginia, and West Virginia, California, Illinois, and Indiana.
Executives
Patrick R Mcdonald director, officer: CHIEF EXECUTIVE OFFICER CARBON NATURAL GAS COMPANY 1700 BROADWAY, SUITE #1170 DENVER CO 80290
Erich W. Kirsch officer: PFO and PAO 1700 BROADWAY SUITE 1170 DENVER CO 80290
Mark Duane Pierce officer: PRESIDENT 1700 BROADWAY, SUITE 1170 DENVER CO 80290
Kevin D Struzeski officer: CHIEF FINANCIAL OFFICER C/O CARBON ENERGY CORP 1700 BROADWAY STE. 1150 DENVER CO 80290
John A Bailey director 64 PERCH BAY WACCABUC NY 10597
Bryan H Lawrence director C/O CROSSTEX ENERGY HOLDINGS INC, 2501 CEDAR SPRINGS STE 600, DALLAS TX 75201
Peter A Leidel director
Edwin H Morgens director C/O MORGENS WATERFALL VINTIADIS & CO, 600 5TH AVE, NEW YORK NY 10020
David H Kennedy director 23 LAKESIDE AVE DARIEN CT 06820
James H Brandi director PO BOX 321, OKLAHOMA CITY OK 73101
Awm Investment Company, Inc. 10 percent owner 527 MADISON AVENUE, SUITE 2600, NEW YORK NY 10022
Yorktown Energy Partners Xi, L.p. 10 percent owner 410 PARK AVENUE, 20TH FLOOR, NEW YORK NY 10022
Yorktown Xi Associates Llc 10 percent owner 410 PARK AVENUE, 19TH FLOOR, NEW YORK NY 10022
Arbiter Partners Capital Management Llc 10 percent owner 530 FIFTH AVENUE, 20TH FLOOR, NEW YORK NY 10036
Marxe Austin W & Greenhouse David M 10 percent owner C/O SPECIAL SITUATIONS FUNDS, 527 MADISON AVENUE, SUITE 2600, NEW YORK NY 10022

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