Stock Analysis on Net

Anadarko Petroleum Corp. (NYSE:APC)

¡Esta empresa ha sido trasladada al archivo! Los datos financieros no se han actualizado desde el 31 de octubre de 2017.

Modelo de fijación de precios de activos de capital (CAPM) 

Microsoft Excel

El modelo de fijación de precios de activos de capital (CAPM, por sus siglas en inglés) indica cuál debería ser la tasa de rendimiento esperada o requerida en activos de riesgo como las acciones ordinarias de Anadarko.


Tasas de retorno

Anadarko Petroleum Corp., tasas mensuales de retorno

Microsoft Excel
Anadarko Petroleum Corp. (APC) Standard & Poor’s 500 (S&P 500)
t Fecha PrecioAPC,t1 DividendoAPC,t1 RAPC,t2 PrecioS&P 500,t RS&P 500,t3
31 ene. 2012 $80.72 1,312.41
1. 29 feb. 2012 $84.12 4.21% 1,365.68 4.06%
2. 31 mar. 2012 $78.34 $0.09 -6.76% 1,408.47 3.13%
3. 30 abr. 2012 $73.21 -6.55% 1,397.91 -0.75%
. . . . . . .
. . . . . . .
. . . . . . .
58. 30 nov. 2016 $69.15 16.34% 2,198.81 3.42%
59. 31 dic. 2016 $69.73 $0.05 0.91% 2,238.83 1.82%
Promedio (R): 0.22% 0.95%
Desviación estándar: 8.95% 2.98%
Anadarko Petroleum Corp. (APC) Standard & Poor’s 500 (S&P 500)
t Fecha PrecioAPC,t1 DividendoAPC,t1 RAPC,t2 PrecioS&P 500,t RS&P 500,t3
31 ene. 2012 $80.72 1,312.41
1. 29 feb. 2012 $84.12 4.21% 1,365.68 4.06%
2. 31 mar. 2012 $78.34 $0.09 -6.76% 1,408.47 3.13%
3. 30 abr. 2012 $73.21 -6.55% 1,397.91 -0.75%
4. 31 may. 2012 $61.00 -16.68% 1,310.33 -6.27%
5. 30 jun. 2012 $66.20 $0.09 8.67% 1,362.16 3.96%
6. 31 jul. 2012 $69.44 4.89% 1,379.32 1.26%
7. 31 ago. 2012 $69.27 -0.24% 1,406.58 1.98%
8. 30 sept. 2012 $69.92 $0.09 1.07% 1,440.67 2.42%
9. 31 oct. 2012 $68.81 -1.59% 1,412.16 -1.98%
10. 30 nov. 2012 $73.19 6.37% 1,416.18 0.28%
11. 31 dic. 2012 $74.31 $0.09 1.65% 1,426.19 0.71%
12. 31 ene. 2013 $80.02 7.68% 1,498.11 5.04%
13. 28 feb. 2013 $79.58 -0.55% 1,514.68 1.11%
14. 31 mar. 2013 $87.45 $0.09 10.00% 1,569.19 3.60%
15. 30 abr. 2013 $84.76 -3.08% 1,597.57 1.81%
16. 31 may. 2013 $87.47 3.20% 1,630.74 2.08%
17. 30 jun. 2013 $85.93 $0.09 -1.66% 1,606.28 -1.50%
18. 31 jul. 2013 $88.52 3.01% 1,685.73 4.95%
19. 31 ago. 2013 $91.42 3.28% 1,632.97 -3.13%
20. 30 sept. 2013 $92.99 $0.18 1.91% 1,681.55 2.97%
21. 31 oct. 2013 $95.29 2.47% 1,756.54 4.46%
22. 30 nov. 2013 $88.82 -6.79% 1,805.81 2.80%
23. 31 dic. 2013 $79.32 $0.18 -10.49% 1,848.36 2.36%
24. 31 ene. 2014 $80.69 1.73% 1,782.59 -3.56%
25. 28 feb. 2014 $84.16 4.30% 1,859.45 4.31%
26. 31 mar. 2014 $84.76 $0.18 0.93% 1,872.34 0.69%
27. 30 abr. 2014 $99.02 16.82% 1,883.95 0.62%
28. 31 may. 2014 $102.86 3.88% 1,923.57 2.10%
29. 30 jun. 2014 $109.47 $0.27 6.69% 1,960.23 1.91%
30. 31 jul. 2014 $106.85 -2.39% 1,930.67 -1.51%
31. 31 ago. 2014 $112.69 5.47% 2,003.37 3.77%
32. 30 sept. 2014 $101.44 $0.27 -9.74% 1,972.29 -1.55%
33. 31 oct. 2014 $91.78 -9.52% 2,018.05 2.32%
34. 30 nov. 2014 $79.15 -13.76% 2,067.56 2.45%
35. 31 dic. 2014 $82.50 $0.27 4.57% 2,058.90 -0.42%
36. 31 ene. 2015 $81.75 -0.91% 1,994.99 -3.10%
37. 28 feb. 2015 $84.23 3.03% 2,104.50 5.49%
38. 31 mar. 2015 $82.81 $0.27 -1.37% 2,067.89 -1.74%
39. 30 abr. 2015 $94.10 13.63% 2,085.51 0.85%
40. 31 may. 2015 $83.61 -11.15% 2,107.39 1.05%
41. 30 jun. 2015 $78.06 $0.27 -6.32% 2,063.11 -2.10%
42. 31 jul. 2015 $74.35 -4.75% 2,103.84 1.97%
43. 31 ago. 2015 $71.58 -3.73% 1,972.18 -6.26%
44. 30 sept. 2015 $60.39 $0.27 -15.26% 1,920.03 -2.64%
45. 31 oct. 2015 $66.88 10.75% 2,079.36 8.30%
46. 30 nov. 2015 $59.90 -10.44% 2,080.41 0.05%
47. 31 dic. 2015 $48.58 $0.27 -18.45% 2,043.94 -1.75%
48. 31 ene. 2016 $39.09 -19.53% 1,940.24 -5.07%
49. 29 feb. 2016 $37.95 -2.92% 1,932.23 -0.41%
50. 31 mar. 2016 $46.57 $0.05 22.85% 2,059.74 6.60%
51. 30 abr. 2016 $52.76 13.29% 2,065.30 0.27%
52. 31 may. 2016 $51.86 -1.71% 2,096.95 1.53%
53. 30 jun. 2016 $53.25 $0.05 2.78% 2,098.86 0.09%
54. 31 jul. 2016 $54.53 2.40% 2,173.60 3.56%
55. 31 ago. 2016 $53.47 -1.94% 2,170.95 -0.12%
56. 30 sept. 2016 $63.36 $0.05 18.59% 2,168.27 -0.12%
57. 31 oct. 2016 $59.44 -6.19% 2,126.15 -1.94%
58. 30 nov. 2016 $69.15 16.34% 2,198.81 3.42%
59. 31 dic. 2016 $69.73 $0.05 0.91% 2,238.83 1.82%
Promedio (R): 0.22% 0.95%
Desviación estándar: 8.95% 2.98%

Mostrar todo

1 Datos en dólares estadounidenses por acción ordinaria, ajustados por divisiones y dividendos de acciones.

2 Tasa de rendimiento de las acciones ordinarias de APC durante el período t.

3 Tasa de rendimiento del S&P 500 (el proxy de la cartera de mercado) durante el período t.


Varianza y covarianza

Anadarko Petroleum Corp., cálculo de la varianza y covarianza de los rendimientos

Microsoft Excel
t Fecha RAPC,t RS&P 500,t (RAPC,tRAPC)2 (RS&P 500,tRS&P 500)2 (RAPC,tRAPC)×(RS&P 500,tRS&P 500)
1. 29 feb. 2012 4.21% 4.06% 15.94 9.65 12.40
2. 31 mar. 2012 -6.76% 3.13% 48.77 4.75 -15.23
3. 30 abr. 2012 -6.55% -0.75% 45.80 2.90 11.52
. . . . . . .
. . . . . . .
. . . . . . .
58. 30 nov. 2016 16.34% 3.42% 259.75 6.07 39.72
59. 31 dic. 2016 0.91% 1.82% 0.48 0.75 0.60
Total (Σ): 4,648.43 514.91 761.51
t Fecha RAPC,t RS&P 500,t (RAPC,tRAPC)2 (RS&P 500,tRS&P 500)2 (RAPC,tRAPC)×(RS&P 500,tRS&P 500)
1. 29 feb. 2012 4.21% 4.06% 15.94 9.65 12.40
2. 31 mar. 2012 -6.76% 3.13% 48.77 4.75 -15.23
3. 30 abr. 2012 -6.55% -0.75% 45.80 2.90 11.52
4. 31 may. 2012 -16.68% -6.27% 285.51 52.10 121.96
5. 30 jun. 2012 8.67% 3.96% 71.45 9.02 25.38
6. 31 jul. 2012 4.89% 1.26% 21.86 0.09 1.44
7. 31 ago. 2012 -0.24% 1.98% 0.22 1.05 -0.47
8. 30 sept. 2012 1.07% 2.42% 0.72 2.16 1.25
9. 31 oct. 2012 -1.59% -1.98% 3.26 8.60 5.30
10. 30 nov. 2012 6.37% 0.28% 37.78 0.45 -4.11
11. 31 dic. 2012 1.65% 0.71% 2.06 0.06 -0.35
12. 31 ene. 2013 7.68% 5.04% 55.73 16.73 30.53
13. 28 feb. 2013 -0.55% 1.11% 0.59 0.02 -0.12
14. 31 mar. 2013 10.00% 3.60% 95.72 7.00 25.89
15. 30 abr. 2013 -3.08% 1.81% 10.86 0.73 -2.82
16. 31 may. 2013 3.20% 2.08% 8.87 1.26 3.35
17. 30 jun. 2013 -1.66% -1.50% 3.52 6.02 4.60
18. 31 jul. 2013 3.01% 4.95% 7.81 15.95 11.16
19. 31 ago. 2013 3.28% -3.13% 9.35 16.67 -12.48
20. 30 sept. 2013 1.91% 2.97% 2.87 4.09 3.43
21. 31 oct. 2013 2.47% 4.46% 5.08 12.30 7.91
22. 30 nov. 2013 -6.79% 2.80% 49.12 3.43 -12.98
23. 31 dic. 2013 -10.49% 2.36% 114.75 1.97 -15.03
24. 31 ene. 2014 1.73% -3.56% 2.27 20.35 -6.80
25. 28 feb. 2014 4.30% 4.31% 16.66 11.28 13.71
26. 31 mar. 2014 0.93% 0.69% 0.50 0.07 -0.18
27. 30 abr. 2014 16.82% 0.62% 275.72 0.11 -5.53
28. 31 may. 2014 3.88% 2.10% 13.39 1.32 4.21
29. 30 jun. 2014 6.69% 1.91% 41.86 0.91 6.17
30. 31 jul. 2014 -2.39% -1.51% 6.82 6.06 6.43
31. 31 ago. 2014 5.47% 3.77% 27.53 7.91 14.76
32. 30 sept. 2014 -9.74% -1.55% 99.25 6.27 24.95
33. 31 oct. 2014 -9.52% 2.32% 94.91 1.87 -13.32
34. 30 nov. 2014 -13.76% 2.45% 195.45 2.25 -20.98
35. 31 dic. 2014 4.57% -0.42% 18.96 1.88 -5.97
36. 31 ene. 2015 -0.91% -3.10% 1.27 16.46 4.58
37. 28 feb. 2015 3.03% 5.49% 7.92 20.58 12.77
38. 31 mar. 2015 -1.37% -1.74% 2.51 7.25 4.27
39. 30 abr. 2015 13.63% 0.85% 179.95 0.01 -1.35
40. 31 may. 2015 -11.15% 1.05% 129.20 0.01 -1.09
41. 30 jun. 2015 -6.32% -2.10% 42.69 9.33 19.96
42. 31 jul. 2015 -4.75% 1.97% 24.72 1.04 -5.08
43. 31 ago. 2015 -3.73% -6.26% 15.56 52.00 28.44
44. 30 sept. 2015 -15.26% -2.64% 239.47 12.94 55.66
45. 31 oct. 2015 10.75% 8.30% 110.83 53.96 77.33
46. 30 nov. 2015 -10.44% 0.05% 113.54 0.81 9.61
47. 31 dic. 2015 -18.45% -1.75% 348.44 7.32 50.51
48. 31 ene. 2016 -19.53% -5.07% 390.22 36.32 119.04
49. 29 feb. 2016 -2.92% -0.41% 9.83 1.87 4.28
50. 31 mar. 2016 22.85% 6.60% 511.97 31.88 127.76
51. 30 abr. 2016 13.29% 0.27% 170.90 0.47 -8.93
52. 31 may. 2016 -1.71% 1.53% 3.71 0.34 -1.12
53. 30 jun. 2016 2.78% 0.09% 6.54 0.74 -2.20
54. 31 jul. 2016 2.40% 3.56% 4.77 6.80 5.70
55. 31 ago. 2016 -1.94% -0.12% 4.68 1.16 2.32
56. 30 sept. 2016 18.59% -0.12% 337.48 1.16 -19.77
57. 31 oct. 2016 -6.19% -1.94% 41.04 8.38 18.55
58. 30 nov. 2016 16.34% 3.42% 259.75 6.07 39.72
59. 31 dic. 2016 0.91% 1.82% 0.48 0.75 0.60
Total (Σ): 4,648.43 514.91 761.51

Mostrar todo

VarianzaAPC = Σ(RAPC,tRAPC)2 ÷ (59 – 1)
= 4,648.43 ÷ (59 – 1)
= 80.15

VarianzaS&P 500 = Σ(RS&P 500,tRS&P 500)2 ÷ (59 – 1)
= 514.91 ÷ (59 – 1)
= 8.88

CovarianzaAPC, S&P 500 = Σ(RAPC,tRAPC)×(RS&P 500,tRS&P 500) ÷ (59 – 1)
= 761.51 ÷ (59 – 1)
= 13.13


Estimación sistemática del riesgo (β)

Microsoft Excel
VarianzaAPC 80.15
VarianzaS&P 500 8.88
CovarianzaAPC, S&P 500 13.13
Coeficiente de correlaciónAPC, S&P 5001 0.49
βAPC2 1.48
αAPC3 -1.19%

Cálculos

1 Coeficiente de correlaciónAPC, S&P 500
= CovarianzaAPC, S&P 500 ÷ (Desviación estándarAPC × Desviación estándarS&P 500)
= 13.13 ÷ (8.95% × 2.98%)
= 0.49

2 βAPC
= CovarianzaAPC, S&P 500 ÷ VarianzaS&P 500
= 13.13 ÷ 8.88
= 1.48

3 αAPC
= PromedioAPC – βAPC × PromedioS&P 500
= 0.22%1.48 × 0.95%
= -1.19%


Tasa de rendimiento esperada

Microsoft Excel
Suposiciones
Tasa de rendimiento del LT Treasury Composite1 RF 4.59%
Tasa de rendimiento esperada de la cartera de mercado2 E(RM) 13.81%
Riesgo sistemático de Anadarko acciones ordinarias βAPC 1.48
 
Tasa de rendimiento esperada de las acciones ordinarias de Anadarko3 E(RAPC) 18.22%

1 Promedio no ponderado de los rendimientos de las ofertas de todos los bonos del Tesoro de EE. UU. con cupón fijo en circulación que no vencen ni son rescatables en menos de 10 años (proxy de tasa de rendimiento libre de riesgo).

2 Ver detalles »

3 E(RAPC) = RF + βAPC [E(RM) – RF]
= 4.59% + 1.48 [13.81%4.59%]
= 18.22%