Seeking Alpha
  • Today - Wednesday, August 27, 2014

  • 2:41 PM
    • Rex American Resources (REX +12.8%) reaches new all-time highs after posting strong beats in Q2 earnings and revenues, as the company credits favorable market dynamics combined with the efficiency of its plants for leading to record Q2 net income.
    • Says cash rose 45% from year-end 2013 to ~$152M, plant-level debt fell 18% to ~$62M, and debt-to-capital ratio was 16% from 21% as of Jan. 31.
    • The upside Rex results appear to be boosting biofuel and ethanol related names: PEIX +5.6%, BIOF +4.9%, GPRE +2.6%, REGI +1.8%, ADM +1%.
    | Comment!
  • 2:13 PM
    • Statoil (STO +0.7%) says its Aasta Hansteen gas development in the northern Norwegian Sea is on schedule for drilling in H1 2016 and production start-up in Q3 2017.
    • STO considers development of Aasta Hansteen and its Polarled pipeline as the most complex industrial project in Europe, as the company is taking Norwegian gas infrastructure northward into the Arctic Circle for the first time.
    • STO expects to invest ~NOK57B on the project, which will include the largest SPAR platform in the world, which is expected to set a new depth record of 1,300 meters for a field development and pipeline on the Norwegian continental shelf.
    • Aasta Hansteen is estimated to hold ~1.66T cu. ft. of natural gas.
    | Comment!
  • 12:45 PM
    • Fuel distributor Cosen (CZZ +4.6%) is sharply higher following news that the U.S. government may tax imports of Mexican sugar at fees as high as 17%.
    • U.S. sugar prices are up 18% since March, ending yesterday at a nearly two-year high of 26.35 cents/pound.
    • CZZ is active in the production and sale of ethanol and other products derived from sugarcane.
    | Comment!
  • 12:18 PM
    • Ivanhoe Energy (IVAN +2.7%) confirms it will take part in a consortium to develop heavy oil at Block 20, located in Ecuador's Amazon basin.
    • IVAN says it reached agreement with Ecuador's government to terminate the contract under which it has been operating as a step toward entering into a new service contract with a consortium consisting of IVAN and one of the world's largest national oil companies, which has experience working in Ecuador.
    • The Pungarayacu oil field, which includes Block 20, contains ~4.5B barrels of heavy crude.
    | 1 Comment
  • 11:58 AM
    • Oil services company Tetra Technologies (TTI +4.8%) is upgraded to Outperform from Market Perform with a $16 price target, raised from $14, at Cowen, which cites sufficiently reduced downside risk and material upside to its own sum of the parts valuation.
    • While results may continue to be choppy, Cowen believes sentiment for TTI has bottomed and further reductions to guidance will not be met with share price declines.
    | Comment!
  • 11:39 AM
    • Cameco (CCJ -2.3%) says it has started shutting down operations at its McArthur River uranium mine and Key Lake mill in Saskatchewan after the union representing workers at those operations issued a strike notice.
    • The United Steelworkers union advised CCJ of its intention to begin strike action on Aug. 30, and CCJ says it then issued a lockout notice to ensure a safe and orderly shutdown of its facilities.
    • CCJ does not expect any labor disruption to its 2014 uranium delivery commitments, but says it may draw on a variety of supply sources including primary production, and existing purchase commitments and inventories.
    | 5 Comments
  • 11:19 AM
    • Glori Energy (GLRI -8.8%) plunges after Pump Stopper's Seeking Alpha article predicts a 76% downturn and "eventual bankruptcy and shareholder wipeout," with the company being held aloft for now only by a "last ditch effort" broker promotion.
    • The article says GLRI’s main product, which is based on old technology the company received essentially for free with "miniscule" R&D invested, has generated no material revenue.
    • The author notes a wave of investor conferences and broker promotions, which he thinks means lots of insider stock is becoming unrestricted to be potentially dumped on the market.
    | Comment!
  • 10:59 AM
    • Quicksilver Resources (KWK +10.1%) surges after announcing the initial results of its first horizontal well under its exploration agreement with Eni (E +0.2%) in Pecos County, Texas.
    • KWK says the Stallings #1H well began flow back two weeks ago and now is producing at a rate of 750 boe/day (90% oil), and is drilling the Mitchell #1H, the second of its JV wells with Eni.
    • KWK is operator of Stallings #1H and owns an equal working interest with Eni.
    | Comment!
  • 10:39 AM
    • NF Energy Saving (NFEC +7.8%) opens sharply higher after saying it has developed a new solution to the disposal of landfill leachate.
    • NFEC says a recent test of its Leachate Concentration Harmless Dryer at a landfill site in China's Jilin province "achieved high scores in all performance requirements."
    • NFEC says it plans to begin production of 30 sets of the device to fulfill a $9M order before the end of 2015.
    | Comment!
  • 10:31 AM
     
    • EIA Petroleum Inventories:
    • Crude -2.1M barrels vs. -2.5M expected, -4.5M last week.
    • Gasoline -1M barrels vs. -1.7M expected, +0.6M last week.
    • Distillates +1.3M barrels vs. -1.2M expected, -1M last week.
    • Futures +0.12% to $93.97
    | Comment!
  • 10:22 AM
    • Teekay LNG Partners (TGP +0.5%) is upgraded to Accumulate from Neutral with a $47 price target at Global Hunter, which believes TGP's recent underperformance coupled with improving visibility to longer-term distribution growth provides investors an attractive total return opportunity.
    • The firm thinks TGP's recent LNG project announcements are ~10% accretive for the LP unitholders while additional upside could come from new LNG charter announcements for U.S.-based LNG projects and potential ethane shipping contracts through its Exmar joint venture.
    | Comment!
  • 9:50 AM
    • Blackstone (NYSE:BX) purchased Vivint in 2012 for $2B and is no doubt eying the lofty valuation of SolarCity (Vivint trails just SolarCity as the country's largest residential solar installer).
    • Vivint plans to raise $200M with the offering, and at least part of the proceeds will go towards paying down debt. The stock will trade on the NYSE under the ticker symbol VSLR.
    • Prospectus
    | Comment!
  • 9:31 AM
    • Seadrill Partners (NYSE:SDLP): Q2 Net Income of $31.2M
    • Revenue of $346.3M (+60.0% Y/Y) beats by $7.08M.
    • Press Release
    | Comment!
  • 9:19 AM
    • BG Group (OTCPK:BRGXF, OTCQX:BRGYY) says it has produced higher than expected flows of gas from a test well off the coast of Tanzania, boosting the financial viability of its planned liquefied natural gas export terminal in the country.
    • Test flows at BG's Mzia-3 well off the southern part of Tanzania's coast reached a maximum rate of 101M cf/day, nearly double the flow rate measured at Mzia-2 last year.
    • BG and partners Statoil (NYSE:STO), Exxon Mobil (NYSE:XOM) and Ophir Energy plan to build a two-train LNG export terminal, with operations expected to start in the early 2020s and a final investment decision set for 2016.
    | Comment!
  • 8:58 AM
    • Sinopec's (NYSE:SNP) attempt to spin off 30% of its retail gas station business has drawn interest from China Life (NYSE:LFC), the country's biggest insurance company, and gas supplier ENN Energy; they are the first investors to publicly announce their intention to invest in the SNP unit.
    • SNP is seeking to raise as much as 100B yuan ($16.3B) by selling part of its stake in the Sinopec Sales unit, which opoerates more than 30K fuel stations and 23K convenience stores in China.
    | Comment!
  • 8:56 AM
    • North Atlantic Drilling (NYSE:NADL): Q2 EPS of $0.24 in-line.
    • Revenue of $342.6M (-8.6% Y/Y) beats by $41.85M.
    • Press Release
    | 4 Comments
  • 8:33 AM
    • Seadrill (NYSE:SDRL) -4.1% premarket after beating Q2 earnings estimates, but it says it will refrain from ordering new rigs until the market became clearer to read.
    • SDRL already has 18 rigs under construction but John Fredriksen says the near-term market for ultra-deepwater drilling units remains challenging and is uncertain about how deepwater drilling rates will develop, driven by reduced exploration drilling that has led to a slower growth rate in overall upstream spending.
    • SDRL's Q2 earnings beat is largely due to a tax benefit; EBITDA came in at $641M, below forecasts of ~$663M and down from the $665M posted in the year-ago quarter.
    • Says it intends to prioritize returning cash to shareholders, and can maintain a quarterly dividend of $1/share well into 2016 even if the rig market fails to make a significant recovery.
    | 19 Comments
  • 7:47 AM
    • Yingli Green Energy (NYSE:YGE) -7.3% premarket after missing Wall Street estimates for Q2 earnings and revenues, and lowering full-year shipment guidance.
    • YGE now sees FY 2014 PV module shipments of 3.6-3.8 GW, down from its previous forecast of 4.0-4.2 GW, which still represents Y/Y increases in the range of 11.3% to 17.5%.
    • Q2 PV shipments totaled 887.9 MW, up 40.8% Q/Q; overall gross margin was 15.6% vs. 15.7% in Q1 and 11.8% in the year-ago quarter.
    • Separately, YGE says it will supply 66 MW of products to Push Energy Ltd. for four large-scale projects in the U.K.
    | 2 Comments
  • 7:12 AM
    • The tanker carrying $100M worth of Kurdish crude off the shores of Texas, looks like it will not be able to deliver its oil anytime soon, despite Tuesday's ruling from Judge Gray Miller.
    • Miller threw out an order yesterday to seize the cargo aboard the tanker, but did not settle the broader dispute between Iraq and the Kurdistan Regional Government over who has the sole right to export the crude.
    • Buyers of the oil could face lawsuits from Baghdad if the crude moves inland.
    • Previously: U.S. court throws out order to seize tanker carrying Kurdish crude
    • ETFs: USO, OIL, UCO, SCO, BNO, DTO, DBO, CRUD, USL, UWTI, DWTI, DNO, SZO, OLO, OLEM, TWTI
    | Comment!
  • 7:07 AM
    • REX American Resources (NYSE:REX): Q2 EPS of $2.68 beats by $0.63.
    • Revenue of $150.2M (-14.4% Y/Y) beats by $3.2M.
    • Press Release
    | Comment!
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