Friday, March 14, 2014
6:50 PM| 12 Comments
- Anworth Mortgage (ANH +1.9%) has its tail in the air after the company boosts its buyback program by 10M shares. Thus far in Q1, the company has bought back 4.023M shares at an average price of $4.93 each. For the year ended Dec. 31, Anworth repurchased 7.646M shares at an average price of $4.95 each.
- Anworth is also expanding its investment horizons, forming Anworth Properties to invest in other sorts of mortgage assets and real estate rental properties.
- Company book value per share as of Dec. 31 was $5.98 putting the current price of $5.34 at a 10.7% discount to book.
- Press release
- "Among GSV's (GSVC -9.6%) portfolio of about 50 companies, we think that 2U (S-1 filed), Dropbox, Gilt Group, Spotify, SugarCRM, and TruCar could go public in 2014," says analyst Jeff Houston, reiterating his Outperform rating and $20 price target.
- Taking a look at GSV's public holdings, all except ePals have had big moves to the upside, and GSV's stock now trades at a sizable discount to NAV.
- Tsakos Energy (TNP +7.6%) is initiated with a Buy rating and $9 price target at UBS.
- TNP's core exposure is in crude and product tankers, and given the firm's bullish outlook on crude and product, it views TNP's sector-low 0.98x price/NAV as a highly attractive entry point; a smaller free float and diversified fleet may account for some of the discount, but the firm feels this is fully warranted.
- UBS also starts Teekay Tankers (TNK +2.4%) and Navios Maritime (NNA +0.2%) with Neutral ratings, and Scorpio Tankers (STNG +8.1%) at Buy with a $13 target.
1:03 PM| Comment!
- High-flying fuel cell names are sputtering after two research firms downgraded Plug Power (PLUG -5.4%) earlier today; FuelCell Energy (FCEL -6.7%) and Ballard Power (BLDP -0.6%) also are lower.
- Roth Capital thinks bookings still appear set to grow at a rate that exceeds historic levels, but much of that growth is already reflected in the stock; the firm also warns that some of PLUG's shipments could be delayed because most of its products are being shipped to customers that still have to add hydrogen infrastructure, which could take longer than expected.
- Cowen mentioned that the broader segment was getting a little rich: "Fuel cell and hydrogen-related companies are trading in a range of 2.9-8.2x EV/2015E sales... PLUG is at the high end, consistent with 2015E sales growth of 100% (vs. 19-39% for peers)."
- ZBB Energy (ZBB), which announced a 5.5M-share public offering at $2.25/share, is -22%.
- World Acceptance Corp. (WRLD +3.9%) is bouncing from yesterday's plunge on its receipt of a civil investigative demand (CID) from the CFPB, but today it's the turn of Springleaf Financial (LEAF -4.8%) and Santander Consumer (SC -1.3%) to head south.
- World's "sleazy" marketing tactics have been talked about for some time from Citron Research to Whitney Tilson to Herb Greenberg. Shorting the stock is a favored play of the hedge fund crowd which has been pushing D.C. to move against the company for several months.
- Also moving: CSH, EZPW, DLLR, ATLC
- Imperial Capital raises its price target for Whiting Petroleum (WLL +1.6%) to $75 from $68, as improved production from new completion design continues to impress (Briefing.com).
- While Q4 results of $0.88 fell shy of estimates, production volume of 9.3M boe was ahead of expectations due to improved performance to recent wells completed with WLL's new design with cemented liners and plug and perf technology.
- Initially employed at Hidden Bench in Q3 2013, WLL has recorded a 50%-plus improvement in performance for wells completed with the newer design at Missouri Breaks and Pronghorn, as well as Redtail, the firm notes.
- Cowen Research is out with a warning on Aeropostale (ARO -14.5%).
- The investment firm notes a new $150M senior secured credit deal now stands in front of equity shareholders in the reworked capital structure.
- Shares are diving today with the retailer's "ballooned" accounts payable figure creating as many worries as its soft sales patterns.
- NuStar Energy (NS +2.9%) is upgraded to Buy from Neutral with a $62 price target, up from $49, at Goldman Sachs as project-driven cash flow growth visibility improves throughout 2014.
- Following 10 consecutive quarters of no distribution growth, including nine in which distributions exceeded cash flow, Goldman believes fee-based growth driven by its Eagle Ford project backlog will put NS back on track for positive distribution coverage in H2 2014 and increases by mid-2015.
- The firm lowers earnings estimates for 2014 by 2.5% to $1.95 but raises 2015 and 2016 to $2.70 and $2.90 respectively.
- McEwen Mining (MUX +6.2%) updates reserve and resource estimates at its San Jose mine in Argentina; proven and probable gold and silver reserves each rose by 12% Y/Y, to 409.4K oz. of gold and 30.1M oz. of silver, contained in 1.8M metric tons.
- Reserve and resource estimates were calculated using $1,200/oz. gold and $20/oz. silver.
- Cooper Tire & Rubber (CTB) is on the move after topping analyst estimates with its Q4 report.
- The company had a reduced impact from the blowup of its Apollo Tyres merger in the quarter than it did in the proceeding one.
- The volume of tires sold was lower in both Cooper's North America and International segments.
- CTB +5.0% premarket
- Nano cap regenerative medicine firm Harvard Apparatus Regenerative Technology (HART) is poised for an opening gap up.
- The stock broke out on March 4 on heavy volume. It peaked at $10.98 on March 11, a 100% gain from its previous high of $5.47.
- The firm posted an updated investor presentation on its website this morning.
- Financial results were disclosed on March 7.
- 71 mutual funds have positions.