Chicago Bridge & Iron CompanyNYSE
Chicago Bridge: The 2 Sweetest Words
Bumbershoot Holdings • 41 Comments
Bumbershoot Holdings • 41 Comments
Yesterday, 5:35 PM
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Tue, Sep. 20, 8:13 AM
Thu, Sep. 15, 5:58 PM
Tue, Aug. 30, 8:25 AM
- Chicago Bridge (NYSE:CBI) has been awarded a multi-year contract with a value of approximately $75M by the Air Force Test Center at Arnold Air Force Base in Tullahoma, Tennessee.
- CB&I's scope of work includes plant and infrastructure sustainment, restoration and modernization to support the center's research, development, test and evaluation mission.
Wed, Aug. 24, 1:10 PM
- Chicago Bridge & Iron (CBI +0.2%) shareholder Cohen Capital calls for immediate changes to company management, including the termination of President and CEO Philip Asherman.
- Cohen says CBI has destroyed $6B of shareholder value in less than two years and squandered shareholder capital on the failed Shaw Group transaction.
- Cohen Capital has a nearly 1% stake in CBI.
Wed, Aug. 10, 8:21 AM| Wed, Aug. 10, 8:21 AM | 5 Comments
Thu, Jul. 28, 1:15 PM
- Chicago Bridge & Iron (CBI -2.1%) is lower after reporting weaker than expected Q2 earnings and revenues, and issuing sharply lower full-year guidance.
- CBI now sees FY 2016 EPS of $4.70-$5.00 vs. $4.99 analyst consensus estimate and well below prior guidance of $5.00-$5.50, and predicts FY 2016 revenues of $10.6B-$11B vs. $11.42B consensus and below prior guidance of $11.4B-$12.2B.
- CBI's new awards for Q2 totaled $1.8B, compared with $2.8B for the year-ago quarter, and the company cuts its award guidance to $8B-$10B from $10B-$12B.
- Citi analyst Andrew Kaplowitz is surprised at the magnitude of CBI's guidance cut and continued weakness in bookings, but says the cash situation is a meaningful positive; the firm maintains a Neutral rating on the stock with a $38 price target.
Wed, Jul. 27, 4:28 PM
Tue, Jul. 26, 5:35 PM
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Tue, Jul. 26, 11:07 AM
- Chicago Bridge (CBI +1%) has been awarded a five-year contract for approximately $40M for maintenance and turnaround services for a major oil sands producer in Northern Alberta.
- "We are pleased to further expand our turnaround and maintenance services in Canada," said Chip Ray, President of CB&I's Capital Services operating group.
Mon, Jul. 25, 11:53 AM
- Chicago Bride & Iron (CBI -2.1%) is downgraded to Neutral from Buy with a $38 price target, cut from $48, at Citigroup, following Friday's news that CBI had sued Westinghouse Electric to protect itself from a potential $2B claim related to the sale of its nuclear construction business to Westinghouse in 2015 and a subsequent downgrade from analysts at Baird.
- In its downgrade, Citi says it had expected strong and potentially better than expected cash generation after the signed nuclear deal with Westinghouse would drive CBI’s valuation higher over time, but "contrary to expectations, the deal does not allow for 100% indemnification of the company, associated with any future earnings or cash impact from 'troublesome' new nuclear construction projects."
- "Despite our view that CBI likely has good ground to stand on that it shouldn’t owe WEC anything, we move to the sidelines for now," Citi writes.
Sat, Jul. 23, 8:25 AM
- General Electric (NYSE:GE) was yesterday's biggest laggard among Dow stocks, sinking 1.6% after reporting a 2% drop in orders for Q2, with industrial orders - GE’s jet engines, power turbines, oil production equipment, et. al. - plunging 16% amid weakness in oil and gas prices that hurt demand.
- "The texture of this quarter is very similar to the two most recent quarters, with exceptionally weak orders,” says Morgan Stanley's Nigel Coe, who rates GE at Equal Weight with a $32 price target.
- GE's total Q2 revenues rose 15% Y/Y to $33.5B, but organic industrial sales excluding the Alstom acquisition fell 1%; GE needs to meet its own expectations for a substantial upturn in organic trends in H2 in an "extremely challenging" environment, Coe says.
- "Those are capital intensive purchases and if those get pushed out even just a little bit" it could weaken GE's performance, says Edward Jones analyst Jeff Windau.
- Andrew Elofson at Davidson Investment Advisors takes the long view, seeing Q2 as "a speed bump on the path to their transformation” and not really looking at whether GE can hit its 5% organic sales growth target for H2.
- But Standpoint Research’s Ronnie Moas responded to the Q2 results by slapping a Sell rating on GE with a $26 price target, seeing no reason to own the shares that trade at more than 20x 2016 EPS estimates while "dozens" of mid-cap names with room to grow trade at or below 10x earnings - such as YRCW, TGI, AVH, GBX, ARII, CBI, UAL, SPR and ACM.
Fri, Jul. 22, 3:56 PM
- CB&I (CBI -7.1%) is downgraded to Neutral from Outperform with a $40 price target, cut from $45, at Robert W. Baird, as newly filed litigation between CBI and Westinghouse, the company's former EPC consortium partner for U.S. nuclear projects, highlights a ~$2.4B difference in opinion on working capital adjustments associated with last year's nuclear transaction.
- Baird believes the merits of Westinghouse's claims appear without merit but the nuclear overhang for investor has now returned, derailing what was supposed to be a cleaner story.
- The firm says that the news, when combined with fewer fundamental catalysts, caps upside potential and moves it to the sidelines.
Mon, May 16, 9:50 AM
- Johnson Rice raises Chicago Bridge (CBI +3.8%) to Buy from Accumulate, and raised its price target on the stock to $60 from $50.
- The firm believes the valuation gap between CB&I and those of its peers should narrow as investors gain confidence in the company's cash generation and declining debt levels.
Wed, May 4, 5:46 PM
- Chicago Bridge & Iron (NYSE:CBI) declares $0.07/share quarterly dividend, in line with previous.
- Forward yield 0.74%
- Payable June 30; for shareholders of record June 20; ex-div June 16.
Wed, Apr. 20, 5:37 PM