Dec. 8, 2014, 7:20 PM
- With valuations at a decade low, oil execs such as Chesapeake Energy’s (NYSE:CHK) Archie Dunham and Ring Energy's (NYSEMKT:REI) Tim Rochford are driving the sector's biggest wave of insider buying since 2012, according to Bloomberg data.
- Rochford and two other board members bought a total of more than 30K REI shares over the past month; the CEO says the company can stay profitable even should oil slip to $50/bbl.
- “Most of these execs that are buying have been in the industry as long as I have, so they know how supply and demand works and they’re buying quality stocks,” says Dunham, who recently bought 500K CHK shares in his biggest purchase since joining the company’s board in 2012.
- Loews Corp. (NYSE:L), which owns about half of Diamond Offshore (NYSE:DO), bought 1.18M DO shares in November and bought another ~410K shares last week.
- Halcon Resources (NYSE:HK) and Goodrich Petroleum (NYSE:GDP) are among companies operating in the costliest U.S. shale-producing regions, but execs from those companies are buyers as well.
Nov. 11, 2014, 12:23 PM
Nov. 3, 2014, 9:59 AM
- Q3 income from continuing operations of $179M or $0.47 per share vs. $318M or $0.82 one year ago.
- Income slips thanks to lower earnings at CNA (lower NII) and Diamond Offshore (lower rig utilization, $55M impairment loss). Earnings were higher at Boardwalk Pipeline Partners.
- Book value per share excluding AOCI of $50.32 vs. $49.38 at start of year. Current price of $43.18 is a 14.2% discount to book. 5.1M shares repurchased during quarter for $220M. 9.6M shares repurchased YTD. The float as of September 30 is 377.9M shares. Another 4M shares bought back during October for $166M.
- Conference call at 11 ET
- Previously: Loews misses by $0.21
- L -1%
Nov. 3, 2014, 6:04 AM
Nov. 2, 2014, 5:30 PM
Aug. 11, 2014, 11:54 AM
- Loews (L +0.5%) agrees to sell HighMount Exploration & Production but does not disclose the buyer or the price.
- Loews recorded a Q2 impairment of $167M tied to HighMount, according to the statement, a figure that may be adjusted based on the final sale price and transaction costs.
- Loews purchased HighMount in 2007 for ~$4B but sustained low natural gas prices prompted the sale.
- The divestiture helps narrow Loews’ focus to its luxury hotel operation and units such as insurer CNA Financial and Diamond Offshore Drilling (NYSE:DO).
Aug. 5, 2014, 12:05 PM
Aug. 4, 2014, 11:55 AM
- The Highmount bet "shows we are not always right," says Loews (L -0.6%) management on the earnings call. Persistently low natural gas prices and the continued grim outlook had Loews taking a $167M charge in Q2 against Highmount Exploration and Production as it evaluates proposals for a sale of the company's assets.
- While Loews' income from continuing operations improved thanks to investment gains and improvement at CNA Financial, overall net income fell to $116M or $0.30 per share from $269M and $0.69 a year earlier thanks to the writedown.
- Previously: More on Loews results
Aug. 4, 2014, 10:36 AM
- Loews (L -0.6%) Q2 income from continuing operations of $303M or $0.79 per share vs. $261M and $0.67 a year ago.
- Book value per share excluding AOCI of $49.74 vs. $49.38 at end of Q1, and current price of $42.10. 3.9M shares repurchased during Q2 for a total of $171M. Another 2.5M shares were bought back during July. Current float is 383M shares.
- Improved results at Loews came primarily from better earnings at CNA Financial along with improved performance in the trading portfolio. A 52% decline in Diamond Offshore quarterly profit helped to offset.
- Conference call at 11 ET
- Previously: Loews EPS of $0.79
- Previously: CNA Financial beats by $0.18
- Previously: Diamond Offshore Drilling beats by $0.07, beats on revenue
Aug. 4, 2014, 6:06 AM
Aug. 3, 2014, 5:30 PM
Jul. 7, 2014, 10:43 AM
- The 255-room Graves 601 Hotel Wyndham Grand is located in downtown Minneapolis and has been immediately converted into the Loews Hotel Brand. Loews Hotels plans a $7M renovation beginning early next year.
- The purchase is part of Loews Hotels & Resorts' - a subsidiary of Loews Corporation (L -0.4%) - move to boost its Midwest presence. Last week's agreement to buy Chicago's InterContinental is expected to close at the end of July.
- Source: Press Release
Jun. 30, 2014, 2:50 PM
- Loews (L +0.5%) subsidiary Loews Hotels & Resorts agrees to buy the 556-room InterContinental Chicago O'Hare Hotel for undisclosed terms. The deal is expected to close late next month. It's the 2nd Chicago-area hotel for Loews and the third one in the Midwest.
- "The Midwest is an area where we were looking to increase our presence," says Jonathan Tisch.
- Source: Press Release
May. 13, 2014, 10:37 AM
Apr. 28, 2014, 6:05 AM
Apr. 27, 2014, 5:30 PM
L vs. ETF Alternatives
Loews Corp through its subsidiaries is engaged in commercial property & casualty insurance, operation of offshore oil & gas drilling rigs, production of natural gas and liquids, operation of interstate natural gas pipeline and operation of hotels.
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