Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on TIDEWATER MIDSTREAM AND INFR. We currently have 16 research reports from 1 professional analysts.
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TIDEWATER MIDSTREAM AND INFR
TIDEWATER MIDSTREAM AND INFR
2Q16 Results In Line; Fills BRC Gas Plant, Purchases New Facility For $11 mm
16 Aug 16
Tidewater Midstream and Infrastructure Ltd. announced 2Q16 results in line with expectations with adjusted EBITDA of $9.3 mm (FCC $9.4 mm, street $10 mm). The Company purchased the Acheson gas plant west of Edmonton for $11 mm; the property includes land where Tidewater intends to build a rail loading facility. Tidewater’s Brazeau River Complex (BRC facility) has contracted out its remaining capacity from 4Q16 to 4Q18.
06 Jul 16
We are revising our estimates to reflect the impact of weaker market conditions at the BRC; FY2016e EBITDA is now $41 mm, down from $48 mm.The mild winter and seasonality of the propane business has also driven us to reduce our 2Q16 and 3Q16 EBITDA forecast.Management expects truck rack revenue to increase in 4Q16 due to efforts to increase delivery of C5 and possible expansion into other products.With these changes we have lowered our 12-month target price to $1.75/share. We maintain our Outperform ranking.
Reports 1Q16 Results
31 May 16
Tidewater’s 1Q16 results were in line with market and FirstEnergy expectations. Volumes at Tidewater’s flagship Brazeau River gas plant were off 5% y/y. The Company revealed it intends to spend $85-$125 mm by YE2017 on projects that the Company anticipates could generate $20-$30 mm in annual EBITDA; Tidewater will announce more detail on its spending plans in August with its 2Q16 results. With the capital program under consideration, Tidewater is looking at building fractionation, rail and pipeline assets as well as reactivating existing assets After 1Q16, Tidewater also purchased another group of assets for $10.8 mm plus a net profit interest of up to $3 mm.
REPORTS 1Q16 RESULTS
26 May 16
With 1Q16 results coming in as expected, we believe attention will turn to Tidewater's potential capital investment program. As described, Tidewater expects to invest capital at anywhere from 2.8x-6.3x EBITDA. The lower number reflects the potential capital returns associated with reactivating existing assets, while the higher number is a good run rate number for new build investment.
Releases 4Q15 Results; Adj. EBITDA of $7.1 mm (FCC: $7.1 mm)
31 Mar 16
Tidewater reported an adjusted EBITDA of $7.1 mm, aligned with FirstEnergy’s estimate of $7.1 mm and slightly below consensus of $7.2 mm. During the quarter, Tidewater was involved in the acquisition of interests in three additional gas processing plants for $12 mm and a 100% WI in the 33 mmcf/d Seal Gas Plant for ~$17 mm. Subsequent to the end of 4Q15, Tidewater announced the acquisition of a 100% WI in three deep cut gas processing facilities with a combined 142 mmcf per day of capacity, and a deal acquiring 102 mmcf/d of new gas processing throughput for $87 mm. We maintain our 12-month target price of $2.00/share and our Outperform ranking.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
16 Jan 17
We take a look at the rankings of the various countries in Africa that have a significant exposure to mining. We take the Transparency International corruption rankings as our starting point and modify these for exceptional geology and for current UK government travel warnings. Ghana, Botswana and Namibia come out as our top three, with Eritrea, Kenya and Zimbabwe at the bottom of our rankings.
19 Jan 17
Aggregated Micro Power* (AMPH): Funding for first peaking power plant project (CORP) | The Mission Marketing Group* (TMMG): Positive trading update (CORP) | Cello (CLL): Increasingly backed by, and leveraging, technology (BUY) | 4imprint (FOUR): Growth backed by strong cash flow continues (BUY) | Allergy Therapeutics (AGY): Positive trading update and market share gains drive upgrades (BUY) | Shanta Gold (SHG): Q4 operating results (BUY) | Sound Energy (SOU): Tendrara extended well test result (BUY) | Revolution Bars (RBG): Price target increase (BUY)
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.
N+1 Singer - St Ives - Downgrade
19 Jan 17
Marketing activation has been impacted by further decline in grocery retail impacting profit by c£5m. Strategic The Company is also taking this opportunity to revise its guidance for Strategic Marketing as its recovery pace is not running at the planned target rate. PBT falls from N1Se £31.9m to £25m. The Company expects dividend to be held based upon lowered guidance and the implied cash flow performance. There do not appear to be any covenant issues. Forecasts and TP under review and downgrade to Hold. We expect the shares to test the 100p level.
N+1 Singer - Northern lights - Shining prospects for 2017
16 Jan 17
As the birthplace of Stephenson, Armstrong and Swan, the North East of England has a proud history of industrial and technological innovation. Despite local economic challenges, the region’s industrial heritage lives on through continuing success in high end engineering and technology. The recent takeovers of private equity backed SMD (subsea robotics) and Nomad Digital (wi-fi on the railways) are testament to this. The North East has also emerged as a leader in genetics and genomics with an enviable life sciences and healthcare infrastructure. Against this backdrop, we expect the region to continue to throw up attractive IPO candidates to build on the six new listings in the past three years. We expect 2017 to be far kinder to the existing portfolio of North East plcs than 2016 (a year to forget) with recent management changes one important theme for the new year. Our top picks are Hargreaves Services, Quantum Pharma and Zytronic (all N+1 Singer Corporate clients) and we are Buyers of Northgate and Grainger.