Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on MEG ENERGY CORP. We currently have 36 research reports from 1 professional analysts.
|03Mar17 00:48||MKW||MEG Energy's Board of Directors approves filing of 2016 year-end disclosure documents|
|09Feb17 10:00||MKW||MEG Energy reports fourth quarter and full-year 2016 results|
|12Jan17 23:24||MKW||MEG Energy announces pricing of Senior Secured Notes due 2025 offering|
|12Jan17 14:08||MKW||MEG Energy announces increase to previously announced bought deal financing to $450 million|
|12Jan17 13:26||MKW||MEG Energy announces proposed offering of Senior Secured Notes due 2025|
|11Jan17 21:06||MKW||MEG Energy announces comprehensive refinancing plan including an extended 5 year covenant-lite revolving credit facility, a CDN$357 MM equity financing and a return to growth 2017 capital budget|
|04Mar16 15:52||MKW||MEG Energy resumes operations at Christina Lake|
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MEG ENERGY CORP
MEG ENERGY CORP
Commodity Price Update – Impact on Integrateds, Large Cap E&P, Oilsands
28 Sep 16
3Q16e WTI prices look set to average ~US$44.50/bbl vs. our $50.00/bbl prior estimate. We have also reduced our 4Q16e WTI forecasts by US$5.00 to US$50.00/ bbl, but left our 2016e+ oil & gas price deck largely unchanged. For the second time in three months we are increasing our forecasts for Canadian refined product premiums relative to New York Harbor.
2Q16 Update – Low Cost Growth Plans Outlined
03 Aug 16
MEG outlined two potential phases of brownfield growth that could add ~30 mbbl/d for <$750 mm. Beyond the 3.3 mbbl/d of proposed additions to be funded by $30 mm later this year (2016 capex budget of $170 mm unchanged), we suspect these will only proceed if MEG can fund without growing net debt. An outright sale of its 50% stake in Access still seems unlikely to us, but perhaps. MEG considers selling a partial stake. Almost half of 2H16e production now has WTI downside protected at ~US$45/bbl. No change to $7.00/share target price. Upgrading to Outperform.
Integrateds, Oilsands & Large Caps
20 Jul 16
The Fort McMurray wildfire took more than 1.2 mmbbl/d of oilsands production offline at one point, disrupting operations of many companies within our coverage universe. We expect production estimates for many oilsands producers (HSE, IMO, SU, ATH) to be more varied than usual with more variables to account for than usual (downtime, ramp up, sales volumes). SCO prices were boosted by the wildfire, with CNQ best positioned to have taken advantage, given the upgrader at Horizon was only mildly affected by wildfires. CVE, HSE and SU likely benefited from a positive FIFO impact. We estimate a positive FIFO impact of $4-5/bbl of throughput assuming a 30 day lag, with a larger positive FIFO impact on longer lags. We are generally close to consensus for most CFPS estimates, with the exception of Suncor, where we are estimating $0.34/share versus consensus at $0.44/share. There are no target price or ranking changes with this publication.
Sustaining Capital and Implied Free Cash Flow
07 Jul 16
We have analyzed recent Company estimates of sustaining capital. Relative to our approximations of sustaining capital, post Horizon expansion, at current prices CNQ offers a far better free cash flow yield than the Canadian Integrateds, even in a high case refining margin scenario (see charts on page 2). We are upgrading our ranking on CNQ to Top Pick from Outperform, increasing our target price by $3.00 to $47.00/share, while we have reduced our target prices for both HSE and CVE by $1.00/share, to $18.00/share. In our view CNQ is clearly better value than any of the Canadian Integrateds.
Strong trading leads to upgrades
22 Mar 17
On the back of today’s positive trading update and slightly upgraded profit forecasts for FY2017, FY2018 and FY2019 we have reviewed our DCF analysis. This has led to an increased DCF valuation per share of 1500p (from 1200p) which we have made our new target price (from 1200p). Both TFP and JC Paper have contributed to the upgrades shown in the table below as have favourable currency movements. With the potential for further upgrades due to capitalising 3DP costs to come we maintain our Add recommendation.
Small Cap Breakfast
21 Mar 17
First Sentinel—Investment company expecting NEX admission/introduction on 24 March. £636k raised pre-IPO. BioPharma Credit—Expected Gross Initial Acquisition Proceeds now c.$338m. Gross Cash Proceeds capped at $423m with placing and open offer. Results expected 23 March with admission now due 30 march. Tufton Oceanic Assets- The Company intends to invest in a diversified portfolio of second hand commercial sea-going vessels where the Investment Manager believes that an attractive opportunity exists in shipping. $150m raise. Admission 3 April.
Bang to rights
21 Mar 17
Tullow unexpectedly announced a US$750m rights issue on Friday at a 45.2% discount to the previous close. While this step confirms our investment thesis, the scale of the discount and the timing look like a slap in the face for investors and/or indicative of a weaker financial position than we are modelling. We publish revised estimates to reflect the impact of the issue and cut our Target Price to 215p per share (from 245p). We maintain our Hold recommendation.
Panmure Morning Note 22-03-2017
22 Mar 17
Acacia Mining and Endeavour Mining confirmed merger talks have now ended with Endeavour claiming an inability to “create adequate value for Endeavour shareholders”, most likely, we believe, given the disappointing ruling from the Tanzanian government on copper-gold concentrate sales. We were positive on the merger and believed a credible London listed Pan-African producer capable of challenging Randgold, would have been established. We make no change to our Hold recommendation today, and expect the shares to be marked lower in early trade.