Equity Research, Broker Reports, and media content on Spartan Energy

  • Access the latest forecasts, broker valuations, multiples, and video content from the city about Spartan Energy
  • See live updates from analysts, company announcements, and other news in a personalised/single dashboard
Login
  • 01 Jun 18

Discontinuing research coverage

We are discontinuing research coverage of Spartan Energy, as the stock has been delisted following its recently approved acquisition by Vermilion Energy. All prior production and financial estimates, as well as research ratings and target prices, must no longer be relied upon.

Companies: Spartan Energy
  • 21 Feb 18

2017YE results and reserves

Management reported annual production of 22,200 boe/d, which is largely in line with our estimates of 22,125 boe/d and represents y/y PPS growth of 17%. This results in 4Q17 production of 22,636 boe/d, which is relatively flat QoQ but slightly ahead of our estimates of 22,340 boe/d. The company reported quarterly adjusted funds flow from operations of $65 mm ($0.35/sh dil), which was significantly ahead of our estimates of $57 mm ($0.31/sh dil) and consensus at ~$0.31/share. We don’t have the full financials yet leaving us to speculate on the reason for the large cash flow beat. Our guess at this juncture is better than forecasted realized light oil pricing and operating costs but we await the release of the audited statements in the middle of March. Reserves increased 2% on a PDP basis to 45.3 mmboe, 5% on a 1P basis to 73 mmboe and 4% on a 2P basis to 113.5 mmboe. PDP reserves made up 62% of 1P and 40% of 2P reserves, which is relatively flat y/y. Based on 2017 production, this represents a 2P RLI of 13.9 years. We have updated our model to reflect 2017YE results and reserves. With our current 2018 estimates in line with management’s 2018 guidance, we have not made any changes to our forecasts. With an implied return of 72%, we are maintaining our BUY rating.

Companies: Spartan Energy
  • 11 Jan 18

2018 budget and guidance

Spartan plans for 2018 E&D spending of $183 million plus $22 million for discretionary spending on waterflood and seismic initiatives. The 2018 drilling program calls for 140 net development oil wells including 64 net open-hole wells, 29 net Ratcliffe wells, 30 net frac’d Midale, and the remaining to the Viking light oil play. Management expects this to result in average annual production of 23,400 boe/d and an exit rate of 25,000 boe/d, representing growth of 6% YoY and 11% exit to exit. Average production was below our prior estimate of 24,270 boe/d and consensus of 24,470 boe/d. However, 2018 exit rate guidance aligned with our prior 4Q18 forecast of 25,100 boe/d. Based on US$60/b WTI, management forecasts cash flow of $267 million ($1.51/sh), which is higher than our prior estimates of $1.35/sh ($1.40/sh on strip) and consensus of $1.28/sh. We attribute this largely to 2018e production expense guided at $16.65/boe vs. GMP FE at $17.35/boe. We have updated our estimates to reflect the 2018 guidance. With an implied projected return of 42%, we are maintaining our BUY rating.

Companies: Spartan Energy
  • 09 Jan 18

Quality available at deep discounts amidst overt sector pessimism

The stocks on the GMP FirstEnergy Best Ideas List represent our highest conviction BUY recommendations with an expected return of 20% or more over the next 12 months. The investment thesis for each name on the list is laid out in this report.

Companies: CNQ AAV ATU PXX KEL RRX SPE WCP PXT SES PPL

  • 09 Nov 17

3Q17 results; production continues to track ahead of guidance

 3Q17 production of 22,630 boe/d was slightly ahead of our GMP FEestimate of 21,750 boe/d and the street estimate of 21,730 boe/d.  Quarterly cash flow of $41.1 mm ($0.22/sh dil) was in line with ourestimates of $40.1 mm ($0.22/share dil) and consensus of $0.21/share.  Production costs in the quarter were down 6% QoQ and were 5% belowour estimates ($17.28/boe vs GMPFE estimates of $18.15/boe). This is due to the fact that production costs were elevated in 2Q17 so it was positive to see the reduction to more normalized levels.  Reported realized pricing look like it came in a bit light at $46.98/boe vs. GMP FE at $48.12/boe.  The company spent $35.1 mm on E&D, which included drilling 39 (28 net) wells and bringing on-stream 37 (27.2 net) wells. SPE exited the quarter with net debt (ex. financial lease) of $205.1 mm (1.3x annualized 3Q CF) and $193.3 mm drawn on its $350 mm credit facility.  We have updated our estimates to reflect quarterly results. With an implied projected return of 37%, we are maintaining our BUY rating.

Companies: Spartan Energy
  • 11 Aug 16

ANNOUNCES 2Q16 FINANCIAL AND OPERATING RESULTS

Impact: Neutral. Spartan's 2Q16 financial results were consistent with our outlook on all key figures and inline with consensus cash flow estimates.

Companies: Spartan Energy
  • 03 Aug 16

ANNOUNCES SE SASKATCHEWAN ACQUISITION & CONCURRENT $70 MM BOUGHT DEAL FINANCING, UPDATED 2016E GUIDANCE

Impact: Neutral. Spartan's most recent acquisition continues to consolidate its land position at its key properties and build inventory in SE Saskatchewan at reasonable metrics. The Company's updated 2016e capital budget of $68 mm is cautiously below our prior view (FCC was $80 mm) and is expected to generate annual production of 10,700 boe/d (FCC was 11,000 boe/d) which will likely result in a minor reduction to our proforma production and cash flow outlook. Although we expect this acquisition and financing announcement, in isolation, would show as slightly dilutive to our CFPS outlook given financing proceeds well above the transaction price, recall, the Company has completed three meaningfully accretive transactions ($148.7 mm for 2,980 boe/d) since mid-May without concurrent equity issues.

Companies: Spartan Energy
  • 26 Jul 16

2Q16e Quarterly Preview

Some Recovery on Segmented Cash Flow Generation Over Q1 Though Still Down 56% Y/Y. In aggregate, the Intermediate, Mid, and Small Cap groups are expected to generate 2Q16e cash flow of $1,281 mm, $183 mm, and $53 mm, or $1.517 billion in total, that while depressed relative to the same period last year (~$2.647 billion combined), is up 17% sequentially from the prior quarter, largely on the strength of crude oil price recovery in the period. Severely weak natural gas pricing picture markedly reversed into summer, market likely to ignore financials for natural gas producers and look ahead to winter and formalization of sell-side 2018e estimates in coming months. Spot AECO natural gas prices recently crested C$2.60/mcf, and with a reasonable alignment of previously distressed NE BC Stn2 differentials, augmented by a withdrawal expected next week, view the market psyche as constructive and looking ahead, with the analogy that this market is shaping up to mirror 2012 still holding. That said, with crude oil poised to retest support levels, combined with strong stock price performance broadly observed YTD, we would characterize sentiment as slightly pessimistic in the near-term which could reduce or unwind momentum-based investment strategies that have worked thus far in 2016.

Companies: AAV ARX BTE BNP CPG ERF POU PEY PGF PWT PSK VII TOU VET WCP BNE CJ CR DEE JOY KEL LTS NVA PPY PMT PNE RRX RMP SRX SGY TOG TET ATU CKE GXE IKM LXE MQL PRQ SPE SKX TVE TVL YO ZAR

  • 29 Jun 16

ANNOUNCES TWO CONSOLIDATING SE SASKATCHEWAN ACQUISITIONS, RENEWS BANK LINE AT $150 MM

Impact: Positive. Spartan continues to capitalize on the low in the commodity cycle further consolidating its land base in SE Saskatchewan, adding low decline production and bolstering its well inventory at attractive metrics. We expect the Company balance sheet will continue to screen as flexible with ~$100 mm forecast to be drawn on its recently renewed and unchanged $150 mm credit facility following these transactions.

Companies: Spartan Energy
  • 20 May 16

Adds Mass in SE Saskatchewan, Acquires Wyatt Oil + Gas

Spartan is acquiring, privateco, Wyatt Oil + Gas Inc. for $77 mm through an all-share transaction which includes the assumption of $42 mm of debt. The deal adds 1,330 boe/d, 14.6 mm 2P reserves, 45 net sections of land and 177 drilling locations in southeast Saskatchewan which are proximal to Spartan’s existing core operations. Given our revised estimates point to 10% per share accretion on a CFPS basis while 2017e/2016e PPS share growth (debt-adjusted) jumps to 13%, we are increasing our target price to $3.75 per share.

Companies: Spartan Energy
  • 20 May 16

ANNOUNCES $77 MM SOUTHEAST SASKATCHEWAN ACQUISITION

Impact: Positive. The deal brings in production and a stable of drilling locations proximal to Spartan's current assets at a reasonable valuation. This marks the Company's first significant acquisition in ~2 years.

Companies: Spartan Energy
  • 11 May 16

SPARTAN Q1 RESULTS IN LINE TO SLIGHTLY BETTER THAN EXPECTATIONS

Neutral to slightly positive with production ~5% ahead of expectations (on higher capital spending) while cash flow overlaid our estimates. Higher 1Q16 production and mild spring break-up conditions could have positive implications for estimates for 2Q16e and beyond.

Companies: Spartan Energy
  • 11 May 16

Spartan’s 1Q16 Results In Line to Slightly Better than Expectations

Spartan delivered 1Q16 results that were in line on a cash flow basis, however ahead on a production basis. Spending was modestly higher than anticipated.

Companies: Spartan Energy
  • 26 Apr 16

Intermediates, Mid Caps & Small Caps

With this publication we briefly summarize our projections for 1Q16e quarterly results for the Junior E&P (Intermediate, Mid & Small Cap) segments of our coverage universe

Companies: AAV ARX BTE BNP CPG ERF POU PEY PGF PSK VII TOU VET WCP BNE CJ CR DEE JOY KEL LTS LRE NVA PPY PMT PNE RRX RMP SRX SGY TOG TET ATU CKE GXE IKM LXE MQL RE SPE SKX TVE TVL YGR YO ZAR

  • 16 Mar 16

Posts Solid 2015 Financial and Reserve performance, Conservative 1H16e Budget, Closes $96 mm Financing

After coming off restriction following our participation in Spartan’s $96 mm equity financing wherein the Company issued 39.9 mm shares at $2.41 per share, we summarize the Company’s 4Q15 results, 2015 reserves and 2016 capital guidance. Fourth quarter results beat both our production and cash flow estimates while the Company posted single digit 1P and 2P basis F&D costs in a relatively quiet and organic year of operations, aided by a y/y reduction in FDC. A conservative 1H16e budget of $18 - $20 mm will see volumes remain at at Spartan’s 2015 average of just over 8,850 boe/d. Our target price continues to be supported by our updated NAV methodology, offering decent returns, particularly on a risk-adjusted basis.

Companies: Spartan Energy

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Spartan Energy. We currently have 31 research reports from 1 professional analysts.

Open
N/A
Range Today
N/A
52 Week
500/890c
Daily Volume
N/A
# Shares
0m
Daily Liquidity
0.0%
Pension Liability
Enterprise Value
n/am
Market Cap
1,003m
Latest PE (hist)
Div Yield

Latest News/RNS

(more news)
Date Source Announcement
Get free RNS email alerts

  • Frequency of research reports

     

  • Research reports on

    Spartan Energy

  • Providers covering

    Spartan Energy

  • 11 Nov 19

LIBERUM: Sirius Minerals* - Cost savings at the crux of the new plan

Sirius’ announcement this morning has confirmed it will split the financing of the shafts and the remainder of the project, with the $600m shaft component targeted before April. We outlined the rationale for this strategy in September and ran through some of the maths, but today’s release implies scope for less dilution than expected, if it can be executed.

Companies: Sirius Minerals
  • 13 Nov 19

Cenkos: Trinity Exploration & Production Plc - Q3 Results

Trinity recently released its Q3/19 operational update in which the Company continued to focus on maintaining base production, whilst increasing its low-cost, high margin production. Production averaged 2,816bopd in Q3/19, a 3% YoY increase (Q3/18 2,734bopd). Two of the four new onshore infill wells came onstream during the period, with a third well coming onstream post-period end, increasing base production to 3,017bopd during October, with an expected year-end exit production rate of c3,400bopd. Trinity continues to pioneer its SCADA (Supervisory Control and Data Acquisition) system to optimise producing wells, allowing the Company to increase production, reduce opex and add value. The focus for the remainder of 2019 will be on the completion of the H2/19 onshore drilling campaign; with the information learned to be used in preparation of further drilling during H1/20. With new wells coming onstream, and a low operating break-even we expect the Company's cash generation levels and balance sheet to further strengthen during Q4/19. We maintain our BUY recommendation but reduce our price target to 37p (from 40p) following the 2020 National Budget changes (see below) and the recent shift in the USD/GBP exchange rate.

Companies: Trinity Exploration & Production
  • 14 Nov 19

Encouraging Mina do Barroso metallurgical testing

Encouraging and detailed metallurgical testwork results were reported from their advanced 100% owned open pit Mina do Barroso spodumene hard rock lithium project in Portugal. This involved the development of a new flow sheet and testing of a variety of mineral types, including different weathered types of spodumene ore from the various drilled deposits that form the project.

Companies: SAV BHP GLEN ASO ALBA CAML GWMO

  • 18 Nov 19

GMP FirstEnergy ― UK Energy morning research package

Touchtsone Exploration (TXP LN/CN)1 ; BUY, £0.25: Strong well test results | Jadestone Energy (JSE LN/CN); HOLD, £0.60: Acquisition in New Zealand

Companies: Touchstone Exploration Jadestone Energy

  • 21 Oct 19

Quarterly Research Outlook Autumn 2019

Following continued delays of a Brexit agreement, few sectors within the UK market have remained attractive to investors despite low valuations. One sector which has continued to outperform despite the political drama has been the UK video gaming sector (henceforth UK gaming), which we are fans of. We believe a combination of sector-leading growth, strong cash conversion and timely cyclical positioning support our positive view on the UK video gaming sector.

Companies: ABBY AMS ANX ARS ATYM AVON BLVN PIER BUR CGS CAML CDM CSRT TIDE CYAN DTG DEMG ELM EMR FPO FDEV GTLY GENL GHH GRI GEEC GKP HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG KAPE KEYS KWS KCT KGH LAM LIT LOK MACF MANO MOD OXIG PCA PANR APP SRE PHC PMO RBW RMM RBGP REDD RSW RNO ROR SUS SCPA SEN SHG SOLG SOM SUMO TM17 INCE TWD TRAK TRI VNET VTC ZOO ZTF

  • 14 Nov 19

Trading update

Premier has released a trading update, reporting production to the end of October of 79.4mboe/d, compared with our existing 75.7mboe/d full year forecast. The 75-80mboe/d guidance range remains, as do company expectations of coming in towards the top end of this, and we upgrade our forecasts below. FCF up until the end of October is reported at US$300m, compared with our existing US$301m full year forecast, and which also increases on our upgrade below. Unit OPEX is reported at US$18/boe, with full year guidance of US$19/boe now reduced to US$18/boe. This is a strong performance, based on high output from Catcher (69mboe/d gross on the back of almost 100% uptime) in particular, but steady output from the rest of the portfolio in the North Sea, Vietnam and Indonesia.

Companies: Premier Oil
  • 13 Nov 19

Q3: back to square one?

Double whammy for Tullow Oil, which has revised its production forecasted for FY19 for the third time and reports that its latest discoveries in Guyana are heavy crudes with a high sulphur content. While it is too soon to declare both discoveries are not commercially viable, this is a big disappointment, which triggered a sell-off in the stock.

Companies: Tullow Oil
  • 14 Nov 19

FLASH: Solid 3Q19 update

Production from January to 31/10/2019 was 79.4 mboe/d with Catcher delivering 34.5 mboe/d WI production. FY19 production is now expected to be at the upper end of the guidance of 75-80 mboe/d with capex reduced from US$340 mm to US$300-320 mm on the release of contingencies in Indonesia.

Companies: Premier Oil
  • 12 Nov 19

FLASH: First gas at South Disouq in Egypt & permanent CEO

Gas has started producing from SDX’s South Disouq concession (55% WI, op) in Egypt. It has been flowing through the South Disouq Central Processing Facility (CPF) since 7th November 2019.  Each of the four discovery wells have been hooked up to the CPF and tested since then and have produced at their expected rates of 8 mmcf/d to 15 mmcf/d.  Over the last three days, the CPF has been operating in line with company expectations, achieving average gross production of 23 mmcf/d of gas (GMP FEe 4Q19: 25 mmcf/d) and 120 bbl/d of condensate (GMP FEe 4Q19: 150 bbl/d) or 24 mmcfe/d overall (GMP FEe 4Q19: 25.9 mmcfe/d).

Companies: Sdx Energy
  • 13 Nov 19

FLASH: 3Q19 results

3Q19 production in Turkey was 531 boe/d (GMP FEe: 764 boe/d). The company had net working capital of C$52.8 mm at the end of September (GMP FEe: C$49 mm). A conference call is taking place today at 16:00 UK time (https://event.on24.com/wcc/r/2110782/925DB523D4E9677CD92351CF7 EAF3C39).

Companies: Valeura Energy
  • 15 Nov 19

Cenkos: Empyrean Energy Plc - Tambak-1 Update

Empyrean Energy has announced that it has successfully appraised the Mako gas field, confirming the presence of a large, areally extensive single gas accumulation. The Tambak-1 well intersected a very well developed upper sandstone unit, 5.2m thick, with wireline logs confirming the reservoirs excellent porosity and permeability. In addition to the upper sandstone unit, Tambak-1 also encountered a thick lower sandstone unit, approximately 20m thick. The gas-water contact was found in the main upper sandstone unit, five feet below the gas-water contact at Mako South-1 and Tambak-2, potentially providing increased volumes within the field. The well will now be deepened to a total depth of 1,370m TVDSS to test the Tambak prospect, estimated to contain around 250bcf of mid-case gross prospective resource and a 45% chance of success. We maintain our BUY recommendation and our target price at 33p.

Companies: Empyrean Energy
  • 15 Nov 19

FLASH: Material acquisition in Colombia

GeoPark is acquiring Amerisur in cash at 19.21p/sh, valuing Amerisur at £242 mm. The transaction is expected to complete by January 2020. The transaction adds 6,865 bbl/d light oil production (September) and 21.8 mmbbl 2P oil reserves across two blocks in Colombia. Amerisur holds 100% of the Platanillo block in the Putumayo basin and 30% WI in the CPO-5 block in the Llanos basin, with ONGC as a partner.

Companies: Geopark
  • 02 Jul 19

Where’s the Value?

Warren Buffett once said that as an investor, it is wise to be ‘fearful when others are greedy and greedy when others are fearful’. Fear is not in short supply right now.

Companies: OPM ALU ANCR BLV CONN CRC STU GATC HAT LEK MMH MCB MWE NXR NTBR NOG PAF PEG RFX SRC TEF TEG TPT VTU WYN XLM

  • 02 Sep 19

LIBERUM: Sylvania Platinum* - Results beat, Grasvally disposal but light on dividend

Sylvania has reported FY19 results (June Y/E) of $6.37/sh versus expectations of $5.95/sh due to a lighter tax expense than assumed. They have entered into a binding agreement to sell Grasvally for R115m ($7.6m at current FX), which should be settled in the next eight months.

Companies: Sylvania Platinum
  • 10 Sep 19

Cenkos: Trinity Exploration & Production Plc - Interim Results

This morning, Trinity released in H1/19 interim results, delivering another strong performance as the Company continues to increase base production whilst maintaining effective cost controls. Production averaged 3,008bopd for H1/19, up 9% year-on-year (YoY), generating revenues of US$32.2m on an average realised oil price of US$59.1/bbl. The Company's financial performance was impressive, with adjusted EBITDA increasing by 20% YoY to US$11.2m, facilitating a cash plus working surplus of US$22.0m at 30th June 2019. Post period, as part of Company's H2/19 drilling campaign, the Company has drilled three wells, including the Company's first High Angle Well (HAW), which successfully intersected net oil reservoir sandstone 1.5x the thickness of a conventional vertical well was prognosed to deliver on this target. The H2/19 programme will include up to eight new onshore infill wells, with drilling expected to increase base level production into 2020. We reiterate our BUY recommendation given today's strong financial and operational results.

Companies: Trinity Exploration & Production