Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on ADVANTAGE OIL & GAS LTD. We currently have 27 research reports from 1 professional analysts.
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ADVANTAGE OIL & GAS LTD
ADVANTAGE OIL & GAS LTD
Announces 2Q16 Financial Results as Expected, Grows Montney Footprint to 150 Net Sections
08 Aug 16
Advantage’s 2Q16 financial results were in line with expectations given a prior operational update in early July. The Company’s Montney land base now stands at 150 net sections given 12 (100% WI) new sections added to its Montney land base in 1H16, including 7 net sections around its core Glacier property estimated to boost the Company’s Montney well inventory by 10%. Based on implied returns of ~17% to our revised 12-month target price of $10.25 per share (up from $10.00 per share prior), we are tentatively revising our recommendation to Outperform.
ANNOUNCES 2Q16 FINANCIAL RESULTS AS EXPECTED, GROWS MONTNEY FOOTPRINT IN 1H16 TO 150 NET SECTIONS
05 Aug 16
Impact: Neutral to slightly positive. Advantage's 2Q16 financial results matched our expectations given a prior operational update, while 12 (100% WI) sections acquired in 1H16, particularly 7 net sections directly offsetting its core Glacier block, hold immediate drilling opportunities and will increase the Company's estimated drilling inventory here by ~10%.
2Q16e Quarterly Preview
26 Jul 16
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.
Advantage Reports Strong Production Growth, Lower Operating Costs in 2Q16e
07 Jul 16
Advantage grew its corporate production to 35,000 boe/d including liquids volumes of 1,050 bbl/d in 2Q16, which is in line to slightly ahead of our prior forecast.Strong well performance, particularly from the Lower and Middle Montney, continued to drive reductions to the Company’s operating costs to $0.30/mcfe (down 14% over 1Q16 levels) and resulted in record low total cash costs of $0.60/ mcfe in the period.We have maintained both our Top Pick recommendation and $10.00 per share target price.
RECENT RESULTS STRENGTHEN OPERATIONAL & FINANCIAL FLEXIBILITY FOR PLANNED GROWTH TO 350 MMCFE/D (58,330 BOE/D)
06 Jul 16
Impact: Positive. In 2Q16e, Advantage's corporate and liquids production are consistent with our estimates while strong well performance, particularly in the Lower and Middle Montney, continued to drive reductions to the Company's operating costs to $0.30/mcfe (down 14%) and resulted in record low total cash costs of $0.60/mcfe in the period.
Reports First Quarter Results, Closes $100 mm Financing
06 May 16
Advantage reported first quarter financial and operating results that were in line to below expectations, with cash flow lower solely based on lower than anticipated realized hedging gains. The Company will have demonstrated one of the strongest y/y debt-adjusted growth rates in a while, keeping in mind that volumes are ~24% higher than that reported in 1Q16. The Company’s low cost structure remains intact. We have reduced our 12-month target price mildly to $10.00/sh and continue to offer a Top Pick ranking.
19 Apr 17
We take a look at the supply and demand dynamics of the world’s largest diamonds. Less than 200 very large (>200 carat) gem quality diamonds have ever been found, yet 23 of these have been found in the past three years. This dramatic increase is being driven by a combination of the rapid increase in the number of billionaires and hence price and demand, combined with technological developments that have improved large diamond recovery and a certain amount of geological good luck.
Small Cap Breakfast
19 Apr 17
Global Ports Holding—Intention to float on Standard List. International cruise ports operator. Seeking $250m raise including $75m primary offer. Dorcaster—Schedule One Update. Admission now expected 3 May. RTO of Escape Hunt raising £14m at 135p Verditek— Intention to float on AIM. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Raising £3.5m. Admission in May. Eddie Stobart Logistics— Schedule 1. Admission expected 25 April but capital raising details TBC. ADES International Holding— Intends to join the Standard List in May raising up to $170m plus a vendor sale. Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa. Admission expected in May. Tufton Oceanic Assets– Offer extended to 9 May to enable investors to complete further due diligence.