Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on ALTAGAS LTD. We currently have 28 research reports from 1 professional analysts.
Frequency of research reports
Research reports on
RECEIVES PERMIT FROM B.C. OIL AND GAS COMMISSION FOR NORTH PINE FACILITY
29 Sep 16
Impact: Modestly positive, as receipt of this permit brings AltaGas one step closer to making a final investment decision (FID) on the ~$200 mm North Pine Liquids Separation Facility. AltaGas expects to make an FID on the facility in 4Q16 as it looks to develop its northeast B.C. strategy to serve Montney production. The facility is expected to link with existing AltaGas infrastructure, including the proposed ~$450 mm Ridley Island propane export terminal.
SIGNS 20 MW BATTERY STORAGE CONTRACT AT POMONA, CA
16 Aug 16
On the morning of August 16, 2016, AltaGas announced that it had won a 20 MW contract to store power on the same site as its 44.5 MW gas-fired Pomona facility in greater Los Angeles. The contract was signed with Southern California Edison (a subsidiary of Edison International, EIX-N). Under the contract, AltaGas has committed to store up to 80 MWh of dispatchable power on site (4 hours' worth of full power). AltaGas has contracted Greensmith Energy Systems to install the lithium-ion batteries and control systems. The Company expects the project to cost from US$40-$45 mm and be online by YE2016.
2Q16 Beats Consensus, Raises Dividend
22 Jul 16
AltaGas reported positive results for 2Q16, beating consensus estimates, and raised its dividend payable September 15 by 6%. We expect that this will be AltaGas’s last dividend increase of 2016. By YE2016, AltaGas could reach final investment decisions on over $500 mm of new natural gas and NGL processing facilities. We have made only minimal changes to our 2016e EBITDA (-1%) and FFO/share (-6%). AltaGas has long been a solid ‘collector of assets’, finding or building good infrastructure projects, but now appears to becoming a ‘builder of systems’, creating assets that may help provide business for other new AltaGas assets.
01 Nov 16
Since our last outlook note, Quadrise has begun to supply MSAR for extended LONO sea trials, paving the way for commercial adoption from calendar H217 onwards. In August it signed a memorandum of understanding with clients in the Kingdom of Saudi Arabia (KSA), which is a key enabler for progressing the production-to-combustion pilot there. In October it completed a placing and open offer raising a total of £5.25m (gross). This should enable it to transition comfortably to the commercial phase on successful completion of the LONO and KSA trials.
GTL transaction not going ahead
01 Dec 16
Intelligent Energy (IEH) has announced that the deal to acquire the Energy Management Business of GTL will not now be consummated. The move leaves management free to concentrate on driving sales of commercially ready B2B products, which is a key element of its strategy. We adjust our FY17e revenue estimate while leaving our pre-exceptional losses and cash-flow forecasts unchanged.
GMP FirstEnergy ― UK Energy morning research package
30 Nov 16
Gran Tierra (GTE CN)1, 6; BUY, C$5.50: Equity financing and acquisition of two blocks from Ecopetrol | Northern Petroleum (NOP LN)1; SPECUATIVE BUY, £0.15: Farm out and equity issue | President Energy (PPC LN) (not covered): IFC Equity Subscription | Primeline Energy (PEH CN) (not covered): 2Q16 Results ended 30 September 2016 | Faroe Petroleum (FPM LN)6 ; BUY, £1.20: Oda update in Norway | Jersey Oil & Gas (JOG LN)1 ; Under Review: Placing | SacOil (SAC LN/SCL SJ)1 : SPECULATIVE BUY, £0.016, Trading Update
24 Nov 16
Quixant* (QXT): Gaming gains (CORP) | SCISYS* (SSY): Bringing good news from Germany (CORP) | Hayward Tyler Group*: Contract wins (CORP) | Sound Energy (SOU): TE-7 flow rate and fund raise (BUY) | Water Intelligence* (WATR): Growth and improving returns in a defensive market (CORP) | Imaginatik* (IMTK): Interim trading update (CORP)
Operating profits and net cash position – restored; market outlook – precarious
01 Dec 16
The turnaround was noticeable Lonmin’s full-year (September-ending) results were ahead of consensus and AV’s estimates. Sales came in at $1.1bn (-14% yoy) as the average realised (USD-denominated) PGM prices and sales volumes were down yoy 12% and 2%, respectively. However, platinum sales (736koz) were much ahead of earlier guidance (700koz) – thanks to certain smelting/processing efficiencies, which helped more than offset the impact of reorganisation-related disruptions. After two consecutive years (FY14-15) of hefty operating losses, Lonmin finally reported an adjusted operating profit (even though feeble) of $7m. This was facilitated by the record weakness in the South African rand (down from ZAR12/$ in FY15 to ZAR14.77/$ in FY16) and ZAR1.3bn of cost savings – 86% higher than the earlier target. Disappointingly, Lonmin recognised $335m of asset impairments (vs. $1.8bn in FY2015), which resulted in a full-year net loss of $400m. But the turnaround in reported OCFs – inflow of $58m vs. an outflow of $12m – was a much-needed improvement, which, along with conservative capex (-35% yoy) of $87m, resulted in a net cash position of $173m (with no short-term repayments) vs. a net debt position of $185m (at end-FY15). But the guidance spells caution For FY17, management targets conservative platinum sales of 650-680koz, while unit costs are expected to remain under pressure – ZAR10,800-11,300/oz vs. ZAR10,748/oz achieved in FY16. On the other hand, capex plans would be aggressive – ZAR1.8bn (which includes ZAR400m for the tailings project – already delayed by almost two years) vs. ZAR1.3bn spent in FY16.
Raising Target Price to 2,500p per share
01 Nov 16
Royal Dutch reported clean EPS of US$0.35, nearly 50% ahead of consensus. More importantly, cash flow jumped QoQ to US$8.5bn which should go a long way to confirming Shell’s capacity to maintain the current dividend, despite the increase in gearing to 29.2%. Upstream returned to profitability on an underlying basis for the first time since 1Q15. We believe these results confirm our view that Shell’s dividend can and will be maintained at US$0.47 per quarter and we increase our Target Price to 2,500p per share, given further sterling weakness.