Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on CANADIAN OIL SANDS LTD. We currently have 35 research reports from 1 professional analysts.
|30Nov15 22:40||MKW||ASC Delivers a Major Win for Canadian Oil Sands Shareholders as It Endorses Need for More Time in Response to Suncor's Unnecessarily Hurried Hostile Bid|
|25Nov15 23:00||MKW||Canadian Oil Sands Posts Documents Filed With the ASC|
|16Nov15 11:00||MKW||Canadian Oil Sands to Announce 2016 Budget|
|12Nov15 21:40||MKW||Canadian Oil Sands Advises Shareholders to Ignore Suncor's Scare Tactics and Attempt to Mask Deficiencies of Substantially Undervalued Bid|
|29Oct15 20:05||MKW||Canadian Oil Sands Reports Over $1 Billion of Cost Savings Achieved at Syncrude Year to Date|
|19Oct15 11:44||MKW||Canadian Oil Sands' Board Unanimously Recommends Shareholders Reject Undervalued, Opportunistic and Exploitive Suncor Offer|
|07Oct15 21:26||MKW||TSX Defers Consideration of Canadian Oil Sands New Shareholder Rights Plan|
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CANADIAN OIL SANDS LTD
CANADIAN OIL SANDS LTD
JANUARY SYNCRUDE PRODUCTION 296,100 BBL/D
01 Feb 16
Canadian Oil Sands posted January 2016 Syncrude production results to its website late Monday. Syncrude production averaged 296,100 bbl/d for the month. We had forecast 200,000 bbl/d. Evidently we had been assuming a slower recovery from the Coker 8-2 turnaround that began in December. We suspect January volumes also benefited from flush production that typically occurs at Syncrude in the weeks immediately after a coker turnaround is completed.
4Q15e Preview, Liquidity Analysis, & Bitumen Pricing Update
25 Jan 16
4Q15 results will be ugly, but 1Q16e is obviously shaping up to be much worse. We anticipate further capex budget reductions and have moved capex estimates below current guidance for several companies. Bitumen prices are single digits. If they go negative we suspect some bitumen producing projects could curtail output at least modestly. Liquidity Analysis: futures strip pricing would imply massive debt increases in 2016e-2017e for most names, but most names have sufficient liquidity arranged. We have reduced our ECA target price by US$2.00/share to more appropriately reflect commitments associated with non-core assets.
Suncor Increases Bid for COS
19 Jan 16
We are changing our COS ranking to Tender, with our new COS target price of $10.65/share based on a SU/COS exchange ratio of 0.28x from Suncor’s bid and our Suncor target price of $38.00/share. On a risk adjusted basis, we believe Suncor’s amended offer is fair to COS shareholders.
COS BOARD AND SEYMOUR SCHULICH AGREE TO INCREASED BID BY SUNCOR
18 Jan 16
Market Impact: We expect COS shares to trade close to the improved offer's 0.28 (COS/SU) exchange ratio, compared to January 15 closing share prices which implied a ratio of 0.240x. Suncor and COS announced this morning that both boards have agreed to a higher bid of 0.28 SU shares per COS share (previously 0.25 SU shares), with Mr. Seymour Schulich also committed to tendering his shares (~5%).
DEMANDS DISCLOSURE OF SU BID TENDER RESULTS
11 Jan 16
Canadian Oil Sands issued a press release this morning, stating that it believes Suncor has an obligation to disclose the results of the tender process to date, and claiming that results to date were an "overwhelming rejection" of the bid, even though right now only Suncor has the information on the tender results.
SUNCOR EXTENDS OFFER TO JANUARY 27TH
10 Jan 16
We expect the gap between COS's share price and the 0.25 bid ratio to close slightly on Monday morning (the share price ratio was 0.225x as of the close Friday), as Suncor's extension of the bid likely implies that the majority of shares have tendered, and that Suncor believes that getting the required two-thirds of COS shares tendered is within reach.
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.