Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on GIBSON ENERGY INC. We currently have 24 research reports from 1 professional analysts.
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GIBSON ENERGY INC
GIBSON ENERGY INC
Announces 0.8 mmbbl of New Storage at Edmonton
07 Sep 16
Gibson has announced two new 400,000 bbl tanks at the Company’s Edmonton Terminal which are expected to be in service in 2Q18. This will take Gibsons’ total available storage capacity to 1.7 million barrels at Edmonton. Gibsons has also suggested its Logistics segment should see a modest improvement in 3Q16e. However, its Wholesale segment has been adversely impacted by adverse weather conditions, which means there will not be a material q/q improvement in 3Q16e. We have notched down 2016e EBITDA by 6% to $247 mm, 2017e EBITDA is unchanged at $381 mm and 2018e EBITDA has been increased by 4% to $412 mm.
IS GIBSON ENERGY (GEI) IN PLAY?
11 Aug 16
A news report in the Financial Post claimed that Gibson Energy was approached by Asia Pacific Private Equity of Singapore with an offer of $19.94/share. Neither Gibson nor Asia Pacific Private Equity confirmed the letter, but the specific identity of the bidder and share price quoted in the article lead us to believe that it is correct.
Reports 2Q16 Results; Adj. EBITDA $44 mm (FCC $46/Consensus $53 mm)
04 Aug 16
Although Gibson posted 2Q results below “Street” estimates, we think the worst may be behind the Company. The decline in earnings was primarily due to lower product revenue as a result of prolonged lower commodity prices and production outages (such as the Fort McMurray fires) limiting Gibsons’ customer’s activity. Gibsons reinforced its growth capital spending guidance of $225 mm in FY2016 and between $200 mm and $300 mm in FY2017. We have lowered the 12-MTP by $1.00 to $18.75/share, but maintain our Outperform ranking.
REPORTS 2Q16 RESULTS; ADJ. EBITDA $44 MM (FCC $46/CONSENSUS $53 MM)
02 Aug 16
Impact: Below "Street" estimates, but we think the worst may be behind Gibson. On August 2, 2016, Gibsons released its first quarter financial results with adjusted EBITDA of $44 mm, slightly below our estimate of $46 mm and below consensus of $53 mm. The decline in earnings is primarily due to lower product revenue as a result of prolonged lower commodity prices and production outages limiting Gibsons' customer's activity. Gibsons also reinforced its growth Capital spending guidance of $225 mm in FY2016 and between $200 mm-$300 mm in FY2017.
Exploring Potential Sale of Industrial Propane Business
21 Jul 16
On July 20, 2016, Gibson Energy announced that it was exploring a potential sale of its industrial propane business. In 2014 and 2015, respectively, the Industrial Propane business generated EBITDA of $43 and $41 mm. We expect a run rate of $40-$47 mm in EBITDA from 2016- 2018. Looking at comparables Amerigas, Ferrelgas and Parkland (PKI-T), we believe a ~10x EV/EBITDA valuation would be appropriate, leading us to value this business at $400-$500 mm, which would provide Gibson with sufficient cash to complete its ~$440 mm 2016-2017 growth program without adding additional debt.
Provides FirstEnergy with a Corporate Update
23 Jun 16
Gibson’s CFO Sean Brown and Manager, Investor Relations Cam Deller provided FirstEnergy with a corporate update, highlighting corporate restructuring, capital focus/direction, and current market trends. The new reporting structure is intended to better reflect the internal business structure and improve transparency for investors.Gibson is focusing a majority (>90%) of its growth capital on its Infrastructure business segment in 2016 and 2017, primarily with tank storage in Edmonton and Hardisty, effectively increasing the company’s cash flows sourced from take-or-pay contracts. Our DDM valuation remains at $19.75/share and we retain our Outperform ranking.
GMP FirstEnergy ― UK Energy morning research package
06 Dec 16
Transglobe Energy (TGL CN); BUY, C$5.25: Homeward bound… back to Canada | Great Eastern Energy Corporation (GEEC LN) (not covered): Reserves update in India | BP (BP LN) (not covered): Acquiring interest in Tangguh in Indonesia | Exillon Energy (EXI LN) (not covered): Production update in Russia | Genel Energy (GENL LN); SPECULATIVE BUY, £2.60: Receipt of payment for Taq Taq export in Kurdistan | ExxonMobil (XOM US) (not covered): Relinquishing blocks in Kurdistan
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
16 Jan 17
We take a look at the rankings of the various countries in Africa that have a significant exposure to mining. We take the Transparency International corruption rankings as our starting point and modify these for exceptional geology and for current UK government travel warnings. Ghana, Botswana and Namibia come out as our top three, with Eritrea, Kenya and Zimbabwe at the bottom of our rankings.
19 Jan 17
Aggregated Micro Power* (AMPH): Funding for first peaking power plant project (CORP) | The Mission Marketing Group* (TMMG): Positive trading update (CORP) | Cello (CLL): Increasingly backed by, and leveraging, technology (BUY) | 4imprint (FOUR): Growth backed by strong cash flow continues (BUY) | Allergy Therapeutics (AGY): Positive trading update and market share gains drive upgrades (BUY) | Shanta Gold (SHG): Q4 operating results (BUY) | Sound Energy (SOU): Tendrara extended well test result (BUY) | Revolution Bars (RBG): Price target increase (BUY)
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.