Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on JOURNEY ENERGY INC. We currently have 25 research reports from 1 professional analysts.
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JOURNEY ENERGY INC
JOURNEY ENERGY INC
Reports Second Quarter Results Along with a Series of Transactions to Reshape the Business
11 Aug 16
We would characterize Journey’s second quarter results as positive given a reduced outlook for production costs that will drive higher than anticipated cash flow and an improved debt picture going forward. During and subsequent to quarter-end the Company undertook a flurry of A&D activity, shedding just over 700 boe/d of production in order to eliminate higher cost production and refocus the asset base, while adding key infrastructure to support development in the Company’s core areas. Production guidance for the year remains largely intact along with total net capital spending, although E&D spending will effectively double, offset by net disposition proceeds of $9 mm. With a material uplift to our cash flow outlook we have increased our target price to $2.25 per share and maintain our Market Perform ranking.
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.
Reports First Quarter Results, Trims Production Guidance
11 May 16
Journey reported first quarter results that included production that was in line with expectations, while cash flow fell short largely due to one-time severance costs. Management reiterated its plans to spend only $9 mm in 2016e, although production guidance has been trimmed due to delays in deployment of 2016 capital along with delays in returning wells to production given the current pricing environment. The Company’s bank line is currently under review, with a completion date expected of May 20th and Management anticipating a reduction of ~20%. Updating our hedge profile and adjusting cost inputs based on actual results to date sees a 21% reduction to our 2016e cash flow, while 2017e cash flow falls 14%. Given the moves to our cash flow we have reduced our target price to $2.00 per share, while maintaining our Market Perform ranking
REPORTS 1Q16 FINANCIAL RESULTS
10 May 16
Impact: Neutral to slightly negative as the Company posted results that we view as in line to slightly behind, while restating previous capital guidance with a modestly trimmed production outlook. We would note that the Company retains a decent inventory of opportunities should a sustained crude oil recovery materialize.
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
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)
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.
Small Cap Breakfast
19 Jan 17
SuperAwesome — The London based specialist in e-compliance is considering an IPO in its home town according to City A.M. 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
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.