Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on MARQUEE ENERGY LTD. We currently have 32 research reports from 1 professional analysts.
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MARQUEE ENERGY LTD
MARQUEE ENERGY LTD
Reports Second Quarter Results In Line, Estimates Up on Platform to Elevate Capex
31 Aug 16
Marquee reported second quarter financial and operating results that were largely in line with expectations. The Company reiterated its 2H16e outlook which will see a return to drilling activity at Michichi, with 4x Banff/Detrital horizontals planned for 2H16e, given an expected financial position of $15.0-$17.5 mm of net debt on a revised ~$30 mm LOC. While implied returns are robust on an unchanged 12-month target price, there appears to be some legal rumblings forthcoming from Alberta Oilsands shareholders. As such, until the transaction is closed, we view the equity as partially speculative, and hence now rank the stock as a Speculative Buy. All else equal, we are constructive on the stock at this price level.
Announce Strategic Business Combination
24 Aug 16
This transaction provides much needed liquidity for Marquee, albeit undertaking significant dilution to common shareholders. The proforma entity should be able to continue as a going concern and be well capitalized enough to take advantage of Marquee’s strong asset base focused on its large footprint at Michichi. We have reduced our 12-month target price to $0.30/sh, effectively maintaining our prior 2017e EV/DACF valuation multiple. In the absence of the receipt of its 2Q16 results, we are maintaining our Market Perform ranking, though at current prices post initial market reaction, there is a basis forming to suggest the stock should be bought at current levels.
AND ALBERTA OILSANDS INC. (AOS) ANNOUNCE STRATEGIC BUSINESS COMBINATION
22 Aug 16
Impact: Positive within the context of continuation of a going concern and a capital structure positioned to take advantage of future acquisition opportunities though the stock will initially trade lower. This transaction provides much needed liquidity for Marquee, albeit undertaking significant dilution to common shareholders. The proforma entity should be well capitalized enough to take advantage of Marquee's strong asset base focused on its large footprint at Michichi.
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.
27 Mar 17
Elecosoft* (ELCO): Steadily building profits (CORP) | Bioventix* (BVXP): Interim results lead to upgrades (CORP) | Hurricane Energy (HUR): Halifax discovery (BUY) | KBT Business Technology* (KBT): interims and contract win (CORP) | Independent Oil & Gas* (IOG): Licence updates (CORP)
GMP FirstEnergy ― UK Energy morning research package
27 Mar 17
Amerisur Resources (AMER LN)6; HOLD, £0.30: Reduced 2017e production outlook and year-end 2016 reserves | Condor Petroleum (CPI CN)8 ; BUY, C$3.50: Reports 4Q16 results and remains on track for first production from Turkey in mid-2017e | Hurricane Energy (HUR LN) (not covered): Halifax well update in the UK | Cairn Energy (CNE LN): BUY, £2.90: Update on the VR-1 well in Senegal by Far (FAR AU) (Not covered) | Royal Dutch Shell (RDSA/B LN) (not covered): Divestment of Gabonese assets
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.
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.