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.
30 Nov 16
Abzena (ABZA): Interim results indicate happy customers (BUY) | Horizonte Minerals* (HZM): Fund raise completed (CORP) | SacOil* (SAC): Half-year trading statement (CORP) | Revolution Bars (RBG): New openings (BUY) | Amino Technologies* (AMO): Multi operator FUSION roll out (CORP)
Small Cap Breakfast
29 Nov 16
Asia Pacific Investment Partner - the research-driven emerging and frontier markets real estate development business intends to float on AIM and conduct a placing in December RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m Diversified Oil & Gas— Schedule One now out. $60m to be raised. Expected admission 6 December. Creo Medical Group —UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA.
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.
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.
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)