Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on NUVISTA ENERGY LTD. We currently have 29 research reports from 1 professional analysts.
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NUVISTA ENERGY LTD
NUVISTA ENERGY LTD
Announces Strong Second Quarter 2016 Financial and Operating Results
11 Aug 16
NuVista reported second quarter financial and operating results ahead of our forecast, with strong cash flow generation well ahead of consensus estimates even on adjustment of receipt of infrequent items. Well deliverability is strong and corporate output has recovered to pre-divestiture levels, prompting management to increase its 2016e volume guidance by 1,000 boe/d on unchanged capital inputs. Our forward CFPS estimates are up, though not to the level we anticipated through our initial reaction on receipt of this report. The likelihood that NuVista exceeds guidance continues to be high however. We are increasing our 12-month target price to $8.25 per share and maintaining our Outperform ranking on the stock.
ANNOUNCES STRONG SECOND QUARTER 2016 FINANCIAL AND OPERATING RESULTS
10 Aug 16
Impact: Positive. Cash netbacks were ahead of forecast and NuVista continues to observe strong results within its Montney complex, particularly at Bilbo offsetting Seven Generations. The Company has increased its 2016e volume guidance by 1,000 boe/d on an unchanged capital budget for 2016e so market estimates will be going higher on receipt of this quarter.
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.
Announces Asset Divestiture, Note Issue, 2016e Capital Budget Increase
15 Jun 16
NuVista announced a series of transactions providing for improved liquidity and acceleration of its greater Wapiti Montney development, namely a $70 mm non-core asset divestiture, the issue of $70 mm of 5-year notes, and an increase to its 2016e capital budget by ~$40 mm with the advent of a 2nd operated rig immediately added to its fleet. There is no change to our 2017e CFPS, though on the strip, D/CF (trailing) has moved from 1.7x to 1.5x which is positive. We continue to rank the stock as an Outperform on an unchanged 12-month target price of $7.50/sh.
ANNOUNCES STRATEGIC UPDATE; DIVESTITURE OF NON-MONTNEY DEEP BASIN ASSET
14 Jun 16
Impact: Neutral to slightly positive as the positive influence that the W6 Deep Basin transaction should have on netbacks will be partially offset by additional interest expense accrued through a high-yield bond issuance.
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.
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.
South Disouq spuds
20 Mar 17
SDX Energy announced this morning that it has spudded the South Disouq (SD-1X) well in Egypt, targeting gas and oil across a number of intervals. This is a high impact event for SDX Energy, as current company 2P reserves of 4.7mmboe (post acquisition) would be dwarfed by success at South Disouq (we model a 65mmboe field of which SDX holds 55% WI), which could be developed quickly due to existing pipeline infrastructure passing through the block. Our valuation for South Disouq is 6.8p/share, although on success we would expect notable de-risking. Our core NAV is 42p with a full NAV (including South Disouq) of 57p/share. The well is due to take 30-45 days, so we would expect a result in mid late April.
GMP FirstEnergy ― UK Energy morning research package
17 Mar 17
Pacific Exploration & Production1,6 (PEN CN); BUY, C$72.00: 4Q16 results and improving outlook | Serinus Energy (SEN CN)1, 3; Speculative Buy, C$0.65: FY16 results | IGas Energy (IGAS LN) (not covered): Final terms of a previously announced proposed capital restructuring | Tullow Oil (TLW LN): HOLD, £3.10: Right Issue at a discount & CNOOC exercises pre-emption rights in Uganda