Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on PEYTO EXPLORATION & DEV CORP. We currently have 24 research reports from 1 professional analysts.
|15Feb17 21:30||MKW||Peyto Exploration & Development Corp. Confirms Dividends For March 15, 2017|
|14Feb17 21:54||MKW||Peyto Adds Producing Reserves in 2016 at the Lowest Cost in Over A Decade|
|13Jan17 21:30||MKW||Peyto Exploration & Development Corp. Confirms Dividends for First Quarter 2017|
|15Mar16 20:30||MKW||Peyto Exploration & Development Corp. Confirms Dividends for April 15, 2016|
|02Mar16 21:30||MKW||Peyto Earns $138 Million in 2015 on Capital Investments of $594 Million|
|17Feb16 21:30||MKW||Peyto Adds Record Production in 2015 at Lowest Total Cost in Company History|
|12Feb16 21:30||MKW||Peyto Exploration & Development Corp. Confirms Dividends for March 15, 2016|
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PEYTO EXPLORATION & DEV CORP
PEYTO EXPLORATION & DEV CORP
Announces Second Quarter Results
11 Aug 16
Peyto announced second quarter financial and operating results that were in line with our expectations, highlighted by the preservation of profitability in the period, which will likely be singular across all E&P reporting. There is no change to 2016e guidance. We expect Peyto to continue to strive towards a ~120,000 boe/d 2016e exit rate. Peyto should be a core portfolio holding. We have realigned our 12-month target price to a valuation in line with that of its peer group at the strip, and as such offer a revised $43.50/sh target price.
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.
Peyto Announces First Quarter Results, Impressive Attrition Observed in Costs (Again), Intent to Maximize Earnings Generation
18 May 16
Coming off of research restriction following our participation in Peyto’s $172.5 mm equity offering, issuing 5.4 mm shares at $32.00/sh, Peyto reported first quarter results that were well ahead of forecast and should easily validate investor subscription in its equity issue.
Domestic E&P Statistical Package and FD&A Review
12 Apr 16
With this publication we highlight various metrics and statistics forthcoming from yearend reserve books for our Domestic E&P coverage universe (Integrateds, Large Cap, Oilsands, Intermediate, Mid Cap, and Small Cap). Similar charts for YE2014 reserves can be found in our Statistical Package dated April 7, 2015.
Intermediates, Mid Caps & Small Cap Commodity Price Update
24 Mar 16
With this publication we highlight forecast revisions associated with our commodity price update (Natural Gas Update; Crude Oil Update), roughly characterized by near term lifts in crude oil prices concurrent with a reduction to portended 2016e and 2017e natural gas pricing outlooks. While there are a few ranking changes on mostly non-material moves to valuations, implied returns within the group on the whole are far less than postulated only a few months ago, reflective of resurgent equity prices on what was previously an oversold market. Details of the Alberta royalty review should arrive in the following weeks; hence the likelihood of subsequent forecast changes is likely.
20 Feb 17
Hayward Tyler Group* (HAYT): Trading update and financial position (CORP) | Petra Diamonds (PDL): Interim results (BUY) | Gemfields* (GEM): Interim results (CORP) | Premaitha Health* (NIPT): Middle East momentum (CORP) | Sound Energy (SOU): Acquisition update and TE-8 well spud (HOLD) | Proactis* (PHD): Interim trading on track (CORP) | 7digital* (7DIG): Automotive contract win (CORP)
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.
Opuama production restarts
21 Feb 17
Eland has confirmed the successful restart of exports from OML 40 through the new shipping alternative that it has implemented. Sales from the export terminal are expected imminently, re-establishing cash generation for Eland. Cash at YE16 was US$11.1m which has since reduced to US$5.9m, mainly reflecting initial operating expenses for the shipping alternative. While it is early days, Eland has demonstrated its ability to restart exports and production from OML 40 following the shut-down of the Forcados terminal a year ago. Production to date is averaging around 7kbd and we expect that to ramp up as Opuama operational performance improves. At US$55/bbl Brent, we estimate Eland is generating a net cash margin of around US$25/bbl. We reiterate our Buy recommendation and 95p per share Target Price.
Small Cap Breakfast
24 Feb 17
GBGI—Schedule One update from integrated provider of international benefits insurance. Raising £32m at 150p. Admission expected tomorrow. Anglo African Oil & Gas— Admission expected early March. Acquiring stake in producing near offshore field in the Republic of the Congo. Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb.
Operating update and shareholder activism
15 Feb 17
December and January have seen the emergence of shareholder activism at Bowleven (BLVN), bringing its strategy and management into greater focus. Its largest shareholder (Crown Ocean Capital, COC) evolved from being a supportive shareholder to voting against a number of resolutions at the December AGM, to recently calling for the widespread removal of the board and a radically different company structure. Operationally, the company reports that a new development concept is under review by the stakeholders in Etinde, where production would be piped to existing gas processing facilities in Equatorial Guinea. Such a solution would (if approved) require significantly less capex and could be brought online relatively quickly vs other solutions (fertiliser, FLNG, gas to power). We leave our valuation largely unchanged, save for a revision to cash holding to reflect the recent operational update. Our new core NAV is 49p/share.