Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on PINE CLIFF ENERGY LTD. We currently have 30 research reports from 1 professional analysts.
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PINE CLIFF ENERGY LTD
PINE CLIFF ENERGY LTD
Resolves Liquidity Concerns, Announces 2Q16 Results
12 Aug 16
Pine Cliff announced a private placement with Alberta Investment Management Corporation (AIMCo) that brought in $30 mm of proceeds that will be used to term out a portion of the Company’s outstanding debt, thus eliminating any near-term liquidity concerns that were associated with the stock. Concurrently the Company announced its credit facility has been reduced to $85 mm, with the Company having eliminated its Syndicate exposure by $100 mm since the beginning of the year. Second quarter results were in line to modestly behind expectations, with the Company remaining focused on its acquisition strategy. With no material changes to our 2017e outlook and our target multiple largely intact, we have maintained both our Outperform ranking and $1.25 per share target price.
ANNOUNCES 2Q16 RESULTS, CONCLUSION OF BANK LINE REVIEW, CLOSING OF A PRIVATE PLACEMENT
10 Aug 16
Impact - slightly positive as while second quarter results were modestly behind expectations, resolution of the borrowing base redetermination and private placement to term out a portion of the Company's outstanding debt should remove any liquidity concerns and provide the near term financial flexibility to continue to focus on the operational side of the business while managing through the current period of low commodity prices
ANNOUNCES ISSUANCE OF INSIDER SUBORDINATED DEBT, SALE OF NON-CORE ASSETS, AND EXTENSION OF BORROWING BASE REDETERMINATION
02 Aug 16
Impact - slightly positive as the debt issuance terms out a portion of the Company's outstanding debt and coupled with the asset sale will increase near-term financial flexibility as the Company continues to work through its bank line redetermination
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.
Pine Cliff Energy Sells Royalty Assets, Shores up Balance Sheet in Midst of Credit Facility Review
28 Jun 16
Pine Cliff announced the sale of its royalty assets as well as the sale of its investments in public companies, bringing in combined proceeds of ~$30 mm, which will be used to pay down debt thus increasing the Company’s financial flexibility as work on the Company’s borrowing base redetermination continues.
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.
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)
25 Nov 16
Sound Energy (SOU): Completion of fundraise (BUY) Following yesterday’s announcement relating to the fundraise on the Primarybid platform the company has successfully completed the transaction. Analyst: Dougie Youngson Ithaca Energy (IAE): Inspection delay (BUY) During the final stages of commissioning faults were identified in some junction boxes. Consequently start up of production has been delayed until early January whilst the situation is remedied. Analyst: Dougie Youngson Zambeef* (ZAM): Good performance in a challenging year (CORP) Zambeef has reported FY2016 results which we feel are commendable given an extremely difficult twelve months which saw the collapse of the Kwacha, high local inflation, drought, power cuts and the requirement for a large-scale refinancing of the business. In this context double-digit underlying progress in revenue and gross profit is a significant achievement. FY2017 should be a far more 'normal' year and we are not materially changing our FY2017 forecasts or target price. Analyst: Raymond Greaves Gresham House Strategic* (GHS): Attractively priced (CORP) On a 26% discount to NAV of 1,025p yet targeting a 15% annualised return and having made a clear statement on dividend distribution (distributing 50% of net realised profit as a dividend, with 15p indicated from net realised profit YTD for a 2% yield), GHS shares present an attractive investment opportunity. The management objective remains the construction of a concentrated portfolio of mainly quoted smaller companies acquired on compelling multiples, with a three- to five-year holding period and significant engagement envisaged to maximise returns. Analyst: Duncan Hall