Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on TRILOGY ENERGY CORP. We currently have 22 research reports from 1 professional analysts.
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TRILOGY ENERGY CORP
TRILOGY ENERGY CORP
Announces Second Quarter Financial and Operating Results
08 Aug 16
While the quarter modestly trailed our expectations, Trilogy’s spending represented only 11% of cash flow while reining in operating costs, and observing only modest production declines which should situate the Company well for 2H16e where more drilling activity is planned. With this release, we have made no material changes to our estimates, though note that operational catalysts will be ramping up in 2H16e. Sustained improvements to drilling costs may lead to a bump to our reinvestment efficiencies as more capital is deployed throughout the year. We are increasing our 12 month target price to $6.00 per share while electing to maintain our Market Perform ranking on the stock.
ANNOUNCES SECOND QUARTER FINANCIAL AND OPERATING RESULTS
05 Aug 16
Impact: Neutral. While the quarter trailed our expectations, Trilogy has managed to hold spending under cash flow while reining in operating costs, which should situate the Company well for 2H16e where more drilling activity is planned.
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 AMENDMENTS TO ITS CREDIT FACILITY; BORROWING BASE LOWERED, COVENANTS RELAXED
17 May 16
Impact: Neutral to slightly negative. The re-determination to $300 mm removes some margin of error for Trilogy and brings total borrowing capacity closer to our net debt estimate exiting 2Q16e, which is not ideal. That being said, our current estimates have Trilogy spending at or below cash flow for the remainder of the year on both FirstEnergy and current forward strip pricing, which should assist with deleveraging efforts moving into 2017e.
1Q16 Results Behind Expectations, Resource Preservation Theme of Capital Program
06 May 16
Given natural declines and voluntary shut-in of uneconomic production, Trilogy’s production was 2% shy of our expectations, alongside a slightly higher natural gas bias. Cash flow of $9.1 mm or $0.07 per share was behind FirstEnergy and consensus estimates of $0.10 per share. Capital spending of $22.3 mm outpaced cash flow as the Company addressed expiry issues in the Duvernay while taking advantage of notably improving well costs in its Montney oil and gas plays.
19 Apr 17
We take a look at the supply and demand dynamics of the world’s largest diamonds. Less than 200 very large (>200 carat) gem quality diamonds have ever been found, yet 23 of these have been found in the past three years. This dramatic increase is being driven by a combination of the rapid increase in the number of billionaires and hence price and demand, combined with technological developments that have improved large diamond recovery and a certain amount of geological good luck.
Small Cap Breakfast
19 Apr 17
Global Ports Holding—Intention to float on Standard List. International cruise ports operator. Seeking $250m raise including $75m primary offer. Dorcaster—Schedule One Update. Admission now expected 3 May. RTO of Escape Hunt raising £14m at 135p Verditek— Intention to float on AIM. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Raising £3.5m. Admission in May. Eddie Stobart Logistics— Schedule 1. Admission expected 25 April but capital raising details TBC. ADES International Holding— Intends to join the Standard List in May raising up to $170m plus a vendor sale. Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa. Admission expected in May. Tufton Oceanic Assets– Offer extended to 9 May to enable investors to complete further due diligence.