Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on PHX ENERGY SERVICES CORP. We currently have 22 research reports from 1 professional analysts.
|23Feb17 02:29||MKW||PHX Energy Announces its Fourth Quarter & Year End Results|
|14Mar16 12:00||MKW||PHX Energy Announces Voluntary Reduction in Syndicated Credit Facility|
|25Feb16 00:46||MKW||PHX Energy Announces its Fourth Quarter Results, Minimal 2016 Capital Expenditures Budget, and Elimination of Dividend|
|04Nov15 23:53||MKW||PHX Energy Continues to Focus on Its Cost Structure, Reduces Its 2015 Capital Expenditures Budget by $9.8 Million and Announces Its Third Quarter Results|
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PHX ENERGY SERVICES CORP
PHX ENERGY SERVICES CORP
ANNOUNCES COMMERCIALIZATION OF EDR PRODUCT LINE
06 Sep 16
Impact: Positive. PHX has announced that it has commercially released its DataStream EDR product line in Canada. The Company expects to be operating on 15 rigs in Canada by the end of 3Q16e and will aim to double capacity by early 2017e. This is a positive step for PHX in that it now has another business segment to which it can deploy capital. Commercialization is a positive step for PHX's EDR business, but it is still in its infancy and the Company will be competing against a much larger Company in Pason Systems Inc.
Announces Bought Deal and Concurrent Private Placement Totaling $24.8 mm
09 Jun 16
PHX has announced a bought deal totaling gross proceeds of $23.3 mm (8.625 mm shares). The issuance price was $2.70/share, which is a 5.6% discount to the June 8, 2016 closing price of $2.86/share. Concurrent with the bought deal, there will be a private placement of 0.55 mm shares to officers, directors, and employees and their associates, for proceeds of $1.5 mm.
Reports 1Q16 Financials
05 May 16
PHX reported EBITDAS of $4 mm, adjusted for one-time costs, which was an increase from $2 mm in 1Q15 and in line with our estimate. This is impressive in the context of the Canadian rig counts being down 45% y/y and U.S. rig count falling 61% over the same period. We continue to view PHX as an excellent example of cost reduction and capital discipline, which allows it to remain profitable despite inordinately challenging market conditions. We are forecasting PHX to generate FCF of $13 mm in 2016e and $25 mm in 2017, which alludes to further debt reductions.
1Q16e Preview and Commodity Update – All Is Quiet on the Western Front
13 Apr 16
We are updating our oilfield industry forecasts post the release of FirstEnergy’s new commodity price forecast for crude oil and natural gas on March 24, 2016. We have updated our 2016e Canadian well count/drilling days forecast to 3,209/37,335 from 3,800/43,325. In 2017e, we have left our forecast unchanged at 6,200 wells/70,200 days. In the U.S., our 2016e rig count forecast is now 482 (prior: 610) and 2017e is 675 (prior: 775). Data for 1Q16e came in weaker than our prior forecast anticipated, and we have lowered our estimates across our coverage universe accordingly. We are currently below 1Q16 consensus for 15 of 18 companies in our coverage universe, but the percentages are misleading given the absolute size of EBITDAS being earned this quarter.
27 Mar 17
Elecosoft* (ELCO): Steadily building profits (CORP) | Bioventix* (BVXP): Interim results lead to upgrades (CORP) | Hurricane Energy (HUR): Halifax discovery (BUY) | KBT Business Technology* (KBT): interims and contract win (CORP) | Independent Oil & Gas* (IOG): Licence updates (CORP)
28 Mar 17
ClearStar* (CLSU): Building a background for growth (CORP) | Sound Energy (SOU): TE-8 results (HOLD) | LiDCO* (LID): 2017 should be a transformative year (CORP) | Proteome Sciences* (PRM): FY 2016 in line. Moving towards breakeven (CORP) | Fulcrum (FCRM): Significant market potential, rising margins and a strong balance sheet (BUY) | Mortgage Advice Bureau (MAB1): Strong and growing intellectual property (BUY) | 7digital* (7DIG): Open offer result (CORP)
GMP FirstEnergy ― UK Energy morning research package
27 Mar 17
Amerisur Resources (AMER LN)6; HOLD, £0.30: Reduced 2017e production outlook and year-end 2016 reserves | Condor Petroleum (CPI CN)8 ; BUY, C$3.50: Reports 4Q16 results and remains on track for first production from Turkey in mid-2017e | Hurricane Energy (HUR LN) (not covered): Halifax well update in the UK | Cairn Energy (CNE LN): BUY, £2.90: Update on the VR-1 well in Senegal by Far (FAR AU) (Not covered) | Royal Dutch Shell (RDSA/B LN) (not covered): Divestment of Gabonese assets
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.
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.