Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on DNO. We currently have 59 research reports from 3 professional analysts.
DNO: Q4 revenue beat, EBITDA in line NAS: January figures beat expectations Prosafe weak Q4 report Stolt-Nielsen: new NOK 1.3bn senior unsecured bond Axactor: private placement raising gross proceeds of NOK 517.5m Norske Skog: strong operating performance, challenging markets Stendörren appoints Erik Ranje as new CEO EMGS: strong Q4, cash balance adversely affected by delayed payments SFL: Sale of VLCC
Companies: DNO NAS PRS SNI AXA NSKOG STEFB EMGS SFL
Equinor: Decent Q4, outlook largely as expected DNO: Overall a supportive Q4 report Prosafe weak Q4 report Service read, Equinor: capex lowered, and renewable share increases Total capex guiding point to a marginal increase in 2020 Petrobras is looking for two small flotels Constellation secures a 3-year contract with Petrobras
Companies: EQNR DNO PRS
CWI production ~4% above ARCe estimates Revenue beat by ~5%, but EBITDA in-line USD 194m of capital returned to stakeholders in 2019 Bonds are more affected by geopolitical at the moment
CWI production ~4% above our estimate Revenue beat by ~5%, but EBITDA in-line Somewhat higher operational spend for 2020 than expected Supportive report, especially at the current share price
AXA: Board rejects public offer of NOK 22/share Valaris: Amending the notes issued by Rowan BWO: PetroRio buys Tubarano Marelo oil field Höegh LNG: Cancellation and partial call of bonds LNG: Spot and TC dropping further Dry bulk: Baltic down for 12th straight session DNO: calls EGM to cancel treasury shares Shelf Drilling x-read: Foresight emerge as the lowest bidder in India Maha: January production volumes YA Holding receives SEK 10m capital injection
Companies: AXA BWO HLNG DNO
Geopark (GPRK US)1 ; BUY, U$27.00: Recommended cash acquisition of Amerisur Resources (AMER LN) (not covered) | Phoenix Global Resources (PGR LN) (not covered): Additional funding | Parkmead Group (The) (PMG LN) (not covered): Results for year ended 30 June 2019 | DNO (DNO NO) (not covered): Baeshiqa testing Update
Companies: GPRK PGR PMG DNO
Total (FP FP) (not covered): Brunei update | Lundin Petroleum (LUPE SS) (not covered): 3Q19 results | Repsol (REP SM) (not covered): 3Q19 results | Royal Dutch Shell (RDSA/B LN) (not covered): 3Q19 results | DNO (DNO NO) (not covered): 3Q19 results | Genel Energy (GENL LN), SPECULATIVE BUY, £3.20: Operating update at Tawke
Companies: LUPE REP RDSA DNO GENL
Frontera Energy (FEC CN) (not covered): Production restarts from Block 192 | Soco International (SIA LN) (not covered): Trading update | Igas Energy (IGAS LN) (not covered): Trading update | Neptune Energy & Wintershall Dea: Acquisition in Germany | OMV (OMV AG) (not covered): 2Q19 results | JKX Oil & Gas (JKX LN) (not covered): 1H19 report | DNO (DNO NO) (not covered): 1H19 results | Genel Energy (GENL LN): Speculative Buy, £3.20; Update on Tawke PSC in the Kurdistan region of Iraq | Oryx Petroleum (OXC CN): Under Review; 2Q19 results
Companies: PHAR IGAS OMV JKX DNO GENL OXC
Gran Tierra Energy (GTE CN/LN); HOLD, C$3.50: 1Q19 production lags, FFO inline, disappointing drilling update for Putumayo and Ayombero | DNO (DNO NO) (not covered): 1Q19 results | Oryx Petroleum (OXC CN): Under Review; 1Q19 results | Sound Energy (SOU LN) (not covered): Operational update, Eastern Morocco | Tethys Oil (TETY SS)1,6; BUY, SEK85.00: Drop in share price creates buying opportunity
Companies: GTE DNO OXC SOU TETY
Jadestone Energy (JSE LN/CN): BUY, £0.50; Montara production restart update in Australia | Faroe Petroleum (FPM LN): HOLD, £1.75 & DNO (DNO NO) (not covered): DNO purchases more shares
Companies: JSE FPM DNO
Ecopetrol (EC US) (not covered): Production update in Colombia | Royal Dutch Shell (RDSA/B LN) (not covered): 3Q18 Results | DNO (DNO NO) (not covered): 3Q18 results | Genel Energy (GENL LN); SPEC. BUY, £3.65: Tawke and Peshkabir update | Africa Oil (AOI CN/SS): BUY, C$2.60 & Vitol & Delonex; Acquisition of Petrobras production offshore Nigeria | Tower Resources (TRP LN) (not covered): Cameroon reserves report
Companies: ECOPETL RDSA DNO GENL AOI TRP
Premier Oil (PMO LN); BUY, £1.80: Tolmount sanctioned | UK Oil & Gas (UKOG LN) (not covered): Acquisition in the Weald Basin in the UK | DNO (DNO NO) (not covered): Payment in Kurdistan | Gulf Keystone Petroleum (GKP LN) (not covered): Payment in Kurdistan | Canadian Overseas (COPL LN) (not covered): New Equity issue
Companies: PMO UKOG DNO GKP COPL
DNO (DNO NO) (not covered): 2Q18 results | Energean Oil & Gas (ENEG LN) (not covered): Increase in 2P reserves in Israel | Genel Energy (GENL LN); HOLD, £3.00: YE18 production guidance at Peshkabir in Kurdistan | Tethys Oil (TETY SS)1,6; HOLD, SEK100: Production update in Oman | Bowleven (BLVN LN) (not covered): Well result in Cameroon | Wentworth Resources (WRL LN)1,6; BUY, £0.35: 1H18 results | Woodside Petroleum (WPL AU) (not covered): Gabon discoveries not commercial
Companies: WPL WRL GENL ENOG DNO
Petrofac introduces partner in Mexico | Soco International (SIA LN) (not covered): Trading & operations update | Aker BP (AKERBP NO) (not covered): Acquires licence portfolio from Total (FP FP) (not covered) | Lundin Petroleum (LUPE SS) (not covered): 1H18 result | BP (BP LN) (not covered): 2Q18 results | Nostrum Oil & Gas (NOG LN)6 ; BUY, £5.40: 1H18 results and very positive drilling result | Regal Petroleum (RPT LN) (not covered): Reserves & resources update in Ukraine | DNO (DNO NO) (not covered): Subscribes to shares in Panoro Energy
Companies: RRL PHAR BP/ LUPE NOG RPT DNO
i3 Energy (I3E LN) (not covered): US$2.1 mm placing | Total (FP FP) (not covered): UK strike | Genel Energy (GENL LN): HOLD, £3.00 & DNO (DNO NO) (not covered) Update on Tawke PSC in Kurdistan | Canadian Overseas Petroleum (COPL LN) (not covered): Project financing term sheet agreed | Global Petroleum (GBP LN)1: Speculative Buy, £0.05; June | Maurel & Prom (MAU FP) (not covered): 1H18 results quarterly report | Seplat Petroleum (SEPL LN); BUY, £2.60: 1H18 results
Companies: I3E JKX GENL DNO COPL GBP MAU SEPL
Research Tree provides access to ongoing research coverage, media content and regulatory news on DNO. We currently have 59 research reports from 3 professional analysts.
|27Mar19 07:00||GNW||DNO Releases 2018 Annual Report and Accounts|
|15Mar19 07:00||GNW||DNO Shares Traded Ex-Dividend|
|19Feb19 15:19||GNW||Mandatory Notification of Trade|
|11Feb19 15:35||GNW||DNO ASA: Updated Financial Calendar for 2019|
|11Feb19 06:00||GNW||DNO Announces 100 Percent Reserves Replacement in 2018|
|07Feb19 06:00||GNW||DNO Reports Record Revenues, Expands Norway Footprint|
|06Feb19 18:05||GNW||DNO ASA: Key information relating to cash dividend in March 2019|
Sylvania's share price has fallen 53% since its peaked on the 21st Feb, as the global economy hit the brakes. The short term demand outlook for PGMs is miserable, with supply chains breaking down as both luxury goods and car sales sales collapse.
Companies: Sylvania Platinum
Oil posted a record weekly jump on hopes that global producers will decide to make historic output cuts next week, though optimism was tempered by concern that the curbs will not avert a glut. The OPEC+ coalition including Saudi Arabia will hold a meeting of its members by video conference on Monday, with the gathering open to even producers outside the group. While it's unclear who will attend, market watchers are predicting that stockpiles are likely to swell even if global supplies are cut by 10 million barrels a day. Investors will be closely watching the guest list of the meeting -- especially names outside the Organisation of Petroleum Exporting Countries and its allies -- after Saudi Arabia made clear it will only cut production if others, including the US, shoulder some of the burden. US West Texas Intermediate futures ended the week up 32%, while Brent crude jumped 37%. Still, prices are less than half the levels at the start of the year, with the coronavirus crisis crushing demand. One delegate from the producer group said a global cut of 10 million barrels a day is a realistic goal. Russian President Vladimir Putin told the country's top oil executives that producing countries should join together to slash output to reverse the collapse in prices, adding that worldwide curbs of a little above or below 10 million barrels a day are possible. Meanwhile, US President Donald Trump is convening an extraordinary gathering of the nation's biggest refiners and producers at the White House on Friday. They are expected to discuss possible relief efforts from the administration, including potential American output cuts. Prices: West Texas Intermediate for May delivery rose $3.02 to settle at $28.34 a barrel Friday. Global benchmark Brent crude for June settlement jumped 14% to $34.11 a barrel. Gasoline futures rose 2.88 cents to 69.16 cents a gallon Friday. Getting countries from all over the world to agree would be a tough task. Even if that's successful, an output reduction of the size that's being discussed will be just a fraction of the 35 million barrels of daily demand destruction some traders now see
Companies: FOG PVR 88E DGOC EME UKOG TRIN UOG
Despite the severe effect of Covid-19 in the United States, normal operations continue for Diversified Gas & Oil (DGO), with little or no impact as a result of the virus. DGO's low decline production, low operating costs and proactive hedging programme, mitigate the impact of the low commodity prices, locking in cash flows and protecting the dividend. With rigs, capital and companies abandoning US oil shale, production is expected to plateau in May 2020 before declining. The decline in US oil shale production will also translate into lower associated gas production. Whilst existing stockpiles may be large enough to prevent a rally in gas prices this year, it sets the stage for a tighter market in 2021 as gas production continues to fall as demand rebounds. Whilst many of its North American and London listed peers have reduced, suspended or cancelled their dividend, DGO remains committed to maintaining its dividend to its shareholders. We reiterate our BUY recommendation and our 148p/share price target.
Companies: Diversified Gas & Oil
Shearwater sells resilience and today's trading update shows us how resilient demand has been for its products and services. The Group has swung to EBITDA profitability and cash flow is well ahead of expectations. The macro themes of cyber security and remote working are supportive of robust demand levels going forward. We are maintaining our forecasts. Buy.
Companies: Shearwater Group
Central Asia Metals (CAML LN) having previously announced strong operating performance for 2019 released strong earnings results leaving the company well placed to cope with current pricing weakness and global uncertainty. Revenue of US$171.7m was down 3%, largely due to weaker commodity prices YoY. The weaker top line led to EBITDA of US$108.6m, down 15% YoY, however, margins were broadly maintained at 60% due to CAML’s low cost base. Net finance costs were down 27% as CAML continued to deleverage ending the year with net debt of US$80.2m implying a trailing net debt/EBITDA of 0.74x. EPS from continuing operations was consequently down 6.3% YoY while capex of US$12.1m, down 24% YoY, meant that levered free cash flow of US$69.8m was down just 5% YoY.
Companies: Central Asia Metals
SolGold have successfully converted the Alpala resource into the Measured Resource category and at the same time, added another 1.6 Mt of copper, 2.5Moz of gold and 92.2 Moz of silver. This third resource update cements the scale and the viability of the operation, as well as increasing the value of the contained metal by 19% to $95bn.
Caledonia today announces that it has taken the prudent decision to defer its approval for the payment of the second quarterly dividend (7.5c/sh - $0.9m - 7% of declared Caledonia cash). The Blanket mine in Zimbabwe remains in operation (at a slightly reduced capacity to secure Covid-19 social distancing) and the mine site remains well-stocked with supplies, so despite the current difficulties getting supplies from South Africa production at the mine can continue for some time to come; 2-3 months in our opinion, if the supply chain from South Africa ceased altogether. Touchstar is a supplier of mobile data computing solutions and managed services to a variety of industrial sectors. This morning, the group has released an update in light of COVID-19. The Board reports that it has taken swift action to re-engineer processes to adhere to government guidelines, whilst maintaining client service levels. Q1 2020 trading is reported to have been ‘broadly' in line, with revenue growth of 40% from continuing operations and outstanding orders to ship to customers in the coming months. Q1 was cash neutral, which follows on from the RNS on 5 February, of a net cash position of £849k as at 31 December 2019.
Companies: Caledonia Mining Corporation Plc Com Shs Npv Touchstar
We are reinstating coverage with a Buy rating and price target of 50p following the recent £15m share placing to fund production scale-up for micro-batteries. Our TP reflects a DCF of the micro-battery business which has sufficient customer interest to achieve over £12m annual sales by FY23 and £25m later this decade we believe, generating EBITDA of £1.7m and £7m respectively.
The Charlie-1 appraisal well has encountered movable condensate gas within the Torok formation in both the Middle Stellar and Lower Stellar targets, with the Company successfully recovering hydrocarbons to surface from both targets. The presence of movable condensate gas probably raises more questions than answers, with BP's Malguk-1 well, drilled in 1991, confirming oil in the Stellar targets. A potential explanation for this result could be facies change within the Torok, but we believe this would be highly unlikely, with Charlie-1 drilled proximal to the Malguk-1 well. Alternatively, we know that Malguk-1 ran into operational difficulties, which may have resulted in the data being compromised, raising further questions as to data validity. Whatever the reason, further analysis is required to determine if the discovery can be commercialised. We maintain our target price and valuation until the results of the Charlie-1 well are better understood.
Companies: 88 Energy
PowerHouse has signed an option for an exclusivity agreement for the UK with Peel Environmental. This potentially makes Peel the lead developer of DMG waste-to-energy projects, both on its own extensive land bank and on sites belonging to councils and waste management companies and other industrial partners across the UK. The agreement provides a mechanism for PowerHouse to monetise its IP through licensing and means PowerHouse will not need to raise finance for individual projects.
Companies: Powerhouse Energy Group
Falcon Oil & Gas has announced it has farmed down a 7.5% interest in the Beetaloo Sub-basin to Origin Energy, with Origin increasing the gross cost cap of the Stage 2 and Stage 3 Beetaloo work programme by A$150.5m (cUS$92m) to A$263.8m (cUS$161m). As a result of the farm-down, we believe Falcon is now substantially funded for Stage 2 and Stage 3 work programme, eliminating equity and dilution risk for shareholders. Perhaps more importantly, Falcon is also fully funded through one of the greatest periods of uncertainty in the history of the oil and gas industry.
Companies: Falcon Oil & Gas
Following continued delays of a Brexit agreement, few sectors within the UK market have remained attractive to investors despite low valuations. One sector which has continued to outperform despite the political drama has been the UK video gaming sector (henceforth UK gaming), which we are fans of. We believe a combination of sector-leading growth, strong cash conversion and timely cyclical positioning support our positive view on the UK video gaming sector.
Companies: ABBY AMS ANX ARS ATYM AVON BLVN PIER BUR CGS CAML CDM CSRT TIDE CYAN DTG DEMG ELM EMR FPO FDEV GTLY GENL GHH GRI GEEC GKP HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG KAPE KEYS KWS KCT KGH LAM LIT LOK MACF MANO MOD OXIG PCA PANR APP SRE PHC PMO RBW RMM RBGP REDD RSW RNO ROR SUS SCPA SEN SHG SOLG SOM SUMO TM17 INCE TWD TRAK TRI VNET VTC ZOO ZTF
Oil posted the biggest weekly plunge since 2008, capping its most dramatic week in recent memory as major producers prepare to drench the market with supply just as the coronavirus crushes demand. But prices jumped following the close, after President Donald Trump said the U.S. would fill the nation's strategic reserve. Losses for the week totalled 23% after the collapse of talks between members of the OPEC+ group triggered the biggest crash in a generation. Instead of reaching a deal to cut output to mitigate the fallout from the virus, producers led by Saudi Arabia and Russia embarked on a war for market share and pledged to pump more.
Companies: TGL TXP VLU EGY GTE CNE DGOC ENQ SQZ UKOG TRIN TLW PHAR