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  • 09 Dec 19
The Industrial Revelation

German industrial production misses in Oct, Japan's Q3 GDP beats, Chinese exports fell unexpectedly in Nov

Companies: Hunting
  • 26 Nov 19
Oil prices help, but the best returns come from asset growth

This note takes a look at UK oil and gas sector equities from the supermajors down to the small cap E&Ps, the extent to which they outperform a simple bet on oil prices, and whether there are common characteristics that can allow investors to pick winners in the space. We conclude that outperformance is possible and has been achieved by numerous names in the last ten years, with the core hallmarks being asset base augmentation, either by progressing assets and/or via acquisition, and possessing the agency to achieve this. We also include profiles of the oil and gas stocks in our coverage.

Companies: BLVN GENL GEEC GKP HTG HUR IOG JOG LAM PANR PMO RKH SEN

  • 29 Oct 19
South Korean manufacturing confidence falls, Gardner Denver revises down outlook, Hunting expects slowdown in North American drilling in Q4

BP (BP. LN, £104b) Q3 19 results reported a ~5% y/y increase in organic CAPEX (YTD: +6% y/y) | Hunting (HTG LN, £701m) Q3 19 trading update expects FY EBITDA to be at the “lower end of market expectations” following a slowdown in US onshore completions, despite improvements in offshore & international

Companies: BP Hunting

  • 21 Oct 19
Quarterly Research Outlook Autumn 2019

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 ESRE 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

  • 23 Jul 19
Quarterly Research Outlook - Summer 2019

In January, we provided a list of 11 stocks for 2019 that we believed would perform strongly with attractive catalysts that could lead to material outperformance. In this Quarterly Research Outlook, we revisit these views, analysing what has happened and how the remaining six months of the year could play out.

Companies: AMS ANX ARS ATYM AVON BLVN PIER BUR CGS CAML CALL CSRT TIDE CYAN DTG DEMG ELM EMR FPO FST GTLY GENL GRI GEEC GKP HMI HAYD HEAD HILS HTG HUR HYR IBPO IOG INDI JHD JOG KAPE KEYS KCT KGH LAM LIT LOK MACF MANO PCA PANR PXC PHC PMO RBW RMM REDD RSW RNO RKH RBGP ROR SUS SCPA SHG SOLG SOM TWD TRAK TSG TRI VNET VTC ZOO ZTF

  • 11 Apr 19
Quarterly Research Outlook

We’re just over three months in to 2019 and we’ve seen a 10% UK market rally, retracing much of the Q4 decline, such is the nature of fickle market sentiment. That said, many of the issues we wrote about three months ago that were impacting markets remain: notably Brexit, trade wars, geopolitics and global monetary policy. The 2019 rally thus far feels somewhat fragile, with competing forces of optimism on a potential trade deal which could underpin the rally, against the deterioration in underlying economic data that could ultimately undermine the recent market gains. In this context, we look at what the lead indicators and the market are telling us about the industrial cycle and the stocks most exposed to various industrial trends. The Q4 derating in short cycle industrials and autos had been vicious and while these sectors have seen a more solid footing in 2019, with earnings downgrades being priced in, it will likely take a trough in lead indicators before short cycle stocks can start to perform again and re-rate relative to the market.

Companies: ARS CYAN HYR LIT SOM ABBY AMS AMER ANX ATYM AVON BLVN PIER BUR CGS CAML CALL CSRT TIDE DTG DEMG EMR FPO FST GTLY GENL INCE GRI GEEC HDY HMI HAYD HEAD HILS HTG HUR IBPO INDI JHD JOG KEYS KCT KGH LAM LOK MACF MNO MANO MOD MKLW OXIG PCA PANR APP PXC PHC PMO RBW RMM REDD RSW RNO RKH RBGP ROR SUS SCPA SHG SOLG TRAK TRI VNET VTC ZOO ZTF

  • 01 Feb 19
Most popular equity research this week | 28 Jan - 1 Feb

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Companies: MODWJAARSATYMALHVSAVONCSRTCGSTIDEELMFPOHEADHILSHTGAMSMACFMKLWOXIGAPPSCPARSWRNOSUSKCTTRIVTCIQEZTFDEMGEMRBLVNGRIRMMHDYSHGRKHJHDTRAKSOLGVNETDTGLAMZOOPMOCALLHURCAMLANXIOGPCARBGPKGHTWDPIERHAYDREDDFLO7DIGSPERORGTLYW7LJOGPRSMKEYSINDIIBPORBWABBYGENLFSTGEEC
  • 31 Jan 19
Quarterly Research Outlook

The market has not faced quite so many conflicting challenges for a number of years, whether related to global geopolitics, trade wars, ongoing Eurozone issues or the “will they, won’t they” saga of Brexit. In our Best Ideas, we sought to highlight stocks that present investors with interesting opportunities following recent market moves. Those stocks, we believe, warrant investor attention, in many cases for uncorrelated or stockspecific reasons, regardless of the near-to-medium term market direction. These stocks, in general, represent attractive and well-managed businesses or assets, with share price catalysts and where valuations or recent stock performance provide investors with a good entry point.

Companies: 7DIG ABBY AMS ANX ARS ATYM AVON BLVN PIER CGS CAML CALL CSRT TIDE DTG DEMG ELM EMR FPO FST GTLY GENL GRI GEEC HDY HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG KEYS KCT KGH LAM MACF MOD MKLW OXIG PCA APP PMO RBW RMM REDD RSW RNO RKH RBGP ROR SUS SCPA SHG SOLG TWD TRAK TRI VNET VTC ZTF

  • 03 Nov 18
Most popular equity research this week | 22 Oct - 2 Nov

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Companies: HMIARSATYMAVONCSRTCGSTIDEELMFPOHEADHILSHTGAMSMACFMKLWOXIGAPPSCPARSWRNOSUSTRIVTCZTFDISWMHAMERFPMDEMGEMRBLVNGRIRMMHDYCKTSHGSXXRKHJHDTRAKSOLGPHDVNETDTGLAMPDGCALLHURCAMLAREANXIOGPCARBGPKGHTWDPIERHAYDREDDCAKENAH7DIGRORGTLYW7LJOGMNOKEYSGYGINDIIBPORBWABBYFLTRGVCGENLSFEFSTGEEC
  • 23 Oct 18
Quarterly Research Outlook

The June IPO of Knights Group Holdings, a Top-100 regional law firm, marked the fifth entrant to the burgeoning UK-listed legal sector. Following recent expansion of our coverage across all five listed legal firms, complemented by coverage of three broader support services peers with exposure to the sector, we revisit and build upon our views on this rapidly evolving sector.

Companies: ARS GTLY GENL KEYS KGH MNO RBGP TWD 7DIG ABBY AMS AMER ANX ARS ATYM AVON BLVN PIER CGS CAML CALL CSRT TIDE DTG DEMG ELM EMR FPM FPO FST GTLY GENL GRI GEEC HDY HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG KEYS KGH LAM MACF MNO MKLW NAH OXIG PCA APP CAKE PDG RBW RMM REDD RSW RNO RKH RBGP ROR SUS SCPA SHG SOLG TWD TRAK TRI VNET VTC ZTF

  • 20 Jul 18
Most popular equity research this week | 16 - 20 July

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Companies: HMIAPCAVONCSRTCGSTIDEELMFPOHEADHILSHTGAMSMACFMPACMKLWOXIGAPPSNXSCPARSWRNOSUSKCTTRIVTCZTFFPMDEMGAMOEMRBLVNHDYBGOSHGRKHJHDTRAKDTGLAMPDGCALLHURIOGPCAEUSPCDMPIERLSAIHAYDFDMREDDCAKENAHSPERORGTLYECSCGETBFUTRINCEINDIIBPORBWABBYKETLJELGENLABCBGEEC
  • 18 Jul 18
Quarterly Research Outlook

In Q2, UK equities regained some of their poise after the draw down in Q1, although uncertainty around Brexit continued to grab the headlines. On the back of this, investor concern about the UK economy has been understandable in recent months given a number of negative data points. However, we see reasons for optimism for UK Plc with wage growth supporting an improving outlook for the consumer and business investment holding up. That said, continuing UK political disruption clearly remains a risk going forward.

Companies: AMER EMR HMI JOG PDG ABBY AMS AVON BLVN PIER CGS CALL CSRT TIDE DTG DEMG ELM EMR FPM FPO GTLY GENL INCE GEEC HDY HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG LAM MACF MKLW NAH OXIG PCA APP CAKE PDG RBW REDD RSW RNO RKH ROR SUS SCPA SHG KCT TRAK TRI VTC ZTF

  • 02 May 18
Q1 trading statement Q1 trading statementfollow up follow up follow up

Hunting recently released its Q1 statement. This reported revenue levels for Q1 2018 “at a similar average monthly run rate to that reported in Q4 2017”, which we estimate to be around US$70m/month (implying US$210m for the quarter). EBITDA was also very strong, reported at US$33m for the quarter, compared to US$22m for Q4 2017. The surge in EBITDA was based on the onshore US business (principally the shale focused Titan segment, which is now operating near capacity), and benefited from reduced costs compared with the previous quarter, as Q4 2017 included a share of a number of 2017 costs removed early in the year but still taken through the P&L evenly over the four quarters (including some re-organisation costs, and losses in non-US facilities).

Companies: Hunting
  • 16 Mar 18
Most popular equity research this week | 5 - 16 Mar

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Companies: HTGZTFAMERFPMBLVNHDYSQZRKHLAMPMOHURENQFULABDPCVRIOGPMGTUNEIDPJOGRREBURGENLWANDGEECSOM
  • 07 Mar 18
UK North Sea M&A – Smaller company potential

This book is split into two parts. The first part is thematic and focuses on the UK North Sea, where we discuss the potential for smaller companies to benefit from making acquisitions of producing assets. This is based on a screen of potentially available assets, and their likelihood of being available for sale. In the second part, we include profiles of the oil and gas companies in our coverage, and take the opportunity to update several of our models and recommendations. We intend this to be the first in a series of periodic publications focusing on themes within the oil and gas sector.

Companies: JOG IOG RRE SQZ FPM PMO ENQ PMG AMER BLVN GENL GEEC HDY HTG HUR IOG LAM RKH

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Hunting. We currently have 25 research reports from 2 professional analysts.

Open
N/A
Range Today
N/A
52 Week
360/657p
Daily Volume
N/A
# Shares
166.9m
Daily Liquidity
(0.37%)
Pension Liability
£0m
Enterprise Value
£736.3m
Market Cap
£648.1m
Latest PE (hist)
7.28
Div Yield
1.88

Latest News/RNS

(more news)
Date Source Announcement
21Nov19 14:00 RNS Holdings In Company / PDMR Declaration
29Oct19 07:00 RNS Q3 2019 Trading Update
21Oct19 10:08 RNS TR-1: Notification of major holdings
09Oct19 13:00 RNS Payment of 2019 Interim Dividend in Sterling
20Sep19 10:54 RNS TR-1: Notification of Major Holdings
19Sep19 12:45 RNS Blocklisting of Shares
16Sep19 11:47 RNS Directors Shareholding/PDMR
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  • 09 Dec 19
Unreliable assets revoke strategic plan

The crisis management plan is on and exploration hopes are now secondary. The group is revising its production guidance sharply for the next three years and will reassess its capital allocation (including divestments). The departures of both the CEO and the Exploration director hint that the recovery might be a long one for the group.

Companies: Tullow Oil
  • 02 Sep 19
LIBERUM: Sylvania Platinum* - Results beat, Grasvally disposal but light on dividend

Sylvania has reported FY19 results (June Y/E) of $6.37/sh versus expectations of $5.95/sh due to a lighter tax expense than assumed. They have entered into a binding agreement to sell Grasvally for R115m ($7.6m at current FX), which should be settled in the next eight months.

Companies: Sylvania Platinum
  • 02 Dec 19
Hurricane Energy - Warwick West discovery

This morning Hurricane Energy announced the flow test results from its Warwick West well, which is the third and last well from the 2019 drilling campaign in the Greater Warwick Area (GWA). The well confirmed the discovery of 43° API light oil and tested at a stable flow rate of 1,300bod on natural flow with less than 0.5% of water being produced. Hurricane and Spirit Energy are evaluating the results of the 2019 drilling campaign and further technical analysis will determine both the potential for GWA to be a single accumulation and its volumetrics. Our risked valuation of Hurricane stands at 102.8p/share, with GWA tieback valued at 3.5p/share and GWA full field development at 21.6p/share. Hurricane shares are trading at 37.5p after dropping c 20% this morning. This implies the market is not attributing any value to the GWA full field, even though an oil discovery was observed.

Companies: Hurricane Energy
  • 06 Dec 19
Cenkos: Salt Lake Potash Ltd -- Placing

Salt Lake has raised A$23.5m at A$0.70 from several new Australian institutional investors and existing institutional shareholders. Taurus has also extended the Stage 1 Facility by US$15m (A$22m) to US$45m ahead of the main Project Development Facility as Salt Lake complete documentation and satisfaction of conditions precedent for the main Project Development Facility. Whether the work is progressing quicker than expected or documentation is taking longer is unknown but Salt Lake are pushing forward to meet its Q4/20 target. The next key stage will be the main Project Development Facility being finalised.

Companies: Salt Lake Potash
  • 06 Dec 19
Diversified Gas & Oil - Roadmap to Main Market

Diversified Gas and Oil (DGO) has announced the successful completion of its securitised financing arrangement with a 5% coupon and 10-year maturity. The company issued $200m in notes secured by c 22% working interest of certain upstream assets’ cash flows. DGO also announced its Q319 results delivering a 10% q-o-q increase in production to c 91kboed and hedge adjusted EBITDA of $64m. Since our previous note, the company has completed three acquisitions encompassing assets located near DGO operations and announced it is pursuing a move to the Premium segment of the Main Market of the London Stock Exchange. We update our valuation to 157.2p/share affected by a decrease in short-term gas price assumptions and lower production in H119 compared to our last note.

Companies: Diversified Gas & Oil
  • 11 Dec 19
Cenkos: Falcon Oil & Gas Ltd -- Horizontal Drilling Commences

This morning, Falcon Oil & Gas, along with its JV partner Origin Energy, announced that drilling had commenced on the horizontal section of the Kyalla 117 N2-1H appraisal well, situated in the Beetaloo Sub-Basin, Australia. The 1,000-2,000m horizontal well is being drilled in the Lower Kyalla shale at a depth of c1,800m TVD. We expect the horizontal section of the well to take between 20-25 days to drill. Following its completion, the well will be fracture stimulated and put on a 90-day extended production test, with results expected in Q2/20. We reiterate our BUY recommendation and our 41p price target.

Companies: Falcon Oil & Gas
  • 10 Dec 19
Gulf Keystone Petroleum#

Operational update and buyback

Companies: Gulf Keystone Petroleum
  • 13 Nov 19
Q3: back to square one?

Double whammy for Tullow Oil, which has revised its production forecasted for FY19 for the third time and reports that its latest discoveries in Guyana are heavy crudes with a high sulphur content. While it is too soon to declare both discoveries are not commercially viable, this is a big disappointment, which triggered a sell-off in the stock.

Companies: Tullow Oil
  • 02 Dec 19
Premier Oil

BIG-P development onstream

Companies: Premier Oil
  • 09 Dec 19
Rockhopper Exploration

Abu Sennan sale update

Companies: Rockhopper Exploration
  • 12 Dec 19
Pantheon Resources*

New Alaska lease acquisitions

Companies: Pantheon Resources
  • 12 Dec 19
Genel Energy

KRG payment delay

Companies: Genel Energy
  • 18 Apr 19
LIBERUM: Sylvania Platinum* - More value and more options

We recently attended a company site visit which highlighted that we have considerably undervalued the tail of Sylvania’s operations. Also, now that its host Samancor has grander ambitions, Sylvania too has possible growth opportunities.

Companies: Sylvania Platinum
  • 02 Dec 19
Hurricane Energy

Warwick West well result

Companies: Hurricane Energy
  • 10 Dec 19
Lamprell

Further debt facility extension

Companies: Lamprell