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  • 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 PARK 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: ESGMODARSATYMALHVSAVONCSRTCGSTIDEELMFPOHEADHILSHTGAMSMACFMKLWOXIGPARKSCPARSWRNOSUSKCTTRIVTCIQEZTFDEMGEMRBLVNGRIRMMHDYSHGRKHJHDTRAKSOLGVNETDTGLAMZOOPMOCALLHURCAMLANXIOGPCARBGPKGHTWDPIERHAYDREDDFLO7DIGSPERORGTLYW7LJOGPRSMKEYSINDIIBPORBWABBYGENLFSTGEEC
  • 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 PARK 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: HMIARSATYMAVONCSRTCGSTIDEELMFPOHEADHILSHTGAMSMACFMKLWOXIGPARKSCPARSWRNOSUSTRIVTCZTFDISWMHAMERFPMDEMGEMRBLVNGRIRMMHDYEKTSHGSXXRKHJHDTRAKSOLGPHDVNETDTGLAMPDGCALLHURCAMLAREANXIOGPCARBGPKGHTWDPIERHAYDREDDCAKENAH7DIGRORGTLYW7LJOGMNOKEYSGYGINDIIBPORBWABBYFLTRGVCGENLSFEFSTGEEC
  • 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 PARK 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: HMIAPCAVONCSRTCGSTIDEELMFPOHEADHILSHTGAMSMACFMPACMKLWOXIGPARKSNXSCPARSWRNOSUSKCTTRIVTCZTFFPMDEMGAMOEMRBLVNHDYBGOSHGRKHJHDTRAKDTGLAMPDGCALLHURIOGPCAEUSPCDMPIERLSAIHAYDFDMREDDCAKENAHSPERORGTLYECSCGETBFUTRINCEINDIIBPORBWABBYKETLJELGENLABCBGEEC
  • 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 PARK 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

  • 01 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: AMER BLVN FPM GENL GEEC HDY HTG HUR IOG JOG LAM RKH

  • 25 Oct 17

Q3 trading statement

Hunting has released its Q3 trading statement. This reports a continued improvement in trading for the period on the back of continued strong performance from the US onshore business. Revenues for the full year are now expected to be around US$700m, with a “modest” PBT. EBITDA for the first three quarters is reported at c.US$33m. Given this performance and outlook, we have upgraded our numbers today, with 2017 EBITDA moving from US$42.5m to US$45.8m.

Companies: Hunting
  • 17 Aug 17

Recommendation downgrade to Reduce

Hunting is a well run company with a strong suite of proprietary products and a healthy balance sheet, and this year it has returned to positive EBITDA. The company has played a difficult hand well over the course of the industry downturn, and we expect continuity under new CEO Jim Johnson. We are of the view that significant further improvements in financial performance will be required in order to support current share price levels, however. This will require recovery in Hunting’s offshore business, which we in turn expect to require further oil price recovery, to levels over US$60/bbl. We do not believe this is likely short-term, and think it more probable that the H1 results next week remind the market of Hunting’s current position. We believe this will put downward pressure on the shares over the coming weeks, and we move our recommendation from Neutral to Reduce, setting a 380p price target.

Companies: Hunting
  • 08 Jan 17

Implications of Trumponomics for equities

Attractive corp tax regime, and dovish on energy, infrastructure, and bank regs

Companies: PWTNKNINAHTBMSHILSHTGFOURULEVCTWEIRNFCBLTGCOBCHGTLAMCROBUR

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Hunting. We currently have 21 research reports from 2 professional analysts.

Open
N/A
Range Today
N/A
52 Week
414/838p
Daily Volume
N/A
# Shares
166.9m
Daily Liquidity
(0.38%)
Pension Liability
£0m
Enterprise Value
£1,260m
Market Cap
£846.4m
Latest PE (hist)
77.11
Div Yield

Latest News/RNS

(more news)
Date Source Announcement
16Sep19 11:47 RNS Directors Shareholding/PDMR
02Sep19 14:09 RNS Block Listing Six Monthly Return
29Aug19 07:00 RNS Half-year Results
16Aug19 10:30 RNS Acquisition of RTI Energy Systems Inc
03Jul19 10:37 RNS TR-1: Notification of Major Holdings
27Jun19 07:00 RNS Trading Statement
18Jun19 10:00 RNS Directors Shareholding/PDMR
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  • 12 Sep 19

Hurricane Energy - Lincoln Crestal positive flow test

This morning Hurricane Energy announced the flow test results from its Lincoln Crestal well, the second well of a three-well drilling campaign in the Greater Warwick Area (GWA). The well tested at a maximum stable flow rate of 9,800bopd using electrical submersible pumps (ESPs). The well flowed at an average rate of 4,682bopd under natural conditions and no formation water was produced. The well will now be suspended, with the intention that it will be used for production via tie-back to Lancaster’s Aoka Mizu FPSO in 2020, subject to further work, regulatory consent and final investment decision by the joint venture. Production from the tie-back would generate reservoir data to be used in planning future phases of development of GWA. The drilling rig will now move to the location for the third and last well of the 2019 drilling programme, Warwick West. Our latest risked valuation of Hurricane Energy stands at 102.8p/share, with GWA tie-back being valued at 3.5p/share and GWA FFD at 21.6p/share. Hurricane Energy is currently trading at 49.0p/share.

Companies: Hurricane Energy
  • 02 Jul 19

Where’s the Value?

Warren Buffett once said that as an investor, it is wise to be ‘fearful when others are greedy and greedy when others are fearful’. Fear is not in short supply right now.

Companies: OPM ALU ANCR BLV CONN CRC FDL GATC HAT LEK MMH MCB MWE NXR NTBR NOG PAF PEG RFX SRC TEF TEG TPT VTU WYN XLM

  • 12 Sep 19

PowerHouse Energy Group - Fuelling the hydrogen economy

Over the last 18 months PowerHouse and its partners Peel Environmental and Waste2Tricity (W2T) have put most of the building blocks in place for commissioning the first commercial distributed modular generation (DMG) waste-to-energy plant by the end of FY20. This potentially represents the first of dozens of small sites in the UK and abroad using unrecyclable plastic that would otherwise go to landfill to generate hydrogen for electric vehicles and electricity.

Companies: Powerhouse Energy Group
  • 10 Sep 19

Still very high impact drilling but higher risk

The upper Captain sands at the Liberator well 13/23c-9 are pinched out. These were the main targets of this well, the purpose of which was to prove the location of a development well next year in this 2P reserves area. The well is interpreted to have missed the Captain upper sands channel which is laterally thin in this area. Further data is required to locate the exact position of these upper sands. This requires recalibrating the seismic and remapping the reservoir in order to define the position of next year’s first development well. The fact that the lower Captain sands were encountered shows that the channel is working and depositing sands.

Companies: I3 Energy
  • 11 Sep 19

FLASH: Harvey update in the UK

The Harvey well encountered a 49 feet gas column. The company is now assessing volumes and commerciality with more details expected to be provided within a period of about six weeks.The well has confirmed a discovery albeit at the very low end of expectations with regards to volume.

Companies: Independent Oil & Gas
  • 17 Sep 19

Cenkos: 88 Energy Ltd - Placing and Interim Results

Last week, 88 Energy successfully completed a A$6.75m placing through the issue of 540m new ordinary shares at 7p per share. The net proceeds, together with the 88 Energy's existing cash resources (which we estimate to be cA$5m) will be used to fund the ongoing evaluation of the conventional and unconventional prospectivity of the Company's existing assets, including any potential costs from the Charlie-1 well, due to spud during Q1/20, and exploit any new opportunities on the North Slope of Alaska. 88 Energy also released its interim results. For the period ended 30 June, the Company recorded a loss of A$29.3m, with the loss largely attributable to the impairment of the Winx-1, Icewine-1 and Icewine-2 exploration wells (A$28.8m). Cash as at 30 June 2019 was A$6.7m, with 88 Energy raising A$6.75m post period, putting the Company on a much stronger footing heading into the potentially transformational Charlie well in Q1/20.

Companies: 88 Energy
  • 11 Sep 19

Tilapia sidetrack update

AAOG’s preparations for the Tilapia sidetrack have commenced and discussions to secure a rig for November are continuing. The shares have languished in the past month, which is not helpful for the funds expected to be received as part of the Investor Sharing Agreement entered into in July. Nevertheless, there remains significant upside potential from a successful sidetrack and test on the middle Djeno reservoir at Tilapia.

Companies: Anglo African Oil & Gas
  • 16 Sep 19

£5m fund raise

Savannah Resources has announced that it is raising £5m at 2p, including £3.76m through a placing and a further investment of £1.24m from major shareholder Al Marjan. The company’s principal project, the Mina do Barroso lithium project, is being rapidly advanced, although experience from recent spodumene mine startups in Australia has shown that there is a need to fine tune the plant design so that it can successfully process each individual deposit. As a result of the need for additional test work, the Feasibility Study is now expected to be completed in Q2 2020. We have reduced our price target to 15p, reflecting the additional shares and the current spodumene price.

Companies: Savannah Resources
  • 16 Sep 19

FLASH: Guyana discovery opens new play

The Joe-1 exploration well (TLW 60% WI, op, ECO/EOG 15%, AOI c. 2.8%) has found 14 m of net oil pay in high-quality oil bearing sandstone reservoirs of Upper Tertiary age. This derisks the petroleum system of the western area of the Orinduik block, where a number of Tertiary and Cretaceous age prospects have been identified. Additional thinner sands above and below the main pay at Joe-1 are being evaluated for possible incremental pay.

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
  • 10 Sep 19

H1: Kraken and Catcher drive strong operating performance

The half year is marked by a strong operational performance as well as active portfolio management. Production guidance is revised upwards as a result. The Indian tax arbitration case is still ongoing.

Companies: Cairn Energy
  • 30 Jun 16

AIMing for income

So what is the profile of a typical AIM quoted company? The market’s detractors may argue that London’s junior market is peppered with cash consuming companies that are not sufficiently advanced in their route to profitability nor corporate governance regimes to justify their listing. Supporters of the London Stock Exchange’s growth market would say that the Alternative Investment Market is the world’s most successful market for growing companies rewarding investors prepared to brave the risks of earlier stage funding, and driving innovation and job creation. Neither view suggests that AIM would be a fertile hunting ground for income generating stocks. However a glance at the FTSE AIM All Share constituents (Source: Fidessa) suggests that over 250 of its members or circa a quarter of the market’s members pay dividends.

Companies: BVXP BOTB ITQ SHOE CGS DX/ HSP JIL IBEX PRP CAML GTC JIM CCAP ENTU FXI NAH ASY HGM PEN PEG AVG NXR

  • 16 Mar 18

Whitman Howard Morning Mining Summary

Australian spodumene developer Altura Mining (AJM-ASX) announced that it was in discussions to be possibly taken over by its major Chinese shareholder. Assuming £1=AS1.75, the current 44 Australian cent Altura Mining share price implies a Mina do Barroso valuation of £67.5m, nearly 25% higher than our previous Altura Mining read through. Altura is a little further advanced than Savannah, with its Pilgangoora spodumene mine in Western Australia just coming on stream.

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  • 09 Oct 18

Kalaba increasingly looking like a significant cobalt, copper discovery

ARC Minerals holds an effective 71.34% of Zamsort in Zambia and 99% of Casa which in turn owns ~73% of the Akyanga / Misisi Project in the DRC alongside 18.48% of Andiamo and a gold project in Slovakia. Zamsort has an exciting copper-cobalt project relatively close to First Quantum’s new Trident mine on the Copperbelt in Zambia.

Companies: Arc Minerals
  • 16 Jan 19

FY18 trading statement

Tullow released its FY18 trading statement this morning. Given detailed updates in November and the subsequent CMD, there is not much in the way of surprise, but guidance around production seems to be at the lower end. Given numbers are very inline with our forecasts we don’t expect to make any material changes.

Companies: Tullow Oil