Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on TULLOW OIL PLC. We currently have 83 research reports from 7 professional analysts.
|05Dec16 05:38||RNS||Holding(s) in Company|
|02Dec16 02:45||RNS||Holding(s) in Company|
|30Nov16 04:39||RNS||Total Voting Rights|
|30Nov16 10:17||RNS||Holding(s) in Company|
|24Nov16 04:29||RNS||Holding(s) in Company|
|24Nov16 04:29||RNS||Holding(s) in Company|
|23Nov16 09:52||RNS||Holding(s) in Company|
Frequency of research reports
Research reports on
TULLOW OIL PLC
TULLOW OIL PLC
Jubilee insurance offsets lower TEN production in 2016; capex 2017 at $0.3-0.5bn
09 Nov 16
November trading update: - West Africa net production 2016 at 64-67kbpd (vs. 62-68kbpd previously), including the production-equivalent revenues from Jubilee insurance: o Jubilee at 100kbpd gross since August (annualised at 74kbpd gross, 26.3kbpd net); the insurance (confirmed in September) should provide production-equivalent revenues of 4kbpd net annualised (offsetting TEN issues below). Turret project: the interim spread mooring should be delivered by end-2016; o TEN: first oil on 18 August, first offtake on 6 October, gross production at c. 50kbpd; annualised 2016 at 15kbpd gross (vs. 23kbpd), 7.1kbpd net (vs. 11kbpd); o Non-operated West Africa at c. 28kbpd net (confirmed). - Europe at c. 6kbpd (vs. 6-7kbpd). Capex 2016 has been cut to at $0.9bn (vs. $1.0bn); capex 2017 at $0.3-0.5bn. Net debt at end-2016 expected at $4.9bn.
Trading update – negative
09 Nov 16
The key highlights from Tullow’s November trading statement are lower than expected production at TEN, where guidance has been reduced from gross 23kbd annualised to 15kbd, FY16, capex of US$0.9bn from US$1.0bn and projected YE16 net debt of US$4.9bn with unutilised debt capacity and free cash of approximately US$0.9bn. We reduce our forecasts to reflect the revised production guidance and also the weaker balance sheet position. Reiterate Sell and 180p per share Target Price.
31 Oct 16
"London looks set to open the new week on a downbeat note, with the FTSE-100 losing some 15 points in this morning's opening trade. Not surprisingly, with just over a week before US election day, politics is dominating everything; Friday's broadside from the FBI, launching a new investigation into Hillary Clinton's use of a private email server immediately narrowed the polls, as betting flooded back into a Trump just at a time when the Democrats had genuinely started to believe they had it in the bag. Far from an ideal solution for the markets, Clinton does at least provide continuity, whereas Trump by comparison spells out investors worst phobia, 'uncertainty'. As a result, US equities closed down right across the board and the Asian markets largely followed suit with sentiment also knocked by Japanese industrial production and retail sales data missing consensus forecasts, leaving only the ASX making a reasonable gain as its financial continued to bask in the glow of recent positive macroeconomic figures from the territory. The UK is due to release lending data this morning, which analysts will scrutinise closely looking for any rebound in mortgage approvals which fell back to a two year low in August; the Bank of England's release of September Gilt sales will also be examined to check whether demand from international investors has held up following the broad GBP4.4bn sell-off reported in July which was followed by a mild GBP1.8bn recovery in August. The Eurozone is expected to release 3Q'2016 GDP data and inflation figures this morning, while the US is scheduled to provide personal income numbers. UK corporates due to release earnings or trading updates include Centamin (CEY.L), Plant Impact (PIM.L), Wey Education (WEY.L) and WPP (WPP.L). Market watchers will also be sensitive to further media comment regarding whether or not the Governor of the Bank of England, Mark Carney, has decided to bow out from his role on his soon-to-be-completed fifth anniversary in office, or to stay for the full eight-year appointment. The Financial Times this morning headlines with news that he had apparently told close contacts, however, that he intends to remain from the entire period." - Barry Gibb, Research Analyst
08 Dec 16
Elderstreet stake acquired 02 GENERAL NEWS Globalworth premium In this issue Venture capital firm Draper Esprit has taken a 30.8% stake in venture capital trust manager Elderstreet. Both investment managers focus on the technology sector and they will be able to co-invest. Elderstreet has investments in a number of AIM-quoted companies through its VCTs. The purchase was funded by an issue of Draper Esprit shares worth just over £250,000. Simon Cook, the chief executive of Draper Esprit, is a former partner at Elderstreet so he knows the business and the people who run it, although he did leave more than 14 years ago. Cook has previously acquired portfolios from 3i and Cazenove, two other firms where he has worked. Draper Esprit has an option to acquire the remaining shares in Elderstreet, which has more than £25m under management. Adding Elderstreet to the group enables Draper Esprit to offer investors a range of EIS funds, VCTs and an ISA qualifying listed evergreen patient capital fund. The enlarged group has venture capital assets under management of more than £350m. At the end of September 2016, Draper Esprit had a net asset value of 352p a share, which is similar to the current share price. The June 2016 flotation price was 300p a share. Draper Esprit is quoted on Ireland’s Enterprise Securities Market as well as AIM.
01 Nov 16
Since our last outlook note, Quadrise has begun to supply MSAR for extended LONO sea trials, paving the way for commercial adoption from calendar H217 onwards. In August it signed a memorandum of understanding with clients in the Kingdom of Saudi Arabia (KSA), which is a key enabler for progressing the production-to-combustion pilot there. In October it completed a placing and open offer raising a total of £5.25m (gross). This should enable it to transition comfortably to the commercial phase on successful completion of the LONO and KSA trials.
Raising Target Price to 2,500p per share
01 Nov 16
Royal Dutch reported clean EPS of US$0.35, nearly 50% ahead of consensus. More importantly, cash flow jumped QoQ to US$8.5bn which should go a long way to confirming Shell’s capacity to maintain the current dividend, despite the increase in gearing to 29.2%. Upstream returned to profitability on an underlying basis for the first time since 1Q15. We believe these results confirm our view that Shell’s dividend can and will be maintained at US$0.47 per quarter and we increase our Target Price to 2,500p per share, given further sterling weakness.
Conviction List Q4 2016
05 Oct 16
Since its inception in 2010, the Conviction List has outperformed the market in 13 of 18 periods and a reinvested Conviction List would have returned 255% against a Small Companies index that would have returned 130%. Our Conviction List returned 3.7% over the last quarter; this was set against the benchmark UK Small Companies index that returned 11.3% over the same period. Our Q4 portfolio reflects our outlook for a temporary sweet spot for UK growth during the second half of 2016. The downside risk from the uncertainty of the EU Referendum result has been countered by stimulus from the Bank of England, signs of a looser fiscal stance and an 18% YoY reduction in the Sterling Exchange Rate. Compressed corporate fixed income spreads continue to provide a valuation underpin for global equities.
GTL transaction not going ahead
01 Dec 16
Intelligent Energy (IEH) has announced that the deal to acquire the Energy Management Business of GTL will not now be consummated. The move leaves management free to concentrate on driving sales of commercially ready B2B products, which is a key element of its strategy. We adjust our FY17e revenue estimate while leaving our pre-exceptional losses and cash-flow forecasts unchanged.