During the quarter, production before royalties averaged 232 thousand barrels of oil equivalent per day (MBOE/d), or 207 MBOE/d net of royalties, comprising 80% liquids and 20% natural gas.
Production before royalties fell approximately 8% year over year and on a net-of-royalty basis, it decreased approximately 6%. Lower production mainly reflects unscheduled maintenance at Buzzard as well as commissioning the fourth platform.
Apartment Investment and Management Company (AIV), or Aimco as the real estate investment trust (REIT) is popularly known, reported fiscal 2011 first quarter funds from operations (FFO) of $44.4 million or 38 cents per share compared to $29.3 million or 25 cents in the year-ago period.
In the conventional real estate portfolio, Aimco had a weighted average ownership of 94%. Average rents in the same-store conventional real estate portfolio increased 0.6% during the quarter to $1,049 per unit from $1,043 during first quarter 2010. Rental rates on new leases in the conventional real estate portfolio were 1.9% higher than the expiring lease rates. First quarter 2011 renewal rates were 3.0% higher than the expiring lease rates.
OCEANEERING INTERNATIONAL, INC. is an advanced applied technology company that provides engineered services and hardware to customers who operate in marine, space and other harsh environments. The company supplies a comprehensive range of integrated technical services to a wide array of industries and is one of the world’s largest underwater services contractors.
Shares of Oceaneering International (OII) are trading up 1.13% as of 2:36PM EDT, hitting 87.70. Oceaneering International has a 52 week low of 39.75 and a 52 week high of 92.38.
Parker Hannifin (PH) continues to operate on all cylinders. Originally founded in Cleveland in 1938, Parker Hannifin, which manufactures motion and control technologies for industrial and aerospace customers, now employs 55,000 people in 46 countries.
On Apr 27, for the second time this year, Parker Hannifin raised its quarterly dividend. The dividend, payable on June 3, 2011 to shareholders of record as of May 10, 2011, rose 16% to 37 cents per share from 32 cents.
The company ranks among the top 5 in the S&P 500 in consecutive quarterly pay outs, with its streak extending to 244 quarters over 55 years.
The increased sales of manual meters were not enough to offset the dismal sale of automatic meters. This resulted in decreased gross margins as manual meters have lower margins compared with the automatic meters.
Our long-term Underperform recommendation on the stock indicates that it will perform below the overall market. Our $33 target price, 17.8x our 2011 EPS estimate, reflects this view.
TransAlta Corporation (TAC) carried its momentum into the first quarter of 2011 and delivered a 16% positive earnings surprise. This marked the company’s second consecutive earnings beat.
The outlook appears strong for TAC over the next few years as it continues to expand its wind production. If consensus estimates materialize, TransAlta will grow EPS by 20% in 2011 and 13% in 2012 – not too shabby for a utility.
The company also pays a dividend that yields a juicy 5.3%. It is a Zacks #2 Rank (Buy) stock.
GulfMark Offshore, Inc. is a corporation that provides offshore marine services primarily to companies involved in offshore exploration and production of oil and natural gas. Their vessels transport drilling materials, supplies and personnel to offshore facilities, as well as move and position drilling structures.
Shares of GulfMark Offshore, Inc. (GLF) are trading up 2.39% as of 4:05PM EDT, hitting 42.19. GulfMark Offshore, Inc. has a 52 week low of 23.83 and a 52 week high of 47.31.
InterNAP Network Services Corp is a provider of high performance Internet connectivity services targeted at businesses seeking to maximize the performance of mission-critical Internet-based applications.Shares of InterNAP Network Services (INAP) are trading up 2.94% as of 4:00PM EDT, hitting 7.46. InterNAP Network Services has a 52 week low of 3.90 and a 52 week high of 7.89.
The Board of Directors of Sonoco Products Co. (SON) declared an increase of a penny per share in the quarterly dividend from the previous dividend of 28 cents per share.
The dividend at the enhanced rate, amounting to 29 cents per share, will be payable on June 10, 2011 to shareholders of record as of May 13, 2011.
According to management, this is the 29th consecutive year when Sonoco has increased dividend on its common stock. This is also the 344th quarter starting from 1925 when the company has paid dividend to shareholders.
According to the company’s guidance, the annual dividend is expected to rise from $1.12 to $1.16 per share, representing an increase of 3.6%.
Total revenue inched down 3.7% sequentially and inched up 7.5% year over year to $265.4 million in the first quarter. Total operating expenses increased 0.2% sequentially to $180.2 million, driven by higher employee compensation and benefits and general, administrative and occupancy expenses. Moreover, expenses also upped 0.3% year over year due to higher distribution expenses.
Operating margin was 32.1% compared with 34.7% in the prior quarter and 27.3% in the year-ago quarter.
DuPont (DD) reported an increase in profit to $1.43 billion or $1.52 per share in the first quarter of 2011 from $1.13 billion or $1.24 per share in the same quarter of 2010.
The improvement in profit was attributable to higher sales in the developing markets and strong volumes, especially in Safety & Protection, Agriculture & Nutrition and Electronics & Communications segments.
Sales in the quarter grew 18% to $10.0 billion, up from the Zacks Consensus Estimate of $9.3 billion. The increase in sales reflected a 9% rise in sales volume, 8% increase in local price and 1% net increase from portfolio changes. Sales in the developing markets rose 30%.
Intel reported revenue of $12.8 billion that was better than management’s original guidance range of $11.5 billion (+/- $400 million). Revenue for the quarter increased 12.1% sequentially and 24.7% year over year, exceeding the Zacks Consensus estimate by 10.8%.
Intel also touched on the progress in the tablet and smartphone segments. The company launched OakTrail for tablets earlier this month and appears optimistic about design wins across multiple operating systems(Windows, Android and MeeGo). Medfield-based design wins for smartphones appear to be some way off, as the company is still in talks with handset manufacturers.
Third quarter fiscal 2011 revenue of $2.25 billion declined 14.8% year over year and 9.0% sequentially. The downfall was due to a $6.0 year over year and $2.0 sequential decline in average hard drive selling price, to $45 per unit. Moreover, total Hard Disc Drive (HDD) units shipped during the third quarter were 50.0 million, down from 51.0 million in the year-ago period.
Revenue from sales of the company’s flagship products, including WD TV and WD LiveWire products was down 6.0% from the year-ago quarter and 19.0% from the prior quarter.
EMC Corp. (EMC) reported first quarter 2011 adjusted earnings per share (EPS) of 24 cents, up 20.0% from 20 cents posted in the first quarter of 2010. Earnings (excluding stock based compensation, restructuring charges and intangible asset amortization) were 31 cents per share, up 19.2% year over year.
Net income (including stock-based compensation but excluding restructuring charges and intangible asset amortization) in the first quarter was $549.3 million, up 26.7% year over year. Net margin was 12.0% in the quarter, up 90 basis points (bps) from the year-ago quarter.
Healthways (HWAY) and Gallup recently announced the results of the Gallup-Healthways Monthly U.S. Well-Being Report for March 2011. The component indices for the Gallup-Healthways Well-Being Index (“WBI”) were, on the whole, level with the sequentially prior month. In addition, the overarching Well-Being Index composite measure remained low at 66.3.
Among the components of the WBI, the Work Environment Index (“WEI”) gained a miniscule point from the all-time low of 45.4 recorded in February 2011.
Sterling Financial Corporation is a unitary savings and loan holding company. Sterling provides personalized, quality financial services to its customers.
Shares of Sterling Financial Corporation (STSA) are trading up 8.85% as of 3:13PM EDT, hitting 19.00. Sterling Financial Corporation has a 52 week low of 14.85 and a 52 week high of 133.98.
UnionTown Energy Inc. is a company focused on the acquisition, exploration, development and production of oil and natural gas properties throughout North America. The company announced today that it completed the purchase of the Musselshell Property in Montana.
UnionTown believes the western half of the property, which covers the Heath formation, has the potential to support 16 horizontal drill sites with 2,000 foot horizontal legs. Seismic data on the eastern half of the property, which covers the Amsden formation, also shows exploration potential. The company also reports that it will immediately have a workover crew begin operations to perforate the existing well to test for production.
Equities research analysts at DA Davidson Upgraded shares of Broadcom Corporation (BRCM) to a “Buy” rating in a research note released to investors today.
Broadcom Corporation is a leading developer of highly integrated siliconsolutions that enable broadband digital data transmission to the home and within the business enterprise.
Shares of Broadcom Corporation (BRCM) are trading up 3.90% as of 10:46AM EDT, hitting 40.40. Broadcom Corporation has a 52 week low of 29.05 and a 52 week high of 47.39. The companies last released earnings were 1.98 per share. were The company has a market cap of and a price-to-earnings ratio of 20.13.
Apple currently represents about 20.49% of the total index weight and post rebalancing, Apple will carry a weight of approximately 12.33%. This significant reduction is on account of the Nasdaq OMX Group’s realignment policy, which is based on respective market capitalizations of companies.
Since the previous realignment in 1998, Apple as a company has grown manifold and shares of Apple have appreciated a staggering 3,779%, representing a market capitalization of $332 billion. In 1998, market capitalization was just $2.1 billion, according to Bloomberg data.
EMC Corp. (EMC), a leading provider of information infrastructure solutions, released three new additions to Greenplum’s Data Computing Appliance (DCA) products known as the High Capacity DCA, the High Performance DCA and the Data Integration Accelerator.
EMC acquired Greenplum in July 2010 and introduced EMC Greenplum Data Computing Appliance in October 2010. This integrated data warehousing system was built by using Greenplum’s massively parallel processing architecture (MPP).