HOUSTON and DENVER, Dec. 16, 2013 (GLOBE NEWSWIRE) -- LINN Energy, LLC (LINE), LinnCo, LLC (LNCO) and Berry Petroleum Company (BRY) (the "Companies") today announced that the unitholders and shareholders of LINN Energy, LinnCo and Berry Petroleum have approved the previously announced merger and related transactions between LINN Energy, LinnCo and Berry Petroleum at the Companies' annual meetings held today. The transaction is anticipated to close on December 16, 2013.
December 16, 2013
07:08 EDT ATW Atwood Oceanics upgraded to Conviction Buy from Buy at Goldman
Goldman added Atwood to the Conviction Buy List due to the recent sell-off in shares and expected 4th generation rig contract awards near-term. Price target lowered to $72 from $73.
Good questions. In their last 10-Q, it states "As of September 30, 2013 and December 31, 2012, Genco Shipping & Trading Limited’s (“Genco” or “Parent”) ownership of 6,103,471 and 5,699,088 shares, respectively, of the Company’s Class B stock represented a 13.97% and 24.78% ownership interest in the Company, respectively, and 70.90% and 83.17% of the aggregate voting power of the Company’s outstanding shares of voting stock, respectively. Pursuant to an amendment to Genco’s $1.4 billion credit facility entered into on August 1, 2012, all of the Company’s Class B stock is pledged as security for Genco’s obligations under such facility."
Lots of "Ifs", and I suspect the sale of Class B shares, which would only raise about $30M for GNK, would not be of great concern to BALT. Of course, the key is the leverage that BALT gains from GNK in terms of services and management of fleet, and connecting with charterers…I suspect the latter wouldn't vanish even in the worse case scenario.
I am more curious as to the extent BALT would be inclined to do additional secondary(s) to raise funds to be used to purchase GNK vessels, at distressed prices. BALT continues to have access to capital markets, where GNK doesn't. Would BALT, for instance, entertain raising $100M to purchase 2 modern Capes from the GNK fleet, and does that even put a dent into GNK's cash flow issue?
Also, would BALT " feel" pressured to be a buyer of GNK assets at this time, even if such actions were inconsistent with its long term growth plans?
"doesn't sound un reasonable" is equally subjective...
There are many reasons to sell, but only one to buy. No insiders have bought.
Almost it's entire Panamax fleet is in spot, and currently earning above break-even on a net income basis rates. It's Capes are on " decent" long term charters that are also above break even on net income basis.
Is aframax and suezmax fleet is all spot, and fully capitalizing on current market strength.
So, DRYS is reaping the wind for the moment, where many other shippers with T/C are not.
It's a 2-edged sworded of course, and rates are highly seasonal. But the bias in rates is to the upside, and spot is the best way to capitalize.
BALT has it's entire 13 vessel fleet in spot, and appears best positioned of all trading bulker pure plays to ride the current wave.
Its not like the old days, but then the shares of some trade so far below NAV, and with vessel prices also rebounding strongly, that share valuations are quote compelling in select cases.
According to fillings, insiders have been dumping shares...at prices now 20% above current trades. No buying. $40M of insider sales since 11 November is a large sum ......
you've been posting on PRGN long enough…You've probably made your mind up long ago.
With PRGN down 5% today, you've got a better buy point.
The action in QCOR shares has all the feel of a teeter-toter, that could move to $25/sh with additional negative news by an insurer to reduce or eliminate coverage, by an analyst downgrade, by further litigation claims…etc. Its very unpredictable, but what does seem palpable is the fear.
Not sure if folks are fully aware, but their LCC long shares are up nearly 10% form Friday's close. They of course now trade under AAL symbol, but the share price on Friday of $22.55 is now at about $24.60.
Here are the particulars on what GMLP acquired for $310M. Note that in Nov 2012, they purchased the LNG carrier Golar Grand, for $265M. That was a 2006 vessel, 146,000 cubic meter capacity, of a 5-hr charter. The Igloo is 20% larger vessel, much more sophisticated and versatile, not to mention a more full efficient carrier.
IN this sense, the price seems reasonable, at least compared to the Grand purchase.
GOLAR Igloo (2013 FSRU) has 5 year contract with Kuwait National Petroleum Company:
$213 Million TCP value over 5 years.
Contract is for 9 months of regasifaction
service per year.
Golar will trade vessel as LNG carrier during off season.
FSRU is Golar Igloo:
Project start up March 2014.
Middle East is a significant area of LNG supply and demand – potential fixtures on both departure and return legs of off season.
Chapel Hill, N.C., December 5, 2013 — POZEN Inc. (NASDAQ: POZN) , a pharmaceutical company committed to transforming medicine that transforms lives, today announced that the ex-dividend date for POZEN’s previously announced $1.75 special cash distribution is December 31, 2013. On November 21, 2013 POZEN announced that its Board of Directors had declared a special cash distribution of $1.75 per share payable to stockholders of record holding outstanding shares of POZEN’s common stock as of the close of business on December 11, 2013, with an expected payment date of December 30, 2013. Because the special cash distribution exceeded 25% of the value of POZEN’s common stock at the time of declaration, in accordance with Financial Industry Regulatory Authority Rule 11140, NASDAQ has determined that the ex-dividend date for this special cash distribution will be December 31, 2013, the first business day following the payable date. As a result, shares of POZEN’s common stock issued and outstanding on December 11, 2013 shall continue to trade with the right to receive the special cash distribution through the expected payment date of December 30, 2013. Please consult with your broker, legal or financial advisors as to any questions concerning the impact of the December 31, 2013 ex-dividend date.
Obviously not….shares hitting 52-wk highs.
Drydock will enhance earnings and efficiency.
New vessel deliveries more than offsets the one-time dry docking.
buy BALT while you can!
Obviously, no one is buying the earnings growth of ATW.
Obviously, no one is buying the $8/sh earnings for FY15.
Obviously, no one thinks they can get strong contracts for their new builds.
And therefore, I suggest….
…. the shares are mis-priced,
…..they trade 30% too low at least,
The beauty of the MLP. It allows SDRL to realize a much high multiple on its assets, sSDLP will issue shares to cover the purchase (as opposed to SDRL issuing shares to cover cost of the drillships…), while still benefiting from the revenue on the vessels' contracts, since SDRL owns a sizable fraction of the MLP shares and thus effectively receives distributions from the MLP.
The freed cash allows SDRL to invest in its fleet expansion without itself diluting shareholders….
4:03PM Linn Energy reiterates guidance for Q4 production of 840-860 MMcfe/d (LINE) 30.06 +0.06 : LINE reiterates total estimated production during the fourth quarter to be between 840 MMcfe/d and 860 MMcfe/d, which includes the impact from recent severe winter weather in the Permian and Mid-Continent operating regions. Additionally, LINN increased its fourth quarter guidance for "excess of net cash"(1) to be approximately 5-10% above the Company's current distribution, compared to prior guidance of zero percent above the Company's current distribution. Both estimates do not include the anticipated positive impact from the pending merger with Berry Petroleum Company. During the quarter, production has remained on-track, NGL prices have continued to increase and the Company has continued to realize lower operating expenses, all of which have contributed to this updated fourth quarter guidance. For the full-year 2013, LINN estimates production growth of 8-10%, which remains on-track with the previous guidance provided by the Company.
This is a key point. As a % of fleet, AA has an order backlog near 80% of its existing fleet. By comparison, DAL order book is 30%. Of course, there is the cost of having to replace the AA fleet, but with their debt restructure and the LCC cash ($17B) and current earnings, this will be manageable. Indeed AAL will have the airline's most modern and efficient fleet in the near future….
Not only do they make a big investment in VLCC (~$652M), but they "sell" four of their new build MRs to accommodate the refocus on VLCC…….
Scorpio Tankers announced that it has entered into agreements for the construction of seven Very Large Crude Carriers, or VLCCs, and entered into an agreement with an unaffiliated third party to issue shares in exchange for the transfer of ownership to the company of four MR product tankers currently under construction in South Korea. The company has reached agreements with Daewoo Shipbuilding and Marine Engineering and Hyundai Samho Heavy Industries for the construction of seven VLCCs for an aggregate price of approximately $652.5M. One vessel is scheduled for delivery in the third quarter of 2015, two in the fourth quarter of 2015, two in 1Q16 and two in 4Q16.