The document discusses Gulf Island Fabrication Inc., an oil and gas field services firm specialized in offshore drilling platforms. It notes that plummeting oil prices from $110 to $50 per barrel have severely impacted offshore rig activity. This represents a threat to Gulf Island as its backlog decreases and projects may be halted or suspended. However, the company's debt-free status provides flexibility to adapt to changing conditions. The document maintains a market perform rating for Gulf Island with a target price of $18, citing its diversification efforts and management's focus on improving margins.
This edition of Energy Perspectives summarizes industry activity in 2015 and outlook for 2016. Cost-cutting and balance sheet restructurings prevailed in 2015 in an effort to ensure survival in early 2016. M&A activity may be led by distressed opportunities, while bankruptcies are expected to accelerate. Once the industry reaches equilibrium, consolidation is expected as a means to capitalize on the “New Normal.”
After drastically cutting costs and preserving cash, players are realizing the downturn may last longer than expected as times are brutal. We are now 26 months into the biggest downturn in decades, entering a period of structural reform. The author uses a "traffic light" theory to assess markets, believing feelings of panic or optimism are often justified. The offshore market faces oversupply, falling utilization and rates, and a lack of new orders, while restructuring has started across sectors. The short to medium term outlook remains poor, but signs of eventual recovery are emerging as imbalances are addressed.
This document provides information about Phillips 66's 2016 Annual Meeting of Shareholders held on May 4, 2016 in Houston, TX. It includes highlights from 2015 such as donating over $22 million to education and charities and hiring 25% of new refining employees as veterans. The presentation discusses Phillips 66's strategy of operational excellence, growth, returns, and having a high-performing organization. Financial details are provided on adjusted EBITDA, capital expenditures, returns on capital employed, and shareholder distributions through dividends and share repurchases.
Phillips 66 reported adjusted earnings of $83 million for the fourth quarter of 2016. Operating cash flow was $667 million for the quarter. Capital expenditures and investments totaled $813 million. For the full year 2016, adjusted earnings were $1.5 billion and operating cash flow was $3 billion. The company provided an outlook for 2017 including global olefins and polyolefins utilization in the high 80% range and refining crude utilization in the low 80% range.
Phillips 66 reported adjusted earnings of $499 million for the second quarter of 2016. The company generated $1.2 billion in operating cash flow and spent $620 million on capital expenditures and investments. For the quarter, midstream earnings increased 16% while refining earnings fell due to planned maintenance. Marketing and specialties earnings grew due to strong global margins.
This document provides an initiating coverage report on Exxon Mobil Corp by The William C. Dunkelberg Owl Fund. It recommends buying Exxon stock with a target price of $88.07, noting that Exxon is currently trading at a discount to its historical valuation relative to competitor Chevron. The report analyzes Exxon's business segments, the integrated oil and gas industry environment of low oil prices and excess supply, and catalysts like expansions that are expected to drive future earnings growth.
There are thousands of resources to get stock market tips online, Epic Research is a advisory firm provide online stock market tips, calls via Email or message.
The document summarizes the strong performance of the stock market in the first quarter of 2012, with the S&P 500 rising 12% which was its best start since 1998. Analysts attributed the gains to an easing of Europe's debt crisis, a strengthening global economy, rising US consumer sentiment, and supportive Federal Reserve policy. However, some warn that the market could falter later in the year as it has in recent years, due to potential risks like renewed European debt issues or a slowing US economy.
This edition of Energy Perspectives summarizes industry activity in 2015 and outlook for 2016. Cost-cutting and balance sheet restructurings prevailed in 2015 in an effort to ensure survival in early 2016. M&A activity may be led by distressed opportunities, while bankruptcies are expected to accelerate. Once the industry reaches equilibrium, consolidation is expected as a means to capitalize on the “New Normal.”
After drastically cutting costs and preserving cash, players are realizing the downturn may last longer than expected as times are brutal. We are now 26 months into the biggest downturn in decades, entering a period of structural reform. The author uses a "traffic light" theory to assess markets, believing feelings of panic or optimism are often justified. The offshore market faces oversupply, falling utilization and rates, and a lack of new orders, while restructuring has started across sectors. The short to medium term outlook remains poor, but signs of eventual recovery are emerging as imbalances are addressed.
This document provides information about Phillips 66's 2016 Annual Meeting of Shareholders held on May 4, 2016 in Houston, TX. It includes highlights from 2015 such as donating over $22 million to education and charities and hiring 25% of new refining employees as veterans. The presentation discusses Phillips 66's strategy of operational excellence, growth, returns, and having a high-performing organization. Financial details are provided on adjusted EBITDA, capital expenditures, returns on capital employed, and shareholder distributions through dividends and share repurchases.
Phillips 66 reported adjusted earnings of $83 million for the fourth quarter of 2016. Operating cash flow was $667 million for the quarter. Capital expenditures and investments totaled $813 million. For the full year 2016, adjusted earnings were $1.5 billion and operating cash flow was $3 billion. The company provided an outlook for 2017 including global olefins and polyolefins utilization in the high 80% range and refining crude utilization in the low 80% range.
Phillips 66 reported adjusted earnings of $499 million for the second quarter of 2016. The company generated $1.2 billion in operating cash flow and spent $620 million on capital expenditures and investments. For the quarter, midstream earnings increased 16% while refining earnings fell due to planned maintenance. Marketing and specialties earnings grew due to strong global margins.
This document provides an initiating coverage report on Exxon Mobil Corp by The William C. Dunkelberg Owl Fund. It recommends buying Exxon stock with a target price of $88.07, noting that Exxon is currently trading at a discount to its historical valuation relative to competitor Chevron. The report analyzes Exxon's business segments, the integrated oil and gas industry environment of low oil prices and excess supply, and catalysts like expansions that are expected to drive future earnings growth.
There are thousands of resources to get stock market tips online, Epic Research is a advisory firm provide online stock market tips, calls via Email or message.
The document summarizes the strong performance of the stock market in the first quarter of 2012, with the S&P 500 rising 12% which was its best start since 1998. Analysts attributed the gains to an easing of Europe's debt crisis, a strengthening global economy, rising US consumer sentiment, and supportive Federal Reserve policy. However, some warn that the market could falter later in the year as it has in recent years, due to potential risks like renewed European debt issues or a slowing US economy.
A Guerra dos Farrapos foi um conflito entre 1835-1845 no Rio Grande do Sul contra o governo imperial brasileiro com motivações de descontentamento político e econômico. Os farroupilhas proclamaram duas repúblicas separatistas, a República Rio-Grandense em 1836 e a República Juliana em 1839, antes de o movimento ser pacificado sem um tratado de paz formal.
Breve presentazione di Parry e Associati, Società di consulenza strategica. Parry supporta le Aziende nelle seguenti aree: Relazioni Istituzionali, Public Affairs, Regulatory, Marketing Relazionale, Marketing Strategico, Corporate Social Responsibility.
O documento discute a história do Canadá, desde os primeiros povos nativos até os dias atuais. Aborda a chegada dos europeus, a colonização francesa e inglesa, a independência dos EUA, a formação do país e sua democracia. Também menciona aspectos políticos atuais e a diversidade cultural do Canadá.
The document categorizes economies as developed, developing, low cost, or least developed and lists characteristics of each. Developed economies experience sustained growth, literacy, exports and industrial sectors. Developing and low cost countries face challenges like poverty, debt, unemployment and inadequate infrastructure. Least developed countries also struggle with illiteracy, outdated technology, and unequal wealth distribution.
Korvi Rakshand founded JAAGO Foundation in 2007 to provide education to underprivileged children in Bangladesh. He started with 17 children in a single rented room and has since expanded to 8 schools educating 1400 children. JAAGO also undertakes health, nutrition, and social development projects to improve lives. In addition, JAAGO's Volunteer for Bangladesh program inspires youth volunteerism and community development projects across Bangladesh with over 10,000 volunteers. JAAGO aims to expand to provide free, quality education to underprivileged children nationwide and fulfill its vision of rebuilding Bangladesh through education.
The document details the author's passion for music from a young age when they started their first band at thirteen. They enjoyed recording their music which led them to collect equipment and learn more about recording. They went to college to study music theory, classical guitar and piano, but wanted a focus on recording, so attended Full Sail University for Music Production. There they discovered their ideal career is creating soundtracks and sound effects for video games by working closely with game developers.
The resume is for MD. Habib Azmi Jesan, seeking an ambitious career opportunity utilizing his B.Sc. in Electrical & Electronics Engineering from American International University-Bangladesh. He has strong skills in Microsoft Office, engineering software like MATLAB, and programming languages. His experience includes a 4-week industrial training program covering electrical systems, instrumentation, and industrial safety. He maintains high academic performance with GPAs ranging from 3.45 to 5.00.
El documento describe las diferencias entre la Web 1.0 y la Web 2.0, destacando que la Web 2.0 permite la descentralización y producción de información por parte de los usuarios. También resalta la importancia de que la educación y alfabetización digital acompañen el desarrollo tecnológico para que las herramientas se usen de manera positiva. Finalmente, propone que los docentes adopten una actitud de apertura e investigación para enriquecer sus prácticas mediante el uso de comunidades de aprendizaje en
[Ringkasan]
OSIS merupakan organisasi siswa resmi di sekolah yang bertujuan sebagai wadah kegiatan siswa dan pembinaan kesiswaan. OSIS bekerja sama dengan jalur pembinaan lain untuk mengadakan kegiatan seperti latihan kepemimpinan dan ekstrakurikuler guna mencapai tujuan pembentukannya seperti menghimpun bakat siswa dan semangat persatuan. Faktor-faktor seperti sumber daya, koordinasi kegiatan
Rainplus Siphonic vs Conventional DrainageJordan Smith
The document compares conventional and siphonic roof drainage systems. Conventional systems use gravity flow through individually stacked pipes, while siphonic systems use a single collecting pipe and negative pressure flow. Siphonic systems reduce pipe quantities by 20-30% and total costs by 20-30% compared to conventional systems, making them more economical. They also allow for more flexible design and easier installation.
1) Um monômio é uma expressão algébrica com multiplicações entre números e incógnitas. Ele é dividido em um coeficiente e uma parte literal com variáveis e potências.
2) O grau de um monômio é dado pela soma dos expoentes da parte literal. Dois monômios são semelhantes quando suas partes literais são iguas.
3) Na adição e multiplicação de monômios, operamos com os coeficientes e partes literais. Na divisão, dividimos coeficientes e partes literais.
Dokumen tersebut membahas tentang grounding atau pembumian sistem listrik, termasuk definisi, kegunaan, syarat, dan faktor yang mempengaruhinya. Dibahas pula macam-macam earth tester yang digunakan untuk mengukur tahanan tanah, komponen, dan cara kerjanya.
Raisa Tamanna Khan is seeking a position in the development sector in Bangladesh. She has 5 years of work experience in communication, research, and teaching roles. Her experience includes positions at SANEM, JAAGO Foundation, Bangladesh Youth Leadership Center, and Disaster Forum. She holds a Master's degree in Development Studies from BRAC University and volunteered with organizations like UNYAP, BRAC University's Outreach Program, and JAAGO Foundation. She is proficient in English, has strong communication skills, and is recommended by academics and leaders in the development field in Bangladesh.
GI-FI (Gigabit Fidelity) or Giga bit wireless refers to wireless communication at a data rate of more than one billion bits (gigabits) per second. GI-FI offers some advantages over WI-FI, a similar wireless technology. In that it offers faster information rate in GBPS, less power consumption and low cost for short range transmission as compare to current technology. GI-FI consists of a chip which has facility to deliver short-range multi gigabit data transfer in a local environment and compared to other technologies in the market it is ten times faster. GI-FI has the data transfer speed up to 5 GBPS within a short-range of 10 metres. It operates in 60 GHZ frequency band. GI-FI is developed on an integrated wireless transceiver chip. It has both transmitter and receiver, integrated on a single chip which is fabricated using the CMOS (complementary metal oxide semiconductor) process and it also consists of a small antenna. GI-FI allows transferring large videos, audio files, data files etc. within few seconds.
Gulf Island Fabrication Inc. is rated as a Market Underperform with a 12-month target price of $8.00. While trends in maintenance and upgrades of aging rigs provide a revenue source, declining backlogs and excess rigs in storage could negatively impact shares. However, the company is diversifying through acquisitions like LEEVAC Shipyards and pursuing work in offshore wind and LNG to weather industry downturns.
FX Energy has gas assets in Poland and is focused on further developing those assets. Poland has a strong gas market with higher prices than in the US. FX has increased its reserves and production in Poland in recent years through successful exploration and drilling. It expects further production and reserve growth through new wells coming online in 2016-2017. Poland has significant undiscovered gas potential that remains underexplored due to lack of access during the Soviet era, representing an opportunity for FX Energy.
A Guerra dos Farrapos foi um conflito entre 1835-1845 no Rio Grande do Sul contra o governo imperial brasileiro com motivações de descontentamento político e econômico. Os farroupilhas proclamaram duas repúblicas separatistas, a República Rio-Grandense em 1836 e a República Juliana em 1839, antes de o movimento ser pacificado sem um tratado de paz formal.
Breve presentazione di Parry e Associati, Società di consulenza strategica. Parry supporta le Aziende nelle seguenti aree: Relazioni Istituzionali, Public Affairs, Regulatory, Marketing Relazionale, Marketing Strategico, Corporate Social Responsibility.
O documento discute a história do Canadá, desde os primeiros povos nativos até os dias atuais. Aborda a chegada dos europeus, a colonização francesa e inglesa, a independência dos EUA, a formação do país e sua democracia. Também menciona aspectos políticos atuais e a diversidade cultural do Canadá.
The document categorizes economies as developed, developing, low cost, or least developed and lists characteristics of each. Developed economies experience sustained growth, literacy, exports and industrial sectors. Developing and low cost countries face challenges like poverty, debt, unemployment and inadequate infrastructure. Least developed countries also struggle with illiteracy, outdated technology, and unequal wealth distribution.
Korvi Rakshand founded JAAGO Foundation in 2007 to provide education to underprivileged children in Bangladesh. He started with 17 children in a single rented room and has since expanded to 8 schools educating 1400 children. JAAGO also undertakes health, nutrition, and social development projects to improve lives. In addition, JAAGO's Volunteer for Bangladesh program inspires youth volunteerism and community development projects across Bangladesh with over 10,000 volunteers. JAAGO aims to expand to provide free, quality education to underprivileged children nationwide and fulfill its vision of rebuilding Bangladesh through education.
The document details the author's passion for music from a young age when they started their first band at thirteen. They enjoyed recording their music which led them to collect equipment and learn more about recording. They went to college to study music theory, classical guitar and piano, but wanted a focus on recording, so attended Full Sail University for Music Production. There they discovered their ideal career is creating soundtracks and sound effects for video games by working closely with game developers.
The resume is for MD. Habib Azmi Jesan, seeking an ambitious career opportunity utilizing his B.Sc. in Electrical & Electronics Engineering from American International University-Bangladesh. He has strong skills in Microsoft Office, engineering software like MATLAB, and programming languages. His experience includes a 4-week industrial training program covering electrical systems, instrumentation, and industrial safety. He maintains high academic performance with GPAs ranging from 3.45 to 5.00.
El documento describe las diferencias entre la Web 1.0 y la Web 2.0, destacando que la Web 2.0 permite la descentralización y producción de información por parte de los usuarios. También resalta la importancia de que la educación y alfabetización digital acompañen el desarrollo tecnológico para que las herramientas se usen de manera positiva. Finalmente, propone que los docentes adopten una actitud de apertura e investigación para enriquecer sus prácticas mediante el uso de comunidades de aprendizaje en
[Ringkasan]
OSIS merupakan organisasi siswa resmi di sekolah yang bertujuan sebagai wadah kegiatan siswa dan pembinaan kesiswaan. OSIS bekerja sama dengan jalur pembinaan lain untuk mengadakan kegiatan seperti latihan kepemimpinan dan ekstrakurikuler guna mencapai tujuan pembentukannya seperti menghimpun bakat siswa dan semangat persatuan. Faktor-faktor seperti sumber daya, koordinasi kegiatan
Rainplus Siphonic vs Conventional DrainageJordan Smith
The document compares conventional and siphonic roof drainage systems. Conventional systems use gravity flow through individually stacked pipes, while siphonic systems use a single collecting pipe and negative pressure flow. Siphonic systems reduce pipe quantities by 20-30% and total costs by 20-30% compared to conventional systems, making them more economical. They also allow for more flexible design and easier installation.
1) Um monômio é uma expressão algébrica com multiplicações entre números e incógnitas. Ele é dividido em um coeficiente e uma parte literal com variáveis e potências.
2) O grau de um monômio é dado pela soma dos expoentes da parte literal. Dois monômios são semelhantes quando suas partes literais são iguas.
3) Na adição e multiplicação de monômios, operamos com os coeficientes e partes literais. Na divisão, dividimos coeficientes e partes literais.
Dokumen tersebut membahas tentang grounding atau pembumian sistem listrik, termasuk definisi, kegunaan, syarat, dan faktor yang mempengaruhinya. Dibahas pula macam-macam earth tester yang digunakan untuk mengukur tahanan tanah, komponen, dan cara kerjanya.
Raisa Tamanna Khan is seeking a position in the development sector in Bangladesh. She has 5 years of work experience in communication, research, and teaching roles. Her experience includes positions at SANEM, JAAGO Foundation, Bangladesh Youth Leadership Center, and Disaster Forum. She holds a Master's degree in Development Studies from BRAC University and volunteered with organizations like UNYAP, BRAC University's Outreach Program, and JAAGO Foundation. She is proficient in English, has strong communication skills, and is recommended by academics and leaders in the development field in Bangladesh.
GI-FI (Gigabit Fidelity) or Giga bit wireless refers to wireless communication at a data rate of more than one billion bits (gigabits) per second. GI-FI offers some advantages over WI-FI, a similar wireless technology. In that it offers faster information rate in GBPS, less power consumption and low cost for short range transmission as compare to current technology. GI-FI consists of a chip which has facility to deliver short-range multi gigabit data transfer in a local environment and compared to other technologies in the market it is ten times faster. GI-FI has the data transfer speed up to 5 GBPS within a short-range of 10 metres. It operates in 60 GHZ frequency band. GI-FI is developed on an integrated wireless transceiver chip. It has both transmitter and receiver, integrated on a single chip which is fabricated using the CMOS (complementary metal oxide semiconductor) process and it also consists of a small antenna. GI-FI allows transferring large videos, audio files, data files etc. within few seconds.
Gulf Island Fabrication Inc. is rated as a Market Underperform with a 12-month target price of $8.00. While trends in maintenance and upgrades of aging rigs provide a revenue source, declining backlogs and excess rigs in storage could negatively impact shares. However, the company is diversifying through acquisitions like LEEVAC Shipyards and pursuing work in offshore wind and LNG to weather industry downturns.
FX Energy has gas assets in Poland and is focused on further developing those assets. Poland has a strong gas market with higher prices than in the US. FX has increased its reserves and production in Poland in recent years through successful exploration and drilling. It expects further production and reserve growth through new wells coming online in 2016-2017. Poland has significant undiscovered gas potential that remains underexplored due to lack of access during the Soviet era, representing an opportunity for FX Energy.
Continuing Coverage 2015 Go Deep Water or Go HomeChris Ward
- Lower oil and natural gas prices have resulted in a stock price decline for Stone Energy Corporation.
- Stone has strengthened its balance sheet through recent stock issuances, asset sales, and hedging amid price declines and tight credit markets.
- Stone has shifted capital spending to focus on higher-risk, higher-reward oil operations in the Gulf of Mexico, cutting planned capital expenditures in half for 2015.
- Lower oil and natural gas prices have resulted in a stock price decline for Stone Energy Corporation.
- Stone has strengthened its balance sheet through recent stock issuances, asset sales, and hedging amid price declines and tight credit markets.
- Stone has shifted capital spending to focus on higher-risk, higher-reward oil operations in the Gulf of Mexico, cutting planned capital expenditures in half for 2015.
The document analyzes MidSouth Bancorp Inc., a regional bank dependent on the oil industry. Approximately one-fifth of MidSouth's loans are to oil companies, exposing it to volatility from falling oil prices. While MidSouth has not yet experienced losses, further drops in oil prices could increase defaults. The bank's growth also depends on the economic conditions in its regional markets, some of which rely heavily on oil. However, MidSouth has taken a cautious approach to lending that has kept its asset quality strong. The document rates MidSouth as a "Market Outperform" with a 12-month target price of $20.
- Phillips 66 Partners LP owns, operates, develops and acquires primarily fee-based crude oil, refined petroleum products and natural gas liquids pipelines and terminals and other midstream assets.
- PSXP has a balanced portfolio of assets with long-term, fee-based contracts providing stable cash flows. Recent acquisitions and organic growth projects will further expand the portfolio.
- PSXP is targeting 30% annual distribution growth through 2018 while maintaining investment grade credit ratings and annual distribution coverage of at least 1.1x.
This document provides an overview of Phillips 66's strategy and growth plans across its various business segments, including refining, midstream, chemicals, and marketing and specialties. Key points include growing adjusted EBITDA in midstream and refining logistics to $2.3 billion by 2018 through organic projects and acquisitions, expanding chemicals capacity through CPChem's $6.5-7 billion growth program, and allocating capital to sustain operations, fund growth, generate returns, and increase distributions.
- The document provides an investment analysis of Cash America International Inc. (CSH) and assigns it a rating of "Market Underperform" with a 12-month target price of $31. It analyzes several positive developments at CSH including the Enova spin-off, reduced regulatory risk from de-emphasizing consumer loans, new stable management, continued acquisitions, divesting foreign operations, and returning value to shareholders through buybacks and dividends. However, the document concludes the target price based on various valuation methods warrants a "Market Underperform" rating.
The document analyzes Deere & Company (DE), a global manufacturer of agricultural and construction equipment. It recommends a HOLD rating for DE stock, with a target price of $84.59. While DE's brand recognition in the US and Canada will support market share gains, the company faces downward trends in foreign markets and declining margins. A DCF analysis indicates the stock is currently slightly overvalued. Key risks to the business include government regulation, economic slowdowns, and currency fluctuations.
Key Energy Services is an oilfield services company facing challenges from low oil prices. It is exiting international markets to stabilize cash flows, implementing cost-cutting measures to improve efficiencies, and refinancing debt to boost liquidity. However, depressed oil prices still pose a major threat. With oil prices expected to gradually recover by 2017, the company can focus on stabilizing operations through restructuring and await higher commodity prices.
The quarterly market review summarizes the performance of the US and global markets from April to June 2012. Major US indexes like the Dow, S&P 500, and Nasdaq saw losses for the quarter, though they remain up year-to-date. Fears about Europe led to higher demand for US Treasuries and lower yields. Commodity prices like oil and gold also declined for the quarter. The document outlines various economic news and indicators over the period, and notes some key upcoming economic reports and events in July.
Tim G. Taylor, President of Bank of America Merrill Lynch, gave a presentation at the Refining Conference on March 2, 2017. The presentation focused on Phillips 66's strategy of operating excellence, growth, returns, and distributions. It highlighted achievements in safety and environmental performance improvements. It also discussed opportunities for expanding midstream infrastructure and growing various business segments such as chemicals and marketing. The presentation emphasized Phillips 66's commitment to capital allocation priorities of maintaining financial strength, funding sustaining and growth investments, and delivering shareholder returns through dividends and share repurchases.
The document summarizes Newmarket Gold's operations and investment opportunities. Key points include:
- Newmarket Gold has three producing gold mines in Australia with solid production of over 200,000 ounces annually and declining costs.
- Their flagship Fosterville mine has shown record production, grades, and recoveries in Q3 2015 and has potential for further resource expansion.
- The Cosmo mine also achieved strong results in Q3 and has identified a new discovery that could open a new mining front.
This document provides key financial data and an analysis of ACE Limited, a property and casualty insurer. It highlights that ACE has a strong record of pricing risk, is expanding globally to spread risk more widely, and has high earnings per share. The analyst recommends an overweight position and believes the stock remains undervalued relative to its fundamentals. Risks include potential weakness in emerging markets or from natural disasters.
Newfield Exploration Company is an independent oil and gas exploration company focused on properties in the Anadarko Basin region. The analysis team gives Newfield a "Market Perform" rating and estimates the 12-month target price will be $43.92 per share, a 33% increase from the current price of $38.16. This is based on an expected recovery in oil and gas prices in 2015 and Newfield's focus on high-return areas like the Anadarko Basin through acquisitions and cost reductions. However, volatility in commodity prices remains a risk.
This presentation discusses Phillips 66's strategy of focusing on returns, operating excellence, and growth. It provides the following key points:
1. In 2016, Phillips 66 achieved its safest year and highest refining utilization on record. Its CPChem petrochemical project in the US Gulf Coast is over 90% complete.
2. Phillips 66 is growing its midstream business through investments in infrastructure as US oil and gas production increases. Its MLP Phillips 66 Partners is expected to have $1.1 billion in EBITDA by 2018.
3. Phillips 66 maintains financial strength through disciplined capital allocation. It funds sustaining and growth capital while growing dividends and ongoing share repurchases.
- Newfield Exploration Company is an independent energy company committed to developing natural gas, natural gas liquids, and crude oil.
- The company's strong capital structure and enhanced hedging position will protect its balance sheet and mitigate volatility from fluctuating commodity prices.
- By concentrating investments in high-return areas like the Anadarko Basin, Newfield can increase production and proved reserves.
Legacy Reserves LP is an oil and natural gas MLP that owns producing properties focused in the Permian Basin, Mid-Continent, and Rocky Mountain regions. It has grown through acquisitions, completing over $1.6 billion in deals since 2006. It aims to reduce cash flow volatility and protect its borrowing base through hedging approximately 85% of estimated production over the next 18-24 months on a rolling basis. Key highlights include a high-quality, liquids-rich asset portfolio with 12.4 years of proved reserves to production, a track record of distribution growth, and a conservative financial and hedging policy.
Successful stock market traders are registered with Epic Research, after getting lose in the stock market. Epic Research guides you for stock market trading
The document explores the possibility of lasting low oil prices over the next few years. It first examines factors that could support lower prices, such as slowing demand growth from emerging markets and lower production costs for shale oil in the US. It then analyzes the macroeconomic and sector impacts of sustained lower prices. On the macro level, lower oil prices would redistribute revenues between exporters and importers, increase deflationary pressures, and offer a supply-side boost to some sectors. Regarding sectors, oil and oil services companies would face major challenges from declining revenues and profits, while other sectors like transportation and consumer goods would benefit from lower energy costs. The report aims to identify both winners and losers across countries and industries under a scenario of
Similar to Gulf Island Fabrication INC. Burkenroad Analyst Report (20)
Gulf Island Fabrication INC. Burkenroad Analyst Report
1. March 24, 2015
GULF ISLAND FABRICATION INC.
GIFI/NASDAQ
Continuing Coverage: Watch Your Backlog!
Investment Rating: Market Perform
PRICE: $ 15.69 S&P 500: 2,091.50 DJIA: 18,011.14 RUSSELL 2000: 1,263.46
The oil free fall from $110 to $50 per barrel slams offshore rig activity.
No long term debt helps Gulf Island endure industry headwinds.
New wind projects help blow in a new era.
Diminishing backlog poses new threat.
New management opens new doors, business segments, projects.
Our 12‐month target price is $18.00.
Valuation 2014 A 2015 E 2016 E
EPS $ 1.05 $ 1.03 $ 1.13
P/E 14.9x 15.2x 13.8x
CFPS $ 3.97 $ 2.71 $ 2.72
P/CFPS 4.0x 5.8x 5.8x
Market Capitalization Stock Data
Equity Market Cap (MM): $ 227.66 52‐Week Range: $12.32 ‐ $24.01
Enterprise Value (MM): $ 191.58 12‐Month Stock Performance: ‐24.66%
Shares Outstanding (MM): 14.51 Dividend Yield: 2.06%
Estimated Float (MM): 13.09 Book Value Per Share: $ 19.70
6‐Mo. Avg. Daily Volume: 68,639 Beta: 1.40
Company Quick View:
Gulf Island Fabrication is churning up the bayou. Located in Houma, Louisiana, with
headquarters in Houston, Texas, the Company is a diversified oil and gas field services
firm with a specialization in deep water drilling platforms. As part of the offshore oil rig
and platform construction industry, the Company fabricates, repairs, and maintains
deepwater drilling modules, living quarters, jackets, marine vessels, and skids through
its five subsidiaries.
Company Website: www.gulfisland.com
Analysts: Investment Research Manager:
Kelly M. Aucoin J. Brad Bauguss
Emma A. Brons
Edward L. Brucculeri
Katherine M. Gillespie
Ethyn J. Samuels
The BURKENROAD REPORTS are produced solely as a part of an educational program of Tulane University's
Freeman School of Business. The reports are not investment advice and you should not and may not rely on
them in making any investment decision. You should consult an investment professional and/or conduct your
own primary research regarding any potential investment.
Wall Street's Farm Team
BURKENROADREPORTS
4. Gulf Island Fabrication Inc. (GIFI) BURKENROAD REPORTS (www.burkenroad.org) March 24, 2015
4
Table 1: Historical Burkenroad Ratings and Prices
Date Rating Price*
03/14/14 Market Perform $24.00
04/02/13 Market Outperform $26.00
04/03/12 Market Outperform $37.00
03/23/11 Market Perform $34.10
04/06/10 Market Perform $25.49
04/02/09 Market Outperform $13.79
04/15/08 Market Perform $37.19
04/13/07 Market Outperform $43.14
04/10/06 Market Perform $23.63
03/15/05 Market Perform $23.70
03/26/04 Market Outperform $19.03
11/22/02 Market Outperform $16.09
02/15/02 Buy $12.50
*Price at time of report date
INVESTMENT THESIS
Gulf Island’s near future is clouded by the effect of the sharp decline in oil price on offshore
rig activity, but decisions by new management and diversification efforts indicate a more
favorable long‐term outlook. The oil price plunge in the last quarter brings into question the
fiscal feasibility of the expensive deep water drilling industry, a main component to Gulf Island
operations. This is already impacting rig activity in the Gulf of Mexico, which is a critical
revenue source for the Company. Additionally, the Company’s backlog has been steadily
decreasing and, paired with possible suspensions or terminations of existing projects because
of low oil prices, could cause trouble. Gulf Island’s lack of long‐term debt cushions the blow of
rough industry conditions and allows the Company to focus more on adapting rather than
merely surviving. As such, the Company is expanding into alternative energy wind projects in
order to diversify operations. Additionally, new management is very experienced in the oilrig
and platform construction industry and is already making an impact by focusing on improving
margins.
The oil free fall from $100 to $50 per barrel slams offshore rig activity
Although Gulf of Mexico rig count is remaining relatively steady, rig activity has been severely
impacted by the plunge in oil prices. Marketed utilization measures the percentage of oil rigs
in use compared to the marketed supply of oil rigs available. According to IHS Petrodata, the
marketed utilization for Gulf of Mexico Rigs changed from 95.3% in 2013 to 79% as of January
2015. The sharp decrease in marketed utilization is a concerning trend for Gulf Island and the
entire oil rig and platform construction industry. If companies are not using rigs that are
already deployed, then increased demand for existing rigs and fabrication of more rigs is
unlikely. Oil prices in the $65 to $75 per barrel range would likely stimulate more deep water
drilling activity, but prices as of February 2015 were below $50 per barrel.
17. Gulf Island Fabrication Inc. (GIFI) BURKENROAD REPORTS (www.burkenroad.org) March 24, 2015
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Table 4: ROIC Analysis
Year
Gulf Island
Fabrication, Inc.
(GIFI)
McDermott
International, Inc.
(MDR)
Dril‐Quip
(DRQ)
Conrad
Industries, Inc.
(CNRD)
Peer
Average
2014 4.82% ‐‐ 16.28% 24.11% 20.20%
2013 2.43% ‐‐ 14.32% 24.11% 19.22%
2012 ‐‐ ‐‐ 11.71% 19.04% 15.38%
2011 ‐‐ 7.48% 10.68% 19.31% 12.49%
2010 3.05% 16.10% 13.08% 11.85% 13.68%
2009 6.99% 17.02% 16.38% 16.41% 16.60%
Average 4.19% 13.53% 13.23% 18.24% 15.00%
Source: Bloomberg February 12, 2015
Kirk J. Meche
President, Chief Executive Officer, and Director (51)
Kirk J. Meche was recently appointed CEO at the beginning of 2013. He has also served as the
President of Gulf Island since 2009. Meche previously worked as the COO from 2009 to the
end of 2012 and Executive Vice President of Operations from 2001 to 2009. He has worked
with many of Gulf Island’s subsidiaries, including Gulf Marine, Gulf Island, L.L.C. and
Southport. Meche began working with Gulf Island in 1996 as a Project Manager after leaving
McDermott International, where he worked as an engineer.
Jeffrey M. Favret
Chief Financial Officer, Treasurer, and Vice President (52)
Jeffrey M. Favret joined Gulf Island as CFO in April of 2013. He previously worked at FMC
Technologies as the Director of Finance within the Energy Infrastructure before leaving for
Gulf Island. Favret has also served as the Chief Accounting Officer at Trico Marine Services,
Inc. Favret started his career with Ernst & Young as a Certified Public Accountant before
joining Postlethwaite & Netterville in 2007 as an Associate Director.
Todd F. Ladd
Chief Operating Officer (47)
Todd F. Ladd was named COO in February 2014. Ladd has over 25 years of offshore platform
fabrication industry experience. He previously served as Gulf Island’s Vice President and
General Manager from July 2013 until he began serving as COO. Prior to his employment at
Gulf Island, Ladd served as a partner and Senior Project Manager at Paloma Energy
Consultants for 12 years. Ladd’s introduction to the Company occurred in April 1996, when
he was hired as Project Manager for Gulf Island, L.L.C. Additionally, Ladd served as
Production Engineer and Facility Engineer at McDermott Marine Construction for eight years,
beginning in January 1988.
19. Gulf Island Fabrication Inc. (GIFI) BURKENROAD REPORTS (www.burkenroad.org) March 24, 2015
19
Figure 5: Ownership by Investment Style
Source: Thompson One February 2, 2015
Table 6: Gulf Island Shareholder Investment Styles
Investment Style
% Shares
Outstanding
Investors Shares Value ($)
Index 15.66 98 2,274,967 38,765,437.68
Core Value 14.22 24 2,067,515 35,230,455.60
GARP 13.40 27 1,947,225 33,180,714.00
Deep Value 4.91 3 721,886 12,300,937.44
Core Growth 3.08 24 449,235 7,654,964.40
Growth 1.55 6 225,591 3,844,070.64
Yield 0.51 3 73,647 1,254,944.88
Specialty 0.35 1 51,310 874,322.40
Aggressive Growth 0.05 7 7,369 125,567.76
Equity Hedge 0.04 1 5,882 100,229.28
Income Value 0.01 1 1,519 25,883.76
Source: Thompson One February 1, 2015
Table 7 lists the top‐ten shareholders of Gulf Island. T. Rowe Price Associates, Inc. is the
number one shareholder, holding 1.8 million shares, which is 12.54% of all outstanding
shares. In the past year, T. Rowe sold 4,100 as the stock price climbed to $23.50 in April of
2014. The number two shareholder is Heartland Advisors, Inc., holding 1.54 million shares
constituting 10.64% of total shares outstanding. After Heartland, BlackRock holds the third
largest amount of outstanding shares of the Company. Blackrock increased its position in Gulf
Island by 7.87% from last year, from 1.13 million shares up to 1.22 million shares. These large
investment companies include Gulf Island holdings as part of value and index funds, which
account for 20% of Gulf Island ownership.
Index, 15.66%
Core Value,
14.22%
GARP, 13.40%
Deep Value,
4.91%
Core Growth,
3.08%
Growth, 1.55%
Other, 0.96%
20. Gulf Island Fabrication Inc. (GIFI) BURKENROAD REPORTS (www.burkenroad.org) March 24, 2015
20
Table 7: Gulf Island Top‐Ten Shareholders
No. Holder Name Shares Held
% of Shares
Outstanding
1 T. Rowe Price Associates, Inc. 1,819,380 12.54
2 Heartland Advisors, Inc. 1,543,805 10.64
3 BlackRock Institutional Trust Company, N.A. 1,127,320 7.77
4 Dimensional Fund Advisors, L.P. 950,806 6.55
5 Starboard Enterprises, L.L.C. 884,700 6.10
6 Royce & Associates, LLC 746,025 5.14
7 The Vanguard Group, Inc. 617,092 4.25
8 Killen Group, Inc. 508,057 3.50
9 DePrince, Race & Zollo, Inc. 438,680 3.02
10 Columbia Management Investment Advisers, LLC 349,936 2.41
Source: Thompson One February 2, 2015
Insider Analysis
As shown below in Table 8, Gulf Island insiders own just less than 1% of Gulf Island’s stock.
Kirk Meche is the largest insider owner of Gulf Island stock. Meche, the President and CEO of
Gulf Island, owns roughly 0.43% of Gulf Island stock, which is equal to 62,265 shares and is
valued at $1,063,486 as of February 2015. Joseph Gallagher, former Chief Financial Officer of
Gulf Island, owns the second largest portion of Gulf Island stock with 31,200 shares. The
remaining top insider shareholders are all major executives at Gulf Island.
Table 8: Gulf Island Top‐Five Shareholders
No. Holder Name Shares Held
% of Shares
Outstanding
Value of
Holdings ($)
1 Meche (Kirk J) 62,265 0.43 1,060,996
2 Gallagher (Joseph P. III) 31,200 0.21 531,648
3 Blanchard (William G.) 16,398 0.11 279,422
4 Smith (Francis A. Jr.) 15,320 0.11 261,053
5 Ladd (Todd F.) 15,000 0.10 255,600
Source: Thompson One, February 2, 2015
RISK ANALYSIS AND INVESTMENT CAVEATS
Operational Risks
Gulf Island Fabrication is subject to various risks that can affect the Company and its
operations. Risks include fluctuating commodity prices of both steel and oil, the impacts of
seasonality and weather, the small customer base, competition in the labor market, and
backlog.
28. Gulf Island Fabrication Inc. (GIFI) BURKENROAD REPORTS (www.burkenroad.org) March 24, 2015
28
ANOTHER WAY TO LOOK AT IT
ALTMAN Z‐SCORE
The Altman Z‐Score Analysis, created by Edward Altman in 1968, measures the probability
that a company will go bankrupt in the following two years. This analysis takes into
consideration five financial ratios including working capital to total assets, retained earnings
to total assets, earnings before interest and taxes to total assets, market value of equity to
book value of total liabilities, and sales to total assets. The Analysis weights the five financial
ratios according to the relative importance within the Z‐Score and the final Z‐Score falls into
one of three groupings; a low risk of default with a Z‐Score above 2.99, a high risk of default
with a Z‐Score of below 1.8, and a moderate risk of default with a Z‐Score between 1.8 and
2.99.
Table 9 shows Gulf Island Fabrication’s Z‐Scores for the past eight years. The Company’s Z‐
Score for 2014 is 3.91, which puts Gulf Island well within the low‐risk range. This Z‐Score
means that the Company is unlikely to experience a bankruptcy within the next two years.
The 2014 Z‐Score is an improvement on 2013’s Z‐Score of 2.21, which was in the moderate
risk range. The Company’s recurring debt, which inflates the Z‐Score, makes the Company’s
future look bright.
Table 9: Z Scores
Year Z Score
2007 5.51
2008 3.75
2009 5.31
2010 7.26
2011 3.94
2012 3.62
2013 2.21
2014 3.91
Source: Bloomberg March 25, 2015
30. Gulf Island Fabrication Inc. (GIFI) BURKENROAD REPORTS (www.burkenroad.org) March 24, 2015
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WWBD?
What Would Ben (Graham) Do?
Ben Graham was a legendary investor who championed the method of “Value Investing”
throughout his career. Graham used his experience to craft a formula for choosing which
stocks to invest in, which was published by Graham in Forbes Magazine in 1977 as “Last Will &
Testament.” The formula focuses on evaluating eight specific hurdles that identify
undervalued stocks with growth potential. The first four hurdles distinguish stocks with low
price to operation ratios, while the second four hurdles assess risk.
Gulf Island Fabrication, Inc. passes five of the hurdles outlined by Graham in his formula and
should therefore be seriously considered as a good investment (see Figure 10). Gulf Island
successfully meets four of the first five hurdles, suggesting that the market may be
undervaluing the stock. The Company meets three of these hurdles considerably, with a P/E
ratio significantly lower than half of its highest over the past five years and a stock price $15
lower than one and half times its book value. Most notably, Gulf Island has no debt, so its
total debt is far below its book value. However, Gulf Island fails to meet either of Graham’s
last hurdles that identify growth stocks. This result is unsurprising as Gulf Island is a mature,
asset heavy company whose earnings depend heavily on the price of oil. Nonetheless, Gulf
Island is an attractive investment under Graham’s methodology.
Figure 10: Ben Graham Analysis
31. Gulf Island Fabrication Inc. (GIFI) BURKENROAD REPORTS (www.burkenroad.org) March 24, 2015
31
Earnings per share (ttm) 1.06$ Price: 15.69$
Earnings to Price Yield 6.73%
10 Year Treasury (2X) 3.85%
P/E ratio as of 2010 29.3
P/E ratio as of 2011 (211.7)
P/E ratio as of 2012 (68.0)
P/E ratio as of 2013 45.2
P/E ratio as of 2014 18.3
Current P/E Ratio 14.9
Dividends per share (ttm) 0.40$ Price: 15.69$
Dividend Yield 2.55%
1/2 Yield on 10 Year Treasury 0.96%
Stock Price 15.69$
Book Value per share as of 12/31/14 19.70$
150% of book Value per share as of 12/31/14 29.56$
Interest‐bearing debt as of 12/31/14 ‐$
Book value as of 12/31/14 285,798$
Current assets as of 12/31/14 172,495$
Current liabilities as of 12/31/14 72,765$
Current ratio as of 12/31/14 2.4
EPS for year ended 2014 1.05$
EPS for year ended 2013 0.50$
EPS for year ended 2012 (0.28)$
EPS for year ended 2011 (0.13)$
EPS for year ended 2010 0.90$
EPS for year ended 2014 1.05$ 110%
EPS for year ended 2013 0.50$ ‐277%
EPS for year ended 2012 (0.28)$ 118%
EPS for year ended 2011 (0.13)$ ‐114%
EPS for year ended 2010 0.90$
Stock price data as of M arch 24, 2015
No
Hurdle # 3: A Dividend Yield of 1/2 the Yield on 10 Year Treasury
Yes
Hurdle # 4: A Stock Price less than 1.5 BV
Yes
Hurdle # 5: Total Debt less than Book Value
Yes
Hurdle # 6: Current Ratio of Two or More
Yes
Hurdle # 7: Earnings Growth of 7% or Higher over past 5 years
No
Hurdle # 8: Stability in Growth of Earnings
Yes
GULF ISLAND FABRICATION INC. (GIFI)
Ben Graham Analysis
Hurdle # 1: An Earnings to Price Yield of 2X the Yield on 10 Year Treasury
No
Hurdle # 2: A P/E Ratio Down to 1/2 of the Stocks Highest in 5 Yrs