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Contango: The Most Profitable 'Buy-and-Hold' for 2009 So Far

Thu, 15 Jan 2009 21:10:00 GMT

Contango: The Most Profitable “Buy-and-Hold” for 2009 So Far by Matt Weinschenk, Senior Analyst, White Cap Report A different buy-and-hold strategy has become the #1 profit-maker for 2009. And I’m not talking about stocks. Direct investments in oil, right now, are paying off in spades. And it’s because oil markets are… well, totally screwed up. Right now, you can buy oil for $36 a barrel. And you can lock in a contract to trade oil in June for $51.30. When futures prices are higher than current prices, it’s a situation called “contango.” Oil markets expect a little bit of contango, but the[More...]

Analyst Comments: Teekay, Advanced Micro, JC Penney, Zumiez, MarkWest Energy, UBS AG, Alkermes, Ev3 Inc

Thu, 14 Aug 2008 18:55:00 GMT

Despite a challenging fiscal third quarter in which profit and revenue declined from the previous year, shares of Applied Materials (AMAT) are up more than 5% Wednesday afternoon.[More...]

Analyst Comments: Buckeye Partners, Post Properties, Vital Images, Teekay, Penn Virginia

Wed, 21 May 2008 21:38:07 GMT

We are maintaining our Hold recommendation and price objective on Buckeye Partners (BPL) units as we continue to believe that current valuation adequately reflects Buckeye's middling growth prospects. The partnership's recent quarterly results were on the weaker side, reflecting lower-than-expected volumes and...[More...]

Thursday's Upgrades and Downgrades

Thu, 24 Jan 2008 12:19:11 GMT

UPGRADESAmcol (ACO)= Wedbush Morgan Hold » Buy Vistaprint (VPRT)= AmTech Research Sell » Neutral MeadWestvaco (MWV)= Lehman Brothers Equal-weight » Overweight Johnson & Johnson (JNJ)= Stanford Research Hold » Buy Cache (CACH)= Sterne Agee Hold » Buy Ariba (ARBA)= JP Morgan Underweight » Neutral Cedar Shopping Centers (CDR)= BMO Capital Markets Market Perform » Outperform BJ Services (BJS)= JP Morgan Underweight » Neutral DIRECTV (DTV)= Kaufman Bros Hold » Buy Apple (AAPL)= Needham & Co Buy » Strong Buy DuPont (DD)= BB&T Capital Mkts Hold » Buy Entergy (ETR)= Citigroup Hold » Buy AK Steel (AKS)= Soleil Sell » Hold LDK Solar (LDK)= Lazard Capital Sell » Hold Lincoln National (LNC)= Credit Su[More...]

Analyst Comments - Dec 27 2007 4:47PM

Thu, 27 Dec 2007 20:41:58 GMT

An update has just come out today on RAIT Financial Trust (RAS), in which Zacks real estate investment trust [REIT] analyst Greg Sukenik is restating his Hold rating on the company. We excerpted the following details:'As expected, RAS reported a large asset impairment charge in the 3rd quarter related to its trust preferred securities (TruPS) portfolio. We expect more impairments in the coming quarters due to bad loans. The dividend, while much lower than earlier...[More...]

Sectors to watch as China Raises Oil Processing 12% to Meet Demand

Thu, 15 Nov 2007 16:46:50 GMT

In this schizophrenic market and with the averages having taken some punishing blows, its hard to recommend anything to the long side. However, I believe this piece of news should be followed for possible beneficiaries off this move.“Nov. 15 (Bloomberg) — PetroChina Co., the nation’s biggest oil producer, plans to increase crude processing volume by 12 percent this year to help ease domestic fuel shortages. PetroChina plans to process 120 million metric tons (about 2.4 million barrels a day) of oil this year, Vice President Liu Hongbin told reporters after a conference in Beijing today. The company pro[More...]

Where-To-Next Tuesday

Tue, 14 Aug 2007 07:44:24 GMT

The U.S. market basically didn’t go anywhere on Monday. The day had started out very well, with the market rallying right from the open. But, it quickly faded. Even though there were several attempts to turn back upwards, the market eventually closed just slightly down. The Dow was down just 3 points; SPX down 0.72 points; and, Nasdaq was down 2.65 points. It is interesting to note that INX2 (Internet Index) and BTK (biotechs) closed up, and SOX (semiconductors) closed above 500.Although the broader market did make a higher high and a higher low today (comparing to Fri[More...]

TK Expects 16% Growth on Upcountry Expansion

Fri, 21 Aug 2009 14:47:00 GMT

Aug. 21--Thitikorn Plc (TK), the motorcycle hire-purchase lender, projects revenue growth of 16 percent this year as it expands upcountry and into new lending businesses.
"We are also looking to expand into auto leasing as competition in Bangkok has fallen.
We will also consider other new businesses, such as credit cards or electronic appliance hire-purchase loans for the future," he told investors at a briefing at the Stock Exchange of Thailand yesterday.

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New Wind Turbine Program Among Choices for MTI Students This Fall

Fri, 12 Jun 2009 00:55:00 GMT

Jun. 11--At this time next year, Woonsocket resident Joe Vetter will be a first-year veteran of Mitchell Technical Institute's new wind turbine technology program, if all goes according to plan.
Program instructor Stacey Eddy, 33, also from Woonsocket, signed up the 18-year-old Vetter Wednesday as part of MTI's Registration Week, which runs through Friday at the tech school's main campus in Mitchell.
Eddy previously mentored Vetter for a high school wind project.

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Alapis, Coca Cola Hellenic, Hellenic Exchanges, Hellenic Telecommunications Organization, Hellenic Petroleum, Hellenic Aerospace, Intralot to Participate at 11th Annual Capital Link Greek Forum Thursday, December 3, 2009, New York City

Fri, 20 Nov 2009 17:47:00 GMT

will participate in two Panels on the "The Global Shipping Markets Today" discussing the developments and trends in the dry bulk and tanker segments of the global shipping markets.
Nicolas Tsakos, President of Tsakos Energy Navigation will also make a presentation on "Shipping -- A Vital Link in the Global Economy and Trade."
Mr. Greg Voetsch, Executive Vice President, Head of Institutional Sales of Knight Capital Group and Mr. Harry Wong, Managing Director, Head of Transportation Banking of Knight Capital Markets will make Introductory Remarks.

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Teekay LNG Partners Announces Public Offering of 3,500,000 Common Units

Mon, 16 Nov 2009 20:46:00 GMT

Teekay LNG Partners L.P. (Teekay LNG or the Partnership) (NYSE: TGP) announced today that it plans to offer 3,500,000 common units representing limited partner interests in a public offering.
The Partnership expects to use the net proceeds from the public offering to repay amounts outstanding on one of its revolving credit facilities.
Teekay LNG Partners L.P. is a publicly-traded master limited partnership formed by Teekay Corporation (NYSE: TK) as part of its strategy to expand its operations in the liquefied natural gas (LNG) and liquefied petroleum gas (LPG) shipping sectors.

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Teekay LNG Partners Reports Third Quarter Results

Fri, 13 Nov 2009 13:47:00 GMT

Teekay LNG Partners L.P. (NYSE: TGP) -
Teekay GP LLC, the general partner of Teekay LNG Partners L.P. (Teekay LNG or the Partnership) (NYSE: TGP) today reported its results for the quarter ended September 30, 2009.
TEEKAY LNG PARTNERS L.P. SUMMARY CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands of U.S. dollars, except unit data) --------------------------------------------------------------------------- Three Months Ended Nine Months Ended September June September September September 30, 2009 30, 2009 30, 2008 30, 2009 30, 2008 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) --------------------------------------------------------------------------- VOYAGE REVENUES 79,783 80,124 77,514 235,580 225,411 --------------------------------------------------------------------------- OPERATING EXPENSES Voyage expenses 743 222 615 1,483 1,672 Vessel operating expenses 19,126 18,178 17,500 56,045 56,699 Depreciation and amortization 18,901 20,160 19,105 58,387 56,767 General and administrative 4,952 4,056 4,167 12,563 14,367 Restructuring charge (1) 393 709 - 3,053 - Goodwill impairment (2) - - 3,648 - 3,648 --------------------------------------------------------------------------- 44,115 43,325 45,035 131,531 133,153 --------------------------------------------------------------------------- Income from vessel operations 35,668 36,799 32,479 104,049 92,258 --------------------------------------------------------------------------- OTHER ITEMS Interest expense (13,396) (16,115) (32,627) (46,630) (101,227) Interest income 3,375 3,508 14,711 10,858 45,678 Realized and unrealized (loss) gain on derivative instruments (3) (33,882) 8,642 (23,297) (41,476) (26,008) Income tax recovery 144 49 336 443 248 Foreign exchange (loss) gain (4) (17,559) (22,379) 48,567 (19,510) 14,647 Equity (loss) income (5) (2,499) 10,133 278 11,507 (1,413) Other (expense) income - net (83) (40) (129) (204) 963 --------------------------------------------------------------------------- Net (loss) income (28,232) 20,597 40,318 19,037 25,146 --------------------------------------------------------------------------- --------------------------------------------------------------------------- Net income (loss) attributable to: Non-controlling interest (6) 1,818 16,191 (5,571) 22,700 (10,235) Dropdown Predecessor - - - - 894 Partners (30,050) 4,406 45,889 (3,663) 34,487 --------------------------------------------------------------------------- --------------------------------------------------------------------------- Limited partners' units outstanding: Weighted-average number of common units outstanding - Basic and diluted 41,021,963 39,078,943 33,338,320 37,855,872 28,475,744 Weighted-average number of subordinated units outstanding - Basic and diluted 7,367,286 9,310,306 11,050,929 9,229,347 12,933,082 Weighted-average number of total units outstanding - Basic and diluted 48,389,249 48,389,249 44,389,249 47,085,219 41,408,826 --------------------------------------------------------------------------- --------------------------------------------------------------------------- (1) The total estimated cost to be incurred in connection with the Partnership's restructuring plan to move certain ship management functions from the Partnership's office in Spain to a subsidiary of Teekay is approximately $3 million, of which $0.4 million and $0.7 million was incurred for the three months ended September 30, and June 30, 2009, respectively and $3.1 million for the nine months ended September 30, 2009.

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Teekay Announces Third Quarter 2009 Earnings Conference Call

Tue, 03 Nov 2009 21:49:00 GMT

Teekay Corporation (Teekay or the Company) (NYSE: TK) plans to release its financial results for the third quarter of 2009 before market open on Friday, November 13, 2009.
The Company plans to host a conference call on Friday, November 13, 2009 at 11:00 a.m. (ET) to discuss the results for the quarter.
By dialing (866) 322-1159 or (416) 640-3404, if outside North America, and quoting conference ID code 9934384.

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Teekay LNG Partners L.P. Declares Distribution

Tue, 20 Oct 2009 20:47:00 GMT

Teekay GP LLC, the general partner of Teekay LNG Partners L.P. (Teekay LNG) (NYSE: TGP), has declared a cash distribution of $0.57 per unit for the quarter ended September 30, 2009.
About Teekay LNG Partners L.P.
Teekay LNG Partners L.P. is a publicly-traded master limited partnership formed by Teekay Corporation (NYSE: TK) as part of its strategy to expand its operations in the LNG and LPG shipping sectors.

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Teekay Corporation Declares Dividend

Thu, 01 Oct 2009 20:46:00 GMT

Teekay Corporation (Teekay or the Company) (NYSE: TK) announced that its Board of Directors has voted to declare a cash dividend on its common stock of $0.31625 per share, payable on October 30, 2009 to all shareholders of record as at October 16, 2009.
Asset sales to our daughter companies in the third quarter, which included the dropdown of the Petrojarl Varg FPSO to Teekay Offshore Partners and the two Tangguh LNG carriers to Teekay LNG Partners, have resulted in further de-leveraging at the Teekay parent company level, in addition to the over $300 million net debt reduction achieved in the previous four quarters."
Teekay Corporation transports more than 10 percent of the world's seaborne oil, has built a significant presence in the liquefied natural gas shipping sector through its publicly-listed subsidiary, Teekay LNG Partners L.P. (NYSE: TGP), is further growing its operations in the offshore oil production, storage and transportation sector through its publicly-listed subsidiary, Teekay Offshore Partners L.P. (NYSE: TOO), and continues to expand its conventional tanker business through its publicly-listed subsidiary, Teekay Tankers Ltd. (NYSE: TNK).

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Teekay Offshore Partners to Acquire Petrojarl Varg FPSO for $320 Million

Tue, 08 Sep 2009 13:47:00 GMT

Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) (NYSE: TOO) announced today that it has agreed to acquire the Petrojarl Varg Floating Production Storage and Offloading unit (Petrojarl Varg FPSO) from Teekay Corporation (Teekay) (NYSE: TK) for a purchase price of $320 million.
The Partnership also announced today that Teekay has agreed to provide vendor financing in the amount of $220 million which, together with the $104 million of equity raised by the Partnership in August 2009, will enable Teekay Offshore to complete the acquisition by mid-September 2009.
The Petrojarl Varg FPSO recently commenced a new a four-year fixed-rate contract extension with Talisman Energy (Talisman) on the Varg oil field in the North Sea, where the FPSO has been operating for over ten years.

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Teekay Tankers Ltd. Reports Second Quarter Results

Thu, 03 Sep 2009 13:50:00 GMT

Teekay Tankers Ltd. (Teekay Tankers or the Company) (NYSE: TNK) today reported its second quarter results for 2009.
On August 17, 2009, the Company declared a dividend of $0.40 per share for the second quarter of 2009, representing a total cash dividend of $12.8 million(2) which was paid on August 31, 2009 to all shareholders of record on August 24, 2009.
(1) Cash Available for Distribution represents net income plus depreciation and amortization, unrealized losses from derivatives, non-cash items and any write-offs or other non-recurring items, less unrealized gains from derivatives and net income attributable to the historical results of vessels acquired by the Company from Teekay Corporation (Teekay), referred to herein as the Dropdown Predecessor, for the period when these vessels were owned and operated by Teekay.

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Teekay Offshore Partners Reports Second Quarter Results

Thu, 03 Sep 2009 13:50:00 GMT

Teekay Offshore Partners L.P. (NYSE: TOO) -
Teekay Offshore GP LLC, the general partner of Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) (NYSE: TOO) today reported its results for the quarter ended June 30, 2009.
"Consistent with our previous guidance, the Partnership's second quarter 2009 results were affected by several factors which reduced income from vessel operations and distributable cash flow for the quarter," commented Peter Evensen, Chief Executive Officer of Teekay Offshore GP LLC. "These include costs related to higher than anticipated operating expenses primarily related to our North Sea shuttle tanker operations, restructuring costs associated with the re-flagging of certain of our shuttle tankers, lower shuttle tanker utilization as a result of reduced oil production and seasonal field maintenance, and reduced revenues due to start-up delays at some of the new North Sea fields."

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Teekay Announces Second Quarter 2009 Earnings Conference Call

Thu, 27 Aug 2009 22:48:00 GMT

Teekay Corporation (Teekay or the Company) (NYSE: TK) plans to release its financial results for the quarter before market open on Thursday, September 3, 2009.
The Company plans to host a conference call on Thursday, September 3, 2009 at 11:00 a.m. (ET) to discuss the results for the second quarter of 2009.
By dialing (866) 321-8231 or (416) 642-5213 if outside North America and quoting confirmation code 4424180;

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