Month: November 2019

Research – Energy Fuels (UUUU) – No Big Surprises

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Monday, November 4, 2019

Energy Fuels Inc. (UUUU)

No Big Surprises

Energy Fuels Inc together with its subsidiary is engaged in the extraction and recovery of uranium properties in the United States. The company operates in two segments, ISR Uranium and Conventional Uranium. It conducts its ISR activities through its Nichols Ranch Project, located in northeast Wyoming. It conducts its conventional uranium extraction and recovery activities through its White Mesa Mill. In addition, the group also owns uranium and uranium, vanadium properties and projects in various stages of exploration, permitting, and evaluation. Energy Fuels derives most of the income through the sale of Uranium.

Mark Reichman, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating.

  • Third quarter results in line with expectations. Energy Fuels reported a third quarter loss of $6.8 million, or ($0.07) per share compared to a loss of $13.8 million, or ($0.16) per share, during the prior year period.  We had expected a loss of $6.4 million, or ($0.07) per share.
  • Updating estimates.  We are increased our 2019 loss estimate to ($0.36) per share from ($0.34) per share based on lower revenue anticipated in the fourth quarter.  Due to low commodity prices, we expect the…


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This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Taking Stock of Index Funds

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Taking Stock of Index Funds

(Note: companies that
could be impacted by the content of this article are listed at the base of the
story [desktop version]. This article uses third-party references to provide a
bullish, bearish, and balanced point of view; sources are listed after the
Balanced section.)

Recently, Morningstar reported that US stock index funds and exchanged traded funds (ETFs) now hold more assets than the traditional actively managed funds, with passive funds making up 50.2% of the US stock mutual fund pie, while actively managed funds made up 49.8%. (1) This uncharted territory has intensified the calls from some very astute investors, including such names as Carl Icahn, Bill Ackman, Seth Klarman, and Michael Burry, that there is an “index fund bubble” that will not end well for investors. The “Big Three” index fund managers include Vanguard with a 51% share of the market, BlackRock with 21%, and State Street Global with 9%. With fees for index funds approaching zero in some cases, it is unlikely new competitors will reduce this concentration.

Research – 1-800-Flowers.com (FLWS) – A Surprisingly Good Harvest

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Friday, November 1, 2019

1-800-Flowers.com (FLWS)

A Surprisingly Good Harvest

1-800-FLOWERS.COM, Inc. is the leading provider of gourmet and floral gifts for all occasions. For nearly 40 years, 1-800-FLOWERS® has been helping deliver smiles for customers with gifts for every occasion, including fresh flowers, premium, gift-quality fruits and other gourmet items from Harry & David®, popcorn and specialty treats from The Popcorn Factory®; cookies and baked gifts from Cheryl’s®; premium chocolates and confections from Fannie May®; gift baskets and towers from 1-800-Baskets.com®; premium English muffins and other breakfast treats from Wolferman’s; carved fresh fruit arrangements from FruitBouquets.com; and top quality steaks and chops from Stock Yards®. The Company’s BloomNet® international floral wire service  provides a broad range of quality products and value-added services designed to help professional florists grow their businesses profitably.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating.

  • Fiscal first quarter beat expectations.  Total company revenue increased 10.5% to $187.3 million versus our $182.2 million estimate. Seasonal cash flow loss narrowed 18.6% to $11.3  million versus our $15.4 million loss estimate.

  • Gross margins improved 30 basis points. After pursuing a price competitive strategy to increase share in its consumer floral business over the past year, the company…


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This Company Sponored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Research – Orion Group Holdings (ORN) – On the Right Track. Moving Up Estimates.

Posted on by Admin

Friday November 1, 2019

Orion Group Holdings (ORN)

On the Right Track. Moving Up Estimates.

Orion Group Holdings, based in Houston, Texas, is a specialty construction company within the Marine and Industrial Construction sectors, with operations focused in the continental United States and Caribbean. Revenue is split roughly 50/50 between a Marine Construction segment that provides marine facility, pipeline and structural construction services and a Commercial Concrete segment that provides turnkey concrete services in the light commercial and structural construction markets.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating.

  • Transition continues with another solid quarter. 3Q2019 revenue of $200 million and adjusted EBITDA of $14.3 million were ahead of expectations of $175.0 million and $12.0 million, respectively. Both the Marine and Construction businesses were profitable. Stronger Marine EBITDA of $12.7 million (margin of 11.9%) was the primary driver, but Construction EBITDA of $1.6 million (margin of 1.7%) shifted into positive territory.

  • Backlog dropped to $631 million in 3Q2019 from $661 million in 2Q2019, but remains near record level.   With about $169 million of recent awards, backlog fell back to $631 million from a record level of $661 million in 2Q2019. Higher Construction awards of $134 million pushed backlog to a record level of $226 million, while…


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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Research- Great Panther Mining (GPL) – Q3 Falls Short on EPS but Exceeds on EBITDA

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Friday November 1, 2019

Great Panther Mining Limited (GPL)

Q3 Falls Short on EPS but Exceeds on EBITDA

Great Panther Mining Limited, headquartered in Vancouver, Canada, is a precious metals mining and exploration company that operates three mines. These include: 1) the Tucano gold mine in Amapa State, Brazil, 2) the Guanajuato mine complex which includes the Guanajuato and San Ignacio mines in Mexico, and 3) the Topia mine in Mexico. Great Panther also owns the Coricancha Mine in Peru, which is expected to restart operations in 2020. The shares are traded under the ticker “GPR” on the Toronto Stock Exchange and under the ticker “GPL” on the NYSE American.

Mark Reichman, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating.

  • GPL reports third quarter loss.  GPL reported a third quarter loss of ($6.1) million, or ($0.02) per share compared with our net income estimate of $1.8 million, or $0.01 per share.  The variance to our estimate was due, in part, to higher finance and other costs, including a foreign exchange loss of $6.8 million.  Adjusted EBITDA increased to $13.7 million versus a loss of $3.0 million during the prior year period and $3.1 million generated during the second quarter of 2019.  We had forecast adjusted EBITDA of $11.6 million.

  • Adjusting estimates. We are lowering our 2019 EPS and EBITDA estimates to ($0.07) and $26.4 million from ($0.03) and $27.6 million, respectively.  Our full year 2020 EPS and EBITDA estimates have also been lowered to $0.06 and $64.6 million, from…


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This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision.