Month: February 2020

Research – Seanergy (SHIP) – Scrubber Program Complete. Adjusting Estimates for Dry Bulk Market Weakness.

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Wednesday, February 12, 2020

Seanergy (SHIP)

Scrubber Program Complete. Adjusting Estimates for Dry Bulk Market Weakness.

Seanergy Maritime Holdings Corp., an international shipping company, provides marine dry bulk transportation services through the ownership and operation of dry bulk vessels. Seanergy Maritime Holdings Corp. is the only pure-play Capesize shipping company listed in the US capital markets. Seanergy provides marine dry bulk transportation services through a modern fleet of 10 Capesize vessels, with total capacity of approximately 1,748,581 dwt and an average fleet age of about 9.8 years. The Company is incorporated in the Marshall Islands with executive offices in Athens, Greece and an office in Hong Kong. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “SHIP” and class A warrants under “SHIPW”.

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

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

IMO 2020 compliance plan implemented. Scrubbers were installed on five Capes, with the last one on December 19, 2019. The $12 million cost of the scrubber program was largely funded by charterers. Additional scrubber installations will be dependent upon customer support and funding.

4Q2019 operating results will be out before the market opens tomorrow (February 13th). There will be an earnings call at 11am EST and the call number is 877-553-9962 with a code of Seanergy. In advance of the call, we are fine-tuning our estimates. Our 4Q2019 estimates are EBITDA of $11.6 million based on TCE rates of $22.7k/day and…


Get the full report on Channelchek desktop.

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 the 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 helix biopharma pioneer in cancer therapy targeting tumor microenvironment tme

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Wednesday, February 12, 2020

Helix Biopharma (HBP: CA)

Pioneer in Cancer Therapy Targeting Tumor Microenvironment (TME)

Helix BioPharma Corp is a Canada-based clinical-stage biopharmaceutical company focused on cancer drug development. It develops therapies in the field of immuno-oncology based on its proprietary technology mainly in the areas of cancer prevention and treatment. The company has Tumor Defense Breakers (L-DOS47), and Tumor Attackers (CAR-T) product candidates in the pipeline.

Cosme Ordonez, Senior Research Analyst, Noble Capital Markets, Inc.

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

Unique Technology Targeting Tumor Microenvironment (TME). We view Helix Biopharma as a pioneer in the cancer area as the company is developing a platform technology targeting the tumor microenvironment. Helix’s technology is designed to reduce tumor acidity, an escape mechanism which cancer cells utilize to evade the anti-tumor immune response. Tumor acidity has been shown to correlate with resistance to anti-cancer treatment and poor prognosis for cancer patients.

Lead drug L-DOS47 for the Treatment of Cancer. Helix Biopharma’s lead drug, L-DOS47, is in Phase II clinical trials for the treatment of non-small cell lung cancer (NSCLC) and pancreatic cancer. In a clinical trial using L-DOS47 as a mono-therapy for the treatment of NSCLC, treated patients showed reductions in tumor size and…


Get the full report on Channelchek desktop.

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 the 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 seanergy ship scrubber program complete- adjusting estimates for dry bulk market weakness

Posted on by Admin

Wednesday, February 12, 2020

Seanergy (SHIP)

Scrubber Program Complete. Adjusting Estimates for Dry Bulk Market Weakness.

Seanergy Maritime Holdings Corp., an international shipping company, provides marine dry bulk transportation services through the ownership and operation of dry bulk vessels. Seanergy Maritime Holdings Corp. is the only pure-play Capesize shipping company listed in the US capital markets. Seanergy provides marine dry bulk transportation services through a modern fleet of 10 Capesize vessels, with total capacity of approximately 1,748,581 dwt and an average fleet age of about 9.8 years. The Company is incorporated in the Marshall Islands with executive offices in Athens, Greece and an office in Hong Kong. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “SHIP” and class A warrants under “SHIPW”.

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

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

IMO 2020 compliance plan implemented. Scrubbers were installed on five Capes, with the last one on December 19, 2019. The $12 million cost of the scrubber program was largely funded by charterers. Additional scrubber installations will be dependent upon customer support and funding.

4Q2019 operating results will be out before the market opens tomorrow (February 13th). There will be an earnings call at 11am EST and the call number is 877-553-9962 with a code of Seanergy. In advance of the call, we are fine-tuning our estimates. Our 4Q2019 estimates are EBITDA of $11.6 million based on TCE rates of $22.7k/day and…


Get the full report on Channelchek desktop.

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 the 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 grindrod shipping grin acquisition of ivs bulk jv interest set to close

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Tuesday, February 11, 2020

Grindrod Shipping (GRIN)

Acquisition of IVS Bulk JV Interest Set to Close

Grindrod Shipping, originated in South Africa with roots dating back to 1910. The company is based in Singapore, with offices around the world including, London, Durban, Cape Town, Tokyo and Rotterdam. Its primary listing is on Nasdaq and secondary listing on the JSE.
Grindrod Shipping owns and operates a diversified fleet of owned, long-term chartered and joint-venture dry-bulk and liquid-bulk vessels across the globe.

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

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

Acquisition of IVS Bulk minority interest should close shortly. The $44.1 million acquisition will consolidate the joint venture and enhance the dry bulk fleet profile. Secured debt of $127 million refinances existing JV debt and a GRIN sub will borrow ~$36 million to complete the acquisition.

Sale of small tanker also announced for $9 million. The sale increases liquidity by ~$4.5 million and enhances the fleet profile. Adjusting estimates to reflect the acquisition, asset sale and dry bulk market weakness. Our new 2020 EBITDA estimate drops to $59 million from $65 million. We expect to introduce a…



Get the full report on Channelchek desktop.

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 the 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 inplay oil ipo ca canadian producer is growing through the drill bit even in a low price environment

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Tuesday, February 11, 2020

InPlay Oil (IPO:CA)

Canadian Producer Is Growing Through The Drill Bit, Even In a Low-Price Environment

InPlay Oil is a junior oil and gas exploration and production company with operations in Alberta focused on light oil production. The company operates long-lived, low-decline properties with drilling development and enhanced oil recovery potential as well as undeveloped lands with exploration possibilities. The common shares of InPlay trade on the Toronto Stock Exchange under the symbol IPO and the OTCQZ Exchange under the symbol IPOOF.

Michael Heim, Senior Research Analyst, Noble Capital Markets, Inc.

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

Cardium play in western Canada offer attractive returns even at current prices. InPlay generates positive operating cash flow sufficient to fund an active drilling program. Its debt levels are modest for a company of its size (net debt of $52 million) and its liquidity is adequate ($75 million credit facility).

Growing production in a challenging environment. Production grew 22% in 2018 and 7% in 2019 despite the sale of assets and a reduction in capital investments. Management projects growth of 6-10% in 2020. The company has regularly replaced 150% of its…


Get the full report on Channelchek desktop.

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 the 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 – Grindrod Shipping (GRIN) – Acquisition of IVS Bulk JV Interest Set to Close

Posted on by Admin

Tuesday, February 11, 2020

Grindrod Shipping (GRIN)

Acquisition of IVS Bulk JV Interest Set to Close

Grindrod Shipping, originated in South Africa with roots dating back to 1910. The company is based in Singapore, with offices around the world including, London, Durban, Cape Town, Tokyo and Rotterdam. Its primary listing is on Nasdaq and secondary listing on the JSE.
Grindrod Shipping owns and operates a diversified fleet of owned, long-term chartered and joint-venture dry-bulk and liquid-bulk vessels across the globe.

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

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

Acquisition of IVS Bulk minority interest should close shortly. The $44.1 million acquisition will consolidate the joint venture and enhance the dry bulk fleet profile. Secured debt of $127 million refinances existing JV debt and a GRIN sub will borrow ~$36 million to complete the acquisition.

Sale of small tanker also announced for $9 million. The sale increases liquidity by ~$4.5 million and enhances the fleet profile. Adjusting estimates to reflect the acquisition, asset sale and dry bulk market weakness. Our new 2020 EBITDA estimate drops to $59 million from $65 million. We expect to introduce a…



Get the full report on Channelchek desktop.

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 the 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 – InPlay Oil (IPO:CA) – Canadian Producer Is Growing Through The Drill Bit, Even In a Low-Price Environment

Posted on by Admin

Tuesday, February 11, 2020

InPlay Oil (IPO:CA)

Canadian Producer Is Growing Through The Drill Bit, Even In a Low-Price Environment

InPlay Oil is a junior oil and gas exploration and production company with operations in Alberta focused on light oil production. The company operates long-lived, low-decline properties with drilling development and enhanced oil recovery potential as well as undeveloped lands with exploration possibilities. The common shares of InPlay trade on the Toronto Stock Exchange under the symbol IPO and the OTCQZ Exchange under the symbol IPOOF.

Michael Heim, Senior Research Analyst, Noble Capital Markets, Inc.

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

Cardium play in western Canada offer attractive returns even at current prices. InPlay generates positive operating cash flow sufficient to fund an active drilling program. Its debt levels are modest for a company of its size (net debt of $52 million) and its liquidity is adequate ($75 million credit facility).

Growing production in a challenging environment. Production grew 22% in 2018 and 7% in 2019 despite the sale of assets and a reduction in capital investments. Management projects growth of 6-10% in 2020. The company has regularly replaced 150% of its…


Get the full report on Channelchek desktop.

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 the 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 energy services of america corp- esoa mid quarter update on track

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Monday, February 10, 2020

Energy Services of America (ESOA)

Mid-Quarter Update – On Track

Energy Services of America Corporation is engaged in providing contracting services for energy-related companies. The company is primarily engaged in the construction, replacement, and repair of natural gas pipelines and storage facilities for utility companies and private natural gas companies. It services the gas, petroleum, power, chemical and automotive industries, and does incidental work such as water and sewer projects. Energy Service’s other services include liquid pipeline construction, pump station construction, production facility construction, water and sewer pipeline installations, various maintenance and repair services and other services related to pipeline construction.

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

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

Maintaining FY2020 EBITDA after a positive finish to FY2019. After two uneven years and delays on a large project, the finish to FY2019 was solid and we expect more consistency going forward. Assuming no weather and/or operating miscues, we forecast that FY2020 EBITDA will move up to $8.6 million based on EBITDA margin of 5.6%.

September backlog of $63 million was $8 million above previous quarter. Infrastructure activity is more muted versus the recent past due to lower energy prices, but the risk profile should improve with…



Get the full report on Channelchek desktop.

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 the 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 – Energy Services of America Corp. (ESOA) – Mid-Quarter Update – On Track

Posted on by Admin

Monday, February 10, 2020

Energy Services of America (ESOA)

Mid-Quarter Update – On Track

Energy Services of America Corporation is engaged in providing contracting services for energy-related companies. The company is primarily engaged in the construction, replacement, and repair of natural gas pipelines and storage facilities for utility companies and private natural gas companies. It services the gas, petroleum, power, chemical and automotive industries, and does incidental work such as water and sewer projects. Energy Service’s other services include liquid pipeline construction, pump station construction, production facility construction, water and sewer pipeline installations, various maintenance and repair services and other services related to pipeline construction.

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

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

Maintaining FY2020 EBITDA after a positive finish to FY2019. After two uneven years and delays on a large project, the finish to FY2019 was solid and we expect more consistency going forward. Assuming no weather and/or operating miscues, we forecast that FY2020 EBITDA will move up to $8.6 million based on EBITDA margin of 5.6%.

September backlog of $63 million was $8 million above previous quarter. Infrastructure activity is more muted versus the recent past due to lower energy prices, but the risk profile should improve with…



Get the full report on Channelchek desktop.

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 the 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 – Vectrus (VEC) – U.S. Army Determines LOGCAP V Bid Prices Reasonable, Will Proceed with Original Awardees

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Friday, February 7, 2020

Vectrus (VEC)

U.S. Army Determines LOGCAP V Bid Prices Reasonable, Will Proceed with Original Awardees

Vectrus Inc is a U.S.-based company that provides services to the U.S. government. It operates as one segment and offer facility and logistics services and information technology and network communications services. The information technology and network communications capabilities consist of communications systems operations and maintenance, management and service support, systems installation and activation, system-of-systems engineering and software development, and mission support for the department of defense. The facility and logistics service include airfield management, ammunition management, civil engineering, communications, emergency services, life support activities, public works, security, transportation operations and others.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

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

U.S. Army Determination. On February 5th, the U.S. Army filed a status report with the U.S. Court of Federal Claims regarding its reexamination of bid prices under the LOGCAP V award. The Army determined the bid prices of the winning awardees are reasonable. Hopefully, this will allow Vectrus to move forward on its awards under LOGCAP V.

Proceeding with Original Awardees. According to the status report, the Army “intends to proceed with the previously awarded LOGCAP V contracts on or after March 2nd.” Recall, in April 2019, Vectrus was awarded LOGCAP V contracts for the CENTCOM and…


Get the full report on Channelchek desktop.

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 the 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 – DLH Holdings Corp. (DLHC) – Post Call Update; Positive Outlook, Although Waiting Outcome of 3 Major Contracts

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Friday, February 7, 2020


DLH Holdings Corp. (DLHC)

Post Call Update; Positive Outlook, Although Waiting Outcome of 3 Major Contracts

DLH Holdings Corp is a provider of technology-enabled business process outsourcing and program management solutions in the United States. The company offers services to several government agencies which include the Department of veteran affairs, Department of health and human services, Department of Defense and other government agencies. It operates primarily through prime contracts and also derives its revenue from agencies of the federal government, primarily as a prime contractor but also as a subcontractor to other Federal prime contractors.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

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

1Q20. Basic blocking and tackling in the quarter. S3 ERP integration complete. Continue to see active bid pipeline. Legacy business growing, but modestly. S3 revenue down sequentially due to normal quarterly fluctuations. Management remains optimistic about the current business environment.

Major Contract Updates.  No new news on the two VA contracts and the HHS contract. We expect the pharmacy services contract to be decided this year, although it is unlikely to have any material impact on the Company’s results. The logistics part of the VA contract likely will follow the pharmacy award. HHS has yet to send out a RFP but is expected to…


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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 the 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. 

What Investors Should Know About Cannabis Stocks in 2020

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NobleCon16 Panel to Discuss Cannabis Regulatory Future, Industry Trends, and Expectations for Investors

(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.)

If cannabis and hemp products are expected to take a larger role in people’s day-to-day lives, why were stock prices so depressed last year? What will signal the expected rebound?

These questions, along with current regulations and the implications of new statutes, on both the state and federal level, are to be weighed and discussed by a diversified panel of experts. The panel boasts a variety of professionals who are involved in different areas of the fledgling business. These presenters were hand-selected for their ability to bring a complete mix of up-to-date information that will attempt to touch on all the different issues impacting their industry.  The goal is for the investors attending NobleCon16 to develop a better understanding of the direction and pace of the cannabis industry this decade.

The discussion will take place at NobleCon16 being held from February 16th – 18th at the Hard Rock Guitar
Hotel in Fort Lauderdale.

The Panelists:

The panelists have been pulled from VC funds, CBD companies, an industry news and information publisher, specialized lawyer, supply chain expert, and a provider of industry staffing and education. Back Down to Reality? What
Investors Should Know About Cannabis Stocks in 2020 will take place on Monday, February 17 at 5:30pm.

Arby Barroso, Co-founder at Green Roads World

Brett Finkelstein, Managing Director at Phyto
Partners, LP

Jason Spatafora, Owner at MarijuanaStocks.com

Jonathan Conforti, Vice President of Corporate Development, Abacus Health Products, Inc.

Matt Ginder, Partner at Greenspoon Marder, LLP

Roman Bond, Founder at The Leafy Group

Robert Friedman (Moderator), Founder at Cannabis Labs

 Brett Heimann, the Director at Noble responsible for orchestrating this highly regarded cannabis panel had this to say: “I think people should view the cannabis industry, as it relates to CBD products, the way cell phones were viewed twenty years ago. At first, a few early-adopters saw the benefits of having a “cellular phone” available to them. Two decades, and some significant evolution to the offerings, and almost everyone now finds the phones indispensable. CBD in households could easily become as commonplace as aspirin.”  

 Level With Me

In addition to Back Down to
Reality? What Investors Should Know About Cannabis Stocks in 2020, Noble Capital Markets has assembled many information-packed company presentations and addresses for their 16th conference. The events should be of interest to anyone seeking to discover still-small companies whose businesses could soon have a bigger impact.

NobleCon conferences experience 70% repeat attendance by investors who want to build on their understanding of opportunities and perhaps meet privately with company management to best understand their company’s potential.  Money managers, family office finance professionals, investment advisors, independent brokers, and equity analysts go to NobleCon each year to learn of companies, products, and breakthroughs that could easily be overlooked in a world where larger well-known companies get the majority of the spotlight. Some of tomorrow’s household names are companies that benefit from more light being shed on them today. That’s what NobleCon and ChannelChek are about — Shedding more light on small and micro-cap opportunities in order to unearth actionable ideas.

More Information:

www.NobleConference.com

Research vectrus vec u-s- army determines logcap v bid prices reasonable will proceed with original awardees

Posted on by Admin

Friday, February 7, 2020

Vectrus (VEC)

U.S. Army Determines LOGCAP V Bid Prices Reasonable, Will Proceed with Original Awardees

Vectrus Inc is a U.S.-based company that provides services to the U.S. government. It operates as one segment and offer facility and logistics services and information technology and network communications services. The information technology and network communications capabilities consist of communications systems operations and maintenance, management and service support, systems installation and activation, system-of-systems engineering and software development, and mission support for the department of defense. The facility and logistics service include airfield management, ammunition management, civil engineering, communications, emergency services, life support activities, public works, security, transportation operations and others.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

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

U.S. Army Determination. On February 5th, the U.S. Army filed a status report with the U.S. Court of Federal Claims regarding its reexamination of bid prices under the LOGCAP V award. The Army determined the bid prices of the winning awardees are reasonable. Hopefully, this will allow Vectrus to move forward on its awards under LOGCAP V.

Proceeding with Original Awardees. According to the status report, the Army “intends to proceed with the previously awarded LOGCAP V contracts on or after March 2nd.” Recall, in April 2019, Vectrus was awarded LOGCAP V contracts for the CENTCOM and…


Get the full report on Channelchek desktop.

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 the 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.