Author: Admin

Wednesday, January 15, 2020

Great Panther Mining Limited (GPL)

Upgrading Based on Improving Risk and Reward Profile

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

GPL reports fourth quarter production results. In aggregate, fourth quarter production increased 275.7% to 44,697 gold equivalent ounces versus the prior year period and decreased 5.7% compared to the third quarter of 2019. The significant year-over-year increase in gold production reflects the acquisition of the Tucano Gold Mine in March 2019. Fourth quarter gold production from the Tucano mine exceeded the recent guidance range of 31,000 to 33,000 ounces with production of 34,181 ounces.

Full year 2019 production. In 2019, Great Panther produced 146,853 gold equivalent ounces which was above the midpoint of management’s guidance range of 142,000 to 149,000 ounces. In addition to the Tucano mine’s strong finish to the year, the Topia mine experienced higher year-over-year production as a result of…

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. 

Wednesday, January 15, 2020

Orion Group Holdings (ORN)

New Concrete Awards Help Near-term Visibility

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

Concrete awards of $22 million helps 2020 visibility. Three light commercial jobs in Texas totaling $22 million were awarded; two in Dallas for $14 million and another in Houston for $8 million. The work helps concrete visibility since it begins this quarter with completion by end of 3Q2020.

The outlook remains very good and added awards on the horizon. More than $1.0 billion of bids remain outstanding so additional awards are likely. A large proposed cruise port project in George Town is likely to slip further into this year due to…

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. 

Wednesday, January 15, 2020

Great Panther Mining Limited (GPL)

Upgrading Based on Improving Risk and Reward Profile

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

GPL reports fourth quarter production results. In aggregate, fourth quarter production increased 275.7% to 44,697 gold equivalent ounces versus the prior year period and decreased 5.7% compared to the third quarter of 2019. The significant year-over-year increase in gold production reflects the acquisition of the Tucano Gold Mine in March 2019. Fourth quarter gold production from the Tucano mine exceeded the recent guidance range of 31,000 to 33,000 ounces with production of 34,181 ounces.

Full year 2019 production. In 2019, Great Panther produced 146,853 gold equivalent ounces which was above the midpoint of management’s guidance range of 142,000 to 149,000 ounces. In addition to the Tucano mine’s strong finish to the year, the Topia mine experienced higher year-over-year production as a result of…

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. 

Wednesday, January 15, 2020

Orion Group Holdings (ORN)

New Concrete Awards Help Near-term Visibility

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

Concrete awards of $22 million helps 2020 visibility. Three light commercial jobs in Texas totaling $22 million were awarded; two in Dallas for $14 million and another in Houston for $8 million. The work helps concrete visibility since it begins this quarter with completion by end of 3Q2020.

The outlook remains very good and added awards on the horizon. More than $1.0 billion of bids remain outstanding so additional awards are likely. A large proposed cruise port project in George Town is likely to slip further into this year due to…

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. 

Cobalt and Rare Earth Metals from the Ocean Floor Eyed to Meet Growing Battery Demand

(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.)

The pursuit of seabed minerals, including polymetallic nodules containing nickel, copper, cobalt, and manganese is being driven by growing demand for batteries to power electric cars and to store wind and solar energy.  Discoveries of rich deposits on the seafloor and advances in technology are generating renewed interest in seafloor mining.  The International Seabed Authority (ISA), representing 168 countries as the trustee of the mineral resources of the deep seabed, has approved 30 contracts for exploration in international waters.  These contracts encompass 0.7% of the world’s seabed.  ISA is currently developing exploitation regulations for deep-sea marine minerals.  Technology advances, including remotely operated vehicles, robotics, and communications technology, make deep-sea mining more feasible, the deep ocean is starting to look increasingly attractive.  We look at the bull and bear arguments for opening the ocean seafloor to mining.

Cobalt and Rare Earth Metals from the Ocean Floor Eyed to Meet Growing Battery Demand

(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.)

The pursuit of seabed minerals, including polymetallic nodules containing nickel, copper, cobalt, and manganese is being driven by growing demand for batteries to power electric cars and to store wind and solar energy.  Discoveries of rich deposits on the seafloor and advances in technology are generating renewed interest in seafloor mining.  The International Seabed Authority (ISA), representing 168 countries as the trustee of the mineral resources of the deep seabed, has approved 30 contracts for exploration in international waters.  These contracts encompass 0.7% of the world’s seabed.  ISA is currently developing exploitation regulations for deep-sea marine minerals.  Technology advances, including remotely operated vehicles, robotics, and communications technology, make deep-sea mining more feasible, the deep ocean is starting to look increasingly attractive.  We look at the bull and bear arguments for opening the ocean seafloor to mining.

Monday, January 13, 2020

Endeavor Silver (EXK)

Guanacevi and Bolanitos Mines Expected to Drive 2020 Production Growth

Endeavour Silver Corp is a precious metal mining company. The company is primarily engaged in silver mining and owns three high-grade, underground, silver-gold mines in Mexico. Its other business activities include acquisition, exploration, development, extraction, processing, refining and reclamation. It is also involved in exploration activities in Chile. The company is organized into three operating mining segments, Guanacevi, Bolanitos and El Cubo, which are located in Mexico as well as Exploration and Corporate segments. The Exploration segment consists of projects in the exploration and evaluation phases in Mexico and Chile.

Mark Reichman, Senior Research Analyst of Natural Resources, Noble Capital Markets, Inc.

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

EXK reports fourth quarter 2019 production results. EXK reports fourth quarter 2019 production results. Compared to the prior year period, fourth quarter silver and gold production declined 32.2% and 27.0% to 939,511 ounces and 9,578 ounces, respectively. Although partially offset by greater production at the Guanacevi and El Compas mines, the declines were attributed to the suspension of mining operations at the El Cubo mine and lower throughput and grades at Bolanitos. Compared to the third quarter of 2019, fourth quarter silver and gold production declined 1.0% and 1.4%, respectively.

Updating estimates. While we are making no changes to our 2020 estimates, we are lowering our 2019 EPS estimate to a loss of ($0.28) versus our prior estimate of ($0.26). The revision reflects modestly lower-than-expected production in the fourth quarter 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. 

Monday, January 13, 2020

Endeavor Silver (EXK)

Guanacevi and Bolanitos Mines Expected to Drive 2020 Production Growth

Endeavour Silver Corp is a precious metal mining company. The company is primarily engaged in silver mining and owns three high-grade, underground, silver-gold mines in Mexico. Its other business activities include acquisition, exploration, development, extraction, processing, refining and reclamation. It is also involved in exploration activities in Chile. The company is organized into three operating mining segments, Guanacevi, Bolanitos and El Cubo, which are located in Mexico as well as Exploration and Corporate segments. The Exploration segment consists of projects in the exploration and evaluation phases in Mexico and Chile.

Mark Reichman, Senior Research Analyst of Natural Resources, Noble Capital Markets, Inc.

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

EXK reports fourth quarter 2019 production results. EXK reports fourth quarter 2019 production results. Compared to the prior year period, fourth quarter silver and gold production declined 32.2% and 27.0% to 939,511 ounces and 9,578 ounces, respectively. Although partially offset by greater production at the Guanacevi and El Compas mines, the declines were attributed to the suspension of mining operations at the El Cubo mine and lower throughput and grades at Bolanitos. Compared to the third quarter of 2019, fourth quarter silver and gold production declined 1.0% and 1.4%, respectively.

Updating estimates. While we are making no changes to our 2020 estimates, we are lowering our 2019 EPS estimate to a loss of ($0.28) versus our prior estimate of ($0.26). The revision reflects modestly lower-than-expected production in the fourth quarter 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. 

Natural Gas Production In the Marcellus Basin Declined in 2019 After Years of Rapid Growth

(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.)

Ten years ago, gas production in the Marcellus Basin of Appalachia represented less than 5% of domestic production.  At the end of 2018, it represented 41% of production.  This stratospheric rise came to a halt in 2019 with production ending the year representing only 39% of production.  Appalachia’s contribution to domestic gas supply is declining in response to a 30% decline in rig count in the area over the last twelve months.  Gas futures indicate that natural gas prices in the area are likely to remain depressed further discouraging any rebound in drilling.  Is the boom of Appalachia coming to an end (Bear case)?  Or, does the decline represent a temporary setback (Bull case)?