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Research – Seanergy (SHIP) – 3Q2019 Shortfall Masks Improving Operating Results

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Thursday November 7, 2019

Seanergy (SHIP)

3Q2019 Shortfall Masks Improving Operating Results

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 full report for price target, fundamental analysis and rating.

  • 3Q2019 results below expectations.  3Q2019 EBITDA of $9.8 million was below expectations due to higher downtime due to the scrubber program and other drydocking activity. In addition, TCE rates of $20,143/day were ~$4,000/day below our estimate in part due to an accounting change. SHIP switched to load-to-discharge accounting whereby revenues are not recorded for Capes in transit at the quarter cut-off date.

  • Adjusting EBITDA estimates to $24.8 million in 2019 (from $26.3 million) and $51.3 million in 2020 (from $50.2 million) to reflect 3Q2019 shortfall but 4Q2019 forward cover update. 80% of available 4Q2019 operating days are booked at an average rate of $25.8k/day. We lowered our 2019 Cape TCE rate estimate to $14.8k/day (from $15.3k/day) and…


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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. 

Research -Coeur Mining (CDE): Q3 Results Better Than Expected; Increasing Estimates

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Wednesday November 06, 2019

Coeur Mining (CDE)

Q3 Results Better Than Expected; Increasing Estimates

Coeur Mining Inc is a metals producer focused on mining precious minerals in the Americas. It is involved in the discovery and mining of gold and silver and generates the vast majority of revenue from the sale of these precious metals. The operating mines of the company are palmarejo, rochester, wharf, and kensington. Its projects are located in the United States, Canada and Mexico, and North America.

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

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

  • Quarterly financial results better than expected.  The company reported a third quarter adjusted loss of ($0.02) per share, compared to an adjusted loss per share of ($0.11) during the prior year period and our estimate of ($0.07). Adjusted EBITDA amounted to $61.0 million versus $24.7 million during the third quarter of 2018. Free cash flow increased to $11.3 million versus a loss of $33.7 million during the prior year period. Variances to our estimate were predominantly in costs, most notably amortization.
  • Increasing 2020 estimates. We are reducing our 2019 loss estimate to ($0.22) per share from ($0.32) per share and increasing our 2020 EPS estimate to $0.10 from $0.04. We project 2019 and…


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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. 

Research – Endeavour Silver (EXK): Third Quarter In Line With Our Expectations; Lowering 2020 Estimates

Posted on by Admin

Wednesday November 06, 2019

Endeavor Silver (EXK)

Third Quarter In Line With Our Expectations; Lowering 2020 Estimates

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, Noble Capital Markets, Inc.

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

  • Third quarter results in line with estimates.  Endeavour reported a third quarter loss of $6.8 million, or ($0.05) per share, compared to a loss of $5.5 million, or ($0.04) per share during the prior year period. We had projected a loss of $6.8 million, or ($0.05) per share. Adjusted EBITDA were $1.8 million compared to $6.3 million generated during the prior year period.

  • Lowering 2020 estimates. While we are making no changes to our 2019 estimates, we are lowering our 2020 EPS estimate to $0.08 per share from $0.12 due mainly to narrower margin assumptions. We now forecast…


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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. 

Research – Great Lakes Dredge & Dock (GLDD): Backlog rebounded and set up for strong finish to year

Posted on by Admin

Wednesday, November 6, 2019

Great Lakes Dredge & Dock (GLDD)

Backlog rebounded and set up for strong finish to year

Great Lakes Dredge & Dock is a marine and environmental infrastructure contractor, and the largest dredging company in the United States. Headquartered in suburban Chicago, the company provides port expansion and maintenance, coastal restoration, river dredging and environmental restoration for public and private entities worldwide. In June 2019, the Environmental & industrial (E&I) business was sold for $17.5 million in cash and the company is now pure play on the dredging market.

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

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

  • A down quarter due to equipment downtime, but rebound underway.  Revenue of $169.8 million and EBITDA of $27.1 million were below our estimates due to equipment downtime and two hurricanes (Barry/Dorian), but profitability was steady even with heavy drydock activity.

  • Fine-tuning 2019 EBITDA estimate of $131 million with positive 4Q2019 outlook. Maintaining our 2020 EBITDA in the $140 million range. Current backlog is positive, plus the Clamshell 52 and…


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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 – Kratos Defense & Security (KTOS): Another Solid Quarter But Will Continuing Resolution Hit The Pause Button?

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Wednesday, November 6, 2019

Kratos Defense & Security (KTOS)

Another Solid Quarter But Will Continuing Resolution Hit The Pause Button?

Kratos Defense & Security Solutions is a National Security technology provider with proprietary expertise in the area of unmanned aerial vehicles, electronics for missile defense systems, electronic warfare systems, satellite control and management systems and support services for emerging naval weapon systems. Commercial and state and local government revenues are about 25% of the total and comprise primarily of critical infrastructure monitoring and protection systems.

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

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

  • 3Q19 Results. Kratos reported solid 3Q19 results, with quarterly revenue of $184.1 million and $20.4 million of adjusted EBITDA topping our estimates of $180 million and $17.1 million, respectively. The Unmannned segment was the driving force behind the better than expected results, with segment revenue up 37.2%.
  • Follows Recent Additional Awards.   hursday’s announcement comes on the heels of two other unmanned awards, including a $23 million award in early August for a production run of target jet drones and a $4.8 million award in mid-August for…


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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. 

Research – Townsquare Media (TSQ): Scores Another Good Quarter

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Wednesday November 6, 2019

Townsquare Media Inc (TSQ)

Scores Another Good Quarter

Townsquare Media Inc is an entertainment and media company offering digital marketing solutions in the United States and Canada. It owns and operates radio stations, social media properties focusing the small and mid-cap companies. Services offered to the clients include live events, local advertising, digital advertising, e-commerce offerings, few others. The segments through which the company operates its businesses are classified into Local marketing solutions and Entertainment segments. Revenues are generated from commercials through broadcasts and sale of internet based advertisements.

Michael Kupinski, DOR, Senior Research Analyst, Noble Capital Markets, Inc.

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

  • Over delivers on the quarter.  Third quarter revenues of $112.5 million was better than our $109.8 million estimate. Cash flow (adj. EBITDA) of $28.8 million was better than our $27.9 million estimate, as well. The results benefited from strong Digital revenues, up an impressive 25% in the quarter.

  • Raised 2019 guidance.  Revenue guidance was raised to the higher end of its previous range of $428 million to $430 million and…


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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 – Vectrus (VEC): Can Outperformance Continue?

Posted on by Admin

Wednesday, November 6, 2019

Vectrus (VEC)

Can Outperformance Continue?

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 full report for price target, fundamental analysis and rating.

  • Strong 3Q19 Results.  Vectrus reported 3Q19 revenue of $359.9 million, adjusted EBITDA
    of $16.7 million, EPS of $0.80, and adjusted EPS of $0.84. Consensus called for revenue of
    $349 million and EPS of $0.78. We were at $355 million and $0.82, respectively.
  • Expanding Footprint. Vectrus continues to expand it footprint, not just geographically but also customerwise. During the quarter, VEC was awarded business in the AFRICOM Area of Responsibility. Business with…


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This Company Sponorsed 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. 

Are Strong Earnings a Sign that Economic Concerns are Unwarranted?

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Are Strong Earnings a Sign that Economic Concerns are Unwarranted?

(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.)

With 70% of the companies in the S&P 500 having reported September-quarter earnings, an impressive 76% have reported results above expectations as announced by Factset.  This is above historical averages.  In aggregate, results have been 3.8% above the consensus estimate.  Nevertheless, concerns remain.  Are the quarter’s results a sign that things are better than expected (Bull Case) or are there enough cracks to point out growing economic and political concern (Bear Case)?

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 – Energy Fuels (UUUU) – No Big Surprises

Posted on by Admin

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. 

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

Posted on by Admin

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. 

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

Posted on by Admin

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.