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Research – Orion Group (ORN) – Poised for a Strong Rebound

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Tuesday, July 2, 2019

Orion Group Holdings (ORN)

Poised for a Strong Rebound

Orion Group Holdings Inc is a US-based company which provides solutions in marine construction, design and specialty services both on and off the water in the continental US, Alaska, Canada, and the Caribbean Basin.

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

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

  • Another large Marine award.Dredging work of $52 million on a crude oil export terminal should begin in 4Q2019 and run into 3Q2020. Dredging will allow Very Large Crude Carriers (VLCCs) to load at South Texas Gateway Terminal project. Design and demo work could expand the scope of the project for ORN and validate the emerging industrial strategy.
  • Award should push 2Q2019 backlog into $650 million range, another record. Combined with the large Terminal 5 project in Seattle that should begin this quarter, …  


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    *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 – Another Project Award Boosts Record Backlog and Reinforces Positive Outlook.

Posted on by Admin

Thursday, June 18, 2019

Orion Group Holdings (ORN)

Another Project Award Boosts Record Backlog and Reinforces Positive Outlook.

Orion Group Holdings Inc is a US-based company which provides solutions in marine construction, design and specialty services both on and off the water in the continental US, Alaska, Canada, and the Caribbean Basin.

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

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

  • Another large Marine award. Dredging work of $52 million on a crude oil export terminal should begin in 4Q2019 and run into 3Q2020. Dredging will allow Very Large Crude Carriers (VLCCs) to load at South Texas Gateway Terminal project. Design and demo work could expand the scope of the project for ORN and validate the emerging industrial strategy.
  • Award should push 2Q2019 backlog into $650 million range, another record. Combined with the large Terminal 5 project in Seattle that should begin this …



    Get full report on Channelchek desktop.




*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 – Sierra Metals (SMTS) – Will the Momentum Continue?

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Wednesday, July 17, 2019

Sierra Metals (SMTS)

Will the Momentum Continue?

Sierra Metals Inc is a precious and base metals producer in Latin America. The company acquires, explores, extracts, and produces mineral concentrates consisting of silver, copper, lead, zinc and gold in Mexico and Peru. Its activity includes the operation of the Yauricocha Mine in Peru, and the Bolivar and Cusi mines in Mexico.

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

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

  • SMTS reports second quarter production results. Compared with the prior year period, second quarter production of gold increased 40.0% to 2,540 ounces, silver increased 20.8% to 836 thousand ounces, lead production increased 13.7% to 8.1 million pounds and copper production increased 12.8% to 9.7 million pounds. Zinc production declined 18.3% to 16.6 million pounds. While throughput at the Yauricocha mine was impacted by a worker strike early in the quarter, higher grades and recoveries partially offset the impact on zinc equivalent production.
  • Updating estimates. We have trimmed our 2019 EPS and EBITDA estimates to $0.15 and $94.2 million from $0.16 and $98.2 million. The revision to our 2019 estimates reflects…



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*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. 

Energy Quarterly Review Q2 2019

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Q2 2019 Energy Quarterly Review

Noble Capital Markets

It was a difficult quarter for energy stocks as prices fell in response to falling energy prices. Energy stocks, as measured by the XLE Energy Select Sector SPDR Fund, fell 5.1% over the three months ended June 30, 2019. The decline stands in contrast to a 2.6% increase in the S&P 500 Composite Index over the same time period. Both oil and natural gas prices declined during the most recent quarter. Oil prices, as measured by the WTI August 2019 future price, declined 5.4% from $61.81 per barrel to $58.47 per barrel. Natural gas prices, as measured by Henry Hub August 2019 futures, declined even more significantly, falling 14.0% from $2.68 per thousand cubic feet to $2.308.

The decline in oil prices corresponds to rising inventories with the EIA reporting consolidated oil stocks of approximately 2 million BBLS (as of 6/21), up 4.6% from a year ago. Oil imports continue to decline even as the export of petroleum products grows. Domestic production of oil continues to grow. The spread between North Sea Brent oil prices and WTI oil price has…

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What’s Up Next for Blockchain?

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(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 listed in the “Balanced” section)

Blockchain technology has the ability to transform the way we conduct transactions in almost every industry. This decentralized and digitized ledger allows anyone to own digital goods, assets, and data. At the most basic level, blockchain is a growing list of records, called blocks. The database is shared across a network of computers and once a record has been added to the chain, it is very difficult to change.  Each block contains a cryptographic hash, which includes the time the transaction occurred, the dollar amount, and both parties’ digital signatures. Bitcoin’s ledger was blockchain’s first real-world application, getting the ball rolling on this new and innovative technology. After the first ledger was created, the technology began to spread across the global economy.

Metals And Mining Quarterly Review Q2 2019

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Q2 2019 Metals And Mining Quarterly Review

Noble Capital Markets

Mining companies (as measured by the XME) declined 4.4% during the June quarter versus a 3.8% increase in the S&P 500 Index. Notably, after posting 2.9% and 15.4% declines in April and May, the XME rose 16.3% in June on the back of higher gold prices which rose 8.0%. During the first half of 2019, the XME was up 8.4% but still lagged the S&P 500 Index which appreciated 17.4%. During the second quarter, the price of gold increased 9.1%, while silver increased 1.3%. Futures suggest gold above $1,400 an ounce in 2020, with silver prices in the mid- $15 range. The gold/silver ratio was 92.0x at the close of the quarter and we still maintain our view that silver is undervalued relative to gold and thus could represent greater long-term price appreciation potential.

Among base metals, copper and lead fell 7.8% and 5.3% during the second quarter, while zinc eked out a 1.3% gain. During the first half of 2019, gold was up 9.9%, silver declined 0.9%, copper rose 3.0%, lead fell 4.7% and zinc was down 0.9%. What can investors expect for the remainder of 2019?…

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Research – Aurania Resources (ARU.V) – Employing Big Data in the Rainforests of Ecuador

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Monday, July 15, 2019

Aurania Resources (ARU.V)

Employing Big Data in the Rainforests of Ecuador

Aurania Resources Ltd. is a Canada-based junior mining exploration company engaged in the identification, evaluation, acquisition, and exploration of mineral property interests, with a focus on precious metals and copper. Its flagship asset, The Lost Cities-Cutucu Project, is in southeastern Ecuador in the Province of Morona-Santiago. The company also has several minor projects in Switzerland.

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

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

  • Employing Big Data. Aurania recently engaged Metron, Incorporated to provide data analytic and statistical analysis services to aid the company’s search for two historic gold mining centers, Logrono de los Caballeros and Sevilla del Oro, both believed to be within the Lost Cities project area. While the process likely works best for narrowly defined search criteria, we believe Metron’s services may go beyond facilitating the search for the two lost cities and could be helpful when prioritizing areas of interest and making decisions regarding concession renewal.
  • Practical application of Bayesian theory. Metron’s process uses a Bayesian framework to integrate data collected by…



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*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) – Will Recent Strength in Gold Prices Benefit Second Half Performance?

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Monday, July 15, 2019

Coeur Mining (CDE)

Will Recent Strength in Gold Prices Benefit Second Half Performance?

Coeur Mining Inc is a metals producer focused on mining precious minerals in the Americas. The company is involved on 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 company are palmarejo, rochester, wharf, and kensington.

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

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

  • CDE reports second quarter 2019 production results. Coeur Mining reported second quarter production of 86,584 ounces of gold, 3.1 million ounces of silver, 5.3 million pounds of zinc and 5.0 million pounds of lead. While second quarter production was modestly below our expectations, management is maintaining its full year 2019 production guidance although it will require strong operating performance in the second half.
  • Adjusting estimates. We are narrowing our full year 2019 loss per share estimate to ($0.29) from ($0.35) and increasing our EBITDA estimate to $151.9 million from $146.8 million. In 2020, we project…



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*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 – Energy Fuels (UUUU) – Section 232 Petition Prompts Working Group for More Study

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Monday, July 15, 2019

Energy Fuels (UUUU)

Section 232 Petition Prompts Working Group for More Study

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.

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

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

  • No immediate remedies. On July 12, President Trump announced that he did not concur with the Department of Commerce that uranium imports threaten the national security of the United States as defined under Section 232 of the Trade Expansion Act of 1962 and did not act on any proposals, including import quotas. However, the President believes that more analysis of national security considerations with respect to the entire nuclear fuel supply chain is needed.
  • Working group formed. The President appointed a working group to review the entire domestic nuclear supply chain and develop recommendations, within….



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*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. 

The Controversial Question: Would You Answer It?

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(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 listed in the “Balanced” section)

Every 10 years the Census Bureau sends out a survey, the decennial census, to every listed household in America in efforts to count every person and collect accompanying information on them. Required by the Constitution, the population numbers determine the amount of representatives and federal funding states will receive for their citizens. The Census Bureau accounts for every person, regardless of citizenship or immigration status. Recently, President Trump proposed to add in a citizenship question to the 2020 census which has posed much controversy.

Can These Tech Unicorn Companies Prove Their Worth?

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(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 listed in the “Balanced” section)

The Initial Public Offerings of privately held unicorn tech companies with valuations over $1 billion from the last decade are going to be available to markets in 2019. Big name tech companies such as ride-hailing companies Uber and Lyft, hospitality service Airbnb, and cloud-based messaging service Slack will, or already are, trading publicly. Last April, the social media site Pinterest was welcomed to the markets. The IPO rush of tech unicorns to market has shown a battle between the listing venues, New York Stock Exchange and NASDAQ, for an important segment of the U.S. economy.

Research – Endeavour Silver (EXK) – A Work In Progress

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Wednesday, July 11, 2019

Endeavour Silver (EXK)

A Work In Progress

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.

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

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

  • EXK reports second quarter production results. Compared to the prior year period, second quarter silver and gold production declined 22% and 30% to 1,059,322 ounces and 9,558 ounces, respectively. Although partially offset by higher production at the Guanacevi mine and initial commercial production from the El Compas mine, the declines were attributed to lower planned production at the El Cubo mine and lower throughput and grades from Bolanitos. Compared to the first quarter of 2019, second quarter silver and gold production declined 1% and 5%, respectively.
  • Updating Estimates While our 2019 loss per share estimate remains unchanged at ($0.17), we are increasing our 2020 EPS estimate to…



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*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 Limited (GPL) – When Will the Valuation Reflect an Improving Growth Outlook?

Posted on by Admin

Thursday, July 11, 2019

Great Panther Mining Limited (GPL)

When Will the Valuation Reflect an Improving Growth Outlook?

Great Panther Silver Ltd is a precious metals mining and exploration company. It owns two mines Topia and Guanajuato Mine Complex (GMC). The Topia operations produce silver, gold, lead, and zinc whereas the GMC operation produces silver and gold.

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

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

  • GPL reports second quarter production results. In aggregate, second quarter production increased 195% to 39,922 gold equivalent ounces versus the prior year period and increased 197% compared to the first quarter of 2019. The significant increase in gold production reflects the acquisition of the Tucano Gold Mine in March 2019.
  • Adjusting estimates.  Based on higher production and commodity price expectations, we have increased our full year 2019 earnings and EBITDA estimates to… 


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*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.