Bonavista Energy Corp

BNP-T

Analysis and Opinions about BNP-T

Signal
Opinion
Expert
TOP PICK
TOP PICK
December 18, 2017

They are 71% natural gas and will keep production flat. Excess cash flow will pay down debt. He thinks they will raise the dividend in 2019. There is so much potential when we have a recovery in Natural Gas. (Analysts’ target: $3.45).

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They are 71% natural gas and will keep production flat. Excess cash flow will pay down debt. He thinks they will raise the dividend in 2019. There is so much potential when we have a recovery in Natural Gas. (Analysts’ target: $3.45).

HOLD
HOLD
November 16, 2017

(Market Call Minute.) A good, solid energy company, but has a bit of a hangover because of its natural gas exposure.

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(Market Call Minute.) A good, solid energy company, but has a bit of a hangover because of its natural gas exposure.

BUY
BUY
November 9, 2017

BNP-T is a much bigger company. CQE-T is a smaller company and has a different risk profile. He prefers BNP-T.

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BNP-T is a much bigger company. CQE-T is a smaller company and has a different risk profile. He prefers BNP-T.

BUY
BUY
September 19, 2017

Management has done a very good job of concentrating assets in their 2 key areas. Had some nervousness over the balance sheet, but that is improving. He is a little more bullish on oil, than natural gas, but he would buy this today. (See Top Picks.)

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Bonavista Energy Corp (BNP-T)
September 19, 2017

Management has done a very good job of concentrating assets in their 2 key areas. Had some nervousness over the balance sheet, but that is improving. He is a little more bullish on oil, than natural gas, but he would buy this today. (See Top Picks.)

COMMENT
COMMENT
June 16, 2017

71% natural gas. Obviously, there are concerns about energy. They’ve increased their asset concentration, lowered their costs. Q1 was good and their growth rate is pretty good. Very cheap relative to its peers. The only reason he wouldn’t buy this, if he were interested in an energy name, is that the balance sheet, although better than its peers, it is not ironclad or best of breed. Their 2018 production he models as still lower than that which they printed in 2014.

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71% natural gas. Obviously, there are concerns about energy. They’ve increased their asset concentration, lowered their costs. Q1 was good and their growth rate is pretty good. Very cheap relative to its peers. The only reason he wouldn’t buy this, if he were interested in an energy name, is that the balance sheet, although better than its peers, it is not ironclad or best of breed. Their 2018 production he models as still lower than that which they printed in 2014.

COMMENT
COMMENT
April 21, 2017

If you are a trader, this is one you could probably trade. Not a bad entry. They continue to improve in asset concentration. About 70% is hedged for 2017. The very small dividend is safe. Even though its balance sheet is a lot better than its peers, it still has a cash flow of 2.6%, which is high for where oil/gas is. There are safer names, but probably not a bad little bet for a trade.

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If you are a trader, this is one you could probably trade. Not a bad entry. They continue to improve in asset concentration. About 70% is hedged for 2017. The very small dividend is safe. Even though its balance sheet is a lot better than its peers, it still has a cash flow of 2.6%, which is high for where oil/gas is. There are safer names, but probably not a bad little bet for a trade.

DON'T BUY
DON'T BUY
March 24, 2017

They have a dividend that looks safe for now because they are 70% hedged for 2017. They are into a narrow play, they cut costs and are cheap. Debt levels aren’t bad. But to him in this environment it is really still too much debt.

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They have a dividend that looks safe for now because they are 70% hedged for 2017. They are into a narrow play, they cut costs and are cheap. Debt levels aren’t bad. But to him in this environment it is really still too much debt.

HOLD
HOLD
February 23, 2017

There has been a bit of a pull back and then a bump up. This is a position you can let run. Feb 25th until May 9th is the period of seasonal strength.

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There has been a bit of a pull back and then a bump up. This is a position you can let run. Feb 25th until May 9th is the period of seasonal strength.

DON'T BUY
DON'T BUY
January 31, 2017

(Market Call Minute.) Probably a value trap. People have given up on the name. It is probably going to stay cheap for the foreseeable future.

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(Market Call Minute.) Probably a value trap. People have given up on the name. It is probably going to stay cheap for the foreseeable future.

COMMENT
COMMENT
December 6, 2016

This has gone through a period of significant adjustment to the current commodity prices. They’ve had to right size the dividend, reduce leverage levels, sell assets, etc., and he thinks they are through the worst of it. This is something that he thinks he should be looking closer at.

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This has gone through a period of significant adjustment to the current commodity prices. They’ve had to right size the dividend, reduce leverage levels, sell assets, etc., and he thinks they are through the worst of it. This is something that he thinks he should be looking closer at.

PAST TOP PICK
PAST TOP PICK
November 22, 2016

(A Top Pick Sept 8/16. Down 1.73%.) Energy has been pretty good, and this one could have been a little bit better. He has no reason to change his hypothesis, as nothing has changed with the company.

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(A Top Pick Sept 8/16. Down 1.73%.) Energy has been pretty good, and this one could have been a little bit better. He has no reason to change his hypothesis, as nothing has changed with the company.

SELL
SELL
October 7, 2016

He would sell this and either buy another name or a top performing energy fund. They still have too much debt. This is trading at about 3X debt to cash flow. He doesn’t see them regaining their lost multiples.

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He would sell this and either buy another name or a top performing energy fund. They still have too much debt. This is trading at about 3X debt to cash flow. He doesn’t see them regaining their lost multiples.

COMMENT
COMMENT
September 28, 2016

This had a peak in early September, but has come back down. The whole space has a seasonality to it. It tends to get strong in the summer and then weakens into November and then picks up again. If you want to own an energy name, you could start to nibble away next month until you get the full position you are looking at. Perhaps in 3 portions.

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Bonavista Energy Corp (BNP-T)
September 28, 2016

This had a peak in early September, but has come back down. The whole space has a seasonality to it. It tends to get strong in the summer and then weakens into November and then picks up again. If you want to own an energy name, you could start to nibble away next month until you get the full position you are looking at. Perhaps in 3 portions.

TOP PICK
TOP PICK
September 8, 2016

They are at -3% return, but he thinks they are close to the bottom so it won’t take much for them to be worth more.

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They are at -3% return, but he thinks they are close to the bottom so it won’t take much for them to be worth more.

BUY WEAKNESS
BUY WEAKNESS
September 6, 2016

Have made a lot of use of their hedge book and have done quite well. Trading at a discount to BV. Production is down, as it is for most players. Their hedge book is now gone. In Q3, their numbers are going to come down. He likes that operating costs are pretty low at $5.58 BOE. The balance sheet is in good shape. They have $1 billion in debt, and against that they have $1 billion of equity. They are becoming more of a lower cost operator. He is bearish on oil prices for the next quarter. If the stock got down to under the $2 area, this would be a great Buy.

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Have made a lot of use of their hedge book and have done quite well. Trading at a discount to BV. Production is down, as it is for most players. Their hedge book is now gone. In Q3, their numbers are going to come down. He likes that operating costs are pretty low at $5.58 BOE. The balance sheet is in good shape. They have $1 billion in debt, and against that they have $1 billion of equity. They are becoming more of a lower cost operator. He is bearish on oil prices for the next quarter. If the stock got down to under the $2 area, this would be a great Buy.

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