In today’s briefing:
- MV Global Junior Gold Miners Index Rebalance: Round-Trip Trade of Over US$1bn
- OPEC and EIA Cut Oil Demand Forecasts; EIA Projects Nat-Gas Rise in 2025 on Strong LNG Exports
- Enterprise Products Partners L.P.: Enhanced LPG Export Capacity & Major Drivers
- Transocean Ltd.: Advanced Drilling Technology Adoption & Other Major Developments! – Financial Forecasts
MV Global Junior Gold Miners Index Rebalance: Round-Trip Trade of Over US$1bn
- There are 2 adds and 3 deletes for the VanEck Vectors Junior Gold Miners ETF (GDXJ US) in September. Plus there are capping and float changes.
- Estimated one-way turnover is 11.4% resulting in a round-trip trade of US$1.14bn. There are 16 stocks with over 1x ADV to trade from passive trackers.
- The largest inflows are expected in B2Gold Corp, Evolution Mining and Pan American Silver while the largest outflows are from Kinross Gold and Cia de Minas Buenaventura SAA.
OPEC and EIA Cut Oil Demand Forecasts; EIA Projects Nat-Gas Rise in 2025 on Strong LNG Exports
- OPEC cuts demand growth estimates for the second straight month, lowering its 2024 and 2025 forecasts by 3.8% and 2.2%, respectively, citing demand weakness in China.
- Total production of OPEC members obliged to implement supply cuts averaged 21.48m bpd in August, exceeding the target by 1.6%.
- EIA lowered its 2024 and 2025 oil price forecasts due to slower demand growth. However, it expects a quick recovery in prices driven by declining inventories.
Enterprise Products Partners L.P.: Enhanced LPG Export Capacity & Major Drivers
- Enterprise Products Partners L.P. reported robust results for the second quarter of 2024, with $1.4 billion in net income, marking a 12% increase over the same quarter the previous year.
- This performance is grounded in the company’s extensive project initiatives and strategic operations in various segments, including natural gas and NGL pipelines and services.
- Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.
Transocean Ltd.: Advanced Drilling Technology Adoption & Other Major Developments! – Financial Forecasts
- Transocean’s recent quarterly earnings results present a dual narrative with strong operational performance reflecting positively on the company’s strategic initiatives and market positioning, while also highlighting areas of concern that potential investors should consider.
- In terms of positive developments, Transocean reported adjusted EBITDA of $284 million with contract drilling revenues of $861 million, translating to an impressive EBITDA margin of approximately 33%.
- This strong performance is a testament to the company’s operational efficiency, marked by a revenue efficiency of approximately 97% in the quarter.
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