In today’s briefing:
- Idemitsu (5019): First SumiChem’s, Now JERA’s Stake in Fuji Oil (5017) To Go to 22%. It’s Coming…
- The Pullback Finally Begins; SPX and NDX Testing 2-Month Supports; Market Dynamics Shifting
- FMC Corporation: Performance of Diamides Business and Other Portfolios Driving Growth? – Major Drivers
- Energy Transfer LP: A Deep Dive Analysis Of Its Competitive Advantage Amidst The Current Volatility!- Major Drivers
- Energy Transfer LP: A Deep Dive Analysis Of Its Competitive Advantage Amidst The Current Volatility!- Major Drivers
- Equinor ASA: Continued Growth In Natural Gas and Oil Portfolio A Temporary Phenomenon? – Major Drivers
- Coterra Energy Inc.: These Are The 6 Major Growth Drivers & 3 Biggest Challenges For The Company! – Financial Forecasts
- SDRL: Tighter Outlook, PT to $80
- Sealed Air Corporation: Initiation Of Coverage – What Is Its Core Business Strategy? – Major Drivers
Idemitsu (5019): First SumiChem’s, Now JERA’s Stake in Fuji Oil (5017) To Go to 22%. It’s Coming…
- In the mid-late teens, four refinery groups merged to create two refinery groups – JX and Tonen General became JXTG under ENEOS Holdings (5020 JP) and Idemitsu took over ShowaShell.
- When Idemitsu got ShowaShell, it got 50+% in Toa Oil Co Ltd (5008 JP), 6.58% of Fuji Oil Co Ltd (5017 JP). In 2020, they tried to buy in Toa.
- That was delayed by an activist. Today, Idemitsu announced they had gone to 23% in Fuji Oil. That stake will go up before it goes down.
The Pullback Finally Begins; SPX and NDX Testing 2-Month Supports; Market Dynamics Shifting
- We’ve discussed for months that we’ll need to see SPX and NDX (QQQ) close below their 20-day MAs/21-dayEMAs for more than 2-3 consecutive days in order to get more cautious.
- Today (Tuesday) marks 3 consecutive days as the DXY climbs to test major $106 resistance, and amid 10- and 30-year Treasury yields breaking above long-term resistances. Caution is warranted.
- Still, in order for there to be a meaningful pullback, important 2-month supports that are currently being tested would need to break, including 4983-5050 on SPX and $425-$433 on QQQ.
FMC Corporation: Performance of Diamides Business and Other Portfolios Driving Growth? – Major Drivers
- Based on the fourth-quarter 2023 earnings, FMC Corporation’s performance suggests a mixed investment climate.
- Although the company’s plan largely revolves around elements they manage, such as NPI sales and restructuring initiatives, the transition of the crop chemicals market implies a challenging year ahead.
- 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.
Energy Transfer LP: A Deep Dive Analysis Of Its Competitive Advantage Amidst The Current Volatility!- Major Drivers
- In the Second Quarter Fiscal 2024 Earnings Conference Call, Bill.com recorded robust profitable growth despite a challenging macro environment as small and medium-sized businesses (SMBs) continue to manage their spending cautiously.
- The company reported year-over-year revenue growth of 22%, non-GAAP net income growth of 48%, and a non-GAAP net income margin of 23%.
- It sees prospects for further growth once SMBs begin spending for expansion.
Energy Transfer LP: A Deep Dive Analysis Of Its Competitive Advantage Amidst The Current Volatility!- Major Drivers
- Energy Transfer LP reported a transformative year, marking significant changes across the organization and its global workforce of 22,000.
- The company successfully established itself as an independent public entity while maintaining a trajectory of profitable growth.
- The year saw a 5% organic growth, evenly distributed across all business segments and geographic regions, highlighting its broad-based growth capabilities.
Equinor ASA: Continued Growth In Natural Gas and Oil Portfolio A Temporary Phenomenon? – Major Drivers
- Equinor delivered strong results for the third quarter, with adjusted earnings of $8 billion ($2.7 billion after tax) despite lower prices than in the previous year, indicating the company’s stability in market fluctuations.
- However, net operating income was $7.5 billion and net income was $2.5 billion, lower than adjusted earnings.
- The company is on track to deliver promising cash flows of around $20 billion annually till 2030, exhibiting robust revenue growth.
Coterra Energy Inc.: These Are The 6 Major Growth Drivers & 3 Biggest Challenges For The Company! – Financial Forecasts
- Coterra Energy displayed excellent financial results, exceeding oil, natural gas, and BOE (barrels of oil equivalent) guidance for Q4 with below capital guide.
- Oil volumes demonstrated year-over-year growth of 10%, while the company declared a 5% growth for the BOE. The company’s capital is expected to vary between $1.75 billion to $1.95 billion for 2024, investing approximately 60% of projected cash flow.
- In terms of geographic investment, focus will be placed on boosting investment in the Permian and Anadarko basins while retrenching in the Marcellus.
SDRL: Tighter Outlook, PT to $80
- SDRL enters the second quarter with drill ships undergoing special surveys and day rates slowly creeping higher.
- The drill ship market has experienced an increase in day rates on the expectation stacked ships eventually become available. We do not believe this will ever be the case
- We are leaving our 2024 earnings model unchanged and raising our 2025 adjusted EBITDA outlook to $677 million from $615 million
Sealed Air Corporation: Initiation Of Coverage – What Is Its Core Business Strategy? – Major Drivers
- Sealed Air Corporation, in its Q4 2023 earnings, reported sales of $1.4 billion and an adjusted EBITDA of $274 million.
- The results align with the company’s projection, reflecting the ongoing challenges from fluctuating protein cycles and downtrading in the food division as well as a reassured seasonal pickup in the protective segment.
- For the fiscal year of 2023, Sealed Air posted sales of $5.5 billion, slightly over the midpoint of its guidance, along with an adjusted EBITDA of $1.1 billion.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
