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News Breaks
June 9, 2014
09:58 EDTPBFX, TIME, ZEN, WM, BTG, DST, LPG, GLOP, JONEOn The Fly: Analyst Initiation Summary
Time Inc. (TIME) initiated with an Outperform at Wells Fargo... B2Gold (BTG) initiated with an Overweight at JPMorgan... DST Systems (DST) initiated with a Buy at BofA/Merrill... Dorian LPG (LPG) initiated with a Buy at UBS... GasLog Partners (GLOP) initiated with a Buy at UBS... Jones Energy (JONE) initiated with a Buy at Brean Capital... PBF Logistics (PBFX) initiated with a Buy at UBS... Zendesk (ZEN) initiated with a Neutral at Goldman... Ethan Allen (ETH) initiated with a Buy at Gabelli... Zendesk initiated with a Buy at Canaccord... Zendesk initiated with a Neutral at Credit Suisse... Zendesk initiated with an Outperform at Pacific Crest... Mobile Mini (MINI) initiated with a Buy at Deutsche Bank... Waste Management (WM) initiated with a Hold at Deutsche Bank.
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September 16, 2014
11:12 EDTJONEJones Energy initiated with an Overweight (pre-open) at Johnson Rice
Target $24.
September 15, 2014
17:04 EDTPBFXPBF Logistics announces first asset acquisition from PBF Energy
PBF Logistics LP (PBFX) and PBF Energy(PBF) announced that the Partnership has entered into an agreement to acquire the Delaware City Heavy Crude Unloading Rack from a subsidiary of PBF for total consideration of $150M. The purchase price payable to PBF will consist of cash of $135M and PBFX limited partner interests of $15M. The drop-down acquisition is expected to close on or about September 30. The asset to be acquired is the newly-commissioned West Rack collocated with PBF Energy’s Delaware City Refinery and will continue to support the refinery going forward. The West Rack is capable of unloading unit trains at a throughput rate of over 40,000 barrels per day. It is equipped with steam and nitrogen facilities to facilitate the unloading of heavy crude oil, primarily originating in Canada, delivered by rail. The West Rack is also capable of discharging light crude oil. Upon closing, the Partnership plans to enter into a seven-year term throughput agreement with subsidiaries of PBF Energy containing a minimum throughput volume commitment of 40,000 barrels per day. The West Rack is expected to contribute approximately $15M of EBITDA in its first full year of operation after the close. Annual maintenance capital expenditures are expected to be approximately $1.25M. The cash consideration for the transaction will be funded by the sale of $30M in U.S. Treasuries that were purchased with proceeds from the Partnership’s May 2014 initial public offering and $105M in borrowings under the Partnership’s revolving credit facility. The number of Partnership common units to be issued to PBF will be based on the volume-weighted average daily closing price for the Partnership’s common units for the preceding 20 trading days, ending two trading days prior to signing the definitive agreement for the acquisition. The terms of the transaction were approved by the Board of Directors of the general partner of the Partnership and its Conflicts Committee, which is composed of independent directors and was advised by Tudor, Pickering, Holt & Co., its financial advisor, and Vinson & Elkins LLP, its legal counsel.
07:58 EDTJONEJones Energy cash flow, production on verge of breaking out, says SunTrust
After traveling with Jones Energy's management, SunTrust thinks that the upcoming Cleveland well results will be the company's most successful yet due to a relatively new fracking technique. As a result, the firm raised its production and cash flow forecasts for the company. The firm raised its price target on the name to $27 from $25 and keeps a Buy rating on the stock.
07:31 EDTBTGDenver Gold Group to hold a forum
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September 12, 2014
18:58 EDTBTGB2Gold shareholders approve merger with Papillon Resources
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07:39 EDTBTGB2Gold added to Analyst Focus List at JPMorgan
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September 4, 2014
09:30 EDTTIMETime Inc rebrands IPC Media Time Inc UK
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September 3, 2014
17:15 EDTJONEJones Energy management to meet with SunTrust
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07:00 EDTLPGDorian LPG believes outlook for LPG seaborne trade remains favorable
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06:59 EDTLPGDorian LPG reports Q1 EPS 7c, consensus 1c
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