A director at Tellurian Inc sold 1,000,000 shares at 0.949USD and the significance rating of the trade was 81/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly...
In this product we rank the most positive and negative domestic stocks, filter the symbols by market-cap and trading volume, and then divide the companies into sectors and groups. We then manually look through charts leadership/changes, bottoms-up/top-down ideas, short-term patterns that may have long-term significance, etc. We believe you will find this product valuable as significant price and relative moves begin in the daily charts.
The company has issued a limited notice to proceed to Bechtel in order to begin construction of the Driftwood LNG project’s phase one while project financing is being completed. The news firms the timeline of the project in our view, and the current business environment for LNG exports leaves limited doubt that project financing should be in place shortly, we believe. The company is well positioned to benefit from the current market, and today’s news highlights this even further.
DNB hosted its 15th annual Energy & Shipping Conference. On day two, we hosted sector panels and presentations for car carriers, dry bulk, tankers, LNG and LPG with management representatives from 30 shipping companies. The conflict in Ukraine was a main theme, and although uncertainty reigns, there were several optimistic takeaways across the sectors.
Covid-19 is spreading rapidly in Hong Kong, a potential forewarning of what may come in China. With less-efficient vaccines and an ambition to move away from its ‘dynamic zero’ Covid-19 policy, continued containment and economic growth are likely to be weighed against one another. The impact on shipping is still unclear, but widespread lockdowns in China would be negative for most shipping segments, in our view. If the pandemic-related measures are eased, we see a likelihood of less congestion a...
The title of our initiation of coverage, “Play on gas prices and founder”, seems truer than ever. We believe an FID within the next six months is possible, with large industry names now behind the project, having signed 10-year SPAs. If it advances, the project appears dependent on strong US gas prices to partially fund construction. Post-completion, we see healthy economics, although they are still likely to vary with European and Asian gas prices. We reiterate our BUY and have raised our targe...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
In this product we rank the most positive and negative domestic stocks, filter the symbols by market-cap and trading volume, and then divide the companies into sectors and groups. We then manually look through charts leadership/changes, bottoms-up/top-down ideas, short-term patterns that may have long-term significance, etc. We believe you will find this product valuable as significant price and relative moves begin in the daily charts.
Today Tellurian announced another SPA indexed to a combination of TTF and JKM, this time with Vitol, and also for 3m tonnes of LNG delivered FOB from the Driftwood LNG. CEO Octávio Simões stated last week that Tellurian looks to market up 10mtpa of LNG on TTF/JKM links, and the snowball effect now seems to be rolling. The company is working to “position for Q1 2022 commerciality”, likely working on several tracks in tandem to put in place more offtake contracts and patching up a workable finance...
Tellurian announced this morning an agreement to sell 3mtpa of LNG to Gunvor, FOB from the Driftwood LNG, for a period of 10 years and at a price linked to a combination of JKM and TTF. This is its first major contract announcement since 2019, and we believe is just the first of more positive news in the next few quarters.
We consider Tellurian increasingly well positioned to reach a FID in the coming few quarters, as gas purchasers are looking to secure their supply from the mid-2020s. As a result, we have upgraded to BUY (HOLD) and lifted our target price to USD4.4 (3.1).
We believe Tellurian is well-positioned to benefit from a market in recovery mode, as participants reassess their medium- and long-term supply requirements after 2020 saw the lowest signing of new term agreements in 20 years. However, with Asian forward LNG prices just below USD7/mmBtu, we see fair risk/reward in the near future and have downgraded to HOLD, while lifting our target price to USD3.1 (3.0).
2020 was another challenging year for Tellurian, as Covid-19-related uncertainty dealt a blow to its prospects of signing long-term equity agreements. The themes of the year were cash preservation and strengthening the board and management. For the Driftwood LNG project, 2021 looks set to be a ‘make-or-break’ year. Total has the option to back out of its equity commitment by June if no FID has been reached, which in our view would be a major blow to the project. We reiterate our BUY and our USD3...
Our 2020–2022e EBITDA is largely unchanged after updating our model for recent events. Macro uncertainty and slowing demand for LNG globally continues to be a major concern. Tellurian announced a direct offering of USD35m-worth of shares in July, generating USD32.5m in cash. We reiterate our BUY following a change of analyst, but have cut our target price to USD3 (4), on the increased number of shares outstanding.
We have updated our model for a delayed start-up of Driftwood LNG, now assuming the first plant to come on stream by end-2023. The company has recently taken measures to reduce G&A and secure sufficient liquidity buffers, and is now fully capitalised to last through 2020 on our estimates, despite a quarterly cash burn of USD23m. There have been no liquefaction FIDs since September 2019, which could prove a positive for Tellurian due to an improved long-term market balance. We reiterate our BUY, ...
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