Posts for Ticker ‘VQ’

52-Week High Club

Banco Bradesco Sa (NYSE: BBD) hit a early high of $20.79 today, carried by the hype surrounding South American banks over the past few weeks.  The company is also undoubtably benefiting from the “Olympics effect”.

Jefferies Group (NYSE: JEF) hit a yearly high of $28.03 following news that the company had launched its first ETF.

Och-Ziff Capital Management (NYSE: OZH) hit a yearly high of $12.74 following Friday’s announcement that the company’s flagship fund was up for the ninth month in a row.  

Venoco, Inc. (NYSE: VQ) hit a yearly high of $12.12, surging over 13% after the company announced that it had successfully sold $150 in senior notes in order to repay debt.

Garrett W. McIntyre

Posted on: October 5, 2009 – 4:04 pm in Banking, Emerging Markets, Financial Stocks, Oil & Gas, Telecom, , , ,

Top Pre-Market Analyst Upgrades & Downgrades (COF, CELG, ROCK, MOD, SNN, AFL, AMX, SPSS, VQ, WMS)

money-stack-pic2These are ten of the top pre-market analyst calls for upgrades and downgrades we have seen from Wall Street this Wednesday morning with more than two hours until the market opens:

  • Capital One (COF) Raised to Market Perform at FBR.
  • Celgene (CELG) Started as Outperform at Oppenheimer.
  • Gibralter Industries (ROCK) Raised to Neutral at Baird.
  • Modine Manufacturing Co. (MOD)  Raised to Neutral at Baird.
  • Smith & Nephew (SNN) Raised to Buy at Citigroup.
  • AFLAC (AFL) Cut to Market Perform at FBR.
  • America Movil SA (AMX) Cut to Neutral at JPMorgan.
  • SPSS (SPSS) Cut to Neutral at Baird.
  • Venoco, Inc. (VQ) Cut to Underweight at JPMorgan.
  • WMS Industries Inc. (WMS) Cut to Neutral at JPMorgan.

JON C. OGG

Posted on: February 18, 2009 – 7:31 am in Analyst Calls, , , , , , , , , ,

Tale of Two Small-Cap Oil Companies (VQ, DNR, CRED)

Venoco, Incorporated (NYSE:VQ) announced this morning that it will cut its capital spending in 2009 to $150 million. As recently as last November, Venoco had planned to spend $400 million on capex in 2009.

Read More »

Posted on: January 12, 2009 – 11:13 am in Oil & Gas, , ,

Cutting CapEx Still Popular (VQ, XOM, CVX)

It’s no longer news when an oil E&P company cuts its capex budget. As oil prices fall, profits are squeezed and companies rein in discretionary spending, of which capex is a principle component. So, it’s no surprise that a small-cap E&P outfit like Venoco (NYSE:VQ) announces a 25% cut in capital spending for the coming fiscal year.

Read More »

Posted on: December 5, 2008 – 10:39 am in Oil & Gas, , ,

Trouble Brewing In Oil & Gas MLP Land? (PAA, OGE, DVN, XCO, VQ, WES, APC, BSR)

We have tracked these Master Limited Partnerships (MLP’s) and spin-offs or carve-out IPO’s from larger oil and gas companies for quite some time.  What is amazing is that despite the rapid rise in oil and energy-related commodities has not translated to the "peak-IPO rush" like we saw with dot.com IPO flame-outs from 1999 and 2000.  Many have been withdrawn and many have gone in limbo.

Earlier this week, Plains All American Pipeline LP (NYSE: PAA) completed a public offering of 6.9 million common units at $46.31/unit, generating net proceeds of $315 million. In February, Plains withdrew a proposed IPO for a master limited partnership (MLP) in its general partner, which may have generated much more cash.

OGE Corporation (NYSE: OGE) withdrew a proposed MLP IPO in January, citing "market volatility."

Devon Energy (NYSE: DVN) had planned an MLP IPO for the third quarter of 2007, but the offering has neither gone forward nor been withdrawn.  This one is still in the "pending" category.

EXCO Resources Inc. (NYSE: XCO) filed in September 2007 for a public offering of 75 million common units in an MLP. Exco withdrew the offer in January, stating that "current market conditions do not support the completion of the offering in a manner that would result in the value enhancement to EXCO and its shareholders that was anticipated upon the initial filing of the registration statement."

Venoco Inc. (NYSE: VQ) announced an E&P MLP in February. This one is still outstanding as it is only 3-months old.  Venoco enjoyed a $3.00/share price jump on Monday’s earnings report.

Last week we saw a pricing from Western Gas Partners L.P. (NYSE: WES),a spin-out from Anadarko Petroleum Corp. (NYSE: APC) saw a lacklusterIPO with a pricing below the indicated levels.

You can join our open email distribution list to hear about other secondary offerings, IPO’s, secondary offerings, special financings, mergers, spin-offs, and other special situations.

If you want to see an even more broad example of this trend in MLP’s, you can look at the ETF: BearLinx Alerian MLP Select Index ETN (NYSE: BSR)… This is technically an ETN, but who’s counting.  Its chart has been highly unimpressive.

It’s not all bad out there.  Some will still come public and some will still continue to do well.  We’ll be showing some other pending or withdrawn IPO’s in deals thatare similar, but aren’t going to be oil and gas or pipeline MLP IPO’s.Stay tuned.

Paul Ausick
May 15, 2008

Posted on: May 15, 2008 – 9:34 am in IPOs, Oil & Gas, , , , , , , ,

Top 10 Pre-Market Analyst Calls (MT, CBOU, CPHD, IFF, IP, PFCB, PG, RAI, RF, USX, VQ)

These are some of the top analyst calls we are focusing on this morning:

  • ArcelorMittal (NYSE: MT) Cut to Neutral from Overweight at HSBC.
  • Caribou Coffee (NASDAQ: CBOU) Cut to Neutral from Outperform at Cowen.
  • Cepheid (NASDAQ: CPHD) Raised to Buy from Neutral at UBS.
  • Intl Flavors & Fragrances (NYSE: IFF) Cut to Underweight from Neutral at JPMorgan.
  • International Paper (NYSE: IP) cut To Neutral from Outperform at Credit Suisse.
  • PF Chang’s (NASDAQ: PFCB) Cut to Neutral from Outperform at Cowen.
  • Procter & Gamble (NYSEL PG) Cut to Hold from Buy at Deutsche Bank.
  • Reynolds American (NYSE: RAI) Raised to Neutral from Sell at Goldman Sachs.
  • Regions Financial (NYSE: RF) Raised to Hold from Sell at Citi.
  • US Steel (NYSE: USX) Cut to Hold From Buy at Citigroup.
  • Venoco (NYSE: VQ) Raised to Buy from Hold at Jefferies.

Jon C. Ogg
April 17, 2008

Jon Ogg produces the Special Situation Investing Newsletter.  He can be reached at jonogg@247wallst.com and he does not own securities in the companies he covers.

Posted on: April 17, 2008 – 6:52 am in Analyst Calls, , , , , , , , , , ,

Venoco Filed For Spin-Off (VQ, VAC)

Venoco, Inc. (NYSE: VQ) has filed for a spin-off of a unit called VENOCO ACQUISITION Co. via an initial public offering that it has applied to take ticker "VAC" on the NYSE.

Venoco Acquisition Company, L.P. is a Delaware limited partnership formed on September 25, 2007 by Venoco, Inc. that was set up to acquire, exploit, develop and produce oil and natural gas properties. 

This company has filed to sell 9.1 million units and has listed Lehman Brothers, Citigroup, and UBS as its underwriters.  The underwriters also have listed 1.365 million units for the overallotment if they choose to sell extra shares.

The company’s assets have consisted primarily of mature oil and gas fields in coastal California and onshore in Texas.  As of December 31, 2006, the Partnership Properties had estimated proved reserves of 21.2 MMBoe, of which 86.2% were oil and 81.1% were classified as proved developed.  It also had a reserve-to-production ratio of 15.1 years. As of September 30, 2007, the Partnership Properties consisted primarily of working interests in 325 gross producing wells, with an average 38.5% working interest.

Jon C. Ogg
February 14, 2008

Posted on: February 14, 2008 – 7:53 am in IPOs, Oil & Gas, , ,