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Cairn enters 2019 with balance sheet strength and cash flow from North Sea production to fund significant growth opportunities.
The SNE and Nova development projects are progressing on track, evaluation of the recent Agar discovery is ongoing and we look forward to commencing a material exploration drilling programme in 2019 with up to seven wells offshore Mexico, the UK and Norway targeting a total gross volume in excess of one billion barrels.
We also expect a final international arbitration decision on our India claim in the near term and we remain confident of our position.”
Simon Thomson
Chief Executive
BlackRock 1 1 74,286,769 12.60
MFS Investment Management 2 2 56,349,983 9.56
Aberdeen Standard Investments 3 3 50,951,116 8.64
Janus Henderson Investors 4 4 35,562,225 6.03
Kames Capital 5 5 31,925,862 5.42
Hotchkis & Wiley 6 6 25,766,334 4.37
Franklin Templeton 7 7 23,665,624 4.10
Aviva Investors 8 8 22,944,836 4.01
Vanguard Group 9 9 19,160,047 3.25
Legal & General Investment Management 10 10 17,760,726 3.01
BRENT OIL PRICE 4.30 PM 65.84 5PM 66.27
4 shares with bright recovery prospects? Royal Mail PLC, SSE PLC, Barratt Developments Plc and Premier Oil PLC
Top 10 shareholders - as at 23 Jan 2019
Institution name
Percentage Interest
Baillie Gifford
8.52
Hargreaves Lansdown, stockbrokers (EO)
6.41
Dimensional Fund Advisors
5.74
BlackRock
5.27
Interactive Investor (EO)
4.79
Vanguard Group 3.30
HSDL, stockbrokers (EO) 3.06
Barclays Smart Investor (EO) 2.84
UBS Asset Management 2.23
NBIM 2.11
Tony Durrant, Chief Executive, commented:
“Our strong operational performance and disciplined expenditure have enabled us to reduce our debt levels ahead of forecast. At the same time, we have continued to build our portfolio for the future, sanctioning our high value Tolmount Main gas project and capturing highly prospective new acreage in Mexico and Indonesia. Looking to the year ahead, we have a strong production base which is well hedged and our priority remains to further reduce our debt levels while progressing our future growth projects to final investment decisions.”
PRESS RELEASE 10 JAN 2019
http://www.premier-oil.com/premieroil/media/press/trading-and-operations-update-27
COMMENTS WELCOME
With Unilever having invested heavily in a number of developing economies, they seem to be well-placed to benefit from rising disposable incomes. This could impact positively on their growth rates not only in the current year, but also over the long term. As such, they may be able to generate above-average earnings growth for a sustained period of time, which could lead to a higher value
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7 March 2019
Annual Results for the year ended December 2018
Even a modest further reduction in debt will eliminate this risk, allowing investors to buy in without having to worry about a potential rights issue.
That’s why I think the Premier Oil share price will double in 2019. Investors will rush to buy back into a cheap, rapidly growing oil company that’s reducing debt and throwing off cash.
Shell (Q4 earnings 31 January)
Shell is forecast to report a 27% rise in earnings for the quarter, to 66.5 cents per share, while revenue is expected to rise 8.3% to $92.55 billion. Quarterly results are usually not particularly volatile, with an average move of 1.34% and a current implied move of 1.26%.
Shell will find it tough to match the third quarter's (Q3) storming quarter, which saw its highest adjusted cash flow in over ten years. The Q4 is currently expected to be very strong as well, but given recent volatility and the rout in the oil price, things may not turn out as well as hoped. Still, at 10.4 times forward earnings, the shares are still cheap, compared to the five-year average of 13.1, and with the oil price only down 5% from the beginning of 2018, when the shares traded at 15 times forward earnings, Shell still looks good value.
The shares have broken their post-2016 uptrend, but while the picture seems worrying for bulls, the price remains within a bullish wedge formation. The rate of decline has slowed, and so far the price has held the £22.50 area, holding above the lows of late December. A rebound would target the top end of the wedge around £23.70, and a breakout then opens the way to £24.50.
Shell chart
Diageo (first-half earnings 31 January)
First-half (H1) revenue is forecast to rise 4.1% at Diageo, to £6.8 billion, while earnings per share are expected to rise 4.6% to 70.9p. The average move on results day is 2.4%, compared to a current expectation of 2.3%.
Diageo’s strategy of boosting consumption of premium spirits continues to pay dividends, though it does require a decent performance in China and the US, and it is the former that is probably keeping Diageo executives up at night. However, a solid performance should mean further price rises in order to bolster profitability. At 20.6 times earnings, the shares are a shade above the 19.9 five-year average, but given recent growth this does not seem too demanding a multiple.
Compared to the FTSE 100, which saw remarkable gyrations in 2018, Diageo has been a haven in terms of share price performance. While it sold off in the summer, it created a higher low as it touched the bottom end of the post-2016 rising channel. The rising 200-day simple moving average (SMA) at £27.08 also provides good support, and further gains will target December’s high at £28.70.
Diageo chart
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better news for investors Glaxo and Pfizer have decided the new business will be spun off and listed separately in London within three years. This could provide a massive windfall for investors. For years, Glaxo break-up rumours have been circulating because analysts believe splitting the company up will create more value for investors. Star fund manager Neil Woodford has been one of the most vocal critics of the group’s conglomerate structure and once did a sum-of-the-parts valuation, claiming a potential market value of £100bn (over 2,000p a share) in the event of a breakup.