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NUE

Nucor

$48.82

-0.63 (-1.27%)

, ECA

Encana

$10.67

0.2 (1.91%)

09:04
10/04/16
10/04
09:04
10/04/16
09:04

Nucor restructures natural gas supply agreements

Nucor (NUE) announced that it has concluded several transactions to improve its access to a long-term supply of natural gas. Nucor has purchased 49% of Encana's (ECA) leasehold interest covering approximately 54,000 acres in the South Piceance Basin. Further, Nucor and Encana also terminated the two Carry and Earning drilling agreements entered into in 2010 and 2012, and Nucor sold its 50% equity interest in Hunter Ridge Energy Services LLC to Encana. Hunter Ridge is a gas gathering and water service provider formed by Nucor and Encana in 2012 to support the joint well development in the North Piceance Basin. Under the new structure, Nucor has acquired 49% of Encana's leasehold interest in certain mineral leases to all depths, compared to the limited contractual commitments to participate in drilled wells that the company had under the original C&E agreements. This ownership structure provides Nucor full discretion on its participation in all future drilling capital investment. By canceling the C&E drilling agreements, Nucor has eliminated all future carry capital and all contingent liabilities associated with those contracts, which should result in lower unit cost for any future drilling. Nucor retains all existing producing wells it currently owns. To support Nucor's operating wells and potential future well developments on the 54,000 acres, Nucor has entered into long-term agreements directly with existing third party gathering and processing service providers.

NUE

Nucor

$48.82

-0.63 (-1.27%)

ECA

Encana

$10.67

0.2 (1.91%)

  • 05

    Oct

NUE Nucor
$48.82

-0.63 (-1.27%)

09/15/16
BOFA
09/15/16
NO CHANGE
BOFA
BofA/Merrill cautious on US steel prices correcting into 2H 2016
BofA/Merrill analyst Timma Tanners is cautious on U.S. steel prices correcting into 2H 2016 and expects foreign tons to target the U.S. to shrink the U.S. premium. The analyst lowered Q4 HRC spot price to $520/st from $570/st and trimmed 2H 2016 volume assumptions due to inventory destocking and shorter lead times. As a result, Tanners lowered price target on U.S. Steel (X) to $16 from $21 , Reliance Steel (RS) to $78 from $84, Nucor (NUE) to $50 from $55, Steel Dynamics (STLD) to $27 from $28, and Commercial Metals (CMC) to $15 from $16.
08/22/16
08/22/16
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. AK Steel (AKS) initiated with a Neutral at Citi and a Buy at Rosenblatt. 2. U.S. Steel (X) and Steel Dynamics (STLD) were initiated with a Buy at Citi while the firm initiated Nucor (NUE) and Commercial Metals (CMC) with a Neutral. 3. Pinnacle Entertainment (PNK) initiated with a Buy at BofA/Merrill. 4. Ferrellgas Partners LP (FGP) initiated with a Neutral at Piper Jaffray. 5. Kadmon (KDMN) initiated with an Outperform at JMP Securities, with a Neutral at Citi, and with a Buy at H.C. Wainwright. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
08/22/16
SBSH
08/22/16
INITIATION
Target $55
SBSH
Neutral
Nucor initiated with a Neutral at Citi
Citi analyst Alexander Hacking initiated Nucor with a Neutral and $55 price target.
07/22/16
BREN
07/22/16
DOWNGRADE
BREN
Hold
Nucor downgraded to Hold from Buy at Berenberg
ECA Encana
$10.67

0.2 (1.91%)

09/30/16
SBSH
09/30/16
UPGRADE
Target $13
SBSH
Buy
Encana upgraded to Buy from Neutral at Citi
Citi analyst Robert Morris upgraded Encana to Buy and raised his price target for the shares to $13 from $10 ahead of the company's analyst day on October 5. The analyst expects EnCana's total organic production to increase at a 12% annual rate for 2016 through 2021 and highlights the company's "improved debt metrics."
09/20/16
SCOT
09/20/16
DOWNGRADE
SCOT
Underperform
Encana downgraded to Underperform from Sector Perform at Scotiabank
08/29/16
KLRG
08/29/16
INITIATION
Target $10
KLRG
Hold
Encana initiated with a Hold at KLR Group
KLR Group analyst John Gerdes started Encana with a Hold rating and $10 price target.
06/23/16
MACQ
06/23/16
DOWNGRADE
Target $7.5
MACQ
Underperform
Encana downgraded to Underperform from Neutral at Macquarie
Macquarie analyst Chris Feltin downgraded Encana to Underperform due to valuation and said the company may require further asset dispositions to shore up the balance sheet. Feltin has a $7.50 price target on shares.

TODAY'S FREE FLY STORIES

AVP

Avon Products

$4.43

0.18 (4.24%)

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AAPL

Apple

$136.53

-0.58 (-0.42%)

15:21
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Apple expiring ATM straddle is active as shares pin to $136 into the final hour »

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  • 13

    Mar

PPRUY

Kering

$24.38

0.055 (0.23%)

15:19
02/24/17
02/24
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Conference/Events
Kering management to meet with JPMorgan »

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  • 27

    Feb

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    Feb

$NSD

NASDAQ Market Internals

15:17
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Technical Analysis
NASDAQ market internals summary »

Volume is above average…

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$NYE

NYSE Market Internals

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AET

Aetna

$128.69

-1.04 (-0.80%)

15:14
02/24/17
02/24
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15:14
Conference/Events
Aetna management to meet with JPMorgan »

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  • 27

    Feb

WMT

Wal-Mart

$72.37

1.055 (1.48%)

, BBY

Best Buy

$45.75

1.435 (3.24%)

15:12
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Periodicals
White House denying Cohn comments on border-adjustment tax, Axios says »

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WMT

Wal-Mart

$72.37

1.055 (1.48%)

BBY

Best Buy

$45.75

1.435 (3.24%)

COST

Costco

$175.85

-0.66 (-0.37%)

TGT

Target

$66.59

1.61 (2.48%)

03/08/13
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  • 27

    Feb

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    Feb

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    Feb

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    Mar

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    Mar

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    Mar

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    Mar

PYPL

PayPal

$42.53

0.11 (0.26%)

15:11
02/24/17
02/24
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Options
$1M premium seller in Paypal »

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  • 16

    Mar

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    Mar

WSTC

West Corp.

$24.66

-0.09 (-0.36%)

15:09
02/24/17
02/24
15:09
02/24/17
15:09
Conference/Events
West Corp. to host analyst day »

Analyst Day to be held in…

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  • 28

    Feb

FCNCA

First Citizens

$363.85

0.03 (0.01%)

15:07
02/24/17
02/24
15:07
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15:07
Hot Stocks
Breaking Hot Stocks news story on First Citizens »

Vanguard reports 5.5%…

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DLTR

Dollar Tree

$77.57

-0.97 (-1.24%)

15:06
02/24/17
02/24
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15:06
Options
Dollar Tree call volume above normal and directionally bullish »

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  • 01

    Mar

ADRO

Aduro Biotech

$11.15

-0.25 (-2.19%)

15:01
02/24/17
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Hot Stocks
Meet Aduro: CEO Isaacs says partnerships help development efforts »

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SRRA

Sierra Oncology

$1.42

-0.05 (-3.40%)

15:01
02/24/17
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Hot Stocks
Breaking Hot Stocks news story on Sierra Oncology »

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EIGI

Endurance

$9.00

-0.3 (-3.23%)

14:59
02/24/17
02/24
14:59
02/24/17
14:59
Rumors
Rumor moving shares of Endurance »

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  • 27

    Feb

WSTC

West Corp.

$24.66

-0.09 (-0.36%)

14:57
02/24/17
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14:57
Periodicals
West Corp. buyout looks challenging, Dealreporter says »

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  • 28

    Feb

LUK

Leucadia

$25.63

-0.09 (-0.35%)

14:50
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14:50
Options
Leucadia options imply 2.4% move in share price post-earnings, above median historical move »

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EWJ

iShares MSCI Japan Index Fund

$51.43

-0.205 (-0.40%)

14:41
02/24/17
02/24
14:41
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14:41
Options
iShares Japan Fund draws a notable option block »

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RP

RealPage

$33.70

-0.5 (-1.46%)

14:36
02/24/17
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14:36
Conference/Events
RealPage management to meet with JMP Securities »

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  • 27

    Feb

  • 27

    Feb

  • 02

    Mar

VLKAY

Volkswagen

$30.91

0.135 (0.44%)

14:29
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Hot Stocks
Volkswagen took EUR6.4B in charges from diesel scandal in FY16 »

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ADRO

Aduro Biotech

$11.15

-0.25 (-2.19%)

, NVS

Novartis

$77.15

-0.2959 (-0.38%)

14:27
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Hot Stocks
Meet Aduro: Progress across 3 main platforms seen in 2017 »

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ADRO

Aduro Biotech

$11.15

-0.25 (-2.19%)

NVS

Novartis

$77.15

-0.2959 (-0.38%)

JNJ

Johnson & Johnson

$122.09

1.19 (0.98%)

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  • 24

    Feb

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    Feb

  • 09

    Mar

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    Mar

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    Mar

  • 26

    Jun

SU

Suncor

$31.55

-1.12 (-3.43%)

14:26
02/24/17
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Options
Suncor call volume above normal and directionally bullish »

Bullish option flow…

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VLKAY

Volkswagen

$30.91

0.135 (0.44%)

14:21
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Hot Stocks
Volkswagen sees FY17 operating return on sales 6%-7% »

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SPKE

Spark Energy

$25.55

0.35 (1.39%)

14:21
02/24/17
02/24
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Periodicals
Spark Energy hires Morgan Stanley to advise on potential sale, SparkSpread says »

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  • 09

    Mar

VLKAY

Volkswagen

$30.91

0.135 (0.44%)

14:21
02/24/17
02/24
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14:21
Earnings
Volkswagen reports FY16 EPS EUR10.24 vs (EUR3.20) last year »

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SPKE

Spark Energy

$25.55

0.35 (1.39%)

14:19
02/24/17
02/24
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Periodicals
Breaking Periodicals news story on Spark Energy »

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  • 09

    Mar

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