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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%)

07/22/16
BREN
07/22/16
DOWNGRADE
BREN
Hold
Nucor downgraded to Hold from Buy at Berenberg
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.
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.
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.
ECA Encana
$10.67

0.2 (1.91%)

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.
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.
09/20/16
SCOT
09/20/16
DOWNGRADE
SCOT
Underperform
Encana downgraded to Underperform from Sector Perform at Scotiabank
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."

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