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CBI

CB&I

$16.33

-0.08 (-0.49%)

16:21
08/09/17
08/09
16:21
08/09/17
16:21

CB&I initiates cost reduction plan, suspends dividend

"Although our second quarter results are disappointing, we are taking decisive actions to improve our operating performance and strengthen the company's financial position," said Patrick K. Mullen, President and CEO of CB&I. "We have initiated a comprehensive cost reduction program and suspended our dividend. We are injecting additional rigor and discipline into our execution and risk management processes, further strengthening the integration between our E&C and Fabrication Services operating groups, and accelerating the implementation of innovative practices and technologies. We remain committed to our integrated self-perform model, which we believe will enable us to generate attractive earnings and cash flows over time."

CBI CB&I
$16.33

-0.08 (-0.49%)

07/03/17
FBCO
07/03/17
NO CHANGE
Target $21
FBCO
Outperform
CB&I Capital Services sale provides financial flexibility, says Credit Suisse
Credit Suisse analyst Jamie Cook notes that CB&I announced that it has completed the sale of its Capital Services business to private equity sponsor Veritas for $700M. The analyst views the news as a positive, as the slight haircut was largely expected and timely closing of the deal removes concern that the company would not be able to meet its financial covenants when the total leverage requirement steps down in Q3. Moreover, Cook believes the deal and debt paydown provides more financial flexibility given concerns around inter-period revolver draws/working capital builds in light of problem projects. He reiterates an Outperform rating and $21 price target on the shares.
07/03/17
BOFA
07/03/17
NO CHANGE
Target $17
BOFA
Underperform
BofA/Merrill says too early to own CB&I
BofA/Merrill analyst Anna Kaminskaya says that while last week's favorable ruling from the Delaware Supreme Court on the outstanding Westinghouse litigation removes the worst case for CB&I, it remains too early to own the shares. Potential cost overruns on the fixed-price projects create downside risks in the second half of 2017, Kaminskaya told investors Friday in a research note. She kept an Underperform rating on CB&I with a $17 price target.
07/24/17
FBCO
07/24/17
DOWNGRADE
Target $21
FBCO
Neutral
CB&I downgraded to Neutral from Outperform at Credit Suisse
Credit Suisse analyst Jamie Cook downgraded CB&I to Neutral and maintained a $21 price target given the last two catalysts of the Westinghouse litigation and the closing of the Capital Services sale are behind it, and there are likely challenging quarters ahead. The analyst believes downside may be limited given share underperformance, but believes there is too much negative news flow ahead as fundamentals remain challenged and new awards are likely to disappoint.
08/07/17
BOFA
08/07/17
NO CHANGE
Target $14
BOFA
Underperform
CB&I price target lowered to $14 from $17 at BofA/Merrill
BofA/Merrill analyst Anna Kaminskaya cut CB&I's (CBI) price target to $14 from $17 saying he sees additional risk from Cameron LNG project charges in Q2. Last week, Sempra (SRE) announced a delay in the Cameron LNG project where CBI is one of the lead contractors. The analyst now assumes a $150M charge on the project and reduced her Q2 earnings estimate to a loss of 18c. Kaminskaya rates CB&I shares an Underperform.

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MKSI

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UQM

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$1.18

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Goldman Sachs

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LGND

Ligand

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Ligand

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MBI

MBIA

$9.01

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RBCN

Rubicon

$8.07

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ANCB

Anchor Bancorp

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GIFI

Gulf Island Fabrication

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MPB

Mid Penn Bancorp

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CALD

Callidus Software

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GE

General Electric

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NRE

Northstar Realty Europe

$14.20

0.05 (0.35%)

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FHN

First Horizon

$18.40

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FHN

First Horizon

$18.40

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CBF

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LII

Lennox

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TBNK

Territorial Bancorp

$30.99

0.21 (0.68%)

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TRTN

Triton International

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