Chevron announces $15B capital and exploratory spending program for 2022 » 17:0212/0112/01/21
Chevron (CVX) announced a…
Chevron (CVX) announced a 2022 organic capital and exploratory spending program of $15B, at the low end of its $15B-$17B guidance range and up more than 20% from 2021 expected levels. This capital program supports Chevron's objective of higher returns and lower carbon, including approximately $800M in lower carbon spending. The program excludes expected inorganic capital of $600M in anticipation of the formation of a renewable fuel feedstocks joint venture with Bunge (BG).
|Over a month ago|
Bunge price target raised to $108 from $98 at BMO Capital » 09:0910/2810/28/21
BMO Capital analyst…
BMO Capital analyst Kenneth Zaslow raised the firm's price target on Bunge to $108 from $98 and keeps an Outperform rating on the shares. The company's Q3 results topped expectations from strength in veg oil refining, Europe / North America oilseed sales, and sugar business, the analyst tells investors in a research note, adding that he has gained increased confidence in the stock as his "2021 top pick" amid structurally higher SBO demand and "surging" U.S. margins.
Bunge price target raised to $110 from $100 at Barclays » 06:4610/2810/28/21
Barclays analyst Benjamin…
Barclays analyst Benjamin Theurer raised the firm's price target on Bunge to $110 from $100 and keeps an Overweight rating on the shares citing the Q3 beat and guidance increase.
Bunge sees FY21 CapEx $350M-$400M » 06:2210/2710/27/21
The company said,…
The company said, "We are increasing our full-year 2021 adjusted EPS outlook to at least $11.50 per share. In Agribusiness, results are expected to be up from our previous outlook and now forecasted to be higher than last year, reflecting our strong third quarter and favorable market trends. In Refined and Specialty Oils, results are expected to be up from our previous outlook and well above last year, reflecting strong third quarter results and positive demand trends in North America. We continue to expect results in Milling to be generally in line with last year. Excluding Bunge Ventures, Corporate and Other is expected to be lower than last year, driven by higher performance-based compensation, a portion of which was historically allocated to the segments. Additionally, the company now expects the following for 2021: an adjusted annual effective tax rate in the range of 15% to 17%; net interest expense in the range of $200 to $210 million; capital expenditures in the range of $350 to $400 million; and depreciation and amortization of approximately $420 million. In Non-Core, full-year results in the sugar and bioenergy joint venture are now expected to be up significantly from the prior year."
Bunge raises FY21 adjusted EPS view to at least $11.50 from $8.50 » 06:0610/2710/27/21
FY21 consensus $7.67.…
FY21 consensus $7.67. Cites strong Q3 results and favorable market trends.
Bunge reports Q3 adjusted EPS $3.72, consensus $1.16 » 06:0510/2710/27/21
Reports Q3 revenue…
Reports Q3 revenue $14.1B, consensus $11.61B.
Bunge agrees to sell Mexico wheat mills to Grupo Trimex, no terms » 08:5710/1310/13/21
Bunge announced that it…
Bunge announced that it has agreed to sell its seven Mexico wheat mills to Grupo Trimex. The completion of the sale is subject to customary closing conditions, including regulatory approval. "Bunge is most effective when we operate our value chains end-to-end, collaborating closely with our farmers and customers. The wheat milling business in Mexico is not fully integrated in the way that is critical to successfully serving our customers in line with our long-term sustainable and strategic goals," said Bunge CEO Greg Heckman. "We believe selling the business to a well-respected wheat miller will provide a great opportunity for our employees as well as our customers." Bunge will continue to serve its oil and meal customers in Mexico and will continue to operate its corn mill in Queretaro.
|Over a quarter ago|
Chevron, Bunge enter proposed joint venture to create renewable fuel feedstocks » 08:1009/0209/02/21
Chevron U.S.A., a…
Chevron U.S.A., a subsidiary of Chevron (CVX), and Bunge North America, a subsidiary of Bunge (BG), announced a memorandum of understanding, or MOU, of a proposed 50/50 joint venture to help meet the demand for renewable fuels and to develop lower carbon intensity feedstocks. Upon finalization of the joint venture, Chevron and Bunge's partnership would establish a reliable supply chain from farmer to fueling station for both companies. Bunge is expected to contribute its soybean processing facilities in Destrehan, Louisiana, and Cairo, Illinois, and Chevron is expected to contribute approximately $600M in cash to the joint venture. Through the joint venture, the two companies anticipate approximately doubling the combined capacity of the facilities from 7,000 tons per day by the end of 2024. The joint venture would also pursue new growth opportunities in lower carbon intensity feedstocks, as well as consider feedstock pretreatment investments. Under the proposed joint venture arrangement, Bunge will continue to operate the facilities, leveraging its expertise in oilseed processing and farmer relationships to manage origination and marketing of meal and plant-based oil. Chevron would have offtake rights to the oil to use as renewable feedstock to manufacture diesel and jet fuel with lower lifecycle carbon intensity, in addition to providing market knowledge and downstream retail and commercial distribution channels.
Bunge price target lowered to $89 from $104 at Baird » 07:1607/2907/29/21
Baird analyst Ben Kallo…
Baird analyst Ben Kallo lowered the firm's price target on Bunge to $89 from $104 and keeps an Outperform rating on the shares. The analyst noted the company beat expectations but believes it is now moving into its next phase by altering its composition through acquisitions, both large and small, as well as asset pruning.
Bunge raises FY21 adjusted EPS view to at least $8.50 from $7.50 » 06:0207/2807/28/21
FY21 consensus $7.82.…
FY21 consensus $7.82. Cites strong Q2 results. The company said, "In Agribusiness, results are expected to be modestly up from our previous outlook, but still forecasted to be down from a very strong 2020. In Refined and Specialty Oils, results are expected to be up from our previous outlook reflecting our strong second quarter results and positive trends in North America being driven by increased demand from food service and renewable diesel. We continue to expect results in Milling and Corporate and Other to be generally in line with last year. Additionally, the Company now expects the following for 2021: an adjusted annual effective tax rate in the range of 17% to 19%; net interest expense in the range of $220 to $230 million; capital expenditures in the range of $450 to $500 million; and depreciation and amortization of approximately $420 million. In Non-Core, full-year results in the sugar and bioenergy joint venture are expected to be a positive contributor."