Credit Suisse to hold a virtual conference » 10:1905/1305/13/21
SOL, AY, AZRE, BLDP, BKH, BE, BEP, CLNE, CMS, ED, DTE, DUK, NI, NEP, HASI, GPRE, TAX, AES, NOVA, SO, RUN
Renewables and Utilities…
Renewables and Utilities Virtual Conference to be held on May 13-14.
|Over a week ago|
Green Plains price target raised to $39 from $34 at Craig-Hallum » 08:1805/0405/04/21
Craig-Hallum analyst Eric…
Craig-Hallum analyst Eric Stine raised the firm's price target on Green Plains to $39 from $34 and keeps a Buy rating on the shares following quarterly results. While ethanol production is the primary part of Green Plains' current outlook, this will not be the case looking at its "Total Transformation" Plan going forward, Stine contends. The analyst expects volatile ethanol market conditions to persist in 2021 with high corn prices and elevated ethanol prices. He urges investors to take the long view with Green Plains as looking at its business today risks missing the substantial EBITDA growth outlook from its initiatives around Project 24, hi-protein, clean sugars, high-quality alcohols, renewable corn oil, and, recently added, carbon capture.
Green Plains price target raised to $36 from $29 at BMO Capital » 06:5905/0405/04/21
BMO Capital analyst…
BMO Capital analyst Kenneth Zaslow raised the firm's price target on Green Plains to $36 from $29 and keeps an Outperform rating on the shares after its Q1 earnings beat. The company gained greater confidence in its ability to generate the $300M-$400M EBITDA given higher corn oil prices, increased corn oil production, full sell through of its ultra-high protein, and its successful pilot program for clean sugar, the analyst tells investors in a research note.
Green Plains reports Q1 EPS (17c), consensus (59c) » 07:3305/0305/03/21
Reports Q1 revenue…
Reports Q1 revenue $553.6M, consensus $620.56M. "Our first quarter was transformative to both our balance sheet and our technology platform. Additionally, our 1.0 platform performed well, as our risk management and hedging programs were beneficial to the quarter," said Todd Becker, president and chief executive officer. "Fully funding our Total Transformation Plan to deploy Fluid Quip's protein technology was a critical step in building the biorefinery platform of the future. The milestones achieved during the quarter have moved us along the path to achieving our 2024 financial goals, including partnering with BlackRock and Ospraie Management in the acquisition of Fluid Quip Technologies to transform Green Plains into a global leading ag tech company focused on value added, low carbon novel agricultural ingredients. We achieved a number of impressive milestones in the first quarter across every phase of our transformation, including protein, sugar, corn oil, and carbon, culminating with successful capital raises to provide the liquidity necessary to achieve our vision for Green Plains 2.0," added Becker. "Moving forward, we are focused on announcing the construction sequence of MSC Ultra-High Protein deployment, finalizing our selection of a general contractor to build our Ultra-High Protein technology across our biorefinery platform, finalizing Project 24, beginning production of Ultra-High Protein at our Wood River, Nebraska biorefinery and startup of clean sugar production at our York Innovation Center. Even more exciting are the advancements we are seeing in Ultra-High Protein purities, renewable corn oil yields and innovations in yeasts, oils and sugars. Across our platform we believe we are on track to achieve our 2024 financial goals. Today, we are stronger financially than ever before, with more than $650 million in cash at the end of the quarter as a result of executing on a number of key transactions, demonstrating our dedication to transforming our business to Green Plains 2.0," added Becker. "Our capital raise combined with further portfolio optimization from the sale of Ord were important steps in fully funding our Ultra-High Protein buildout while maintaining strong liquidity. Our partnership with Summit Carbon Solutions is in the early stages and we recently expanded our participation with the addition of our Shenandoah, Iowa and all of our Nebraska biorefineries," added Becker. "The potential to provide low or even zero carbon biofuels, renewable corn oil and high value protein feed ingredients aligns perfectly with the growing global demand for reduced or net zero carbon products. Through the transformation of our platform, we can participate in the decarbonization of food, feed and fuel. We believe being both a shipper and an owner of the carbon pipeline itself will be an attractive opportunity for Green Plains shareholders in the years to come and we will evaluate our future options to maximize both environmental benefits and our financial returns."
Credit Suisse starts Green Plains at Outperform on shift from ethanol » 16:1504/2904/29/21
Credit Suisse analyst…
Credit Suisse analyst Manav Gupta initiated coverage of Green Plains with an Outperform rating and $44 price target. The analyst believes the market will reward Green Plains' strategy of moving away from its base ethanol business and generating incremental EBITDA from ultra-high proteins, higher corn oil yield, higher vegetable oil prices, specialty alcohols, clean sugar technology and carbon capture and storage. As the company transitions away from "volatile" ethanol to higher-valued products, it should see "significant" EBITDA growth driven by an opportunity to produce for other markets, Gupta tells investors in a research note.
Green Plains initiated with an Outperform at Credit Suisse » 16:1004/2904/29/21
Credit Suisse analyst…
Credit Suisse analyst Manav Gupta initiated coverage of Green Plains with an Outperform rating and $44 price target.
Green Plains announces additional locations for Carbon Capture project » 08:3304/2904/29/21
Green Plains announced…
Green Plains announced that all four of its Nebraska biorefineries and its Shenandoah, Iowa biorefinery have entered into a long term carbon offtake agreement with Summit Carbon Solutions, a subsidiary of Summit Agricultural Group. The agreement is part of an announced pipeline expansion into Nebraska of the SCS carbon capture and sequestration project that will develop the infrastructure to capture and transport CO2 for long-term deposit into geologic storage. Green Plains will connect its biorefineries in Shenandoah, Iowa, Atkinson, Neb., Central City, Neb., Wood River, Neb., and York, Neb. bringing its total commitment to 658 million gallons of annual capacity, or nearly 70% of its platform. Green Plains' biorefineries in Obion, Tenn., Mount Vernon, Ind. and Madison, Ill. are all candidates for direct carbon dioxide injection into geologic storage and are being considered for future non-pipeline projects. Green Plains' expanded annual commitment is approximately 1.9 million metric tons of carbon dioxide, the same amount of carbon sequestered by 2.3 million acres of U.S. forests in a year, according to the EPA. The expanded project is anticipated to begin operation in 2024.
|Over a month ago|
Energy Department to invest $61.4M in research for biofuels » 13:0804/0804/08/21
GEVO, AMTX, GPRE
The U.S. Department of…
The U.S. Department of Energy announced $61.4M for technologies that produce low-cost, low-carbon biofuels. "Biofuels are derived from renewable resources, and can power heavy-duty vehicles that are difficult to electrify with current technologies - including airplanes and ships - to help accelerate America's path to a net-zero emissions economy by 2050," the agency said in a statement. The application process will include two phases: a concept paper and a full application. Concept papers are due on April 30, and full applications are due on June 21. Companies in the biofuels space include Gevo (GEVO), Aemetis (AMTX) and Green Plains (GPRE).
Fly Intel: Top five analyst upgrades » 09:5204/0104/01/21
QURE, AYI, GILD, GPRE, DDOG
Catch up on today's…
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. uniQure (QURE) upgraded to Buy from Neutral at Mizuho with analyst Difei Yang seeing a favorable risk/reward in the shares given the "positive" safety update on the lead hemophilia B program, which she sees as a "de-risking event," and the initial efficacy data from the Huntington's program expected in late 2021 or early 2022. 2. Acuity Brands (AYI) upgraded to Outperform from Neutral at Baird with analyst Timothy Wojs saying he believes investor focus can shift away from "price-cost and toward a cyclical recovery" in Acuity's primary non-residential end market. 3. Gilead (GILD) upgraded to Outperform from Market Perform at Bernstein with analyst Aaron Gal saying the shares have been "inexpensive" for the past five years due to a lack of material catalysts and growth drivers, but this is "now changing." 4. Green Plains (GPRE) upgraded to Overweight from Equal Weight at Stephens with analyst Ben Bienvenu saying with capital secured to invest in a pivot to the production of higher-value products, Bienvenu sees a "significant value creation opportunity" as the company continues with a business transformation he sees being in the early stages. 5. Datadog (DDOG) upgraded to Buy from Neutral at Monness Crespi with analyst Brian White believing Datadog's risk/reward is now favorable and the current entry point attractive. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
Stephens upgrades Green Plains to Overweight on transformation potential » 07:3204/0104/01/21
As previously reported,…
As previously reported, Stephens analyst Ben Bienvenu upgraded Green Plains to Overweight from Equal Weight with a price target of $39, up from $30. With capital secured to invest in a pivot to the production of higher-value products, Bienvenu sees a "significant value creation opportunity" as the company continues with a business transformation he sees being in the early stages, the analyst tells investors in a research note. In after a significant move in the stock year-to-date, he thinks the shares remain undervalued given the company's potential to enhance and diversify its earnings stream, Bienvenu added.