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Spyglass Resources Corp SGLRF

Spyglass Resources Corp is an oil and gas exploration and production company that conducts its operations in the Western Canadian Sedimentary Basin. The Company is a dividend paying, intermediate oil & gas company that trades on the TSX under the symbol 'SGL'. It operates oil and natural gas properties in Alberta, Saskatchewan and British Columbia.


GREY:SGLRF - Post by User

Post by PUNJABIon May 27, 2014 9:02pm
405 Views
Post# 22603552

One dollar target by Scotia ?

One dollar target by Scotia ? The one dollar traget is not inline with other analysts tragets. The target is based on missed production. Lower guidance. High debt. Deleveraging with sale of assets could further hinder growth & div may becomes unsustainable. Still $1.00 for 14650 BEOD production does not make sense.

Views of the Ananlyst W. S. Lee
"Company Profile
Spyglass Resources Corp. is an oil-focused E&P company with the majority of its asset
base in Alberta. Spyglass is focused on maximizing value from its Dixonville Montney
oil pool and delivering growth via its Mannville and Glauconite pools in southern
Alberta and provides exploration upside via its Red Earth Slave point and Haro
Pekisko oil plays. The company's capital is allocated to developing its light oil
plays. Spyglass is currently ~50% gas-weighted but is growing volumes toward oil and
liquids. Spyglass's shares trade on the TSX under the ticker SGL.
Business Mix (Based on revenues unless otherwise noted)
Production: 50% Natural Gas, 50% Oil & Liquids (100% Canadian)
Comparable Companies (TSX unless otherwise noted)
TOG, SGY, BXE, WCP, TBE
.Recent Update Text as of 6MAY14 . Spyglass announced Q1/14 results. Q1/14 Miss. Volumes of 14,560 boe/d were below Street expectations of 15,634
boe/d, and CFPS of $0.13 was below consensus at $0.16. SGL has 600 boe/d shut-in
after two pipeline leaks at Dixonville which is expected to result in higher 14E
op costs due to clean-up and repairs. YTD SGL has closed $9.9M in dispositions
(200 boe/d & undeveloped land), and continues to look at opportunities. . Guidance & Facility Down. 2014 is now guided at 14,750 boe/d (prev. 15,000) on
$70M capex ($60M net of disp.), and we are below guidance at 14,425 boe/d.
Subsequent to Q1, SGL's credit facility was renewed at $375M (down from $400M).
As of Q1 end, SGL had 78% of the new facility limit drawn (82% incl. working cap
deficit). . Sidelined. We are on the sidelines on SGL as we see 2014 as a challenging year.
Valuation is reasonable at 5.7x 2014E EV/DACF, but debt levels remain high at
3.9x, debt-adj prod/sh growth is forecasted at -13%, and targeted capital
efficiencies are of concern to us. In our view, SGL faces necessary deleveraging
which, if achieved through asset sales, could further hinder growth and bring
the sustainability of the dividend into question. . We are lowering our target to $1.00/sh and maintain our SU rating.
"


During the latest reporting period May 1 to 15 the short position went up by another 771100 shares.

Short Positions for SGL
Symbol Report Date Volume Change Shares Issued % Float
T : SGL 2014-05-15 5,633,602 771,100 128,076,720 4.40

During May 1 to 15 the largest net seller was Scotia. Based on house postion it seems that more than one broker may have shorted the stock.

Based on the large sellers for this period the possible short sellers can be :

Scotia
Barclays
Golobal Goldman
Anonymous.

The only Broker that sold more than the shorted shares is Scotia. But more than one brother may have shorted the stock. There is no way of find out some one selling shares from Scotia was shorting or selling a long position. Anyway some one from Scotia did sell quite a few shares in two weeks.


House Positions for C:SGL from 20140501 to 20140515
House Bought $Val Ave Sold $Val Ave Net $Net
7 TD Sec 1,069,341 1,866,958 1.746 627,432 1,100,062 1.753 441,909 -766,896
2 RBC 865,481 1,515,162 1.751 463,727 803,423 1.733 401,754 -711,739
123 Citigroup 109,700 195,660 1.784 0 109,700 -195,660
88 Credential 108,500 187,225 1.726 2,458 4,204 1.71 106,042 -183,021
80 National Bank 184,295 323,135 1.753 111,441 194,033 1.741 72,854 -129,102
33 Canaccord 69,233 121,381 1.753 890 1,610 1.809 68,343 -119,771
9 BMO Nesbitt 353,534 616,263 1.743 300,805 519,459 1.727 52,729 -96,804
59 PI 45,712 78,480 1.717 651 1,121 1.722 45,061 -77,359
19 Desjardins 72,420 127,430 1.76 31,024 53,601 1.728 41,396 -73,829
71 Brant 40,900 71,686 1.753 0 40,900 -71,686
15 UBS 61,374 108,026 1.76 25,099 43,534 1.734 36,275 -64,492
25 Odlum 30,000 52,500 1.75 0 30,000 -52,500
58 Qtrade 22,666 39,686 1.751 0 22,666 -39,686
143 Pershing 19,340 34,861 1.803 0 19,340 -34,861
79 CIBC 666,725 1,159,668 1.739 653,377 1,137,501 1.741 13,348 -22,167
13 Instinet 47,700 84,698 1.776 39,600 68,497 1.73 8,100 -16,201
124 Questrade 28,106 50,434 1.794 21,031 36,466 1.734 7,075 -13,968
39 Merrill Lynch 70,510 124,162 1.761 63,700 110,564 1.736 6,810 -13,598
121 Jennings 5,419 8,941 1.65 0 5,419 -8,941
68 Leede 3,100 5,704 1.84 0 3,100 -5,704
44 Jones Gable 3,000 5,430 1.81 0 3,000 -5,430
28 BBS 2,050 3,604 1.758 0 2,050 -3,604
57 Interactive 0 1 1 1.00 -1 1
77 Peters 0 42 73 1.738 -42 73
78 Salman 0 50 86 1.72 -50 86
96 Blackwatch 0 65 119 1.831 -65 119
86 Pictet 0 91 153 1.681 -91 153
76 Industrial Alliance 0 600 1,047 1.745 -600 1,047
3 AltaCorp 40,000 68,800 1.72 40,600 72,338 1.782 -600 3,538
95 Wolverton 44 77 1.75 800 1,368 1.71 -756 1,291
99 Jitney 25,600 44,223 1.727 26,800 46,209 1.724 -1,200 1,986
10 FirstEnergy 0 1,440 2,506 1.74 -1,440 2,506
70 Manulife 0 2,800 4,704 1.68 -2,800 4,704
101 Newedge 21,600 38,473 1.781 25,100 43,555 1.735 -3,500 5,082
14 ITG 5,901 10,285 1.743 9,744 17,528 1.799 -3,843 7,243
27 Dundee 0 8,698 15,677 1.802 -8,698 15,677
53 Morgan Stanley 100,500 175,471 1.746 110,900 193,463 1.744 -10,400 17,992
62 Haywood 2,000 3,460 1.73 36,116 62,582 1.733 -34,116 59,122
89 Raymond James 102 176 1.725 38,039 65,269 1.716 -37,937 65,093
72 Credit Suisse 164,001 286,613 1.748 240,100 418,913 1.745 -76,099 132,300
74 GMP 24,300 41,596 1.712 131,152 229,449 1.749 -106,852 187,853
1 Anonymous 406,600 710,033 1.746 536,900 947,885 1.765 -130,300 237,852
65 Goldman 124,535 217,630 1.748 272,300 480,053 1.763 -147,765 262,423
42 Global Maxfin 0 198,500 353,274 1.78 -198,500 353,274
90 Barclays 14,900 27,267 1.83 242,500 417,924 1.723 -227,600 390,657
85 Scotia 283,664 493,560 1.74 828,280 1,450,507 1.751 -544,616 956,947
TOTAL 5,092,853 8,898,758 1.747 5,092,853 8,898,758 1.747 0 0




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