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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Algonquin Power & Utilities Corp.    AQN   CA0158571053

ALGONQUIN POWER & UTILITIES CORP.

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Factbox: Winners and losers in energy sector from Texas cold snap

02/22/2021 | 06:55pm EST
FILE PHOTO: A man walks to his friend's home in a neighbourhood without electricity as snow covers the BlackHawk neighborhood in Pflugerville

(Reuters) - A winter storm that hit parts of the southern United States over the past week led several energy companies to report stronger-than-expected results after they were called on to provide more power at higher prices, while others faced millions of dollars in losses.

Here is a look at the winners and losers in the energy sector from the storm:

WINNERS:

Gas producers:

Comstock Resources said the last week was "like hitting the jackpot," adding it was able to sell at "super-premium prices" a material amount of production at anywhere from $15 per million cubic feet of gas (mcf) to as much as around $179 per mcf.

EQT Corp said last week that it also benefited from high prices in regions affected by the cold snap. The company mainly produces gas out of the Marcellus and Utica shale regions in Pennsylvania and Ohio.

Australia's Macquarie Group, the second biggest gas marketer in North America after oil major BP, lifted its profit guidance on Monday due to the effects of the extreme winter weather. It expects 2021 profit to rise by 10%, after earlier anticipating earnings to drop.

Other natural gas weighted production companies, including Cabot Oil & Gas, Southwestern Energy Co, Range Resources Corp and Antero Resources, may benefit from the freeze, Morgan Stanley analysts said in a note.

Refiners with limited exposure to Texas markets:

Shares of refiners such as HollyFrontier Corp and Valero Energy Corp rose after the freezing temperatures knocked a large swath of U.S. Gulf Coast refining offline, said Bob Yawger, director of energy futures at Mizuho. Eurozone refiners, including Shell and Total, are positioned to benefit as they ramp up their shipments of gasoline into New York Harbor, he said.

LOSERS

Utilities:

Just Energy on Monday raised doubt about its ability to continue as a going concern, after it forecast a $250 million loss from the Texas winter storms.

Innergex Renewable Energy Inc forecast a financial impact of up to C$60 million on its Texas wind farms.

Algonquin Power & Utilities Corp said on Friday it expects the potential hit to adjusted core earnings for this year to be between $45 million and $55 million after bad weather restricted production at its Renewable Energy Group's Texas-based wind facilities.

Atmos Energy said on Friday it purchased natural gas for an extra $2.5 billion to $3.5 billion due to higher cost of the fuel, adding it was evaluating financing options to pay for the additional purchase cost.

Oilfield Services:

Solaris said on Monday last week's weather would have an impact on first quarter financials, but did not quantify the hit.

Shale oil producers:

Shale oil producers in the southern United States could take at least two weeks to restart the more than 2 million barrels per day of crude output that shut down. Some production may never return, analysts said.

Diamondback Energy said it expects the weather to wipe off up to five days of production in the current quarter.

Cimarex Energy Inc said it expects an up to 7% hit to production volume in the quarter.

Occidental Petroleum forecast first-quarter Permian production of 450,000 barrels of oil equivalent per day to 460,000 boepd, including a 25,000 boepd hit from downtime related to the winter storm.

Laredo Petroleum said its Permian Basin operations were affected for the last 12 days and estimated the combined impact of shut-in production and completions delays to reduce first-quarter total output by about 8,000 boepd and oil production by about 3,000 bpd.

Gulf refiners:

Refiners with oil processing facilities along the Gulf Coast, the main U.S. refining hub, such as Phillips 66 and Exxon Mobil, were forced to halt operations. By Thursday last week, the historic sub-zero temperatures in Texas and Louisiana shut at least 3.5 million barrels per day, or about 19%, of U.S. refining capacity.

(Compiled by Arundhati Sarkar and Arathy S Nair in Bengaluru, Laila Kearney and Devika Krishnakumar in New York and Rod Nickel in Calgary; Editing by Sonya Hepinstall and Arun Koyyur)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ALGONQUIN POWER & UTILITIES CORP. 1.01% 19.91 Delayed Quote.-5.92%
ANTERO RESOURCES CORPORATION 8.89% 9.8 Delayed Quote.79.82%
ATMOS ENERGY CORPORATION 1.35% 85.75 Delayed Quote.-10.14%
BP PLC 1.94% 297.4 Delayed Quote.16.78%
CABOT OIL & GAS CORPORATION 1.89% 18.86 Delayed Quote.13.70%
CIMAREX ENERGY CO. 1.74% 59 Delayed Quote.57.29%
COMSTOCK HOLDING COMPANIES, INC. -1.43% 5.5 Delayed Quote.73.50%
COMSTOCK RESOURCES, INC. 4.38% 5.96 Delayed Quote.36.38%
CORDY OILFIELD SERVICES INC. 0.00% 0.035 Delayed Quote.133.33%
DIAMONDBACK ENERGY, INC. 6.32% 73.66 Delayed Quote.52.19%
EQT CORPORATION 3.65% 18.44 Delayed Quote.45.08%
EXXON MOBIL CORPORATION 3.73% 56.4 Delayed Quote.36.83%
HOLLYFRONTIER CORPORATION 0.79% 38.18 Delayed Quote.47.70%
INNERGEX RENEWABLE ENERGY INC. 0.66% 24.24 Delayed Quote.-12.02%
JUST ENERGY GROUP INC. 0.20% 5.03 Delayed Quote.-15.91%
LAREDO PETROLEUM, INC. 2.09% 33.27 Delayed Quote.68.88%
LONDON BRENT OIL -0.46% 62.98 Delayed Quote.29.48%
MACQUARIE GROUP LIMITED 2.01% 145.35 End-of-day quote.4.96%
MORGAN STANLEY 2.98% 79.16 Delayed Quote.12.17%
OCCIDENTAL PETROLEUM CORPORATION 2.14% 27.18 Delayed Quote.59.68%
PHILLIPS 66 1.94% 84.66 Delayed Quote.21.10%
RANGE RESOURCES 4.05% 10.03 Delayed Quote.49.70%
SOLARIS D.D. 0.41% 494 End-of-day quote.2.92%
SOUTHWESTERN ENERGY COMPANY 1.73% 4.12 Delayed Quote.42.95%
VALERO ENERGY 1.07% 77.8 Delayed Quote.37.53%
WTI -0.41% 59.978 Delayed Quote.31.62%
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Financials (USD)
Sales 2020 1 703 M - -
Net income 2020 370 M - -
Net Debt 2020 4 676 M - -
P/E ratio 2020 23,0x
Yield 2020 3,90%
Capitalization 9 426 M 9 414 M -
EV / Sales 2020 8,28x
EV / Sales 2021 7,62x
Nbr of Employees 2 469
Free-Float 99,8%
Chart ALGONQUIN POWER & UTILITIES CORP.
Duration : Period :
Algonquin Power & Utilities Corp. Technical Analysis Chart | AQN | CA0158571053 | MarketScreener
Technical analysis trends ALGONQUIN POWER & UTILITIES CORP.
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 16
Average target price 17,22 $
Last Close Price 15,75 $
Spread / Highest target 14,8%
Spread / Average Target 9,38%
Spread / Lowest Target 1,37%
EPS Revisions
Managers and Directors
NameTitle
Arun Banskota President & Chief Executive Officer
Arthur Kacprzak Chief Financial Officer
Kenneth Moore Chairman
Johnny Johnston Chief Operating Officer
Mary Ellen Paravalos Chief Compliance & Risk Officer
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