Obsidian Energy (AMEX:OBE) Stock, Quote.Headers.trade-ideas

Obsidian Energy

Obsidian Energy Ltd is an intermediate-sized oil and gas producer with strategic assets in Alberta. It operates in a single reporting segment that is exploration, development, and holding an interest in oil and natural gas properties and related production infrastructure in the Western Canada Sedimentary Basin. The company generates the majority of the revenue from the Crude oil sale.

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Natural gas prices hit 5-month high due to increased cooling demand, with storage levels expected to decrease by end of month. Energy stocks rise.

US Natural Gas Prices Rise To 5-Month Highs On Hot Weather Forecasts: Energy Stocks On The Move Monday

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Jim Cramer comments on Obsidian Energy, GE Vernova, Energy Transfer, Leonardo DRS, Super Micro Computer, SoundHound and Zim Integrated.

Jim Cramer: Energy Transfer Has &#39;Done A Very Good Job,&#39; Recommends Selling This Tech Stock

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U.S. stocks turned lower midway through trading, with the Dow Jones dropping around 150 points on Thursday.

The Dow traded down 0.47% to 32,889.30 while the NASDAQ fell 0.47% to 11,452.63. The S&amp;P 500 also fell, dropping, 0.32% to 3,978.24.

US Stocks Turn Lower; Dow Drops 150 Points

Obsidian Energy Ltd

OBERON URANIUM CORP by OBERON URANIUM CORP.

Oberon Uranium Corp

GE Aerospace's (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ge#NYSE">GE</a>) 52,000 employee workforce has a powerful new assistant, AI Wingmate, by their side as they work to enhance quality, serve customers, and invent the future of flight.&nbsp;&nbsp;GE Aerospace
GE Aerospace's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GE#NYSE">GE</a>) 52,000 employee workforce has a powerful new assistant, AI Wingmate, by their side as they work to enhance quality, serve customers, and invent the future of flight.&nbsp;&nbsp;
GE Aerospace technology leaders worked with one of its key partners in AI development, Microsoft, to use Azure AI, including Azure OpenAI Service, to bring enhanced security, compliance, and responsible AI inside GE Aerospace's own network. Employees now can securely collaborate with AI Wingmate in a human-like back-and-forth conversation on new ideas, new learnings, and new initiatives to propel air travel to new heights.&nbsp;
GE Aerospace employee engagement with the tool has been very strong since its launch in June. To date, the system has received:
<ul>
<li>~500,000 queries, searches, and other employee interactions; and</li>
<li>200,000+ pages processed for different AI chats.&nbsp;</li>
</ul>
"The launch of AI Wingmate will transform employee productivity, allowing our people to spend more time solving our customers' toughest problems," said David Burns, Chief Information Officer, GE Aerospace. "Generative AI is changing the way we all work, enabling us to be more productive with our daily work tasks than ever before. Ultimately, this will strengthen our ability to help the aerospace industry meet our highest objectives of enhanced safety, sustainability, and reducing supply chain constraints."&nbsp;
"Over 60,000 customers spanning industries and countries worldwide are applying the capabilities of Azure AIto deliver tangible results," said Nick Parker, President, Industry &amp; Partner Sales, Microsoft. "We are deeply committed to helping businesses like GE Aerospace implement multimodal AI-powered applications easily and securely. I'm thrilled to see the impact AI is already having at GE Aerospace as the company continues to infuse AI across the company and leverage its power to drive innovation and growth."&nbsp;
AI Wingmate is providing GE Aerospace employees with a secure, internal platform to engage and utilize the full suite of generative AI capabilities and infuse new data and information from employees over time to support the company's business requirements.&nbsp;
"As our workforce continues to become familiar with AI Wingmate, it will become an increasingly more valuable partner over time for GE Aerospace employees," added Burns. "We are particularly excited about plans to launch a new generative AI based module exclusively dedicated to FLIGHT DECK, our proprietary lean operating model that is the foundation of how we work. The generative AI platform will serve as a vehicle for employees to learn about FLIGHT DECK and its ten fundamentals."&nbsp;
&nbsp;
How it works&nbsp;
GE Aerospace employees are using AI Wingmate to enhance their productivity and work experience by having:&nbsp;&nbsp;
<ul>
<li>Instant access to information: Employees can quickly obtain information relevant to their tasks, reducing the time spent searching through documents or waiting for responses from colleagues.&nbsp;</li>
<li>Faster learning and discovery: Employees can use AI Wingmate to perform more advanced searches and queries to support their project work.&nbsp;</li>
<li>More advanced support tools: Employees can use AI Wingmate to draft more tailored communications for specific audiences, rapidly create documents, or ask questions to help understand a complex problem.&nbsp;</li>
</ul>
The launch of this new internal generative AI platform represents a key milestone in GE Aerospace's more than a decade's long journey successfully integrating AI across its business operations. Over this time, GE Aerospace has more than doubled its investment in AI technology, positioning the company as one of the top AI patent holders within the aviation industry.&nbsp;&nbsp;
Today, GE Aerospace is using AI to enhance everything from engine monitoring and part inspections to delivering insights for our airline customers to enable predictive maintenance measures and new ways to optimize fuel efficiency and safety. Click&nbsp;<a href="https://www.geaerospace.com/sites/default/files/ai-fact-sheet.pdf">here</a> to learn more about how GE Aerospace is using AI today and future applications under development.
"The integration of Azure AI platform capabilities including Azure OpenAI Service is delivering a step change in how GE Aerospace employees work and deliver for our customers," said Burns.&nbsp; "AI Wingmate is more than just a smart platform. It's a true catalyst for changing the way we work and what is possible for us to achieve in advancing the future of flight."&nbsp;

MSFT

GE Aerospace Teams Up with Microsoft to Power 52K Workers with AI Wingmate Platform

Kamada Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KMDA#NASDAQ">KMDA</a>, TASE: KMDA.TA)))), a global biopharmaceutical company with a portfolio of marketed products indicated for rare and serious conditions and a leader in the specialty plasma-derived field, today announced the expansion of its plasma collection operations with the opening of a new plasma collection center in Houston, TX. The new 12,000 square foot center is operated by Kamada's wholly owned subsidiary, Kamada Plasma, and is planned to support over 50 donor beds with an estimated total collection capacity of approximately 50,000 liters annually.
"We are extremely pleased to announce the opening of our new state-of-the-art plasma collection center in Houston," said Amir London, Chief Executive Officer of Kamada. "The opening of this center is an important milestone in Kamada's development and vertical integration, expanding the collection capacity of specialty plasma for our internal use beyond our existing site in Beaumont, TX. The new center in Houston is expected to be one of the largest sites for specialty plasma collection in the U.S. and will also collect normal source plasma to be sold to third parties. We are especially grateful for the skilled and experienced team of plasma collection experts we have hired to lead the development and operations of our new center."
Kamada intends to submit to the FDA a prior approval supplement to Kamada Plasma's existing Biologics License Application (BLA) for the approval of the Houston site, as well as a plasma master file (PMF) to the European Medicines Agency (EMA), during the first half of 2025. The FDA and EMA's regulatory process for obtaining approval for plasma collection centers includes onsite inspection. During the review process, the company is authorized to collect plasma donations at the center. Kamada currently anticipates approval decisions within 9-12 months of submissions.
In addition to the new Houston center, the company has begun construction of its third plasma collection site in San Antonio, TX, which is expected to open during the first half of 2025. Each collection center is expected to contribute annual revenues of $8 million to $10 million in sales of normal source plasma at its full capacity.

Government

Regulations

KMDA

Kamada Expands US Plasma Operations with Houston Center, Plans FDA Submission

Offerings

YOSH

Yoshiharu Global  Filed For Offering Of Up To 400K Shares

Benchmark analyst Daniel Kurnos maintains Sinclair (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBGI#NASDAQ">SBGI</a>) with a Buy and raises the price target from $29 to $30.

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Analyst Ratings

SBGI

Benchmark Maintains Buy on Sinclair, Raises Price Target to $30

Leading private markets investment management firm Hamilton Lane (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HLNE#NASDAQ">HLNE</a>) announced that it has been named to the S&amp;P MidCap 400 by S&amp;P Dow Jones Indices, effective before the open of trading today, Monday, September 23, 2024.&nbsp;
For more than 30 years, Hamilton Lane has been dedicated exclusively to private markets investing, providing innovative solutions to institutional and private wealth investors around the world. As of June 30, 2024, the firm had more than $940 billion in assets under management and supervision, composed of nearly $130 billion in discretionary assets – representing 11% year-over-year growth – and more than $810 billion in non-discretionary assets.&nbsp;
Hamilton Lane Co-CEO <a href="https://www.hamiltonlane.com/en-us/about/our-team/erik-hirsch">Erik Hirsch</a> commented: "The addition of our firm to the S&amp;P MidCap 400 Index represents a significant milestone in Hamilton Lane's 33-year growth story – a story that continues to evolve but that has always been driven by our focus on delivering for our clients. &nbsp;We have an exciting path forward, as we continue to lean into our culture of integrity, innovation and the pursuit of excellence, while adapting to meet the evolving needs of private markets investors of all sizes with new technology, new markets and new regions across the globe."

HLNE

Hamilton Lane Joins S&P MidCap 400, Marks Major Growth Milestone in Private Markets

<a href="https://pr.report/2vaa">Alta Global Group</a> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MMA#NYSE">MMA</a>) ("Alta" or the "Company"), a pioneering technology company uniting passion and participation in global combat sports with a vision of converting 640 million fans to participants, announced its partnership with <a href="https://pr.report/2vab">UFC Gym Group</a> has the potential to deliver gross revenue of $7,000,000 per annum&#x2A; upon roll-out of UFC Gym's global gym footprint of over 150 gyms. The program will launch in California, scheduled to go on sale to members in September 2024. This represents Alta's first major enterprise partnership and will look to integrate Alta's innovative products and programs across UFC Gym's extensive network of global gyms.
&nbsp;
Nick Langton, Founder and CEO of Alta Global Group, commented, "This partnership with UFC Gym Group is a transformative milestone for Alta. By integrating our Warrior Training Program and mobile marketing platform into UFC Gym's global network, we're poised to significantly expand our reach while offering a unique pathway for UFC fans to experience the sport firsthand. UFC Gym is an ideal partner for us to deliver an unmatched training experience that not only elevates the gyms but also empowers participants. We're excited about the tremendous potential this collaboration holds for driving growth and deepening the connection between 640 million MMA fans and the sport."
Additional highlights of the partnership include:
Program Rollout: Alta will roll out its highly acclaimed 20-week Warrior Training Program across the United States and internationally. In the first year, these programs will be introduced in 15 locations across the US.
Revenue Opportunities: The Alta Warrior Training Program, which averages 24 participants per program, enables gyms to run up to two programs annually. Participants pay between $1,000 and $1,500 for the 20-week experience.
Mobile Marketing Platform: Furthermore, UFC Gym Group will utilize Alta's all-in-one mobile marketing platform, Hype, to enhance customer acquisition and retention across its network of over 150 gyms. Hype, powered by Alta, operates on a traditional Software-as-a-Service (SaaS) model.
Extensive opportunities for growth: Currently, UFC Gym Group boasts over 150 locations in 40 countries worldwide, including 80 in the United States, with hundreds of additional gyms in development.

Alta Global Partners With UFC Gym, Targets $7M Annual Revenue From Global Expansion

<a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Ftrisaluslifesci.com%2F&amp;esheet=54124814&amp;newsitemid=20240919558761&amp;lan=en-US&amp;anchor=TriSalus+Life+Sciences%26%23174%3B%2C+Inc.&amp;index=1&amp;md5=99cfa17a1abb371957d4eef59928821a">TriSalus Life Sciences&#xAE;, Inc.</a> ("TriSalus" or the "Company") (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLSI#NASDAQ">TLSI</a>), an oncology company integrating its novel delivery technology with standard of care therapies and immunotherapy to transform treatment for patients with liver and pancreatic tumors, announced today the publication of research titled, "Intra-arterial Pressure-Enabled Drug Delivery Significantly Increases Penetration of Glass Microspheres in a Porcine Liver Tumor Model," in the peer-reviewed Journal of Vascular and Interventional Radiology. The article illustrates that the PEDD method via the TriNav Infusion System significantly improved delivery of glass microspheres (GM) with deeper penetration into liver tumors and the peritumoral tissue, when compared to delivery of GM with a conventional microcatheter in a transgenic (oncopig) model.
"This is another example of how our PEDD approach effectively tackles a significant challenge in cancer care by ensuring the selective and increased delivery of therapeutics to the tumor. This research advances and validates our understanding of the PEDD method, providing high-resolution evidence of enhanced delivery," said Bryan F. Cox, Ph.D., Chief of Research for TriSalus. "With both proximal and distal placements of the PEDD device, we observed significantly improved delivery of glass microspheres to the tumor, quantified on a millimeter scale. The strength of the proximal infusion data suggests an opportunity to selectively target multiple tumors simultaneously in patients with heavy disease burdens."
"These results contribute to the substantial and expanding body of pre-clinical and clinical evidence supporting the wide-ranging potential applicability of the PEDD approach," said Mary Szela, Chief Executive Officer and President of TriSalus. "Efficient delivery of therapeutics into tumor cells without causing harm to off-target normal tissue remains a real-world challenge in cancer care, and the PEDD approach aims to overcome this obstacle. This publication strengthens our current understanding that, regardless of placement of the technology, either lobar or selective infusions, the PEDD method increased glass microspheres delivery uptake compared to conventional microcatheters. The TriNav device signifies a potential breakthrough in delivering glass microspheres and other drugs into tumors in a highly controlled and targeted manner."
"This study shows the potential of PEDD method to address an unmet need in liver cancer therapy – achieving the same safety profile of selective Y90 treatment to those performed for more advanced diffuse disease using lobar injections. This study suggests that the use of PEDD method alters hemodynamics and the microenvironment in a manner resulting in higher concentrations of microspheres in the tumor compared to the adjacent liver parenchyma, thereby offering the ability to increase efficacy and improve safety. If further validated in human models, this may represent a significant advancement in the management of liver cancer," said Dr. Riad Salem, Chief of Interventional Radiology, and Professor of Radiology, Surgery, and Medicine in Chicago.
The research involved transgenic pigs (oncopigs) with induced liver tumors. These tumors were intra-arterially infused with fluorescently labeled GM. The PEDD method with the TriNav device was compared to the use of conventional microcatheter delivery in both lobar and selective infusions. Near-infrared (near IR) imaging was utilized to detect the GM fluorescent signal in tumors. The results showed significant increases in GM signal intensity in and around tumors after delivery with the PEDD method, with a 117% increase in tumor penetration with lobar infusions and a 39% increase with selective infusions compared to conventional delivery. Lobar PEDD delivery of GM to the tumor was statistically equivalent to conventional selective delivery (p=0.497).

TLSI

TriSalus PEDD Method Increases Microsphere Penetration in Liver Tumors, Study Highlights New Delivery Approach

The most oversold stocks in the health care sector presents an opportunity to buy into undervalued companies.
The RSI is a momentum indicator, which compares a stock&#8217;s strength on days when prices go up to its strength on days when prices go down. When compared to a stock&#8217;s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered oversold when the <a href="https://www.benzinga.com/topic/rsi">RSI is below 30</a>, according to <a href="https://pro.benzinga.com/">Benzinga Pro</a>.
Here's the latest list of major oversold players in this sector, having an RSI near or below 30.
<h3 class="wp-block-heading">Progyny Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PGNY#NASDAQ">PGNY</a>)</h3>
<ul>
<li>On Sept. 19, the company said a client elected to exercise an option to terminate its services agreement with the company. The company's stock fell around 32% over the past five days and has a <a href="https://www.benzinga.com/quote/PGNY">52-week low of $13.93</a>.</li>
<li>RSI Value: 26.50</li>
<li>PGNY Price Action: Shares of Progyny rose 1% to close at $16.62 on Friday.</li>
<li>Benzinga Pro's real-time newsfeed alerted to<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent092324&amp;t=be2bearmibe3na1"> latest PGNY news.</a> </li>
</ul>
<figure class="wp-block-image size-full is-resized"><a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent092324&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="895" height="840" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23071143/image-171.png" alt="" class="wp-image-560811" style="width:671px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23071143/image-171.png 895w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23071143/image-171-300x282.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23071143/image-171-768x721.png 768w" sizes="(max-width: 895px) 100vw, 895px" /></a></figure>
<h3 class="wp-block-heading">Indivior PLC (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INDV#NASDAQ">INDV</a>)&nbsp;&nbsp;&nbsp;</h3>
<ul>
<li>On Sept. 4, Indivior issued an update on Aelis Farma&#8217;s Phase 2B study with AEF0117 in participants with cannabis use disorder. It <a href="https://www.benzinga.com/quote/INDV">has a 52-week low</a> of $9.14.</li>
<li>RSI Value: 25.92</li>
<li>RELI Price Action: Shares of Indivior fell 2.1% to close at $9.48 on Friday.</li>
<li>Benzinga Pro&#8217;s charting tool helped identify the<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent092324&amp;t=be2bearmibe3na1"> trend in INDV stock</a>. </li>
</ul>
<figure class="wp-block-image size-full is-resized"><a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent092324&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="907" height="847" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23071157/image-172.png" alt="" class="wp-image-560812" style="width:651px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23071157/image-172.png 907w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23071157/image-172-300x280.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23071157/image-172-768x717.png 768w" sizes="(max-width: 907px) 100vw, 907px" /></a></figure>
<h3 class="wp-block-heading">Moderna Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRNA#NASDAQ">MRNA</a>)</h3>
<ul>
<li>On Sept. 17, Moderna announced that Health Canada approved its vaccine, SPIKEVAX, which aids in preventing COVID-19 in people six months of age or older.The vaccine targets the KP.2 variant of COVID-19. The company plans to begin delivery of the vaccine to the Public Health Agency of Canada shortly. "With the recent increase in COVID-19-infections, staying up to date with your COVID-19 vaccination remains one of the best ways to help protect yourself from severe illness," said Dr. Shehzad Iqbal, country medical director, Moderna Canada. The company's shares fell around 20% over the past month and has a 52-week <a href="https://www.benzinga.com/quote/MRNA">low of $62.55</a>.</li>
<li>RSI Value: 28.17</li>
<li>MRNA Price Action: Shares of Moderna fell 3.4% to close at $65.69 on Friday.</li>
<li>Benzinga Pro&#8217;s signals feature notified of a potential <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent092324&amp;t=be2bearmibe3na1">breakout in MRNA shares</a>. </li>
</ul>
<figure class="wp-block-image size-full is-resized"><a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent092324&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="906" height="838" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23071229/image-173.png" alt="" class="wp-image-560813" style="width:610px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23071229/image-173.png 906w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23071229/image-173-300x277.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23071229/image-173-768x710.png 768w" sizes="(max-width: 906px) 100vw, 906px" /></a></figure>
Read Next:<a href="https://www.benzinga.com/markets/24/09/40962695/jim-cramer-viking-has-many-ships-coming-in"> </a>
<ul>
<li><a href="https://www.benzinga.com/markets/24/09/40962695/jim-cramer-viking-has-many-ships-coming-in">Jim Cramer: Viking Has &#8216;Many Ships Coming In&#8217;</a></li>
</ul>

Pre-Market Outlook

INDV

MRNA

PGNY

Top 3 Health Care Stocks That May Explode This Month

<a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Forthofix.com%2F&amp;esheet=54125379&amp;newsitemid=20240923211580&amp;lan=en-US&amp;anchor=Orthofix+Medical+Inc&amp;index=1&amp;md5=f980520f95bd1a9234c20487cdf8b284">Orthofix Medical Inc</a>. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OFIX#NASDAQ">OFIX</a>), a leading global medical technology company, today announced the presentation of new data supporting the use of Orthofix's proprietary Pulsed Electromagnetic Field (PEMF) stimulation to increase fusion rates as an adjunct to lumbar spine fusion surgery. Patients treated with the <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fbonegrowththerapy.com%2Ftherapies%2Fspinal-fusion%2Fspinalstim-lumbar-fusion%2F&amp;esheet=54125379&amp;newsitemid=20240923211580&amp;lan=en-US&amp;anchor=SpinalStim&amp;index=2&amp;md5=c26f0cc0fb348022b3ce0b675596e790">SpinalStim</a>&#x2122; bone growth therapy device demonstrated a high rate of successful fusion with significant improvements in pain, function and quality of life, despite having risk factors for pseudarthrosis.
The abstract will be presented by Dr. Marc Weinstein, an orthopedic spine surgeon at the Florida Orthopaedic Institute in Tampa, Florida, at the North American Spine Society (NASS) Annual Meeting in Chicago, IL, on September 25, during the Research and Innovation Showcase in the McCormick Place West Lobby of the McCormick Convention Center.
During the NASS annual meeting, Orthofix is also highlighting a variety of new products including the full market launch of OsteoStrand&#x2122; Plus C. A 100% bone-derived graft, OsteoStrand Plus C is comprised of Demineralized Bone Matrix (DBM) fibers and Accell&#x2122; Bone Matrix, a dispersed form of DBM that provides immediate release of growth factors upon implantation and increases the concentration of growth factors in the product, and cancellous chips. Used as a bone graft material in fusion applications, the OsteoStrand Plus C features improved graft packability relative to non-chip containing options – for a denser fill and to ensure minimal graft displacement. Additionally, Orthofix is announcing the launch of the <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fm6disc.com%2F&amp;esheet=54125379&amp;newsitemid=20240923211580&amp;lan=en-US&amp;anchor=M6-C&amp;index=3&amp;md5=0f2300dfde3b2d3c8390c084ccf90edc">M6-C</a>&#x2122; Single-Use, Disposable Instrumentation sets, the first FDA-cleared, single-use, disposable instruments designed specifically for cervical disc arthroplasty.

OFIX

Orthofix Unveils New Spinal Fusion Products and Data, Highlighting Innovation at NASS Annual Meeting

Alibaba Group Holding&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) cloud computing services unit tapped&nbsp;Nvidia&nbsp;Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) to boost the&nbsp;autonomous driving&nbsp;experience for Chinese smart vehicle owners like Li Auto Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>),&nbsp;Great Wall Motor Co (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GWLLY#OTC">GWLLY</a>),&nbsp;Geely Auto&#8217;s&nbsp;ZEEKR Intelligent Technology Holding (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZK#NYSE">ZK</a>)&nbsp;and the EV unit of&nbsp;Xiaomi Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/XIACY#OTC">XIACY</a>).
China is currently grappling with U.S. advanced semiconductor sanctions, which have restricted its access to Nvidia and other chipmakers&#8217; sophisticated artificial intelligence chips.
The U.S. chip companies opposed the U.S. move, citing the importance of China as a key semiconductor market. Alibaba has also voiced how the embargo has affected its AI endeavors.
Also Read: <a target="_blank" href="https://www.benzinga.com/government/24/09/40923879/chinas-ymtc-makes-strides-in-chip-production-substitutes-asml-lam-research-tech-as-us-sanctions-bite" rel="noreferrer noopener">China&#8217;s YMTC Makes Strides in Chip Production; Substitutes ASML, Lam Research Tech As US Sanctions Bite: Report</a>
Alibaba Cloud showcased a large multimodal model (LMM) solution for automotive applications that it co-developed with its intelligent cockpit solution provider Banma Network Technology and Nvidia at the&nbsp;Apsara Conference, SCMP <a target="_blank" href="https://www.scmp.com/tech/big-tech/article/3279428/alibaba-nvidia-collaborate-advanced-autonomous-driving-solution-computing-services" rel="noreferrer noopener">reports</a>.
Alibaba Cloud integrated Qwen&#8217;s portfolio of proprietary large language models (LLMs) with Nvidia&#8217;s Drive AGX Orin platform for autonomous vehicles. The new LMM solution will enable in-car voice assistants to offer recommendations, and execute voice commands SCMP cites Alibaba Cloud.
<figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23042244/newplot-17.png" alt="" class="wp-image-560553" style="width:920px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23042244/newplot-17.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23042244/newplot-17-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
Nvidia and Alibaba Cloud look to Qwen LLMs to Nvidia&#8217;s Drive Thor, a centralized car computing platform.
Last week, Alibaba kicked off its <a target="_blank" href="https://www.benzinga.com/government/24/09/40936014/whats-going-on-with-chinese-tech-stocks-like-alibaba-pdd-on-thursday" rel="noreferrer noopener">Aspara Conference 2024</a>, showcasing 100 open-source AI models catering to applications and sectors ranging from automobiles to gaming and science research.
Chinese e-commerce juggernaut Alibaba Group Holding&#8217;s stock has risen over 1% in the last 12 months as the weak domestic economy and geopolitical tensions bite.
Investors can gain exposure to the stock through the Invesco Golden Dragon China ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PGJ#NASDAQ">PGJ</a>) and the Trust for Professional Managers ActivePassive International Equity ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APIE#NYSE">APIE</a>).
Price Actions: BABA stock is up 0.85% at $89.04 premarket at last check Monday.
Also Read:
<ul>
<li><a href="https://www.benzinga.com/news/24/09/40918150/alibaba-strikes-5-year-cloud-deal-with-indonesias-goto-delays-stake-divestment" target="_blank" rel="noreferrer noopener">Alibaba Strikes 5-Year Cloud Deal with Indonesia&#8217;s GoTo, Delays Stake Divestment</a></li>
</ul>
Photo by Fooksou Lamimo via Wikimedia Commons

Emerging Markets

Tech

APIE

BABA

GWLLY

PowerShares Golden Dragon Halter USX China Portfolio

XIACY

Alibaba Teams Up With Nvidia to Supercharge EVs for Chinese Automakers: Report

RBC Capital analyst Gregory Renza initiates coverage on CG Oncology (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGON#NASDAQ">CGON</a>) with a Outperform rating and announces Price Target of $66.

Initiation

CGON

RBC Capital Initiates Coverage On CG Oncology with Outperform Rating, Announces Price Target of $66

<a href="https://www.globenewswire.com/Tracker?data=fTnauvHXrBinpqMkcNrU2jXyFxKpy_arXJzy_b5ASWO6l7AzfHZmmBhfNJU82qOIF0IRqYDITjpbTjTmYaz8lg==">uniQure</a> N.V. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QURE#NASDAQ">QURE</a>), a leading gene therapy company advancing transformative therapies for patients with severe medical needs, today announced that the U.S. Food and Drug Administration (FDA) has granted Orphan Drug Designation to AMT-191, uniQure's investigational gene therapy for the treatment of Fabry disease, a rare, inherited genetic disease. In August 2024, uniQure announced the dosing of the first patient in its U.S., multi-center, open-label Phase I/IIa trial of AMT-191.
"This important designation highlights the need for new gene therapies like AMT-191 for patients with Fabry disease with the potential of delivering meaningful benefit given the suboptimal effectiveness of current chronic treatments," stated <a href="https://www.globenewswire.com/Tracker?data=XJHujD0zFsqCKj2AQYLx5YZE0M2jd1UjijpyNswg3uU3SriFCvwWI96vkEi8AA3le2sz_K36hMQhw9mjNc65v089QNwHSlUPjRhS5ybbM0ZoWv13dGsruJHJU5iG2D1r51IROOb0I1SREI2dhF2Cck4rSdmcC2GyFO4ZLtacqF9PhX4xHMVg625XkJYrftYl">Walid Abi-Saab, M.D., chief medical officer of uniQure</a>. "This designation supports our Phase I/IIa clinical trial and we look forward to rapidly generating clinical proof-of-concept data and providing initial data in 2025."
In patients with Fabry disease, a pathogenic variant in the galactosidase alpha (GLA) gene leads to α-galactosidase A (aGAL-A) enzyme deficiency, which in turn results in a progressive accumulation of lipids in multiple cell types, including kidney and heart cells, eventually resulting in a multi-system disorder. AMT-191 is a one-time intravenously administered investigational AAV5-based gene therapy that uses a proprietary, highly potent promoter to deliver a GLA transgene designed to target the liver to produce GLA protein.
The Phase I/IIa clinical trial of AMT-191 will be conducted in the United States. The multicenter, open-label trial consists of two cohorts with up to six adult male patients each: a low-dose cohort of 6x1013 gc/kg and a high-dose cohort of 3x1014 gc/kg delivered through a one-time intravenous infusion. Patients will continue to receive their regular enzyme replacement therapy until the criteria for withdrawal is met and will be followed for a period of 24 months. The trial will explore the safety, tolerability, and early signs of efficacy by measuring the expression of lysosomal enzyme aGLA-A. Additional details are available on <a href="https://www.globenewswire.com/Tracker?data=7KolP2h89egUHI8jH_Zo5bdDQZFzZM_38LjWTPDf3Kdw9gSQKRHs9DeKDUPU-daOSt9uPtk10WEjZA6W4qStkajilCQxvaD3HJzRrulXR-o=">www.clinicaltrials.gov</a> (NCT06270316).
The FDA's Orphan Drug Designation provides a special status for investigational drugs being developed for rare diseases considered to affect only up to 200,000 people in the United States. Orphan drug status provides certain incentives, including tax credits, grants and waiver of certain administrative fees for clinical trials as well as seven years of market exclusivity in the United States following drug approval.

QURE

FDA Grants Orphan Drug Status to uniQure's AMT-191, Aiming to Treat Fabry Disease

Biotech

Health Care

Stock Split

General

ORGS

Orgenesis Approves A 1-for-10 Reverse Stock Split Effective At 5:00 Pm Eastern Time On September 24

MIND Technology, Inc. ("MIND" or the "Company") (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MIND#NASDAQ">MIND</a>) announced today that its Seamap unit has received an order for a GunLink source controller amounting to approximately $5.1 million.&nbsp; Subsequent to July 31, 2024, the Company has received orders totaling approximately $7.9 million.
Mark Welker, Vice President of MIND and Seamap Managing Director, stated, "We are seeing strong demand for our GunLink source controllers. These most recent orders indicate the continuing demand across our family of source controller products. We expect to deliver a portion of these orders in this fiscal year; however, the majority will be delivered in our next fiscal year.&nbsp; In addition to the orders that we have in hand, we are pursuing a number of significant opportunities that we expect to bring to fruition in the coming weeks and months. We think our continuing backlog and pipeline of business bodes well for the balance of this fiscal year and next year as well."

MIND

MIND Technology's Seamap Unit Secures $5.1M GunLink Order, Expands Total to $7.9M

SKYE

Skye Bioscience Comments Regarding A Recent Announcement By Novo Nordisk On Phase 2a Topline Data With Monlunabant And, Reiterates Confidence In Its Nimacimab Clinical Development Plan, Says 16-week Top-line Weight Loss Data Validates Mechanism Of Action Targeting Peripheral CB1 Receptors

Federal Reserve

Minneapolis Fed President Kashkari Said Balance Of Risks Have Shifted Toward Risk Of Further Labor Market Weakening, Higher Unemployment; 50 BPS Rate Cut Was Right Decision, Reflects Progress On Inflation, Softening Of Labor Market

Invivyd, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IVVD#NASDAQ">IVVD</a>), a biopharmaceutical company devoted to delivering protection from serious viral infectious diseases, today provided detailed virology data supporting previously communicated neutralization activity results, along with a genetic and structural analysis of past and present SARS-CoV-2 variant spike proteins, including the established molecular target of pemivibart.
As part of Invivyd's ongoing monitoring of antiviral activity, Invivyd contracts with LabCorp's Monogram Biosciences lab to provide independent, robust virology assessments in a consistent lineal chain that allows for consideration of potential changing pemivibart potency as SARS-CoV-2 evolves. Pemivibart potency against contemporary viruses KP.3.1.1 and LB.1 remains in-line with the totality of predominant variants dating back to 2022, including isolates identified during the conduct of the CANOPY Phase 3 clinical trial from late 2023 to early 2024. Data Table 1, below, provides relevant comparative values drawn from the PEMGARDA Healthcare Providers Fact Sheet.
"Quantitative neutralization assays exhibit marked intrinsic variability. Since discovery, pemivibart has exhibited impressively stable neutralization results across a wide range of SARS-CoV-2 variants, including and through contemporary variants tested," said Robert Allen, Ph.D., Chief Scientific Officer of Invivyd. "The values we observe thus far generally fall within the expected variability of the assay systems we employ."&nbsp;&nbsp;
Invivyd also provided an update to ongoing structural analysis showing no meaningful mutational change in the pemivibart binding site since the Omicron shift late in 2021. These data are presented in Figure 1 below. The pemivibart binding site is defined as a region of amino acid residues on the spike protein within 5 angstroms (5 Å) of the interaction between pemivibart and spike protein in a crystal structure and consists of 19 key amino acids. Invivyd's ongoing genetic and structural analyses of these residues provide the underlying biological rationale for the company's ongoing expectation for neutralization activity of pemivibart in the face of constant and convergent mutation in the SARS-CoV-2 spike protein. Analysis to date of all 19 amino acids presented below shows de minimis mutational change with ongoing stability to the binding site since the Omicron shift.
"To stay ahead of the curve, it is necessary to integrate data across multiple sources, including clinical and wastewater surveillance, as well as functional genomics. Invivyd's work over the last few years has achieved exactly that," said Kristian Andersen, Ph.D., a professor in the Department of Immunology and Microbiology at Scripps Research and member of Invivyd's scientific advisory board. "Continued surveillance of SARS-CoV-2 evolution is critically important to ensure that we can effectively counter the threat posed by the virus."

IVVD

Invivyd Shares New Data on Pemivibart's Neutralization of COVID Variants, Details Virus Evolution

U.S. index futures are modestly higher at the start of a new week as the rate cut euphoria fades and traders look ahead to the next key catalysts. The tech space could get a lift from <a href="https://www.benzinga.com/news/24/09/40975507/intels-stock-gains-in-pre-market-trading-following-reports-of-qualcomms-and-apollos-investment-offer">a potential lifeline for struggling Intel Corp.</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) and traders may also look ahead to Micron Corp.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>) earnings report due later this week. FedEx Corp.&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FDX#NYSE">FDX</a>) annual shareholder meeting and conference presentations by companies could also be on traders&#8217; radar.
A few Fed speeches and private sector activity data due on Monday will also be of interest to the market, which has had an atypically strong September. China followed up with more cuts on Monday as the country strives to bring the struggling economy back on track.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>+0.24%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>+0.15%</td>
</tr>
<tr>
<td>Dow</td>
<td>+0.06%</td>
</tr>
<tr>
<td>R2K</td>
<td>+0.32%</td>
</tr>
</tbody>
</table>
</figure>
In premarket trading on Monday,&nbsp;the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 0.15% to $569.09 and the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) climbed 0.27% to $483.06, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.
Cues From Last Week:
U.S. stocks recorded gains for the second straight week as the Fed&#8217;s 50 basis-point cut set the market on fire, although a session after the announcement. After a mixed start to the week, positive retail sales generated buying interest in the market on Tuesday. Sentiment soured on Wednesday despite the initial positive reaction to the rate cut and the major indices closed lower. 
Traders reacted with a lag to the rate cut, sending averages sharply higher on Thursday. The S&amp;P 500 Index and the Dow Jones Industrial Average scaled record highs in the session. Caution returned on Friday as the market closed the triple-witching session on a mixed note. The Dow built on its gains on Friday and ended at a new high.
&#8220;This might be a September rally to remember on Wall Street, as history is not on the side of September delivering many market rallies,&#8221; said fund manager Louis Navellier.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Weekly Performance (+/)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>+1.50%</td>
<td>17,948.32</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>+1.36%</td>
<td>5,702.55</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>+1.62%</td>
<td>42,063.36</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>+2.08%</td>
<td>2,227.89</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
The atypical September rally points to more gains ahead before the year ends, says Carson Group&#8217;s Chief Market Strategist Ryan Detrick. A new high for the S&amp;P 500 Index in September has meant an even better fourth quarter in the past, he said. The market has risen 19 out of 21 times and the average gain is nearly 5%, he said. If the new high was made in September, which also happens to be an election year, the fourth quarter is higher 100% of the time with an average gain of 6%.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">When the S&amp;P 500 makes a new high in September (like &#39;24) it appears Q4 does even better. In fact, higher 19 out of 21 times (90.4%) and up nearly 5% on avg. New highs in Sept of election year? Q4 higher 6 out of 6 and up nearly 6% on avg.
&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1837903370494820836?ref_src=twsrc%5Etfw">September 22, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
The S&amp;P 500 Index, which closed Friday&#8217;s session, just shy of an all-time high, is now above year-end price predictions of 70% of Wall Street analysts. This has rendered S&amp;P valuation slightly higher than the average number for the past five and past 10 years, FactSet data showed.
JPMorgan Global Investment Strategist&nbsp;Sarah Stillpass&nbsp;said in a report the September rate cut could bode well for equities. Since 1980, five of the 10 best years for the S&amp;P 500 happened when the Fed was cutting rates without a recession, she said. She also noted that the Fed has cut rates 12 times when the S&amp;P 500 was within 1% of its all-time high such as the current year. The market was higher one year later all 12 times, with a median return of 15%, she added.
See also: <a href="https://www.benzinga.com/money/best-futures-trading-software">Best Futures Trading Software</a>
Upcoming Economic Data:
A slew of Fed speeches and the core personal consumption expenditure index, which is part of the personal income and spending report, are the key data the market will likely look forward to in the unfolding week. Traders may also keep a close eye on the weekly jobless claims data, flash private sector activity readings from S&amp;P Global, a consumer confidence reading, the August durables goods orders data and a couple of housing market readings.
On Monday, Atlanta Fed President Raphael Bostic is scheduled to speak at 8 a.m. EDT, followed by Chicago Fed President Austan Goolsbee at 10:15 a.m. EDT and Minneapolis Fed President Neel Kashkari&nbsp;at 1 p.m. EDT.
S&amp;P Global will release its flash manufacturing and service sector purchasing managers&#8217; indices for September at 9:45 a.m. EDT. Economists, on average, expect the manufacturing purchasing managers&#8217; index to rise from 47.9 in August to 48.4 in September, suggesting the sector continued to contract. The service sector PMI is widely expected to hold steady at 55.4 compared to August&#8217;s 55.7.
The Treasury will auction three- and six-month notes at 11:30 a.m. EDT.
Stocks In Focus:
<ul>
<li>Intel rose about 3% <a href="https://www.benzinga.com/premarket">in premarket trading</a> amid reports that Apollo Global Management seeks to invest $5 billion in the chipmaker in return for an equity stake in the company. Incidentally, Qualcomm, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>) is rumored to be interested in buying Intel.</li>
<li>Bitcoin&#8217;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rally is sending crypto-linked stocks higher on Monday.</li>
<li>Palantir Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NASDAQ">PLTR</a>) fell over 1.60% following a negative analyst action. The company will be added to the S&amp;P 500 Index, along with Dell Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DELL#NYSE">DELL</a>) and Erie Indemnity Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ERIE#NASDAQ">ERIE</a>).</li>
<li>AAR Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AIR#NYSE">AIR</a>) is due to <a href="https://www.benzinga.com/calendars/earnings">announce its quarterly results after the market closes.</a></li>
</ul>
Commodities, Bonds And Global Equity Markets:
Crude oil and gold futures are modestly higher, with the latter trading near record territory. Bitcoin has gone past the $63.5K level. The 10-year Treasury note yield rose 1.1 points to 3.739%.
The Asian markets closed on a lackluster note, although the Japanese market remained closed for a public holiday. The People&#8217;s Bank of China announced a cut to its 14-day reverse repurchase rate, following up with the downward adjustments that began in July. Chinese central bank governor Pan Gongsheng will hold a press conference Tuesday on financial support for economic development, alongside two other officials, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-09-23/china-announces-another-rate-cut-as-growth-slowdown-worsens">reported.</a>
European stocks also showed tentativeness as domestic traders digested weak private sector activity data from the region.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/09/40974885/s-p-500-outpaces-wall-street-projections-as-year-end-nears-will-the-rally-hold">S&amp;P 500 Outpaces Wall Street Projections As Year-End Nears: Will The Rally Hold?</a></li>
</ul>
Photo via Shutterstock

Equities

Futures

Previews

Movers

$BTC

DELL

ERIE

INTC

PLTR

QCOM

Wall Street Eyes Modestly Positive Start As Atypical September Rally Generates Positive Sentiment, China Cuts Rate: Intel, Palantir, Bitcoin Make Huge Moves

<ul>
<li>Riot has agreed to withdraw its June 24, 2024 requisition, as amended, and to accept customary standstill provisions through the Bitfarms 2026 Annual Meeting, with certain exceptions.</li>
<li>The Company has provided Riot with certain rights (subject to certain exceptions) to purchase shares of the Company provided Riot holds&nbsp;15%&nbsp;or more of the outstanding common shares of the Company.</li>
</ul>

Management

BITF

RIOT

Bitfarms, Riot Platforms Enter Settlement Agreement In Advance Of Special Meeting; Andrés Finkielsztain Has Stepped Down From Bitfarms' Board, Amy Freedman To Join Board

ALKS

Alkermes Announced Plans To Present Clinical Data From Its Phase 1B Study Of ALKS 2680 In Patients With Narcolepsy Type 2 And Idiopathic Hypersomnia At The European Sleep Research Society Congress, Sleep Europe 2024

With the growing oil demand, pressured supply, and geopolitical instability, the oil industry is well-poised to experience robust expansion. Therefore, it could be wise to invest in top oil & gas stocks APA Corporation (APA), Obsidian Energy (OBE), and VAALCO Energy (EGY), which are trading at a discount. Read on... The oil and gas industry is experiencing strong growth amid elevated prices and strong demand. Given the industry's bright prospects, investors could consider buying fundamentally sound oil and gas stocks APA Corporation (<a href="https://stocknews.com/stock/APA/">APA</a>), Obsidian Energy Ltd. (<a href="https://stocknews.com/stock/OBE/">OBE</a>), and VAALCO Energy, Inc. (<a href="https://stocknews.com/stock/EGY/">EGY</a>), which are currently trading at a discount.
Global oil demand increased by 870 kb/d in the second quarter of 2024, and the demand is projected to rise by less than 1 mb/d in both 2024 and 2025. Also, <a href="https://www.iea.org/reports/oil-market-report-august-2024">world supply rose 230 kb/d</a> to 103.4 mb/d in July as the substantial OPEC+ increase offset losses from non-OPEC+. The <a href="https://www.eia.gov/outlooks/steo/report/global_oil.php">Brent crude oil spot price totaled $85 per barrel in July</a>, up $3/b from the average in June.
Also, with solid dealmaking activities observed in the oil and gas industry in 2023, the industry's prospects are robust. <a href="https://www.reuters.com/markets/commodities/us-oil-gas-ma-activity-jumped-57-last-year-amid-industry-consolidation-2024-08-20/">M&amp;A activities increased by 57%</a> last year, with energy companies increasing their development spending, driven by higher cash flows from profits in prior years.
Moreover, the oil and gas market is expected to grow to $9.35 trillion by 2028, exhibiting growth at a <a href="https://www.researchandmarkets.com/report/oil-gas-exploration-production#:~:text=The%20oil%20and%20gas%20market,(CAGR)%20of%206.1%25.">CAGR of 5.2%</a>, driven by rapid expansion in resource exploration, supportive government initiatives, adoption of digital technologies, and investments in oil drilling activities.
Considering the favorable market trends, let's delve into the fundamentals of the top <a href="https://stocknews.com/category/energy-oil-gas/">Energy – Oil &amp; Gas</a> stocks, beginning with the third choice.
Stock #3: APA Corporation (<a href="https://stocknews.com/stock/APA/">APA</a>)
APA explores, develops, and produces natural gas, crude oil, and natural gas liquids. The company has oil and gas operations internationally. It has exploration and appraisal activities in Suriname, and it holds interests in projects located in Uruguay and internationally.
In terms of forward non-GAAP P/E, APA is trading at 6.44x, 45.1% lower than the industry average of 11.72x. Likewise, the stock's forward EV/Sales multiple of 1.94 is 3.7% lower than the industry average of 2.01. Also, its forward Price/Sales of 1.12x is 20.1% lower than the industry average of 1.40x.
On May 22, APA's board of directors declared a regular cash dividend of $0.25 per share on the company's common shares. The dividend on common shares was paid on August 22, 2024, to stockholders of record on July 22, 2024.
APA pays an annual dividend of $1, which translates to a yield of 3.52% at the current share price. Its four-year average dividend yield is 1.83%. Moreover, the company's dividend payouts have increased at a CAGR of 115.4% over the past three years.
On April 1, APA acquired Callon Petroleum Company (<a href="https://stocknews.com/stock/CPE/">CPE</a>). The strategic acquisition bodes well with APA as Callon's assets bring scale to its Delaware position and balance its overall Permian asset base.
The acquisition is expected to bring APA's daily reported production to approximately 500,000 barrels of oil equivalent (BOE), approximately two-thirds from the Permian Basin.
APA's total revenues amounted to $2.54 billion in the second quarter that ended June 30, 2024, with a 41.6% year-over-year uptick. The company's adjusted earnings came in at $434 million and $1.17 per share, reflecting increases of 64.4% and 37.6% from the prior year's quarter, respectively. Its adjusted <a href="https://www.investopedia.com/terms/e/ebitdax.asp#:~:text=EBITDAX%20is%20an%20indicator%20of,Amortization%2C%20and%20Exploration%20Expense.%22">EBITDAX</a> of $1.58 billion indicates a growth of 29.5% year-over-year.
As of June 30, 2024, APA's total assets stood at $20.19 billion, compared to $15.24 billion as of December 31, 2023.
Street expects APA's revenue and EPS to increase 30.2% and 7.5% year-over-year to $2.46 billion and $1.24 for the fourth quarter (ending December 2024). APA's stock has declined 5.9% over the past six months to close the last trading session at $28.43.
APA's bright prospects are reflected in its <a href="https://stocknews.com/powr-ratings/">POWR Ratings</a>. The POWR Ratings are calculated by considering 118 different factors, each weighted to an optimal degree.
The stock has a B grade for Quality and Value. APA is ranked #19 among 78 stocks in the <a href="https://stocknews.com/category/energy-oil-gas/">Energy – Oil &amp; Gas</a> industry.
<a href="https://stocknews.com/stock/APA/">Click here</a> to access additional APA ratings for Sentiment, Momentum, Growth, and Stability.
Stock #2: Obsidian Energy Ltd. (<a href="https://stocknews.com/stock/OBE/">OBE</a>)
Headquartered in Calgary, Canada, OBE is engaged in the exploration, production, and development of oil and natural gas properties in Western Canada.
OBE's forward Price/Sales of 0.89x is 36.4% lower than the industry average of 1.40x. Further, the stock's forward Price/Cash Flow multiple of 1.76 is considerably lower than the industry average of 5.42. Similarly, its forward EV/EBITDA of 2.31x is 61.5% lower than the industry average of 6x.
On June 27, OBE closed its previously announced acquisition of around 1,700 boe/d of Clearwater production and 148 net sections of land in the Peace River area. The acquisition, along with other smaller acquisitions made in 2024, brings the company's holdings to over 680 net sections of land with Clearwater and Bluesky heavy oil rights.
The strategic acquisition allows OBE further upside and optionality within its Peace River operating area.
In the second quarter that ended June 30, 2024, OBE's total production increased 15.2% year-over-year to 35,773 boe/d. The company's net income was CAD 37.10 million ($27.55 million) and $0.46 per share, up 101.6% and 109.1% from the previous year's quarter. In addition, the company's free cash flow increased 20.9% year-over-year to CAD 52 million ($38.61 million).
Street expects OBE's revenue for the fiscal year (ending December 2024) to increase 13.3% year-over-year to $605.55 million. The company's EPS for the same period is expected to grow 52% year-over-year to $1.44.
OBE's stock has surged 0.7% over the past six months and 7.9% over the past year to close the last trading session at $7.07.
OBE's sound fundamentals are reflected in its POWR Ratings. The stock has an overall rating of B, translating to a Buy in our proprietary rating system.
The stock has a B grade for Value. Within the same industry, OBE is ranked #9 out of 78 stocks.
In addition to the POWR Ratings I've just highlighted, you can see OBE's ratings for Momentum, Growth, Stability, Quality, and Sentiment <a href="https://stocknews.com/stock/OBE/">here</a>.
Stock #1: VAALCO Energy, Inc. (<a href="https://stocknews.com/stock/EGY/">EGY</a>)
EGY is an independent energy company that engages in the acquisition, exploration, development, and production of crude oil, natural gas, and natural gas liquids in Gabon, Egypt, Equatorial Guinea, and Canada. It holds a 58.8% interest in Etame commercial production.
In terms of forward EV/EBIT, EGY is trading at 4.81x, 52.7% lower than the industry average of 10.18x. Similarly, the stock's forward Price/Cash Flow multiple of 2.69 is 50.3% lower than the industry average of 5.42. Also, its forward EV/Sales of 1.42x is 29.4% lower than the industry average of 2.01x.
On May 29, EGY announced the successful drilling campaign results. The company drilled, completed, and brought into production four wells in Canada. All wells were 2.75-mile lateral development wells. It expects strong initial production rates of about 500 barrels of oil per day (BOPD) for three of the four wells, with nearly 350 BOPD production for the fourth well.
On April 30, EGY acquired the Svenska Petroleum Exploration AB, an exploration and production company based in Stockholm, Sweden. Svenska's primary asset is a 27.39% non-operated working interest in the deepwater producing Baobab field in Block CI-40, offshore Cote d'Ivoire in West Africa. The net purchase price was $40.20 million, fully funded by cash on hand.
For the second quarter that ended on June 30, 2024, EGY's revenues increased 6.9% year-over-year to $116.78 million. Its income before income taxes rose 104.2% from the year-ago value to $37.45 million. The company's net income came in at $28.15 million and $0.27 per share, up 316.9% and 350% year-over-year, respectively.
In addition, the company's adjusted EBITDAX of $72.47 million indicates growth of 11% from the prior year's quarter.
Analysts expect EGY's revenue for the third quarter (ending September 2024) to increase 28.8% year-over-year to $149.79 million, and its EPS is expected to grow 242.9% year-over-year to $0.24 in the same quarter. Moreover, the company surpassed the consensus EPS estimates in three of the four trailing quarters.
The stock has soared 46.9% over the past six months and 40.5% over the past year to close the last trading session at $6.42.
EGY's promising outlook is reflected in its POWR Ratings. The stock has an overall rating of B, which translates to a Buy in our proprietary rating system.
The stock has a B grade for Sentiment, Quality, and Value. Within the Energy – Oil &amp; Gas industry, EGY is ranked #6 out of 78 stocks.
<a href="https://stocknews.com/stock/EGY/">Click here</a> to access additional ratings of EGY for Growth, Momentum, and Stability.
What To Do Next?
Discover 10 widely held stocks that our proprietary model shows have tremendous downside potential. Please make sure none of these "death trap" stocks are lurking in your portfolio:
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<hr />
APA shares were trading at $28.36 per share on Wednesday afternoon, down $0.07 (-0.25%). Year-to-date, APA has declined -19.06%, versus a 17.75% rise in the benchmark S&amp;P 500 index during the same period.
<hr><div style="clear:both;"></div> <h2>About the Author: Rjkumari Saxena</h2> <img src='https:/wp-content/uploads/2024/04/Rajkumari-Saxena_Image-1.jpeg' style="float:left; padding:5px;width:125px;">Rajkumari started her career as a writer but gradually shifted her focus to financial journalism, leveraging her educational background in Commerce. Fascinated by the interplay of business and economic shifts in equities, she aspires to evolve as an analyst. With a knack for simplifying complex financial concepts, her mission is to empower investors with insights that lead to profitable decisions.<a href="https://stocknews.com/authors/?author=rajkumari-saxena">More...</a>The post <a href=https://stocknews.com/news/apa-egy-obe-cpe-3-oil-gas-stocks-still-trading-at-a-discount/>3 Oil & Gas Stocks Still Trading at a Discount</a> appeared first on <a href=https://stocknews.com/>StockNews.com</a>

3 Oil & Gas Stocks Still Trading at a Discount

The growing oil demand, pressured supply, and geopolitical instability are favoring the oil and gas industry. Therefore, it could be wise to invest in top oil & gas stocks APA Corporation (APA), Obsidian Energy (OBE), and VAALCO Energy (EGY), which are trading at a discount. Read on... The oil and gas industry is experiencing strong growth amid elevated prices and strong demand. Given the industry's bright prospects, investors could consider buying fundamentally sound oil and gas stocks APA Corporation (<a href="https://stocknews.com/stock/APA/">APA</a>), Obsidian Energy Ltd. (<a href="https://stocknews.com/stock/OBE/">OBE</a>), and VAALCO Energy, Inc. (<a href="https://stocknews.com/stock/EGY/">EGY</a>), which are currently trading at a discount.
Global oil demand increased by 870 kb/d in the second quarter of 2024, and the demand is projected to rise by less than 1 mb/d in both 2024 and 2025. Also, <a href="https://www.iea.org/reports/oil-market-report-august-2024">world supply rose 230 kb/d</a> to 103.4 mb/d in July as the substantial OPEC+ increase offset losses from non-OPEC+. The <a href="https://www.eia.gov/outlooks/steo/report/global_oil.php">Brent crude oil spot price totaled $85 per barrel in July</a>, up $3/b from the average in June.
Also, with solid dealmaking activities observed in the oil and gas industry in 2023, the industry's prospects are robust. <a href="https://www.reuters.com/markets/commodities/us-oil-gas-ma-activity-jumped-57-last-year-amid-industry-consolidation-2024-08-20/">M&amp;A activities increased by 57%</a> last year, with energy companies increasing their development spending, driven by higher cash flows from profits in prior years.
Moreover, the oil and gas market is expected to grow to $9.35 trillion by 2028, exhibiting growth at a <a href="https://www.researchandmarkets.com/report/oil-gas-exploration-production#:~:text=The%20oil%20and%20gas%20market,(CAGR)%20of%206.1%25.">CAGR of 5.2%</a>, driven by rapid expansion in resource exploration, supportive government initiatives, adoption of digital technologies, and investments in oil drilling activities.
Considering the favorable market trends, let's delve into the fundamentals of the top <a href="https://stocknews.com/category/energy-oil-gas/">Energy – Oil &amp; Gas</a> stocks, beginning with the third choice.
Stock #3: APA Corporation (<a href="https://stocknews.com/stock/APA/">APA</a>)
APA explores, develops, and produces natural gas, crude oil, and natural gas liquids. The company has oil and gas operations internationally. It has exploration and appraisal activities in Suriname, and it holds interests in projects located in Uruguay and internationally.
In terms of forward non-GAAP P/E, APA is trading at 6.44x, 45.1% lower than the industry average of 11.72x. Likewise, the stock's forward EV/Sales multiple of 1.94 is 3.7% lower than the industry average of 2.01. Also, its forward Price/Sales of 1.12x is 20.1% lower than the industry average of 1.40x.
On May 22, APA's board of directors declared a regular cash dividend of $0.25 per share on the company's common shares. The dividend on common shares was paid on August 22, 2024, to stockholders of record on July 22, 2024.
APA pays an annual dividend of $1, which translates to a yield of 3.52% at the current share price. Its four-year average dividend yield is 1.83%. Moreover, the company's dividend payouts have increased at a CAGR of 115.4% over the past three years.
On April 1, APA acquired Callon Petroleum Company (<a href="https://stocknews.com/stock/CPE/">CPE</a>). The strategic acquisition bodes well with APA as Callon's assets bring scale to its Delaware position and balance its overall Permian asset base.
The acquisition is expected to bring APA's daily reported production to approximately 500,000 barrels of oil equivalent (BOE), approximately two-thirds from the Permian Basin.
APA's total revenues amounted to $2.54 billion in the second quarter that ended June 30, 2024, with a 41.6% year-over-year uptick. The company's adjusted earnings came in at $434 million and $1.17 per share, reflecting increases of 64.4% and 37.6% from the prior year's quarter, respectively. Its adjusted <a href="https://www.investopedia.com/terms/e/ebitdax.asp#:~:text=EBITDAX%20is%20an%20indicator%20of,Amortization%2C%20and%20Exploration%20Expense.%22">EBITDAX</a> of $1.58 billion indicates a growth of 29.5% year-over-year.
As of June 30, 2024, APA's total assets stood at $20.19 billion, compared to $15.24 billion as of December 31, 2023.
Street expects APA's revenue and EPS to increase 30.2% and 7.5% year-over-year to $2.46 billion and $1.24 for the fourth quarter (ending December 2024). APA's stock has declined 5.9% over the past six months to close the last trading session at $28.43.
APA's bright prospects are reflected in its <a href="https://stocknews.com/powr-ratings/">POWR Ratings</a>. The POWR Ratings are calculated by considering 118 different factors, each weighted to an optimal degree.
The stock has a B grade for Quality and Value. APA is ranked #19 among 78 stocks in the <a href="https://stocknews.com/category/energy-oil-gas/">Energy – Oil &amp; Gas</a> industry.
<a href="https://stocknews.com/stock/APA/">Click here</a> to access additional APA ratings for Sentiment, Momentum, Growth, and Stability.
Stock #2: Obsidian Energy Ltd. (<a href="https://stocknews.com/stock/OBE/">OBE</a>)
Headquartered in Calgary, Canada, OBE is engaged in the exploration, production, and development of oil and natural gas properties in Western Canada.
OBE's forward Price/Sales of 0.89x is 36.4% lower than the industry average of 1.40x. Further, the stock's forward Price/Cash Flow multiple of 1.76 is considerably lower than the industry average of 5.42. Similarly, its forward EV/EBITDA of 2.31x is 61.5% lower than the industry average of 6x.
On June 27, OBE closed its previously announced acquisition of around 1,700 boe/d of Clearwater production and 148 net sections of land in the Peace River area. The acquisition, along with other smaller acquisitions made in 2024, brings the company's holdings to over 680 net sections of land with Clearwater and Bluesky heavy oil rights.
The strategic acquisition allows OBE further upside and optionality within its Peace River operating area.
In the second quarter that ended June 30, 2024, OBE's total production increased 15.2% year-over-year to 35,773 boe/d. The company's net income was CAD 37.10 million ($27.55 million) and $0.46 per share, up 101.6% and 109.1% from the previous year's quarter. In addition, the company's free cash flow increased 20.9% year-over-year to CAD 52 million ($38.61 million).
Street expects OBE's revenue for the fiscal year (ending December 2024) to increase 13.3% year-over-year to $605.55 million. The company's EPS for the same period is expected to grow 52% year-over-year to $1.44.
OBE's stock has surged 0.7% over the past six months and 7.9% over the past year to close the last trading session at $7.07.
OBE's sound fundamentals are reflected in its POWR Ratings. The stock has an overall rating of B, translating to a Buy in our proprietary rating system.
The stock has a B grade for Value. Within the same industry, OBE is ranked #9 out of 78 stocks.
In addition to the POWR Ratings I've just highlighted, you can see OBE's ratings for Momentum, Growth, Stability, Quality, and Sentiment <a href="https://stocknews.com/stock/OBE/">here</a>.
Stock #1: VAALCO Energy, Inc. (<a href="https://stocknews.com/stock/EGY/">EGY</a>)
EGY is an independent energy company that engages in the acquisition, exploration, development, and production of crude oil, natural gas, and natural gas liquids in Gabon, Egypt, Equatorial Guinea, and Canada. It holds a 58.8% interest in Etame commercial production.
In terms of forward EV/EBIT, EGY is trading at 4.81x, 52.7% lower than the industry average of 10.18x. Similarly, the stock's forward Price/Cash Flow multiple of 2.69 is 50.3% lower than the industry average of 5.42. Also, its forward EV/Sales of 1.42x is 29.4% lower than the industry average of 2.01x.
On May 29, EGY announced the successful drilling campaign results. The company drilled, completed, and brought into production four wells in Canada. All wells were 2.75-mile lateral development wells. It expects strong initial production rates of about 500 barrels of oil per day (BOPD) for three of the four wells, with nearly 350 BOPD production for the fourth well.
On April 30, EGY acquired the Svenska Petroleum Exploration AB, an exploration and production company based in Stockholm, Sweden. Svenska's primary asset is a 27.39% non-operated working interest in the deepwater producing Baobab field in Block CI-40, offshore Cote d'Ivoire in West Africa. The net purchase price was $40.20 million, fully funded by cash on hand.
For the second quarter that ended on June 30, 2024, EGY's revenues increased 6.9% year-over-year to $116.78 million. Its income before income taxes rose 104.2% from the year-ago value to $37.45 million. The company's net income came in at $28.15 million and $0.27 per share, up 316.9% and 350% year-over-year, respectively.
In addition, the company's adjusted EBITDAX of $72.47 million indicates growth of 11% from the prior year's quarter.
Analysts expect EGY's revenue for the third quarter (ending September 2024) to increase 28.8% year-over-year to $149.79 million, and its EPS is expected to grow 242.9% year-over-year to $0.24 in the same quarter. Moreover, the company surpassed the consensus EPS estimates in three of the four trailing quarters.
The stock has soared 46.9% over the past six months and 40.5% over the past year to close the last trading session at $6.42.
EGY's promising outlook is reflected in its POWR Ratings. The stock has an overall rating of B, which translates to a Buy in our proprietary rating system.
The stock has a B grade for Sentiment, Quality, and Value. Within the Energy – Oil &amp; Gas industry, EGY is ranked #6 out of 78 stocks.
<a href="https://stocknews.com/stock/EGY/">Click here</a> to access additional ratings of EGY for Growth, Momentum, and Stability.
What To Do Next?
Discover 10 widely held stocks that our proprietary model shows have tremendous downside potential. Please make sure none of these "death trap" stocks are lurking in your portfolio:
<a href="https://report.stocknews.com/free-report/10-stocks-to-sell/?formplacement=artbotad_10sell">10 Stocks to SELL NOW! &gt;</a>

<hr />
APA shares were trading at $28.36 per share on Wednesday afternoon, down $0.07 (-0.25%). Year-to-date, APA has declined -19.06%, versus a 17.75% rise in the benchmark S&amp;P 500 index during the same period.
<hr><div style="clear:both;"></div> <h2>About the Author: Rjkumari Saxena</h2> <img src='https:/wp-content/uploads/2024/04/Rajkumari-Saxena_Image-1.jpeg' style="float:left; padding:5px;width:125px;">Rajkumari started her career as a writer but gradually shifted her focus to financial journalism, leveraging her educational background in Commerce. Fascinated by the interplay of business and economic shifts in equities, she aspires to evolve as an analyst. With a knack for simplifying complex financial concepts, her mission is to empower investors with insights that lead to profitable decisions.<a href="https://stocknews.com/authors/?author=rajkumari-saxena">More...</a>The post <a href=https://stocknews.com/news/apa-egy-obe-cpe-3-oil-gas-stocks-still-trading-at-a-discount/>3 Oil & Gas Stocks Still Trading at a Discount</a> appeared first on <a href=https://stocknews.com/>StockNews.com</a>

The oil and gas industry is set for long-term growth, driven by strong oil demand, geopolitical tensions, OPEC+ production strategies, and technological advancements in exploration and production. Hence, investors seeking both value and growth could consider fundamentally strong oil and gas stocks: Obsidian Energy (OBE), Energy Transfer (ET), and PrimeEnergy Resources (PNRG). Keep reading… The oil and gas industry is poised for promising growth, fueled by ongoing conflicts in the Middle East and Ukraine, alongside the OPEC+ alliance's strategic control over production levels. This growth is further bolstered by advancements in exploration, production, and development of oil, natural gas, and energy-related services.
Amid this backdrop, it could be wise to consider buying fundamentally strong oil and gas stocks, such as Obsidian Energy Ltd. (<a href="https://stocknews.com/stock/OBE/">OBE</a>), Energy Transfer LP (<a href="https://stocknews.com/stock/ET/">ET</a>), and PrimeEnergy Resources Corporation (<a href="https://stocknews.com/stock/PNRG/">PNRG</a>), which offer both value and growth.
Despite lower demand from China, rising inventories, and OPEC+ plans to ease output cuts, oil prices could surge if the Israel-Hamas conflict escalates, leading to supply disruptions. Meanwhile, global natural gas demand surged in early 2024, particularly in Asia, with China and India experiencing <a href="https://www.iea.org/reports/gas-market-report-q3-2024">double-digit growth</a>.
Statista forecasts that by 2045, primary energy consumption will reach approximately <a href="https://www.statista.com/statistics/282801/primary-energy-demand-by-source-world/">359 million barrels</a> of oil equivalent per day. Oil and gas will continue to dominate, contributing 100 and 85 million barrels of oil equivalent per day, respectively. High oil prices, strong demand, and the industry's solid financial position make the oil and gas industry an attractive investment.
Considering these conducive trends, let's discuss the fundamentals of the three featured <a href="https://stocknews.com/category/energy-oil-gas/">Energy - Oil &amp; Gas</a> stocks, starting with number three.
Stock #3: Obsidian Energy Ltd. (<a href="https://stocknews.com/stock/OBE/">OBE</a>)
Headquartered in Calgary, Canada, OBE engages in the exploration, production, and development of oil and natural gas properties in Western Canada.
On June 26, 2024, OBE announced the completion of its $80.5 million acquisition of Clearwater production and land in Peace River, enhancing its regional holdings. The acquisition includes approximately 1,700 boe/d of production and 148 net sections of land, funded by a bank facility and a term loan.
On June 11, 2024, OBE announced a new agreement with the Woodland Cree First Nation and resumed production at its Harmon Valley South field. The agreement, effective through 2025, follows the field's shutdown in May 2024 due to a conflict with the WCFN.
In terms of forward non-GAAP P/E, OBE's 4.76x is 59.7% lower than the 11.83x industry average. Its 1.33x forward <a href="https://www.investopedia.com/terms/e/enterprisevaluesales.asp">EV/Sales</a> is 34.4% lower than the 2.03x industry average. Similarly, its 2.26x forward EV/EBITDA is 62.2% lower than the 5.99x industry average.
OBE's EBITDA grew at a CAGR of 38.2% over the past three years. Its EBIT grew at a CAGR of 47.1% over the past three years. Moreover, its revenue grew at a CAGR of 26.1% over the past three years.
In the second quarter that ended June 30, 2024, OBE's net income stood at CAD37.10 million ($27.49 million) and CAD0.46 per share, up 101.6% and 109.1% over the prior-year quarter. Likewise, the company's free cash flow increased 20.9% year-over-year to CAD52 million ($38.53 million).
For fiscal 2024, OBE's EPS and revenue are expected to increase 52% and 13.3% year-over-year to $1.44 and $605.55 million, respectively. OBE's stock has gained 1.3% year-to-date to close the last trading session at $6.87.
OBE's <a href="https://stocknews.com/powr-ratings/">POWR Ratings</a> reflect this positive outlook. It has an overall rating of B, which translates to a Buy in our proprietary rating system. The POWR Ratings assess stocks by 118 different factors, each with its own weighting.
Within the <a href="https://stocknews.com/category/energy-oil-gas/">Energy - Oil &amp; Gas</a> industry, it is ranked #5 out of 79 stocks. It has a B grade for Value and Sentiment. To see the other ratings of OBE for Growth, Momentum, Stability, and Quality, <a href="https://stocknews.com/stock/OBE/">click here</a>.
Stock #2: Energy Transfer LP (<a href="https://stocknews.com/stock/ET/">ET</a>)
ET provides energy-related services. It owns and operates approximately 11,600 miles of natural gas transportation pipeline, three natural gas storage facilities, and two natural gas storage facilities in Texas and Oklahoma. Additionally, it manages 19,945 miles of interstate natural gas pipeline.
On July 16, 2024, ET and Sunoco announced a joint venture to combine their Permian Basin crude oil and water gathering assets, with ET holding a 67.5% interest and serving as the operator. The venture will manage over 5,000 miles of pipelines and 11 million barrels of storage capacity.
On July 15, 2024, ET announced the completion of its $2.28 billion acquisition of WTG Midstream, expanding its Permian Basin pipeline network with 6,000 miles of gas-gathering pipelines and eight processing plants. This acquisition is expected to boost distributable cash flow per unit starting in 2025.
In terms of forward Price/Sales, ET's 0.62x is 56.3% lower than the 1.42x industry average. Likewise, its 0.78x forward non-GAAP PEG is 47.6% lower than the 1.49x industry average. Also, its 1.61x forward Price/Book is 1.5% lower than the 1.63x industry average.
ET's revenue grew at a CAGR of 17.1% over the past three years. Its EBITDA grew at a CAGR of 3.3% over the past three years. Moreover, its net income grew at a CAGR of 5.8% over the past three years.
ET's revenues for the second quarter that ended June 30, 2024, rose 13.2% year-over-year to $20.73 billion. Its operating income grew 25% from the year-ago value to $2.30 billion.  For the same quarter, ET's net income came in at $1.99 billion, up 61.8% from the prior year's quarter. In addition, the company's net income per common unit increased 40% year-over-year to $0.35.
Street expects ET's EPS for the quarter ending September 30, 2024, to increase 120.3% year-over-year to $0.33, and its revenue for the same quarter is expected to increase 13.2% year-over-year to $23.47 billion. Over the past year, the stock has gained 18.8% to close the last trading session at $16.10.
ET's POWR Ratings reflect its solid fundamentals. It has an overall rating of B, equating to a Buy in our proprietary rating system.
It is ranked #4 in the same industry. It has an A grade for Growth and a B for Value, Momentum, and Stability. <a href="https://stocknews.com/stock/ET/">Click here</a> to see the other ratings of ET for Sentiment and Quality.
Stock #1: PrimeEnergy Resources Corporation (<a href="https://stocknews.com/stock/PNRG/">PNRG</a>)
PNRG and its subsidiaries engage in the acquisition, development, and production of oil and natural gas properties. The company owns leasehold, mineral, and royalty interests in producing and non-producing oil and gas properties, operates approximately 534 active wells, and holds non-operating interests and royalties in 952 additional wells.
In terms of trailing-12-month EV/Sales, PNRG's 1.30x is 39.9% lower than the 2.16x industry average. Its 2.29x trailing-12-month EV/EBITDA is 64.4% lower than the 6.44x industry average. Likewise, its 4.16x forward EV/EBIT is 62.2% lower than the 10.99x industry average.
PNRG's revenue grew at a CAGR of 45.7% over the past three years. Its total assets grew at a CAGR of 19% over the past three years. Moreover, its EBITDA grew at a CAGR of 89% over the past three years.
During the second quarter that ended June 30, 2024, PNRG's revenues increased 81.5% year-over-year to $64.83 million. The company's net income and EPS came in at $19.73 million and $7.77, indicating growth of 95.6% and 103.4% from the year-ago values, respectively.
Over the past year, the stock has gained 37.1% to close the last trading session at $133.02.
PNRG's POWR Ratings reflect its bright prospects. It has an overall rating of B, translating to a Buy in our proprietary rating system.
It has a B grade for Growth, Sentiment, and Quality. Within the Energy - Oil &amp; Gas industry, it is ranked #2 out of 79 stocks. To access PNRG's additional grades for Value, Momentum, and Stability, <a href="https://stocknews.com/stock/PNRG/">click here</a>.
What To Do Next?
Get your hands on this special report with 3 low priced companies with tremendous upside potential even in today's volatile markets:
<a href="https://report.stocknews.com/free-report/3stocks/?formplacement=artbotad_3s">3 Stocks to DOUBLE This Year &gt;</a>

<hr />
ET shares were trading at $16.10 per share on Tuesday afternoon, down $0.00 (0.00%). Year-to-date, ET has gained 24.11%, versus a 17.10% rise in the benchmark S&amp;P 500 index during the same period.
<hr><div style="clear:both;"></div> <h2>About the Author: Abhishek Bhuyan</h2> <img src='https:/wp-content/uploads/2023/07/ABhuyan.jpg' style="float:left; padding:5px;width:125px;">Abhishek embarked on his professional journey as a financial journalist due to his keen interest in discerning the fundamental factors that influence the future performance of financial instruments.<a href="https://stocknews.com/authors/?author=abhishek-bhuyan">More...</a>The post <a href=https://stocknews.com/news/et-obe-pnrg-3-oil-gas-stocks-offering-both-value-and-growth/>3 Oil & Gas Stocks Offering Both Value and Growth</a> appeared first on <a href=https://stocknews.com/>StockNews.com</a>

3 Oil & Gas Stocks Offering Both Value and Growth

BofA latest to cut oil price view on weak demand, limiting OPEC's ability to boost output

Obsidian Energy: Heavy Oil Production May Reach 12,000 Barrels Per Day By Late 2024

Obsidian Energy (TSE:OBE) has released an update. Obsidian Energy has reported robust results from their Peace River operations, leading to an incr...

Obsidian Energy Surges with Peace River Success

Obsidian Energy (OBE – Research Report), the Energy sector company, was revisited by a Wall Street analyst yesterday. Analyst Jeremy Mccrea from BM...

Obsidian Energy: A Buy Rating on Robust Growth and Strategic Transformation

With the Federal Reserve expected to lower interest rates and a cautiously optimistic outlook for global oil demand, it could be wise to consider investing in quality small-cap energy stocks VAALCO Energy (EGY), Obsidian Energy (OBE), Adams Resources & Energy (AE), each with upside potential exceeding 60%. Read more… The energy market has faced volatility recently, driven by concerns over global economic growth and fluctuating oil prices. However, with the potential for interest rate cuts by the Federal Reserve, now might be an opportune time to consider investing in small-cap energy stocks like VAALCO Energy, Inc. (<a href="https://stocknews.com/stock/EGY/">EGY</a>), Obsidian Energy Ltd. (<a href="https://stocknews.com/stock/OBE/">OBE</a>), Adams Resources &amp; Energy, Inc. (<a href="https://stocknews.com/stock/AE/">AE</a>), with big upside potential.
Oil prices have been under pressure due to higher supply from OPEC+ and fears of slowing demand, particularly from China. However, short-term market dynamics are creating opportunities for investors in the energy space. For example, <a href="https://www.reuters.com/markets/commodities/oil-prices-inch-up-fed-rate-cut-outlook-2024-09-16/">oil prices rose over 1%</a> recently, driven by supply disruptions caused by Hurricane Francine in the U.S. Gulf of Mexico.
Brent crude futures rose to $72.53 per barrel, while U.S. crude reached $69.77 per barrel. While short-term gains reflect the impact of the hurricane, the broader market remains focused on the upcoming Federal Reserve rate decision, which will likely set the tone for economic activity in the months ahead.
Lower interest rates have historically boosted economic activity and, in turn, increased demand for oil. While a 50-bps rate cut could signal economic weakness, it could also catalyze growth in small-cap energy stocks, which tend to outperform in low-rate environments. Moreover, the U.S. Energy Information Administration (EIA) projects global oil demand will hit a new record of <a href="https://www.reuters.com/business/energy/us-eia-lifts-oil-demand-forecast-says-prices-will-recover-above-80bbl-2024-09-10/">103.1 million barrels per day</a> in 2024.
With that in mind, let's analyze the fundamental aspects of the featured <a href="https://stocknews.com/category/energy-oil-gas/">Energy – Oil &amp; Gas</a> stocks, starting with the third choice.
Stock #3: Adams Resources &amp; Energy, Inc. (<a href="https://stocknews.com/stock/AE/">AE</a>)
With a market cap of $61.93 million, AE is engaged in marketing, transporting, terminalling, and storing various crude oil and natural gas basins in the United States. It operates through four segments: Crude Oil Marketing; Transportation; Pipeline and Storage; and Logistics and Repurposing.
On August 7, the company's Board of Directors declared a dividend of $0.24 per common share for the second quarter, payable to its shareholders on September 27, 2024. AE pays an annual dividend of $0.96, which translates to a yield of 3.98% at the current share price. Moreover, its four-year average dividend yield is 3.20%.
In terms of trailing-12-month, AE's asset turnover ratio of 8.03x is considerably higher than the industry average of 0.49x.
AE's total revenues increased 15% year-over-year to $718.49 million for the second quarter that ended June 30, 2024. Its <a href="https://www.investopedia.com/terms/a/adjusted-ebitda.asp">adjusted EBITDA</a> stood at $4.20 million, while its cash inflow from operating activities amounted to $8.32 million compared to an outflow of $27.32 million in the prior-year quarter. At the end of the period, the company's cash and cash equivalents, including restricted cash, improved by 179.5% from its year-ago value to $49.64 million.
Street expects AE's EPS and revenue for the fourth quarter (ending December 2024) to be $0.03 and $707.60 million, respectively. The company has topped the consensus revenue estimate in each of the trailing four quarters, which is promising.
Moreover, over the past three years, its revenue and levered FCF have grown at impressive CAGRs of 28.9% and 25.8%, respectively.
Over the past month, the stock has gained 7.2%, closing the last trading session at $24.12. Its 12-month price target of $38.75 reflects a <a href="https://www.tipranks.com/stocks/ae/forecast">60.7% potential upside</a>.
AE's strong fundamentals are reflected in its <a href="https://stocknews.com/powr-ratings/">POWR Ratings</a>. It has an overall rating of B, which equates to Buy in our proprietary rating system. The POWR Ratings assess stocks by 118 different factors, each with its own weighting.
It also has a B grade for Value. Among the 80 stocks in the <a href="https://stocknews.com/category/energy-oil-gas/">Energy - Oil &amp; Gas</a> industry, it is ranked #12. <a href="https://stocknews.com/stock/AE/">Click here</a> to see the other AE ratings for Growth, Momentum, Stability, Sentiment, and Quality.
Stock #2: Obsidian Energy Ltd. (<a href="https://stocknews.com/stock/OBE/">OBE</a>)
OBE is a Canada-based exploration and production company focused on developing oil and natural gas properties in Western Canada's Sedimentary Basin. The company operates a portfolio of assets, producing approximately 35,700 barrels of oil equivalent (boe) per day. Its operations include the exploration, development, and management of oil and natural gas interests and related production infrastructure. It has a market cap of $441.68 million.
On June 26, the company completed its acquisition of 1,700 boe/d of Clearwater oil production and 148 net sections of land in the Peace River area for approximately $80.5 million. The deal, effective May 1, 2024, expands the company's holdings and adds 200 potential drilling locations.
OBE's CEO, Stephen Loukas, stated that the acquisition aligns with their 2024-2026 growth plan and enhances development opportunities, especially in their successful Clearwater Dawson area.
OBE's trailing-12-month EBITDA margin of 61.11% is 72.9% higher than the 35.34% industry average. Similarly, its 63.60% trailing-12-month gross profit margin is 41.5% above the 44.94% industry average.
For the fiscal second quarter that ended June 30, 2024, OBE reported a 25.5% year-over-year increase in production revenues of $208.40 million. Its funds flow from operations grew by 31.8% from the prior year's quarter to $115.20 million, while its FFO per share stood at $1.44, up 39.8% year-over-year.
The company's net income amounted to $37.10 million and $0.46 per share, reflecting an improvement of 101.6% and 109.1% from the year-ago quarter, respectively. Moreover, its cash flow from operating activities increased by 16.1% year-over-year to $77.90 million.
The consensus EPS estimate of $1.44 for the current year (ending December 2024) indicates a 51.9% improvement year-over-year. The consensus revenue estimate of $625.21 million for the same period reflects a 16.9% increase from the prior year.
Over the past three years, its revenue and EBITDA have grown at respective CAGRs of 26.1% and 38.2%. Likewise, its tang book value has increased at a 35.8% CAGR over the same time frame.
The stock has lost 13.9% over the past month to close the last trading session at $5.80. However, its 12-month price target of $11.77 indicates a <a href="https://www.tipranks.com/stocks/obe/forecast">102.9% potential upside</a>.
OBE's POWR Ratings reflect this promising outlook. The stock has an overall B rating, translating to Buy in our proprietary rating system.
It has a B grade for Value and Sentiment. Within the same industry, it is ranked #6. To see additional POWR Ratings for OBE for Growth, Momentum, Stability, and Quality, <a href="https://stocknews.com/stock/OBE/">click here</a>.
Stock #1: VAALCO Energy, Inc. (<a href="https://stocknews.com/stock/EGY/">EGY</a>)
With a $579.92 million market cap, EGY acquires, explores, develops, and produces crude oil, natural gas, and natural gas liquids in Gabon, Egypt, Equatorial Guinea, and Canada.
On August 6, demonstrating its commitment to returning value to shareholders, the company declared a quarterly dividend of $0.0625 per share ($0.25 annualized), which is payable on September 20, 2024, to stockholders of record at the close of business on August 23, 2024. EGY's annual dividend translates to a yield of 4.47% at the current share price, while its four-year average dividend yield is 2.16%.
In April, the company completed the all-cash acquisition of Svenska Petroleum Exploration AB for $40.2 million, enhancing its production capacity in the Baobab field, now producing over 5,000 barrels of oil equivalent per day (99% oil).
This acquisition strategically expands EGY's presence in West Africa, particularly in Cote d'Ivoire, an investment-friendly country with significant upside potential. Further, the move bolsters EGY's growth prospects and regional operational footprint.
The stock's trailing-12-month gross profit and EBITDA margins of 64.19% and 58.43% are 42.8% and 65.3% higher than the industry averages of 44.94% and 35.34%, respectively. Likewise, its 32.31% trailing-12-month levered FCF margin compares favorably to the 6.50% industry average.
During the second quarter (ended June 30, 2024), EGY's revenue increased 6.9% year-over-year to $116.78 million. Its adjusted net income amounted to $22.58 million and $0.22 per share, reflecting a year-over-year improvement of 70.2% and 83.3%, respectively. In addition, its adjusted EBITDAX stood at $72.47 million, up 10.9% year-over-year.
Analysts expect EGY's revenue to increase 28.8% year-over-year to $149.79 million for the current quarter (ending September 2024), while its EPS is expected to grow considerably from the prior year to $0.18 in the same period. Also, the company has surpassed the consensus EPS estimates in three of the trailing four quarters, which is impressive.
Moreover, the stock's revenue and net income have grown at impressive CAGRs of 60.1% and 63.2% over the past three years, respectively. Similarly, its EPS has grown at a 33.8% CAGR over the same period.
EGY's shares have gained 31.2% over the past year and 24.5% year-to-date to close the last trading session at $5.59. Its 12-month price target of $9.40 reflects a <a href="https://www.tipranks.com/stocks/egy/forecast">68.2% potential upside</a>.
It's no surprise that EGY has an overall rating of B, which equates to Buy in our proprietary rating system. It has a B grade for Value, Sentiment, and Quality. Out of 80 stocks in the same industry, it is ranked #5.
In addition to the POWR Ratings we've stated above, we also have EGY's ratings for Growth, Momentum, and Stability. Get all EGY ratings <a href="https://stocknews.com/stock/EGY/">here</a>.
What To Do Next?
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<hr />
EGY shares were trading at $5.71 per share on Monday afternoon, up $0.12 (+2.15%). Year-to-date, EGY has gained 31.72%, versus a 19.11% rise in the benchmark S&amp;P 500 index during the same period.
<hr><div style="clear:both;"></div> <h2>About the Author: Shweta Kumari</h2> <img src='https:/wp-content/uploads/2022/03/Shweta-Kumari_Image-2.jpg' style="float:left; padding:5px;width:125px;">Shweta's profound interest in financial research and quantitative analysis led her to pursue a career as an investment analyst. She uses her knowledge to help retail investors make educated investment decisions.<a href="https://stocknews.com/authors/?author=shweta-kumari">More...</a>The post <a href=https://stocknews.com/news/egy-ae-obe-3-small-cap-energy-stocks-with-big-upside-potential/>3 Small-Cap Energy Stocks With Big Upside Potential</a> appeared first on <a href=https://stocknews.com/>StockNews.com</a>

3 Small-Cap Energy Stocks With Big Upside Potential

RBC Capital analyst Gregory Pardy maintained a Buy rating on Obsidian Energy (OBE – Research Report) today and set a price target of C$13.00. The c...

Obsidian Energy (OBE) Receives a Rating Update from a Top Analyst

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Press Releases

A GROWING LIST OF ALBERTA FIRST NATIONS STAND TOGETHER IN SUPPORT OF WOODLAND CREE FIRST NATION'S TREATY CAMP AGAINST OBSIDIAN ENERGY LTD. (TSE: OBE) | (NYSEAMERICAN: OBE)

Obsidian Energy Announces Agreement with the Woodland Cree First Nation

Obsidian Energy Announces Closing of Peace River Acquisition

Obsidian Energy Announces Date of Second Quarter 2024 Results

Obsidian Energy Announces Second Quarter 2024 Results

Obsidian Energy Announces Filing of Resale Shelf Registration Statement for Administrative Purposes

Obsidian Energy Announces Strong Peace River Results and Upwardly Revised Guidance

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