In early June, Suncor Energy (NYSE:SU) put out a press release announcing that it was “set up for strong production for the remainder of the year.” Driving Suncor’s view was the fact that it finished all the major maintenance projects across its facilities and its recently completed expansion projects were exceeding expectations.
However, recent a power outage at its majority-owned Syncrude facility has taken that plant off line, which will put a damper on its output over the next few months. While that’s bad news for Suncor, it’s good news for most other producers in the U.S. and Canada because it will provide a temporary solution to a major problemthat has been weighing on regional crude prices. As a result, Suncor’s rivals are cashing in at its expense.
Image source: Getty Images.
A slow reboot
Last month, Syncrude Canada reported that a tripped power transformer had shut down the 360,000 barrel-a-day (BPD) complex. Initially, Suncor Energy and its partners thought that the facility would be up and running by the end of July. Suncor recently reported, though, that it could take much longer to get back up to full capacity.
Top Energy Stocks To Invest In Right Now: Agenus Inc.(AGEN)
- [By Cory Renauer]
Harnessing the power of the immune system to fight cancer is a big deal and Agenus Inc. (NASDAQ:AGEN) looks like a great way to follow the trend. This stock trades like a small-cap biotech, but a couple of candidates coming through its pipeline could help push annual revenue past the $1 billion mark. Plus, by this time next year, the company could have half a dozen or so new candidates in clinical trials.
- [By Cory Renauer]
Attention bargain shoppers: There could be some deals in aisle biotech.Agenus Inc.(NASDAQ:AGEN)andRegeneron Pharmaceuticals (NASDAQ:REGN) dished out some disappointing losses in recent months, but the market’s reaction to recent events seems a bit overdone.
- [By Max Byerly]
Agenus (NASDAQ:AGEN) shares traded up 5.6% during mid-day trading on Thursday . The stock traded as high as $3.44 and last traded at $3.60. 39,070 shares were traded during mid-day trading, a decline of 97% from the average session volume of 1,431,827 shares. The stock had previously closed at $3.41.
Top Energy Stocks To Invest In Right Now: Cathay General Bancorp(CATY)
- [By Stephan Byrd]
Cathay General Bancorp (NASDAQ:CATY) – Equities research analysts at Piper Jaffray Companies reduced their Q4 2018 EPS estimates for shares of Cathay General Bancorp in a research report issued on Wednesday, July 18th. Piper Jaffray Companies analyst M. Clark now anticipates that the bank will post earnings of $0.76 per share for the quarter, down from their prior estimate of $0.79. Piper Jaffray Companies also issued estimates for Cathay General Bancorp’s Q3 2019 earnings at $0.89 EPS, Q4 2019 earnings at $0.90 EPS, FY2019 earnings at $3.50 EPS, Q1 2020 earnings at $0.89 EPS, Q2 2020 earnings at $0.89 EPS and FY2020 earnings at $3.65 EPS.
- [By Stephan Byrd]
Allianz Asset Management GmbH boosted its stake in Cathay General Bancorp (NASDAQ:CATY) by 461.1% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 28,806 shares of the bank’s stock after purchasing an additional 23,672 shares during the quarter. Allianz Asset Management GmbH’s holdings in Cathay General Bancorp were worth $1,152,000 as of its most recent filing with the SEC.
- [By Ethan Ryder]
Get a free copy of the Zacks research report on Cathay General Bancorp (CATY)
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Top Energy Stocks To Invest In Right Now: Western Asset Emerging Markets Income Fund, Inc(EMD)
- [By Joseph Griffin]
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