BioHiTech Global, Inc. ("BioHiTech" or the "Company") (NASDAQ: BHTG), a technology and services company that provides cost-effective and sustainable waste management solutions, reported financial results on August 14, 2020 for the second quarter of 2020 ended June 30, 2020. Company announcement no 2020-10 17 August 2020Interim Report 2020 Very strong start to the year disrupted in mid-March by… Principal Financial Group Inc. grew its holdings in Kinder Morgan Inc (NYSE:KMI) by 3.3% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,781,145 shares of the pipeline company’s stock after purchasing an additional 89,401 shares during the period. Principal Financial Group […] Tom Seaman, editorial director of Undercurrent News, brings you a roundup of the main stories from the previous week Shell International Finance B.V. and Royal Dutch Shell plc 17 August 2020 Publication of Prospectus The following prospectus has been approved by the UK…
Q2 2020 revenues increase by 21.2% to $1.3 million compared to $1.1 million in Q2 2019
CHESTNUT RIDGE, N.Y., Aug. 17, 2020 /PRNewswire/ — BioHiTech Global, Inc. (“BioHiTech” or the “Company”) (NASDAQ: BHTG), a technology and services company that provides cost-effective and sustainable waste management solutions, reported financial results on August 14, 2020 for the second quarter of 2020 ended June 30, 2020.
Entered Into an Agreement to Distribute Altapure High-Level Disinfectant Technology That Can Effectively Kill Bacteria, Fungus, C.Difficile Spores, and Viruses Such as Coronavirus 2 (SARS-CoV-2) – The Company entered into an agreement with Altapure, LLC (“Altapure”), a technology developer and manufacturer of ultrasonic based disinfecting products, to distribute its patented line of environmentally-friendly, high-level disinfecting products. Altapure’s newest product, the AP-4™, was launched in 2017, and is an enhanced, automated and touchless high-level disinfection sub-micron aerosol system providing a safe process and rapid kill of spores, viruses, and vegetative bacteria, such as but not limited to: COVID-19, Acinetobacter baumannii, Pseudomonas aeruginosa, VRE, MRSA, Bacillus atrophaeus, Geobacillus stearothermophilus, Polio virus, C. auris and Clostridium difficile (C. difficile).
Partnered with Crestmark and US Equity Funding to Offer Customers Equipment Lease Financing for the Altapure Products and Began Live Product Demonstrations of the Altapure-AP4 – The Company entered into a financing arrangement to offer lease financing through Crestmark, a leading business to business lender, and US Equity Funding, a full service commercial financing firm, for potential customers of its Altapure high-level disinfection technology distribution business. The Company began conducting product demonstrations of the Altapure-AP4 high-level disinfection system in June of 2020 as it seeks to actively ramp up distribution efforts for this new product category.
Achieved 21% Quarter over Quarter Revenue Growth Despite the Business Disruptions Caused by the COVID-19 Pandemic – Revenue from the Company’s HEBioT business increased significantly quarter over quarter as the Company continued to increase utilization rates at its Martinsburg resource recovery facility. That increase in revenue was partially offset by a slowdown in its food waste digester business largely related to the COVID-19 pandemic and a decline in consulting revenue as the Company transitioned from providing those services.
Subsequent to the End of the Second Quarter
Received Purchase Orders from Carnival Cruise Lines as it Reinitiated the Installation Program of the Company’s Revolution Series Food Waste Digesters on its Ships in Preparation for the Resumption of Cruising – The Company received purchase orders from Carnival Cruise Lines (“Carnival”) valued at approximately $1 million. The purchase orders are part of a previously announced purchase contract between the two companies with an estimated value of up to $14 million.
Completed an $8.2 Million Underwritten Offering of Common Stock – The Company completed the sale of $8.2 million of common stock at a price of $1.81 per share in July. The Company intends to use the capital to support operations and the growth of its environmentally responsible technology solutions businesses.
“We continue to position BioHiTech for growth as we navigate through the uncertain business environment arising from the COVID-19 pandemic,” stated Frank E. Celli, CEO of BioHiTech. “Our facility in Martinsburg achieved significant growth both sequentially and year over year and our digester business is poised for a substantial rebound in the second half of 2020 as Carnival has resumed its installation program. We have also expanded our business into high-level disinfection through our distribution agreement with Altapure and are pleased with the progress we are making in sales demonstrations and discussions for potential product deployments. We are confident that our new lease finance arrangement for the Altapure-AP4 machine with Crestmark and USA Funding will serve to enhance those efforts. While we still face challenges related to this uncertain environment that may intermittently affect our business, the recent infusion of equity capital has placed us on solid financial ground moving forward. We are also continuing to see improving business activity in our digester business as companies emerge from COVID-related business interruptions. As we move through the second half of 2020, we are focused on maintaining lean operations, growing our revenue streams, and seeking to opportunistically grow our business. We are confident that this strategy will enable us to achieve significant long-term value for our stockholders.”
Financial Highlights for Q2 2020
Revenues: Total revenue in the second quarter of 2020 was $1.3 million, an increase of 21.2% compared to revenue from $1.1 million in the second quarter of 2019. The increase in revenue was due to revenue of $892,889 at the Company’s Martinsburg HEBioT facility, a more than threefold year-over-year increase in compared to revenue of $277,041 in the second quarter of 2019 when the facility initiated the commissioning process. This growth HEBioT revenue was partially offset by decreases in digester rental, service and maintenance resulting from lower service and maintenance revenue, digester equipment sales and management advisory fees as the Company reduces the level of support provided under the agreement in order to maintain adequate focus on the Company’s core services.
Operating Expenses: Operating expenses in the second quarter of 2020 increased by $662,298 or 22.2% to $3,639,178, mainly due to a $526,731 increase in HEBioT facility costs related to the increase in activity at the facility. Professional fees also increased by $117,790, or 43.2%, to $390,663 for the second quarter of 2020 as compared to the second quarter of 2019, primarily related to fund raising and strategic activities.
Loss from Operations: The Company recorded an operating loss of $(2,365,246) in the second quarter of 2020 compared to an operating loss of $(1,925,668) in the second quarter of 2019. The Company recorded a net loss attributable to parent of $(2,664,881) in the second quarter of 2020 compared to ($2,068,641) in the second quarter of 2019. Net loss per share in the second quarter of 2020 was $(0.16) on 17.4 million weighted average shares outstanding compared to a net loss of $(0.15) per share on 14.9 million weighted average shares outstanding.
Select Balance Sheet Items: Prior to the completion of its $8.2 million common equity offering in July of 2020 and the underwriter’s $1.1 million exercise of its overallotment option in August of 2020, the Company had unrestricted cash of $342,182 with total stockholders equity of $2.8 million as of June 30, 2020 compared to unrestricted cash of $1,847,526 and total stockholders equity of $7.4 million as of December 31, 2019
“With the onset of the COVID-19 pandemic we have taken extensive measures to manage cash including reducing executive cash compensation and temporarily reducing head count, without sacrificing the ability to forward our business opportunities,” said Brian C. Essman, CFO of BioHiTech. “Now, having completed our financing, and with Carnival resuming its digester deployment coupled with the opportunities presented by our Altapure distribution business, we believe we are poised to forge a new growth track as we head toward 2021. We continue to make progress at our Martinsburg HEBioT facility despite certain business dislocations related to the COVID-19 pandemic and we are confident in our ability to reach planned capacity in the future. With our newly strengthened balance sheet, we believe we are in the best position in our corporate history to capitalize on the opportunities in front of us for the benefit of our company and its stockholders.”
About BioHiTech Global
BioHiTech Global, Inc. (NASDAQ: BHTG), is changing the way we think about managing waste. Our cost-effective technology solutions include the patented processing of municipal solid waste into a valuable renewable fuel, biological disposal of food waste on-site, and proprietary real-time data analytics tools to reduce food waste generation. Our unique solutions enable businesses and municipalities of all sizes to lower disposal costs while having a positive impact on the environment. When used individually or in combination, our solutions lower the carbon footprint associated with waste transportation and can reduce or virtually eliminate landfill usage. For more information, please visit www.biohitech.com.
Forward Looking Statements
Statements in this press release contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. Without limiting the foregoing, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “explore,” “evaluate,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” or “will,” or the negative thereof or other variations thereon or comparable terminology. These forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond the Company’s control. These statements are also based on many assumptions and estimates and are not guarantees of future performance. These statements are estimates, based on information available to management as of the date of this release, and are subject to further changes. These statements may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of BioHiTech Global, Inc. to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. BioHiTech Global, Inc. assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future in these forward-looking statements, even if new information becomes available in the future. Further, the Company has only recently begun operations at its HEBioT Facility and there can be no assurance that the Company will be able to meet the projections contained in this release. Our actual results may differ materially from the results anticipated in these forward-looking statements due to a variety of factors, including, without limitation those set forth as “Risk Factors” in our filings with the Securities and Exchange Commission (“SEC”). There may be other factors not mentioned above or included in the BioHiTech’s SEC filings that may cause actual results to differ materially from those projected in any forward-looking statement. BioHiTech Global, Inc. assumes no obligation to update any forward-looking statements as a result of new information, future events or developments, except as required by securities laws.
BioHiTech Global, Inc.
Executive Vice President
BioHiTech Global, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
HEBioT (related party)
Rental, service and maintenance
Management advisory and other fees (related party)
Rental, service and maintenance
Selling, general and administrative
Depreciation and amortization
Total operating expenses
Loss from operations
Total other expenses
Net loss attributable to non-controlling interests
Net loss attributable to Parent
Other comprehensive income
Foreign currency translation adjustment
Net loss attributable to Parent
Less – preferred stock dividends
Net loss – common shareholders
Net loss per common share – basic and diluted
Weighted average number of common shares outstanding – basic and diluted
BioHiTech Global, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
Accounts receivable, net of allowance for doubtful accounts of $128,321 and $170,038 as of June 30, 2020 and December 31, 2019, respectively (related entity $2,102,095 and $1,370,867 as of June 30, 2020 and December 31, 2019, respectively)
Prepaid expenses and other current assets
Total Current Assets
Equipment on operating leases, net
HEBioT facility, equipment, fixtures and vehicles, net
Operating lease right of use assets
License and capitalized MBT facility development costs
BioHiTech Global, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets, continued:
Liabilities and Stockholders’ Equity
Line of credit, net of financing costs of $2,050 and $20,152 as of June 30, 2020 and December 31, 2019, respectively
Advances from related parties
Accounts payable (related entity $3,727,095 and $2,531,034 as of June 30, 2020 and December 31, 2019, respectively)
Accrued interest payable
Accrued expenses and liabilities
Senior Secured Note, net of financing costs of $88,508 and unamortized discounts of $587,249 as of June 30, 2020
Current portion of WV EDA Senior Secured Bonds payable
Current portion of long term debt and Payroll Protection Program Loan
Total Current Liabilities
Junior note due to related party, net of unamortized discounts of $84,110 and $95,043 as of June 30, 2020 and December 31, 2019, respectively
Accrued interest (related party)
WV EDA Senior Secured Bonds payable, net of current portion, and financing costs of $1,719,392 and $1,792,574 as of June 30, 2020 and December 31, 2019, respectively
Payroll Protection Program Loan
Senior Secured Note, net of financing costs of $113,268 and unamortized discounts of $726,242 as of December 31, 2019
Non-current lease liabilities
Long-term debt, net of current portion
Series A redeemable convertible preferred stock, 333,401 shares designated and issued, and 145,312 outstanding as of June 30, 2020 and December 31, 2019
Commitments and Contingencies
Stockholders’ Equity (Deficit)
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; 3,209,210 and 3,179,120 designated as of June 30, 2020 and December 31, 2019; 1,936,214 and 1,922,603 issued as of June 30, 2020 and December 31, 2019; 869,792 and 856,181 outstanding as of June 30, 2020 and December 31, 2019:
Series B Convertible preferred stock, 1,111,200 shares designated: 428,333 shares issued, no shares outstanding as of June 30, 2020 and December 31, 2019
Series C Convertible preferred stock, 1,000,000 shares designated, 427,500 shares issued and outstanding as of June 30, 2020 and December 31, 2019
Series D Convertible preferred stock, 20,000 shares designated: 18,850 shares issued and outstanding as of June 30, 2020 and December 31, 2019
Series E Convertible preferred stock, 714,519 shares designated: 714,519 shares issued, 264,519 outstanding as of June 30, 2020 and December 31, 2019
Series F Convertible preferred stock, 30,090 shares designated, and 13,611 shares issued and outstanding as of June 30, 2020
Common stock, $0.0001 par value, 50,000,000 shares authorized, 17,809,592 and 17,300,899 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively
Additional paid in capital
Accumulated other comprehensive (loss)
Stockholders’ (deficit) equity attributable to Parent
Stockholders’ equity attributable to non-controlling interests
Total Stockholders’ Equity
Total Liabilities and Stockholders’ Equity
BioHiTech Global, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
Six Months Ended
Cash flows from operating activities:
Adjustments to reconcile net loss to net cash used in operations:
Depreciation and amortization
Amortization of operating lease right of use assets
Provision for bad debts
Share based employee compensation
Interest resulting from amortization of financing costs and discounts
Loss resulting from write-off of proposed MBT site
Changes in operating assets and liabilities
Net cash used in operating activities
Cash flow from investing activities:
Purchases of construction in-progress, equipment, fixtures and vehicles
Refund of deposit
MBT facility development costs incurred
MBT facility development costs refunded
Net cash used in investing activities
Cash flows from financing activities:
Proceeds from the sale of Series F convertible preferred stock units
Proceeds from Payroll Protection Program Loan
Proceeds from the sale of Series D convertible preferred stock units
Affiliate investment in subsidiary
Deferred financing costs incurred
Repayments of long-term debt
Related party advances, net
Net cash provided by financing activities
Effect of exchange rate on cash (restricted and unrestricted)
Net change in cash (restricted and unrestricted)
Cash – beginning of period (restricted and unrestricted)
Cash – end of period (restricted and unrestricted)
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SOURCE BioHiTech Global, Inc.
Demant A/S: Interim Report 2020
Company announcement no 2020-10 17 August 2020
Interim Report 2020
Very strong start to the year disrupted in mid-March by coronavirus – organic growth of -27% in H1
Strong recovery towards end of H1 has continued after the reporting period
Material cost containment in response to coronavirus driving -14% organic growth in OPEX in H1
EBIT of DKK -193 million before net positive EPOS one-offs of DKK 307 million
New outlook: 5-15% revenue growth in local currencies in H2 (including EPOS)
- Group revenue in the first half-year amounted to DKK 6,078 million, corresponding to a decrease of 17% compared to last year. Organic growth contributed -27 percentage points, whereas acquisitions added 9 percentage points, including 7 percentage points due to revenue generated in EPOS. Exchange rate effects contributed close to 0 percentage point. After a very strong start to the year, we saw a significant revenue decline due to the severe negative impact of coronavirus. Since the low point in early May, market conditions have improved significantly, and we have seen strong recovery in the revenue run rate (please see table on page 2).
- Revenue in Hearing Devices declined by 28% in local currencies. In our hearing aid wholesale business, we saw strong double-digit organic growth until mid-March thanks to our broad and highly competitive product portfolio, including Oticon Opn S and Philips HearLink. However, due to the severe impact of coronavirus, revenue declined by 25% in local currencies in the first half-year. The decrease was driven by a 30% decline in unit sales but was partly offset by an increase in the average selling price (ASP) of 5% due to mix effects. After the low point in early May, we saw strong recovery in a number of markets, particularly among independent hearing care professionals.
- Despite a strong start to the year, our hearing aid retail business saw negative revenue growth of 31% in local currencies in the first half-year. Organic growth contributed -35 percentage points driven by widespread, temporary closure of our clinics since mid-March in response to market lockdowns, particularly in North America. As lockdown restrictions were eased, our retail business recovered significantly towards the end of the reporting period driven by France and Australia, in particular. Acquisitions contributed 4 percentage points to growth.
- In Hearing Implants, revenue declined by 18% in local currencies. Sales in our cochlear implants (CI) business declined by 34% in local currencies, as elective surgeries came to an almost complete halt due to coronavirus and the recovery in CI has so far been slow. Our bone anchored hearing systems (BAHS) business saw a modest decline in sales of 3% due to significant growth at the beginning of the year and a strong recovery towards the end of the first half-year driven by the uptake of the new Ponto 4 sound processor.
- Diagnostics saw a modest decline in revenue of 3% in local currencies, including a minor positive contribution from acquisitions of less than 1 percentage point. The negative impact of coronavirus has been less severe in this business activity than in our other hearing healthcare businesses aided by our existing sales pipeline, and we have seen strong recovery and market share gains in the business since the low point in early May.
- In Communications, our headset business, EPOS (demerged and fully consolidated into the Group with effect from 1 January 2020), delivered sales of DKK 546 million, corresponding to significant double-digit growth. After supply chain headwinds early in the year, EPOS benefitted from a surge in demand for headsets following the outbreak of coronavirus, resulting in a certain level of backorders at the end of the first half-year. For the reporting period, we have recognised net positive one-offs related to the demerger of DKK 307 million, which comprises a positive fair value adjustment, a negative inventory revaluation and extraordinary spending on the branding of EPOS.
- The Group’s gross profit margin was 70.0% adjusted for EPOS one-offs, a decrease of 7.6 percentage points compared to the first half of 2019. This was primarily due to the significant drop in revenue but also to the consolidation of EPOS, which diluted the gross profit margin by slightly more than 2 percentage points.
- Due to the strong execution of numerous cost-reduction actions, we were able to reduce Group capacity costs by 14% in the first half-year in organic terms (excluding a provision for additional bad debt of DKK 150 million). Cost savings were realised in distribution and administrative functions through publicly funded compensation schemes and through a significant decrease in sales and marketing activities, while we deliberately maintained our strong R&D commitments. In the second quarter, capacity costs decreased by 29% in organic terms.
- Operating profit (EBIT) before one-offs related to the consolidation of EPOS was negative in the first half-year and amounted to DKK -193 million, including the provision for additional bad debt of DKK 150 million. After net positive EPOS one-offs of DKK 307 million, reported EBIT amounted to DKK 114 million.
- Cash flow from operating activities (CFFO) before EPOS one-offs decreased by 27% to DKK 766 million driven by the significant drop in profits, but CFFO was less severely impacted than profits – primarily due to working capital improvements. Free cash flow was positively impacted by the suspension of non-essential investments, and M&A activities have been very limited since mid-March. Over the coming months, we expect to see an impact on CFFO of the low revenue level in the second quarter. The Group continues to have ample access to funding, and as of 30 June, unutilised credit facilities amounted to DKK 6.1 billion.
Update on the effects of coronavirus (mid-August)
After the reporting period, the strong recovery of the hearing healthcare market has continued. The current revenue level for the Group (including EPOS) represents growth in local currencies of -5% to 5% compared to last year, and the Group is profitable at this level.
* Please note that we have previously disclosed revenue run rates compared to initial expectations.
However, growth rates shown above compare to the corresponding period last year.
However, we still see significant uncertainties about the normalisation of the hearing healthcare market and thus of our business. In the past few months, the strong recovery of the hearing aid market has primarily been driven by users that were not serviced during the period of widespread lockdowns, while uncertainties persist regarding new lead generation at retail level. Furthermore, the Group’s exposure to developments in large government systems and hospitals – not least VA in the US and the NHS in the UK – pose a risk due to slow recovery in these channels. Lastly, reinforced lockdown restrictions pose a risk, as local outbreaks continue to occur in a number of markets, including in our main market, the US, and in emerging markets. In contrast to the severe impact of coronavirus on our hearing healthcare businesses, EPOS continues to benefit from the surge in demand for virtual collaboration tools. While we intend to materially ramp up sales and marketing activities to drive sales, significant uncertainties persist when it comes to the actual sales and marketing costs and to the pace of new hirings in the second half-year. Additionally, there is high uncertainty on freight costs.
The Group’s outlook for 2020 was withdrawn on 15 March as a direct consequence of coronavirus and, as mentioned above, we still see significant uncertainties when it comes to the normalisation of the hearing healthcare market. However, based on an assumption of no further widespread lockdowns occurring before the end of the year and of sales in the hearing healthcare market approaching normalisation in the fourth quarter of the year, we now expect to generate revenue growth in local currencies of 5-15% in the second half-year (revenue in the comparative period was negatively impacted by the IT incident). This includes revenue generated by EPOS (not consolidated last year). We expect to see improvements in the Group’s EBIT before EPOS one-offs in the second half-year compared to the first half-year, reflecting an expected revenue improvement. We expect to recognise negative EPOS one-offs of DKK 75-125 million in the second half-year related to extraordinary spending on branding. We maintain the suspension of our share buy-backs, pending more visibility on the pace of market recovery.
“Thanks to a strong and innovative product portfolio, we saw high growth above expectations and very positive development in all our hearing healthcare activities in the first months of 2020. In the unprecedented period from mid-March and onwards, our revenue was severely hit, and the hearing healthcare market came to an almost complete halt. I am proud to note that with our ability to control costs and stay in close contact with our customers, we are in a solid position that will enable us to ensure continuous recovery and steer through the corona crisis. With the working from home trend, we have also been favoured by strong tailwind in our new headset business EPOS. To my great satisfaction, we have been able to keep our roadmap and pace when it comes to new product development and launches through a challenging half-year, and our employees have been dedicated and done an excellent job in supporting our company,” says Søren Nielsen, President & CEO of Demant, and continues:
“I’m especially thankful for the trust and loyalty that our customers and users have shown us, resulting in current performance at the same level as last year. Bearing the improved recovery situation in mind, we expect to approach normalisation this year, however, with a potential spill-over into next year, as it is uncertain how and when the demand will materialise.”
Demant will host a conference call on 17 August 2020 at 14:00 CET. To attend this call, please use one of
the following dial-ins: +45 3544 5577 (DK), +44 3333 000 804 (UK) or +1 6319 131 422 (US). The pin code
is 74309912#. A presentation for the call will be uploaded on www.demant.com shortly before the call.
Author: Demant A/S
Kinder Morgan Inc (NYSE:KMI) Stake Increased by Principal Financial Group Inc.
Principal Financial Group Inc. grew its holdings in Kinder Morgan Inc (NYSE:KMI) by 3.3% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,781,145 shares of the pipeline company’s stock after purchasing an additional 89,401 shares during the period. Principal Financial Group Inc. owned approximately 0.12% of Kinder Morgan worth $42,190,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Fieldpoint Private Securities LLC raised its holdings in shares of Kinder Morgan by 4.8% during the first quarter. Fieldpoint Private Securities LLC now owns 15,028 shares of the pipeline company’s stock worth $209,000 after acquiring an additional 687 shares in the last quarter. Dorsey & Whitney Trust CO LLC raised its holdings in shares of Kinder Morgan by 4.3% during the first quarter. Dorsey & Whitney Trust CO LLC now owns 17,630 shares of the pipeline company’s stock worth $245,000 after acquiring an additional 720 shares in the last quarter. Advisors Management Group Inc. ADV raised its holdings in shares of Kinder Morgan by 1.7% during the first quarter. Advisors Management Group Inc. ADV now owns 47,849 shares of the pipeline company’s stock worth $666,000 after acquiring an additional 815 shares in the last quarter. Liberty Wealth Management LLC raised its holdings in shares of Kinder Morgan by 40.5% during the first quarter. Liberty Wealth Management LLC now owns 3,194 shares of the pipeline company’s stock worth $44,000 after acquiring an additional 921 shares in the last quarter. Finally, Schwarz Dygos Wheeler Investment Advisors LLC raised its holdings in shares of Kinder Morgan by 4.7% during the second quarter. Schwarz Dygos Wheeler Investment Advisors LLC now owns 20,630 shares of the pipeline company’s stock worth $293,000 after acquiring an additional 927 shares in the last quarter. Institutional investors own 61.44% of the company’s stock.
Several analysts recently issued reports on the company. Goldman Sachs Group lowered Kinder Morgan from a “neutral” rating to a “sell” rating and cut their price objective for the stock from $16.00 to $15.00 in a report on Monday, July 6th. Royal Bank of Canada reissued a “hold” rating and set a $19.00 target price on shares of Kinder Morgan in a research report on Tuesday, April 21st. TD Securities lowered their target price on shares of Kinder Morgan from $19.00 to $18.00 and set a “buy” rating on the stock in a research report on Thursday, April 23rd. US Capital Advisors downgraded shares of Kinder Morgan from a “buy” rating to a “hold” rating in a research report on Friday. Finally, Cfra lowered their target price on shares of Kinder Morgan from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Friday, April 24th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and ten have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $18.61.
Kinder Morgan (NYSE:KMI) last issued its quarterly earnings results on Wednesday, July 22nd. The pipeline company reported $0.17 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.17. Kinder Morgan had a return on equity of 6.02% and a net margin of 1.41%. The company had revenue of $2.56 billion for the quarter, compared to the consensus estimate of $2.91 billion. During the same period last year, the business posted $0.22 earnings per share. As a group, equities analysts predict that Kinder Morgan Inc will post 0.87 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, August 17th. Investors of record on Monday, August 3rd will be paid a $0.2625 dividend. This represents a $1.05 annualized dividend and a dividend yield of 7.35%. The ex-dividend date is Friday, July 31st. Kinder Morgan’s payout ratio is presently 110.53%.
In related news, Director Perry M. Waughtal sold 59,593 shares of the stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $13.97, for a total value of $832,514.21. Following the completion of the sale, the director now owns 299,293 shares in the company, valued at $4,181,123.21. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Richard D. Kinder purchased 300,000 shares of the business’s stock in a transaction on Tuesday, July 28th. The shares were acquired at an average price of $14.14 per share, with a total value of $4,242,000.00. Following the purchase, the insider now owns 244,839,120 shares of the company’s stock, valued at $3,462,025,156.80. The disclosure for this purchase can be found here. 14.19% of the stock is currently owned by company insiders.
Kinder Morgan Company Profile
Kinder Morgan, Inc operates as an energy infrastructure company in North America. The company operates through Natural Gas Pipelines, Products Pipelines, Terminals, and CO2 segments. The Natural Gas Pipelines segment owns and operates interstate and intrastate natural gas pipeline and storage systems; natural gas and crude oil gathering systems, and natural gas processing and treating facilities; natural gas liquids (NGL) fractionation facilities and transportation systems; and liquefied natural gas facilities.
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Author: ABMN Staff
Editor’s recap: ‘Digital revolution’ coming for India aquaculture; OpenTable founder sees ‘massive’ investment opening
Tom Seaman, editorial director of Undercurrent News, brings you a roundup of the main stories from the previous week.
Although the Ecuador-China shrimp situation dominated the ten most-read stories last week, scoops on the expansion plans of Indian aquatech provider Aquaconnect and on a new fund looking to invest $100 million in seafood were the top two.
Dan Gibson covered Aquaconnect’s opening of three new physical ‘hubs’, offering direct access to its products and staff for shrimp farmers in the chief farming state of Andhra Pradesh (AP). With two hubs already open in the state of Tamil Nadu, the next three see Aquaconnect make the logical move into AP; but the firm has plans to add a further 20 hubs across India by the end of the 2020 financial year.
Speaking on a webinar announcing the expansion plans, Aquaconnect CEO Rajamanohar Somasundaram said that these hubs aimed to offer a “one-stop-shop” for farmers to access all of his company’s services from data collection tools, farming advice, feed products and bank loans in person.
On Aug. 11, we revealed Larsen Mettler, the former chief financial officer of US salmon processor Silver Bay Seafoods, has resurfaced at a venture capital firm launching a $100m-plus fund to invest in the sector.
S2G Ventures, a venture capital firm focused on sustainable food investing with one seafood company already in its portfolio, has added Mettler and Kate Danaher as managing directors to oversee its new oceans and seafood fund, it confirmed to me.
Mettler is a familiar name in the sector, having joined the fisherman-owned Silver Bay in 2016 from KeyBanc Capital Markets, where he led the lender’s seafood team. Undercurrent first revealed his exit from Silver Bay for what he billed as a “once in a lifetime opportunity” last month. Danaher is a newcomer to seafood, however. She joins S2G from RSF Social Finance, a financial services firm connecting social entrepreneurs with capital, where she was its chief lending officer.
Chuck Templeton, a top US tech entrepreneur and one of the leaders of the VC, told me he sees significant upside in the sector.
Seafood presents a “massive, under-explored opportunity”, said Templeton, the founder of OpenTable. He’s also advised and invested in the likes of GrubHub, Braintree and Cleversafe.
Then, a lot happened last week in the Ecuador-China shrimp saga, which has left farm-gate prices in the Latin American country at the lowest level in the world.
Sources hope these will get a boost, as the governments of Ecuador and China have reached an agreement on sanitary protocols that will allow for Ecuador to more easily export its shrimp to the Asian country.
The Aug.12 sanitary protocols agreement, tweeted earlier today by Ecuador’s foreign ministry, was the product of “a complex round of diplomatic and technical negotiations” that sought to improve information exchange as well as strengthen the inspection, quarantine and verification procedures for Ecuadorian shrimp.
The agreement came as traces of coronavirus were found on the outer packaging of shrimp at the city’s Fangxin wholesale market, during weekly sampling and testing, according to a local government report. The shrimp is from a company with the import registration number 7057. The company was not named in the report, but this number refers to Cultivo Y Exportacion Acuicola Ceaexport.
This firm, said to be a small packer, is the fourth company named by China in the saga.
Last week, China lifted import blocks on Ecuador’s largest shrimp exporter, Industrial Pesquera Santa Priscila, and Empacreci, another big packer. On Aug. 17, China lifted the block on Empacadora Del Pacifico Sociedad Anonima EdPacif.
Last week, China also reported more positive tests for coronavirus in samples taken from the outer packaging of imported seafood in Yantai, Shandong province. The positive samples were taken from a consignment of imported seafood which was transported from Dalian, Liaoning province. It follows an outbreak of COVID-19 at a Dalian seafood processor late last month.
The consignment was transported by a foreign vessel which had docked in Dalian, according to Yantai local authorities. Routine testing of employees and environmental samples in the Yantai Economic and Technological Development Zone revealed three positive samples at three Yantai companies.
Matt Craze, who reports for us from Chile, revealed Australis Seafoods has become the first salmon company in the country to press charges against feed manufacturers after the government announced alleged price collusion in 2019.
The company, now owned by China’s Legend Holdings, has filed suits against all four feed manufacturers in Chile — Nutreco’s Skretting, Cargill’s EWOS Group, BioMar Group and SalmoFood, a company owned by Peru’s Vitapro. Cargill acted as a whistleblower in a government-led investigation into the alleged wrongdoing after it said it discovered price collusion upon buying feed company EWOS in 2015 from private equity funds.
In the US, Thai Union Group-backed restaurant chain Red Lobster Seafood Co has hired advisor Guggenheim to explore strategic options.
After facing “unprecedented challenges resulting from the COVID-19 pandemic”, Red Lobster is dealing with earnings pressure and near-term maturities. It has a $380m term loan coming due in July 2021. As of Feb. 23, Red Lobster had about $216m of unrestricted cash, Debtwire said. Thai Union owns 25% of Red Lobster.
Contact the author [email protected]
Author: By Tom Seaman
Aug. 17, 2020 09:49 BST
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