Stocks of the Hour: Perenti, NOVONIX, 88 Energy
A snapshot of the stocks on the move, featuring Perenti (ASX:PRN), NOVONIX (ASX:NVX) and 88 Energy (ASX:88E).
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Perenti Limited is a global, diversified mining services group which has grown into one of the largest mining services companies in the world that offers both surface and underground mining solutions at scale. The company has experience operating some of the biggest projects in the world while working with their clients to understand their requirements and deliver on their needs.
Perenti’s vision is to become the indispensable mining services company and to build positive and mutually productive relationships with our partners that deliver both enduring value and certainty for them.
With more than 30 years’ experience in surface and underground mining and a track record of delivering mining projects in challenging environments. Perenti’s experience includes multiple commodities ranging from gold to nickel and from iron ore to lithium.
A snapshot of the stocks on the move, featuring Perenti (ASX:PRN), NOVONIX (ASX:NVX) and 88 Energy (ASX:88E).
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The Outperform rating is retained and the target price decreases to $1.00 from $1.10.
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Concerns over the balance sheet and work in hand atPerenti Global have dissipated, with the company's update supporting a robust outlook.
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Investors took fright yesterday at what was a solid update from mining services company Perenti even though it reinstated earlier guidance lower than previous forecasts.
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The company has reduced FY20 net profit guidance to around $115-120m from $140m. This represents a -14-17% downgrade to prior UBS estimates.
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A collection of mining services companies beginning to experience some attractive breakouts that point to these flow-on affects from mining activity translating to a sustained increase in earnings.
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Shares in Ausdrill, the mining services, and drilling contractor slid more than 7% yesterday after the company surprised with an impairment warning in an afternoon announcement.
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Ausdrill has announced a three-year extension of the equipment hire contract with Peabody at $126m. Deutsche Bank suspects there was likely to be a marginal price increase to reflect tighter equipment availability and potentially better terms.
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Bega Cheese shares went into a trading halt yesterday to allow for a $200 million fundraising, while Ausdrill revealed it had got better than expected support from shareholders in its $75 million retail offer.
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Ausdrill share jumped more than 9% to $1.73 yesterday after directors recommended shareholders give the greenlight to a near $300 million acquisition from the founder of the company.
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Shares in mining services group, Ausdrill plunged yesterday, wiping more than a quarter of their value at one stage after the company revealed doubt about the value of two key contracts.
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