I was very impressed by the presentation the company president made at our luncheon. The slides will be up on our website this afternoon. I am going to take a hard look at my forecast.
I think their pfd Series D looks like a strong candidate for our High Yield Income Portfolio.
Miller Energy (MILL)
Miller Energy (MILL)
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Miller Energy (MILL)
Miller Energy assumed with a Buy from Hold at Brean Capital
Brean Capital upgraded Miller Energy to Buy with an $8 price target after assuming coverage of the stock. The firm sees opportunity in the company's large Alaska acreage base.
Brean Capital upgraded Miller Energy to Buy with an $8 price target after assuming coverage of the stock. The firm sees opportunity in the company's large Alaska acreage base.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Miller Energy (MILL)
Thanks much for having them. I have been holding the common and preferred for quite some time but rarely have anyone who's opinion I trust evaluate them. I look forward to seeing your analysis, if one is coming. I have overweight MILL-c at lower prices because of the convertible option. I believe if some of their projections are hit the common will react strongly and take the preferred C with it. May add some more D here, especially if you add it to high yield port.
Re: Miller Energy (MILL)
Miller does not provide any official production guidance and other analysts' forecasts for fiscal year ending 4-30-2015 are all over the place. Five analysts have provide forecasts to First Call, but they show a wide range of EPS ranging from $-0.32 to $0.24. DD&A (a non-cash expense) will be the largest expense line on the income statement. At today's luncheon (when pushed for an answer) they said production should be up about 1,000 boepd to 5,700 boepd next fiscal year, so cash flow per share s/b in the $1.50 to $2.00 range. Until I see their year-end (4-30-2014) year-end reserve report I can't really recommend the common stock, but the preferred stock looks OK to me. We will publish a profile on the company after we get the year-end report. I would rate the common stock as High Risk / High Reward. This year they will be drilling several high impact wells that could significantly increase their proven reserves. I have posted my "PRELIMINARY" Net Income & Cash Flow Forecast under the Watch List Tab. - Dan
KNOXVILLE, TN--(Marketwired - Apr 30, 2014) - Miller Energy Resources, Inc. ("Miller") (NYSE: MILL) announced today that its Board of Directors has declared a quarterly cash dividend payment on the Company's 10.75% Series C Cumulative Redeemable Preferred Stock ("Series C Preferred Stock") and on its 10.5% Series D Fixed Rate/Floating Rate Cumulative Redeemable Preferred Stock ("Series D Preferred Stock"). The dividend on the Series C Preferred Stock and Series D Preferred Stock will be payable on Monday, June 2, 2014, to holders of record at the close of business on May 15, 2014.
The quarterly payment on the Series C Preferred Stock will be $0.671875 per share, which is equivalent to an annualized 10.75% per share, based on the $25.00 per share stated liquidation preference, accruing from March 1, 2014, through May 30, 2014. The Series C Preferred Stock is listed on the New York Stock Exchange and trades under the symbol "MILLprC." It can currently be followed on Google Finance and MSN Finance under the symbol "MILL-C" and on Yahoo Finance under the symbol "MILL-PC."
The quarterly payment on the Series D Preferred Stock will be $0.65625 per share, which is equivalent to an annualized 10.5% per share, based on the $25.00 per share stated liquidation preference, accruing from March 1, 2014, through May 30, 2014. The Series D Preferred Stock is listed on the New York Stock Exchange and trades under the symbol "MILLprD." It can currently be followed on Google Finance and MSN Finance under the symbol "MILL-D" and on Yahoo Finance under the symbol "MILL-PD."
KNOXVILLE, TN--(Marketwired - Apr 30, 2014) - Miller Energy Resources, Inc. ("Miller") (NYSE: MILL) announced today that its Board of Directors has declared a quarterly cash dividend payment on the Company's 10.75% Series C Cumulative Redeemable Preferred Stock ("Series C Preferred Stock") and on its 10.5% Series D Fixed Rate/Floating Rate Cumulative Redeemable Preferred Stock ("Series D Preferred Stock"). The dividend on the Series C Preferred Stock and Series D Preferred Stock will be payable on Monday, June 2, 2014, to holders of record at the close of business on May 15, 2014.
The quarterly payment on the Series C Preferred Stock will be $0.671875 per share, which is equivalent to an annualized 10.75% per share, based on the $25.00 per share stated liquidation preference, accruing from March 1, 2014, through May 30, 2014. The Series C Preferred Stock is listed on the New York Stock Exchange and trades under the symbol "MILLprC." It can currently be followed on Google Finance and MSN Finance under the symbol "MILL-C" and on Yahoo Finance under the symbol "MILL-PC."
The quarterly payment on the Series D Preferred Stock will be $0.65625 per share, which is equivalent to an annualized 10.5% per share, based on the $25.00 per share stated liquidation preference, accruing from March 1, 2014, through May 30, 2014. The Series D Preferred Stock is listed on the New York Stock Exchange and trades under the symbol "MILLprD." It can currently be followed on Google Finance and MSN Finance under the symbol "MILL-D" and on Yahoo Finance under the symbol "MILL-PD."
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Miller Energy (MILL)
Don't know if you noticed, but MILL got a new credit line today (up to 250mm) at reasonable rates to replace it's ultra high interest Apollo credit line. It was pretty much expected, but now has happened. Takes away a lot of uncertainty.
Re: Miller Energy (MILL)
Oops, looks like Apollo may have a first lien carve out.
Re: Miller Energy (MILL)
Torchlight Energy Resources reports Hunton wells daily peak rate of over 1400 BO
Torchlight Energy Resources issued an update on the progress of its horizontal Hunton play operated by Husky Ventures. The company reports a daily peak rate of over 1400 BO. Overall results have met or exceeded management's expectations.
What I hate about a press release like this is that they do not provide their net production. All the production is gross and I think (but don't know for sure) that Torchlight's working interest in each well is only 15% to 25% and they give no clue as to their revenue interest. So far it is impossible for me to prepare a forecast model on this one.
Torchlight Energy Resources issued an update on the progress of its horizontal Hunton play operated by Husky Ventures. The company reports a daily peak rate of over 1400 BO. Overall results have met or exceeded management's expectations.
What I hate about a press release like this is that they do not provide their net production. All the production is gross and I think (but don't know for sure) that Torchlight's working interest in each well is only 15% to 25% and they give no clue as to their revenue interest. So far it is impossible for me to prepare a forecast model on this one.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group