Cabot Oil & Gas (COG) reported earnings 30 days ago. What’s next for the stock? We take a look at earnings estimates for some clues.
NOT FOR RELEASE IN OR INTO CANADA, JAPAN, AUSTRIA, POLAND, ESTONIA, ICELAND OR ANY OTHER JURISDICTION IN WHICH THE RELEASE WOULD BE UNLAWFUL
Reference is made to the previous announcement by Statoil ASA (OSE:STL, NYSE:STO, the “Company”) regarding the resolution of the annual general meeting on 11 May 2017 to approve to continue the two- year scrip dividend programme through third quarter 2017 (the “Scrip Dividend Programme”) and to distribute a dividend of USD 0.2201 (NOK 1.8784, as announced 22 May 2017) per share for the fourth quarter 2016 that shareholders can choose to receive either in new shares of the Company (“Dividend Shares”) or in cash.
In connection with the Scrip Dividend Programme for the fourth quarter 2016 (the “Dividend Issue”), the Company will issue up to 160,000,000 Dividend Shares, each with a nominal value of NOK 2.50 per share, for subscription by Existing Shareholders (as described below).
A prospectus will not be prepared for the Dividend Issue. The Terms and Conditions for subscription of Dividend Shares are available on www.statoil.com/scrip.
The subscription period for the Dividend Issue will commence at 09:00 a.m. CEST on 29 May 2017 for shareholders on Oslo Stock Exchange (Oslo Børs) and on 09:00 a.m. CEST on 30 May 2017 for holders of American Depositary Receipts (ADRs) on New York Stock Exchange. The subscription period expires at 23:59 p.m. CEST on 12 June 2017 (the “Subscription Period”).
Existing Shareholders who have not subscribed for Dividend Shares at the time of expiry of the Subscription Period will receive their dividend in cash without any action on their part on or about 23 June 2017 in respect of shareholders on Oslo Børs and on or about 26 June 2017 in respect of ADR holders on New York Stock Exchange.
The subscription price will be equal the volume-weighted average share price on Oslo Børs over the last two trading days of the Subscription Period for the Dividend Issue, with a deduction for a discount of 5%. The subscription price is expected to be announced on or about 13 June 2017.
Subscriptions for Dividend Shares can be made electronically via VPS’ online subscription system. A link to the subscription system can be found on www.statoil.com/scrip. Existing Shareholders who are considered eligible to subscribe for Dividend Shares have or will receive a letter from the Company with personal log in details to the VPS subscription system.
ADR holders under the ADR program in the US may make their election through Deutsche Bank as the depositary for the ADR program.
Eligibility to participate in the Dividend Issue: Only holders of ADRs on the New York Stock Exchange as of expiry of 10 May 2017, and shareholders of Statoil on Oslo Børs as of expiry of 11 May 2017, both referred to as “Existing Shareholders”, and registered with Deutsche Bank Trust Company Americas as the depositary for the ADR program and the Company’s shareholder register with the Norwegian Central Securities Depositary (Nw. Verdipapirsentralen) for shareholders on Oslo Børs as of expiry of 15 May 2017 (“the record date”), will be eligible to either subscribe for Dividend Shares in the Subscription Period or to receive their dividend in cash.
The subscription for Dividend Shares by persons located in, or resident of countries other than Norway, may be affected by the laws of the relevant jurisdiction. The Dividend Shares may not be subscribed for by Existing Shareholders located in, or resident of, jurisdictions in which the subscription for Dividend Shares would be unlawful. Existing Shareholders located in, or resident of countries other than Norway, should inform themselves as to whether restrictions apply to the Dividend Issues and consult their professional advisors if they are in any doubt about any of the contents or application of these restrictions.
The delivery of the Dividend Shares to shareholders on Oslo Børs is expected to take place on or about 23 June 2017 and on or around 26 June 2017 for holders of ADRs on New York Stock Exchange. Trading in the Dividend Shares on the Oslo Børs and in the ADRs representing Dividend Shares on New York Stock Exchange is expected to commence on or about 26 June 2017.
Cash payment of the dividend to holders of ordinary shares on Oslo Børs is expected on or about 23 June and on or about 26 June 2017 for ADR holders on New York Stock Exchange.
Interests held through financial intermediaries:
Shareholders, who are eligible for participation in the Dividend Issue and who hold their Shares through a financial intermediary and wish to subscribe for Dividend Shares in the Dividend Issue, should instruct their financial intermediary to subscribe for Dividend Shares in accordance with the applicable instructions received from such financial intermediary. The financial intermediary will be responsible for collecting exercise instructions from the shareholders and for informing the Company of their subscription instructions.
DNB Bank ASA, Registrars Department (tel.: +47 23 26 80 20) is acting as Receiving Agent for the Dividend Issue.
Peter Hutton, senior vice president for investor relations,
tel: +44 7881 918 792
Morten Sven Johannessen, vice president for investor relations USA,
tel: + 1 203 570 2524
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
This announcement and the information contained herein does not constitute or form a part of, and should not be construed as, an offer for sale or subscription for or solicitation or invitation of any offer to subscribe for or purchase of dividend shares or any other securities of the Company and cannot be relied on for any investment contract or decision.
It may be unlawful to distribute this announcement in certain jurisdictions. This announcement is not for distribution in any jurisdiction in which prior registration or approval is required for that purpose. No steps have been taken or will be taken in any jurisdiction outside of Norway in which such steps would be required. No competent authority or any other regulatory body has passed upon the adequacy of this document or approved or disapproved the distribution of dividend shares outside of Norway. Any representation to the contrary may be a criminal offense.
Despite improved health education and medicine, one disease that’s actually getting more prevalent, not less prevalent, in America is diabetes.
Diabetes is no laughing matter
According to data from the American Diabetes Association in 2012, some 29.1 million Americans have diabetes, most of whom have type 2 diabetes, which is the non-genetic form that develops over one’s lifetime. About 1.25 million people have type 1 diabetes. What’s worse, 1.4 million new diabetes diagnoses are made annually, and around 86 million Americans age 20 and older are considered to have prediabetes. In other words, if they don’t change their eating habits and activity level, they’re at a higher risk than the general population of developing diabetes.
Image source: Getty Images.
Though it might be a disease that doesn’t conjure the type of fear felt with a cancer diagnosis, it’s nonetheless the seventh-leading cause of death in the United States as of 2015. Co-morbidities caused from diabetes (e.g., high blood pressure, kidney disease, strike, and high cholesterol) can make life for those who have this disease quite unpleasant. It can also be painful on the wallet, with direct medical costs of $176 billion and indirect costs of $69 billion from reduced worker productivity as of 2012.
As such, it’s no surprise that drug developers and medical device manufacturers are putting a lot time, effort, and money into researching ways to resolve America’s diabetes epidemic. Thankfully, we’ve seen a number of major advancements over the past couple of years.
The diabetes treatment landscape is rapidly evolving
Image source: Johnson & Johnson.
One of the greater pharmaceutical advancements we’ve witnessed in dealing with diabetes is the development of SGLT-2 inhibitors, like Johnson & Johnson‘s (NYSE:JNJ) Invokana, which was the first SGLT-2 inhibitor to hit pharmacy shelves in America back in 2013.
Traditional diabetes medications that target type 2 diabetes work in either the pancreas or liver. SGLT-2 inhibitors do their work in the kidneys by suppressing the absorption of glucose and allowing excess sugar to be excreted in the urine in order to control glycemic balance. What’s noteworthy about this new method of controlling blood sugar is that SGLT-2 medicines like Invokana also demonstrated lowered systolic blood pressure and weight-loss in clinical studies. It’s a welcomed side effect given the nature of co-morbidities associated with diabetes.
Later this year, Johnson & Johnson should deliver results from its long-term cardiovascular study on Invokana. Fingers are crossed that it, like SGLT-2 competitor Jardiance from Eli Lilly and Boehringer Ingelheim, leads to a clinically significant reduction in the risk of a cardiovascular event and death.
The MiniMed 670G. Image source: Medtronic.
In terms of medical devices, one of the most exciting advancements in decades was the approval of Medtronic‘s (NYSE:MDT) MiniMed 670G for type 1 diabetics a full six months ahead of schedule this past September.
The MiniMed 670G is the world’s very first artificial pancreas. In simpler terms, it’s the world’s first closed loop system designed to measure blood glucose levels every five minutes and administer insulin on an as-needed basis for the patient. A sensor with a protruding needle is slipped under the skin, while a smartphone-sized insulin pump worn on the abdomen ensures proper administration.
The MiniMed 670G should be particularly useful in reducing instances of hypoglycemia, or low blood sugar, caused by the administration of insulin. Sensors that communicate with the smartphone-sized pump would prevent administration once blood glucose levels hit a certain threshold.
But, there’s still much work and research left to be done.
Enter Apple, stage left
Interestingly enough, a company that appears up to the challenge of fighting diabetes is one we may not realize has any affiliation with the healthcare industry: Apple (NASDAQ:AAPL). The tech giant is best-known for its leading smartphones, as well as tablets and Mac laptops. But CEO Tim Cook has made it clear that he also foresees Apple making waves in healthcare.
Last week, CNBC reported that Tim Cook was spotted with a glucose-measuring device that worked with the Apple Watch. This corroborates a report from CNBC in April that Apple had a team in Palo Alto, Calif., already working on a way to measure blood glucose levels continuously, but in a non-invasive way. Considering how unpleasant it can be for diabetics to frequently draw blood to assess their blood sugar, a non-invasive method of measuring blood glucose has always been the ultimate goal. Unfortunately, it’s also extremely difficult to attain, as evidenced by the fact that there are no non-invasive blood-glucose monitors on the market at present.
Image source: Apple.
However, Apple’s foray into healthcare doesn’t appear to be a one-off event. Aside from Cook’s admission that he’s been wearing a glucose-measuring device for months and monitoring how food and exercise impacts his sugar levels, Cook also envisions Apple being a regular contributor to the healthcare space.
Let’s not forget that in June 2014, Apple introduced its Health app for tracking various health and fitness data. Aside from the app allowing consumers to keep a close eye on their health habits, an alternative idea behind the app is that it may one day allow for a seamless link and/or continuous monitoring between you and your doctor. The introduction of the Apple Watch, and Cook’s use of what appears to be a glucose-tracking prototype, is further evidence of this possible future link (and of the Internet of Things in action).
Before you investors get too excited, understand that healthcare is a nascent sales generator for Apple at this point in time. It’s still, first and foremost, a technology and innovation company that’s reliant on consumers’ desires for the latest in content-based gadgetry. But Apple certainly has the financial capacity and wherewithal to pursue healthcare endeavors that incorporate its devices.
Exciting things are happening in the diabetes treatment space, and soon enough Apple could be part of that excitement.
Sean Williams has no position in any stocks mentioned. The Motley Fool owns shares of and recommends Apple and Johnson & Johnson. The Motley Fool owns shares of Medtronic. The Motley Fool has a disclosure policy.
AP) — Gov. Gina Raimondo’s strategy of using tax credits to spur Rhode Island’s economic development could create nearly 1,500 new jobs promised by 17 companies that have signed deals with the state.” data-reactid=”11″>PROVIDENCE, R.I. (AP) — Gov. Gina Raimondo’s strategy of using tax credits to spur Rhode Island’s economic development could create nearly 1,500 new jobs promised by 17 companies that have signed deals with the state.
The Democrat’s efforts include some clear wins, such as new high-tech branch offices for General Electric, Johnson & Johnson and Virgin Pulse. But some state legislators are wondering if it’s time to scale back the incentives to meet other budget priorities.
The state Commerce Corporation has approved $30.7 million in the job-creation agreements since early 2016, when a new state law championed by the first-term governor took effect. That’s in addition to about $131 million in real estate incentives to help private developers build offices, hotels and other construction projects.
“We’re clearly on a roll,” Raimondo said at a news conference earlier this month as she announced the latest $2.2 million job-creation deal with Waltham, Massachusetts-based Vistaprint Corporate Solutions, which makes custom print products and is a division of the Dutch company Cimpress. The company is planning to open a 125-person national sales office in downtown Providence.
“Almost one company a month,” she said. “Seventeen companies in the past 16 or 17 months, and a lot of that is because people are starting to realize what we already know, which is that Rhode Island is a terrific place to live. It’s a great place to have a business. High quality of life, great colleges and universities, good location.”
Among the companies lured by Raimondo and now on a hunt for local software engineers is New Brunswick, New Jersey-based health care giant Johnson & Johnson, which said it has hired 42 people so far this year to staff a new health technology center near downtown Providence.
For both incentive programs, the tax credits aren’t issued until the jobs are created or the new buildings are occupied. But as the state faces other budget problems, fatigue is growing among some lawmakers about giving away money to big businesses.
The harshest critic of the business incentive strategy has been a fellow Democrat and Raimondo’s predecessor, former Gov. Lincoln Chafee, but current members of the state legislature are also raising concerns.
“You can’t keep giving those incentives out forever,” said Democratic House Speaker Nicholas Mattiello. He said the incentives have “clearly worked” in attracting some big-name companies and high-paying jobs, but with the state’s budget problems, it might be time to re-examine them.
“No decisions have been made, but those resources are certainly going to have to be on the table,” Mattiello said.
Raimondo, a former venture capitalist who has made workforce development her top priority, has repeatedly said that having a toolbox of economic incentives helps Rhode Island compete with the many other states with similar business attraction programs. State economic development officials project that the $30.7 million in job creation incentives jobs will generate $46 million in revenues to the state over the next 12 years.
But in a state burned by past incentive deals, especially a disastrous $75 million agreement with former Boston Red Sox pitcher Curt Schilling’s 38 Studios video game company, doubts remain. Republican House Minority Leader Patricia Morgan said there is a place for subsidies but “it’s a lot of money for a small number of jobs.”
“I think you keep your pot of money and you find a whale,” Morgan said. “Some big company that has entry-level positions, mid-level and executive, all the way up. What we’re doing is we’re bringing in 90 to 100 jobs at a time and they’re jobs that most of our graduates can’t fill. What’s the point of that?”
The Teamsters Canada Rail Conference disclosed the plan on Saturday evening in an update to members that said the company had issued new work rules earlier in the day.
The rules include a 2-percent wage increase and removal of a clause that requires CN to consult with the union before making “material changes” such as terminal closures and mandatory relocations, according to the Teamsters.
CN, Canada’s largest railroad, said it would continue to negotiate with the Teamsters Canada Rail Conference, which represents some 3,000 conductors and yard operations employees, in a bid to avert a strike.
The Montreal-based company it willing to use binding arbitration to resolve the dispute over the contract, which expired in 2016, CN Chief Operating Officer Mike Cory said in a statement.
“We remain optimistic that we can reach an agreement without a labor disruption,” he said in the statement. (Reporting by Jim Finkle in Toronto; Editing by Nick Zieminski)
Marriott, Hilton and InterContinental Hotels are using extensive marketing campaigns to claw back business from Expedia and Priceline, which steer customers to hotel properties but also take hefty commissions….
Earliest Teamsters could strike is Tuesday morning
MONTREAL, May 27, 2017 /PRNewswire/ – CN (CNR.TO) (CNI) said today that the Teamsters Canadian Rail Conference – Conductors, Trainpersons and Yardpersons (TCRC-CTY), which represents approximately 3,000 CN conductors and yard operations employees in Canada, has given the company a 72-hour notice of its intention to strike as of 0400 hours Eastern Daylight Time on May 30, 2017.
Mike Cory, executive vice-president and chief operating officer of CN, said: “We continue to negotiate in good faith with the assistance of a federally-appointed mediator in order to reach a fair agreement before the strike deadline. We are also offering to resolve our differences through binding arbitration with a neutral arbitrator. We remain optimistic that we can reach an agreement without a labour disruption.”
CN is a true backbone of the economy, transporting more than C$250 billion worth of goods annually for a wide range of business sectors, ranging from resource products to manufactured products to consumer goods, across a rail network spanning Canada and mid-America. CN – Canadian National Railway Company, along with its operating railway subsidiaries — serves the cities and ports of Vancouver, Prince Rupert, B.C., Montreal, Halifax, New Orleans, and Mobile, Ala., and the metropolitan areas of Toronto, Edmonton, Winnipeg, Calgary, Chicago, Memphis, Detroit, Duluth, Minn./Superior, Wis., and Jackson, Miss., with connections to all points in North America. For more information on CN, visit the Company’s website at www.cn.ca.
No one likes market crashes. Even the best stocks often get swept up in the panic. Whether a market crash is on the horizon is unpredictable, but investors can position themselves defensively by owning quality dividend stocks that hold up better than most when things take a turn for the worse. Here’s why Johnson & Johnson (NYSE:JNJ), Clorox (NYSE:CLX), and Amgen (NASDAQ:AMGN) are good bets for risk-averse investors.
Brian Stoffel (Johnson & Johnson): I’m not sure if there’s such a thing as a recession-proof dividend stock, but Johnson & Johnson is surely a recession-resistant one. The company has three divisions: consumer products like Band-Aids and Tylenol, medical equipment, and pharmaceuticals.
Image source: Johnson & Johnson.
If you sit back and think about it, while people or hospitals may cut back on spending when the economy falters or the market crashes, they surely won’t give up such purchases altogether. That’s because they’re vital no matter the economic climate.
Indeed, between 2008 and 2010, overall company sales fell just 3.4%. That helps explain how the company’s stock outperformed the S&P 500 by 22 percentage points from January 2008 to the depths of the stock market’s crash.
Not only that, but reinvested dividends from the swoon were worth even more. By March 2009, the company’s yield rose to 4.1% That’s the beauty of solid dividend stocks in market crashes: If they don’t dive, you’re happy to preserve your capital; if they do dive, just remind yourself that your reinvested dividends will be worth even more in the future.
If a market crash occurred today, investors could laugh it off. Johnson & Johnson’s dividend is very safe, with only 61% of free cash flow being used to pay it over the past 12 months. Given the other dynamics covered above, that makes it a great holding for the risk-averse to consider.
Tim Green (Clorox): A company that sells products with strong brands that people need to buy is often a good bet in the event of a market crash. Clorox, known for its namesake bleach as well as Glad trash bags and cling wrap, Brita water filters, and Liquid Plumr, barely felt the last great market crash in 2008. The stock dropped a bit, but it remained relatively unscathed compared to the broader market.
Clorox is not a cheap stock, and the company isn’t growing very fast, as I pointed out last month. The dividend yield of around 2.6% is higher than that of the S&P 500 Index, but dividend growth will almost certainly be sluggish going forward.
That doesn’t mean that Clorox isn’t a solid company, though. Despite competition from cheaper store-brand alternatives, the company didn’t miss a beat during the financial crisis, with revenue growing and margins feeling little pressure. A combination of good products and some great brands prevented consumers from switching away from Clorox’s products.
I wouldn’t expect great returns from Clorox stock going forward, considering its valuation and minimal growth prospects. But if you want something stable and unlikely to fall apart when the stock market or the economy turns south, Clorox is a pretty good choice.
Beating the market with science
Cory Renauer (Amgen): Investors looking for crash-resistant dividend stocks should consider this blue-chip biotech. While stocks in this industry aren’t generally famous for steady dividend growth, Amgen has hiked its payout regularly since it began making them in 2011. Those hikes have been substantial as well, rising at a 48.2% annual rate over the past five years.
Although Amgen wasn’t paying a dividend during the last big market crash, it’s performance during the Great Recession was outstanding. Between the beginnings of 2008 and 2009, the biotech stock rose 23.9% while the benchmark SPDR S&P 500 ETF fell 37.7%.
It isn’t every year that this purveyor of pricey biologic drugs beats the broader market by more than 60 percentage points, but Amgen has continued to outperform the market from the beginning of 2009 through the present.
Looking into the company’s recent performance, and development pipeline, there could be more market-beating gains and dividend growth ahead. Although first-quarter revenue came in 1% lower than the year-ago period, cost-cutting and stock buybacks allowed adjusted earnings to rise 9% to $3.15 per share. The company also recently announced clinical trial results that show its experimental therapy, erenumab, significantly reduces monthly migraine headaches.
At recent prices, the stock offers a nice 2.9% yield that you can reasonably expect to continue growing. The company generated $2.2 billion in free cash flow during the first quarter but used just $847 million to make dividend payments during the three-month period. If approved, erenumab could generate more than $2 billion in annual sales at its peak, which, when combined with leaner operations, could give Amgen plenty more cash to continue raising payments — even if the broader market tanks.
Brian Stoffel has no position in any stocks mentioned. Cory Renauer owns shares of Johnson & Johnson. Timothy Green has no position in any stocks mentioned. The Motley Fool owns shares of and recommends Johnson & Johnson. The Motley Fool has a disclosure policy.
DARIEN, Conn.–(BUSINESS WIRE)–
Genesee & Wyoming Inc. (G&W) (GWR) today announced that John C. Hellmann, President and Chief Executive Officer, was appointed Chairman of the Board of Directors following the previously announced retirement of Mortimer B. Fuller III, effective May 24, 2017. Mr. Hellmann also will continue to serve as President and Chief Executive Officer.
This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20170526005700/en/
Mr. Hellmann has served on the Board since 2006. He joined G&W as Chief Financial Officer in 2000, was named President in 2005 and succeeded Mr. Fuller as Chief Executive Officer in 2007.
Mr. Fuller, who served as Chairman of the Board of Directors since 1977, is a great grandson of Edward L. Fuller, who founded the 14.5-mile Genesee and Wyoming Railroad Company in 1899.
Also at G&W’s May 24 annual meeting, the stockholders elected Directors Albert J. Neupaver, Joseph H. Pyne, Hunter C. Smith and Mr. Hellmann for the term that expires in 2020. Directors whose terms of office continued after the annual meeting are Richard H. Allert, Hans Michael Norkus, Ann N. Reese, Richard H. Bott, Øivind Lorentzen III and Mark A. Scudder.
Genesee & Wyoming owns or leases 122 freight railroads worldwide that are organized in 10 operating regions with approximately 8,000 employees and 3,000 customers.
- G&W’s eight North American regions serve 41 U.S. states and four Canadian provinces and include 115 short line and regional freight railroads with more than 13,000 track-miles.
- G&W’s Australia Region provides rail freight services in New South Wales, including in the Hunter Valley coal supply chain, the Northern Territory and South Australia, and operates the 1,400-mile Tarcoola-to-Darwin rail line. The Australia Region is 51.1% owned by G&W and 48.9% owned by a consortium of funds and clients managed by Macquarie Infrastructure and Real Assets.
- G&W’s U.K./Europe Region is led by Freightliner, the U.K.’s largest rail maritime intermodal operator and second-largest rail freight company. Operations also include heavy-haul in Poland and Germany, intermodal services connecting Northern European seaports with key industrial regions in Germany, and regional rail services in the Netherlands and Belgium.
G&W subsidiaries provide rail service at more than 40 major ports in North America, Australia and Europe and perform contract coal loading and railcar switching for industrial customers.
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Genesee & Wyoming’s business which are not historical facts are “forward-looking statements” that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” in the Company’s Annual Report or Form 10-K for the most recently ended fiscal year.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170526005700/en/
Let’s call this a case of SGLT-D’Oh!