Category Archives: Sectors

Toll Brothers 21Q3 Update

Toll Brothers reported stronger-than anticipated fiscal 21Q3 results that once again exceeded my estimates.  Its diluted earnings per share were $1.86, up 71% from $0.59 in 20Q2.  My estimate was $1.48 and the consensus estimate was $1.53.

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PSEG’s 2021 Investor Day

Public Service Enterprise Group held its 2021 Investor Day on Sept. 27, 2021.  At the meeting, management offered the following guidance:

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So. Jersey Industries: High Dividend Yield With Moderate Upside Price Potential

SJI’s utility businesses – South Jersey Gas Company (SJG) and Elizabethtown Gas Company (ETG) – are its core growth engines.  Representing 70%-80% of consolidated profits, they have grown by pursuing regulatory-approved infrastructure investment programs and gaining customers from new construction … Continue reading

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Organon (OGN) 21Q2 Update

21Q2 Performance in Line with Expectations; Raising Performance Rating and Lowering Price Target 21Q2 GAAP EPS of $1.68 was lower than 20Q2’s $2.14.  Although sales increased 4.5% to $1.6 billion, costs were higher as a result of new tolling arrangements … Continue reading

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DHC 21Q2 Update

Progress on Strategic Repositioning; Performance in Line with Expectations; Upgrading Performance Rating; Maintaining Price Target of ~$7.50. DHC reported 21Q2 normalized funds from operations (FFO) of $12.2 million or $0.05 per share, lower than 20Q2’s $0.25, due mostly to a … Continue reading

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Five Star Senior Living 21Q2 Update

Five Star reported a second quarter net loss of $12.3 million, reversing last year’s $3.0 million net profit.  On a per share basis, the loss was $0.39, compared to net income of $0.10 and below my estimate of a loss … Continue reading

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American Water Works 21Q2 Update

2021 Second Quarter Results in Line with Expectations. Maintaining Neutral Rating. AWK reported 21Q2 EPS of $1.14, up 17.5% from 20Q2.  Operating revenues increased  7.3% to $999 million.  Operating income rose 5.4% to $330 million.  Operating margin eased 60 bp … Continue reading

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Bristol-Myers Squibb: Initiating Coverage

Initiating Coverage with an Outperform Rating. Prospects Beyond 2022 are Favorable. With the acquisitions of Celgene in 2019 and MyoKardia in 2020, BMS has substantially transformed its business and repositioned for growth.  Drugs added to the portfolio from the two … Continue reading

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PSEG: A Possible Rocky Transition to T&D

It has been a year since PSEG announced a strategic review to explore divesting its fossil fuel generating assets.  Since then, management has said that it is pleased with the interest shown by potential buyers in its 6,750+ MW portfolio … Continue reading

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Bluegreen Vacations Holding Corp. Stands to Gain as Domestic Travel Improves

On May 5, 2021, Bluegreen Vacations Holding Corporation (BVH), formerly known as BBX Capital Corporation, completed the acquisition of the 7% publicly-traded ownership stake of Bluegreen Vacations Corporation (BXG) that it did not already own through a statutory short-form merger … Continue reading

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