Enteq Technologies Share Discussion Threads

[fozzie] 01/10/2014 17:02

Whatever lets hope this is an end to it.

[skyship] 01/10/2014 17:00

Looks more like a 750k put-through @ 23p & 23.046p...

[rivaldo] 01/10/2014 16:27

1,5m shares through at 23p in 3 trades - end of an overhang (finally?)?

[paxman] 30/9/2014 13:30

Yes cheap relative to cash but Enteq will probably face a director discount.

[firtashia] 30/9/2014 13:09

Chizgreen68- beat me to it! The business is now worth less as a going concern than if it were liquidated, its assets sold and its liabilities paid off. One of Ben Graham's "net-nets". Will buy some more of these but I'm looking to see an uptick in forward earnings estimates first.

[chizgreen68] 30/9/2014 12:41

Soon be able buy business for free after netting off cash.

[1gw] 30/9/2014 11:09

I wonder if the AGM statement has taken the place of last year's 15th October half-year update, so the next scheduled news may not be until the half-year results in November?

Anyway, no reason to sell on fundamentals that I can see given that AGM statement, but a fairly severe tree-shake if that's what it is after a month of flatlining. MMs getting bored with the low volume?

[awesome45] 30/9/2014 11:07

I can buy 150k but only sell 10k. MM's just don't want any stock.

[paxman] 30/9/2014 11:06

I think it's just a fund liquidating. The MMS know this so are bringing the price down to where it may attract new investor interest.

The problem with Enteq is its board of directors' approach to engaging shareholders and potential shareholders. They pay themselves well. Award themselves near zero cost share options after the share price has come off a lot. But:

No Enteq presentation on website.

No presenting at a shareholder friendly investor seminar?

Have a look at Enteq's annual report. Dull presentation. No photos, graphs etc.

One positive: They are engaging with customers it seems. Reasonable product info on the website. New Twitter page.

Anyway, trading near cash. Good value if the board can drink a few Red Bulls, boost their energy levels, and bother to present the company properly.

[cockerhoop] 30/9/2014 09:10

It is a fascinating insight into market psychology, a couple of small sell trades yesterday and the share price gets marked down as MM's already aware of a large seller (facilitating all the buys at 32.64).

This morning nervous PI's believe yesterdays sellers 'must know something' and also head for the exit.

Rimmy2000 i'd be interested to know your reason for selling (and also buying) and what had changed for you between those 2 events.

[rivaldo] 30/9/2014 09:05

Merely a ridiculous price drop by the MMs after a few small sells to cover themselves imho. And then a few PIs are panicked out after stop-losses are breached. And so the circle goes...

The m/cap is now £16m - at the 31/3/ year end NTQ had around £11.5m net cash for starters! Plus around $3.8m surplus receivables over payables.

[cockerhoop] 30/9/2014 08:51

........on no real volume

[cockerhoop] 30/9/2014 08:49

Very strange, September has seen an decent Agm statement followed by some director purchases yet the share price has tanked.

[pugugly] 30/9/2014 08:44

Looks like bad news leaking- I was looking to top up but now message from Mr Market could be time to cut and run.

[cwa1] 30/9/2014 08:25

Ouch! Enteq getting slaughtered here.

[paleje] 29/9/2014 16:32

Cheers Simon, a few lean years possibly then although there would be other views too, I can see how KBC might be insulated or even more demand, not so sure about Enteq, I've emailed them and if I get a view back I'll share it.

[simon gordon] 29/9/2014 15:36

Paleje,

Smallie KBC did a webinar the other day in which the oil price/capex was discussed at the end in the Q&A session, starts 21 minutes in:



KBC have oil economists in one sub division.

[simon gordon] 29/9/2014 12:40

FT - 26/9/14:

US shale oil and gas producers are victims of their own success

By John Dizard

Shale oil and gas producers have, arguably, saved America’s industrial future and global strategic position. They are not doing quite so well for their investors.

Consider the share price of the most innovative exploration and production companies in the northeastern US, our new Texas. Range Resources’ shares have declined by 18 per cent this year, Cabot Oil and Gas is off by 17 per cent, and Chesapeake is down nearly 7 per cent. One would think developing a nation-saving set of miracle technologies would pay better.

The E&P’s collective problem is that they are victims of their own success in producing more oil and gas for fewer dollars than almost anyone would have thought possible.

Six months ago, it seemed as though the E&P companies would finally have a chance to make some serious money, or at least more than they have to spend to get natural gas out of the ground. The rise in gas demand thanks to the polar freeze gave the industry some hope that US prices would start to rise to the $5/million metric British thermal units level.

But no. Oil prices have been weak both in global markets and in the US, but not weak enough to induce deep cuts in the E&P oil-directed drilling budgets. The “associated” gas produced by those shale oil rigs has flooded the US domestic market this year, more than offsetting declines in conventional gas production and older shale gasfields. So the E&P companies could not stop themselves from producing gas at less than the US marginal cost of production.

The E&P companies’ revenues were further squeezed because much of the new natural gas and liquids they have developed was at the wrong end of the country’s existing pipeline system. For the past seven decades, US pipelines have mostly taken oil and gas from the southwest and transported it to the northeast.

The unexpectedly large and rapidly developed Marcellus and Utica fields disrupted the economics of this expensively developed system.

Because new pipelines need extensive planning permissions, long term financing and scarce skilled labour, the E&P companies have had insufficient capacity available for their product. There is so much competition for access that gas and liquids can only be sold at steep discounts, or “basis differentials”, to the generally quoted Henry Hub pipeline price, when they can be sold at all.

Continued...

[p1nkfish] 19/9/2014 09:20

interesting read on potential demand.

[p1nkfish] 18/9/2014 07:09

30% CAGR on EPS and TSR in equal proportion - looks very reasonable option plan to me and good for all of us.

"The initial grants from the PSP were made on 17 September 2014 with a vesting date of 1 April 2017. The performance conditions relate to the Group's Earnings per Share growth and Total Shareholder Return in equal proportion, and in order to achieve the full benefit of the award a 30% compound annual growth rate for each of the financial years ending 31 March 2015, 31 March 2016 and 31 March 2017 in each of these measures will need to be achieved. The consideration payable for these awards is 1p per ordinary share of 1p each in the capital of the Company ("Ordinary Shares").


Martin Perry (CEO) and Raymond Garcia (COO) were each provisionally granted, subject to the performance conditions and rules of the scheme, a maximum of 538,462 Ordinary Shares. David Steel (Finance Director) was provisionally granted, subject to the performance conditions and rules of the scheme, a maximum of 147,692 Ordinary Shares."

[1gw] 17/9/2014 14:47

Incredible period of flatlining. I hadn't checked this board for a while and was surprised that (1) there were quite a few new posts highlighting positive developments (esp. director and institutional buying) and (2) with all the relatively good news highlighted here these haven't moved.

Originally bought a few back in April. Had no trouble buying some more just now at about the mid price (32.64), so clearly some supply around - maybe they are still working through a big order from one of the early holders.

Anyway like the story, like the bulletin board, prepared to hold for a while.

Edit: And according to the contract note the trade was a market order executed on ICAP and doesn't even show up as a trade in a lot of the standard packages (e.g. advfn).

[zog] 16/9/2014 11:19

Nice summary by Private-Punter above – the article highlights several reasons why Enteq's fortunes might be about to change.

Another factor to note is that their main drilling rig market in the U.S. has improved during 2014: a good proxy for this is the Baker Hughes Rig Count, hxxp://www.bakerhughes.com/rig-count
These weekly figures provide a useful measure of market activity for drilling service companies and they show that the number of North American rigs has been increasing steadily this year. There are lots of reports/comments on the BHRC figures if you Google, one example (including plots of rig numbers) is here:-
hxxp://marketrealist.com/2014/09/oil-gas-rig-additions-boost-last-weeks-us-rig-count/

In fact, Enteq themselves tweeted on the subject back in August, see "U.S. rig count now double 2009 figures"

Looking at the recent BHRC figures shows that the number of active rigs in the U.S. is up by 10% on this time last year. More importantly for Enteq’s business, the combined number of "horizontal and directional" rigs is up by 17% year-on-year and is now above its peak in early 2012.

Enteq increased like-for-like revenues by 24% during the year to March 2014 in what they described as "a stable North American drilling market"; it will be interesting to see how their revenues perform now that the North American rig market is expanding again.