Share Name Share Symbol Market Type Share ISIN Share Description
Enteq Upstream Plc LSE:NTQ London Ordinary Share GB00B41Q8Q68 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 29.50 0.00 08:00:22
Bid Price Offer Price High Price Low Price Open Price
28.00 31.00 29.50 29.50 29.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 7.84 -0.13 -0.15 19
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 0.00 GBX

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Date Time Title Posts
16/10/201910:20Enteq Upstream plc960
15/9/201507:14*** Enteq Upstream ***2

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Enteq Upstream Daily Update: Enteq Upstream Plc is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker NTQ. The last closing price for Enteq Upstream was 29.50p.
Enteq Upstream Plc has a 4 week average price of 26.50p and a 12 week average price of 24.50p.
The 1 year high share price is 32p while the 1 year low share price is currently 18p.
There are currently 65,488,644 shares in issue and the average daily traded volume is 72,666 shares. The market capitalisation of Enteq Upstream Plc is £19,319,149.98.
rivaldo: Good results out today, with the outlook getting rosier and rosier. $2.5m EBITDA is up from $0.2m last year. Revenues are up 57% to over $10m, and there's still an $11.9m cash pile. New patented products are gaining traction, a rental model is building nicely, and international sales are becoming material. This year could be a real game changer assuming the oil price remains reasonably stable: Https://
rivaldo: Lovely stuff - "Underlying EBITDA* is now expected to be materially ahead of the Board's previously upwards revised expectations". And the $11.9m cash pile - almost $1m ahead of what was expected in February for the year end - compares with a £15m m/cap.... International sales are growing, as are North American sales, and new products are on the way: Https://
1gw: "Materially ahead" again. WTI well over $60/bbl and the rig count, at least for oil wells, coming back. Surely that should be enough for a rebasing of the share price?
rivaldo: I came across this article from a month ago which hasn't been posted before. Some interesting commentary: Https :// "Enteq Upstream on the front foot again as rig activity rebounds Enteq wants to broaden the geographic reach of the business and strengthen its technological base. ‘Underground GPS’ is how chief executive Martin Perry describes Enteq Upstream PLC’s (LON:NTQ) oil well technology. The AIM-listed group specialises in measurement and directional equipment to get the optimal production from a well. WATCH: Enteq Upstream expands into the Middle East 'now lean years are over'. Its sensors and electronic controllers sit behind the motor driving the drill bit, measuring direction, where it is and parameters about rocks, vibration and temperature. In short, essential pieces of kit to make sure a well goes to the place the geologist wants. The big three oilfield service groups Schlumberger, Halliburton and Baker-Hughes all have their own in-house capability and account for half of the market. Enteq has a good share of the rest. The problem up until the middle of last year, however, was that fewer and fewer wells overall were being drilled in the US. Rig count above 1,000 again Drilling is closely linked to the price of crude and when the US benchmark West Texas Intermediate tumbled to US$36 per barrel at the start of 2016, US rig activity stalled. By January 2017, fewer than 600 rigs were in operation, which predictably had an adverse effect on all oilfield services providers including Enteq. Perry calls them the lean years, but things are looking much better now Having rallied to more than US$70 per barrel in October, the crude price has settled at around US$55-57. Anything about US$45 is more than enough to keep oil companies drilling, says Perry, something borne out by the latest Baker Hughes rig count that showed 1,051 rigs in operation in the US. And that increased activity has already started to show through in Enteq’s numbers. Both sales and profits are running well ahead of expectations, the company said in a trading update. Results well ahead of expectations Turnover in the year to March 2019 will be 50% up from the US$6.5mln seen in 2017/18. House broker Investec, meanwhile, raised its forecast for underlying earnings for the year by 10% to US$1.95mln. Growth accelerated through 2018, said the broker, while there is good visibility into the March year-end. The share price also picked up but is still well short of what Perry expected when he floated Enteq on AIM in 2011. Previously he had set up and run oilfield services group Sondex, which was sold to GE for £289mln in 2007. The intention was to follow a similar buy and build strategy with Enteq. Buy and Build That ambition was halted by the oil price slide but having spent the last couple of years battening down the hatches, Perry is looking up again. Around 90% of revenue comes from the US and some 250 of the drill rigs currently in operation there have at least one key part supplied by Enteq. He wants now to broaden the geographic reach of the business and strengthen its technological base. In particular, he is looking at the Middle East, China and elsewhere in the Far East, where he feels that with the right local partner Enteq can challenge the dominance of the big three. In Saudi Arabia, for example, there is an opportunity in the gas that the country wants to develop for its own domestic use. Opportunities overseas Enteq works with many of the US shale producers and China is keen to develop its own unconventional gas assets. Perry says the technology is agnostic to whether a well is conventional or unconventional, but nearly all its business is onshore and there is another opportunity in offshore contracts. The cost and logistical difficulties with offshore wells mean they require much more monitoring, something known as ‘logging while drilling’. That is well-suited to Enteq’s technology, believes Perry, and it is spending to upgrade its capability for this market. The technology can also be applied to other areas such as geo-thermal power while Perry hints he might also dust-off the buy and build plans and look at acquisitions to strengthen the business. Plenty of firepower Enteq has the firepower for a deal. Net cash is around US$11mln, a figure, ironically, that was boosted by the slowdown in rig activity as it supplied customers from stocks. Some of that money is earmarked to build its rental fleet to help smaller customers. There are 28 rentals currently, with several more kits likely to be added before year-end, according to Investec. The cash balance is worth 13p per share, added the broker, which has a price target of 46p compared to 28.5p today. Perry adds that all its other assets are ‘real’ with the only intangible, the ongoing R&D project. Add the cash and the market value of £17.9mln looks pretty well covered. Throw in the expansion and recovery potential and the recent share price bounce looks set to continue."
rivaldo: Great to see the "materially ahead" of expectations RNS whilst I've been away on hols. Agreed 1gw. City Financial also sold their entire stake in SOM which caused a silly "flash crash" before the share price recovered - and more. Without this I suspect NTQ's share price would be back at 35p-40p, but instead the momentum was stopped in its tracks. Nevertheless, NTQ has $11m cash against the £15.8m m/cap. Given this, the intellectual property, the growing sales around the world and the relatively stable (and decent level of) oil price I'd expect NTQ to attract press/tip attention before its results.
1gw: Nice rns. Can the share price please take note.
rivaldo: Good interim results today, with steady improvement in all respects. No "excitement" as such, so unsurprising to see the share price drift a little in these markets, but the outlook is going in the right direction. I note the North American rig count has continued to increase slightly since the 30th September interims date, even with the oil price falling. - NTQ still have over £9m of cash against the £15m m/cap - they achieved $0.7m cash inflow in H1 before working capital movements - international sales increasing nicely to Saudi, China, Russia etc - new technologies being released commercially and patents published - geothermal drilling sales being made in the Far East and Europe Another set of decent results, with a contract win or two, could see the share price back to 40p assuming the oil price stays at current levels or better.
1gw: Well I get the 60%+ YoY growth in revenue, but not highlighted (as a %) on the front page - have to go to "Overview of results" to see: "The first half revenue of US$4.2m represented a rise of 66% over the US$2.5m for the first half of last year..." It doesn't translate very far down the income statement though, being more than offset by increases in COS and admin. Very good to see the growth in adj EBITDA to $0.6m. [Note there's a mistake in the adjusted earnings line I think - should be (261), not (61)] Good also to see the $0.7m operating cashflow before changes in working capital. WC eats it up though with inventory up by the same amount and receivables up, payables down, meaning $1.4m net cash outflow on operating activities. So revenue strongly up (YoY), profitable at the adj EBITDA level, investing to grow and net assets per share still looking good relative to the share price, although the cash component of that coming down. [errors excepted]
rivaldo: The latest issue of Master Investor magazine is out today, and there's a feature on "picks and shovels" companies in the oil and gas sector - one of which is NTQ. It concludes: Https:// "Valuation Despite the oil price having risen by around 11% since Enteq's upbeat April trading statement, the shares have slipped back from their May peak of 40p to the current 26p. That currently values the business at £16.3 million. The real kicker to the investment case here comes in the form of Enteq's large cash pile, which stood at $15.5 million (£11.8 million) at the end of March. This rose by $0.2 million over the year despite statutory losses of $0.6 million being posted. Management did well to preserve funds, with a $2.5 million working capital inflow being a highlight. So if we strip the cash out of the valuation, the markets are currently valuing Enteq's operations at just £4.5 million. With brokers looking for c.$1 million of pre-tax profits for the year to March 2020, the shares will look very cheap if forecasts are hit. Share price catalysts along the way will be the upcoming interims in November and further positive trading updates."
rivaldo: SVS Deep Value Fund are keen - "very cheap and there is a clear expectation that better business performance will emerge in the not too distant future": Https:// "Drilling down on Enteq Upstream – view from a value investor 23 July 2018, 11:57 One of the longer term holdings in the SVS Church House Deep Value Fund (B79XM02), Enteq Upstream (NTQ:AIM) ‘came back to life with a bang during April’, according to portfolio manager Jeroen Bos (pictured below). At 32.5p, Enteq’s shares are up 33% on the 24.5p average paid during 2014, although they’ve recently been as high as 40p for a 63% paper gain and Bos believes this stock ‘should do very well over time, with the much improved outlook for the oil price.' BOOST FOR BOS The oil services business released an upbeat trading statement during April that has caused the share price to jump, providing a boost for Bos’ SVS Church House Deep Value Fund, a concentrated portfolio of holdings exhibiting deep value characteristics seeking to generate long-term capital growth for investors. ‘In this statement, management stated: “The board is pleased to report that both full year revenues and underlying EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) are expected to be significantly ahead of its expectations’, says Bos. He continues: ‘The company has been listed since 2014, and the highly regarded management team had expectations that Enteq Upstream would become a consolidator in the sector by buying smaller oil services companies, a process they had previously, very successfully, undertaken with a different company. Enteq Upstream is this management team’s second incarnation and the aim was to repeat a very successful operating model.’ ‘Due to the collapse in the oil price, the company struggled to execute this strategy, so management instead concentrated on protecting the business during the downturn and not committing funds while the market was in free-fall. Apart from one purchase, it continued to protect cash reserves to such an extent, that at the low point, cash on the balance sheet was greater than the company’s market capitalisation.’ ‘By this stage it could be said that the company was truly cheap, albeit operating in a very, temporarily, difficult sector. Fast forward to April 2018 and an encouraging trading statement was all that was needed to propel the shares to higher levels. With profitability expected to make an appearance and an improving oil industry outlook, we should expect the shares to move to higher levels in the future,’ says Bos. ‘This is a great example of value investing. We buy shares that appear to be deeply depressed, but on balance sheet terms they are very cheap and there is a clear expectation that better business performance will emerge in the not too distant future.’"
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