Riverstone Energy Share Discussion Threads

[hugepants] 13/11/2023 09:42

My estimate of portfolio breakdown when Hammerhead sale completes next month. Accounts for 4% reduction in dollar/sterling since end sept.

NAV 1315p
Cash = 560p
Permian Resources (listed)= 270p
Onyx = 150p
Crescent Point (listed) = 120p
Goodleap = 70p
Infinitum = 55p
T-REX = 40p
Solid Power (listed) = 29p
Our Next Energy = 24p
Tritium = 21p
Freewire = 18p
Enviva (listed) = 11p
Other = 10p
Liabilities=60p

[hugepants] 07/11/2023 09:41

"...Following the expected completion of the Hammerhead transaction in late December 2023, approximately 43% of REL's net asset value is expected to consist of cash"

NAV should be over £13 when this completes with 500p+ in cash

"...REL is currently exploring the most efficient means of returning its excess capital to shareholders (while also taking into account the anticipated on-going requirements of its other portfolio companies) and will make a further announcement in due course."

[lionheart79] 22/8/2023 08:13

Got a corporate action notice that these guys are looking to buy back up to 30% of issued shares at £5.78 or something. Can't see any value in participating in that surely, what with the large discount to NAV? Who are they trying to entice? Would represent a 50% loss for me.

[the millipede] 13/7/2023 09:28

To be honest, some of these investments are/were very speculative and there is always a chance of failure.

This news isn’t really about the investment but about whether investors understood the risks they were taking.

Share price fall seems overdone to me. Anuvia was a very small part of overall NAV.

[coolen] 11/7/2023 14:48

After today's failure, marks out of 10 for the investment analyst?

[apollocreed1] 21/5/2023 16:43

Looks good value to me but worth bearing in mind that they have been moving heavily into renewables which aren't as profitable, and they have always traded on a large discount due to the high management fees and I believe due to the opacity of the private firms they own (a bit like private equity ITs).

Any idea when the next continuation vote is, and if it were to be discontinued I wonder if there is still a huge payment due to the Investment Manager on that contingency (as was the case for the 2020 vote)?

[mrscruff] 21/5/2023 14:55

RSE has been going side ways for 47 days. Its at a level where a massive seller and buyer are at. Its not been like this since Jan 2022 and then it went up. A reversal is possible to the upside. The buy backs are strong. Revenue from the oil companies is feuling buy backs and growth. 1 year 30% to 40% upside possible. 20% of the share price growth from pure NAV closing.

[dickiehhh] 20/4/2023 19:31

Looks like two massive buys today?

[the millipede] 18/4/2023 08:56

Some quite good articles about Permian on seekingalpha.com under the following headlines.

“Permian Resources: $1 Billion In Positive Cash Flow Likely In 2023“

“Permian Resources: Improved Cost Structure Enhances Its Value“

“Permian Resources: Catering To Growth And Mr. Market“

I think you can read 1 article per month for free.

[mrscruff] 11/2/2023 10:26

No GBP of NAV, you can simply ask Google to convert it as the exchange rates in these days change massively all the time and the only constant is the USD as these are USD companies.

[coolen] 08/2/2023 18:28

Anywhere we can view a current estimated NAV and in pence, as opposed to historic and then only in $ ?

[mrscruff] 01/2/2023 14:13

At this level of discount I would be happy buybacks and re-investment into the current portfolio commitments and new growth. If there was a dividend the portfolio is too concentrated and we would be worrying about maintainability especially with the traditional energy being slowly sold down over time.

[the millipede] 01/2/2023 10:04

Discount still massive.

Could probably generate more interest for potential new shareholders if they paid a dividend.

[cousinit] 31/1/2023 14:46

I did try to buy back in with IG the other day, but they seem to feel that the tax position for US residents makes it too complicated to allow for anyone... May partly explain just why it drifts down so easily

[mrscruff] 31/1/2023 14:38

See everyone in the morning. I expect the NAV in GBP to fall and our discount narrows. I expect the NAV in USD rises indicating a continuation of the bullish trend. I expect buyers to then buy in expectation of future growth. Best of luck.

[apollocreed1] 29/1/2023 13:56

@MrScruff - I agree. This is one of the few sectors that has Macro-winds helping its assets continue their climbs this year. When they first started the oil price was falling so they really struggled.

[mrscruff] 29/1/2023 09:30

Added some more last week. When the quarterly NAV comes out this week we have to consider the fall in the USD by a staggering 11% (ouch!), however some of the listed holdings are up more than this and the overweight in cash generative oil assets could make the actual NAV anyone's guess??? I love this stock. The most undervalued energy stock available to public investors by miles and miles and miles. A windup would be melancholy...happy to wait 4-5 years in this energy supercycle.

[mrscruff] 12/1/2023 13:39

Press articles are always a good thing to sell into. Now the buyers are out I have added some back in and may keep some fo the long run too.

[mrnumpty] 03/11/2022 12:57

What a difference a " buy " tip in a national newspaper makes - up 44p , or over 7% , in the five hours since the stock market opened this morning . I may well bur back in to Riverstone , but certainly not until this leap in the price evaporates away which , after such an extended period of share price weakness , it will surely do in the next week or two . No , I'm most categorically not a ramper , but I'm also not such a Numpty that I would buy at this price .

[mrnumpty] 03/11/2022 07:42

Well , wakey wakey - not a single post here since my post here four months ago ! If there’s still anyone out there , I suggest you read a decent-sized article about Riverstone , on page 23 of today’s Telegraph . It says that Riverstone is so cheap that , bizarrely , it is trading at a discount of more than 100 % ! The Telegraph rates Riverstone as “ still a buy “ , at £ 6.28 .

[mrnumpty] 05/7/2022 23:09

The prices of most raw materials dropped today on recession fears . This drop included crude oil , with this no doubt being a factor in the drop in the share price of Riverstone . However , of the thirteen investments listed in Riverstone’s portfolio , only three are oil companies whereas , if you check on the fund’s previous investments , you can see that Riverstone has clearly been moving away from oil and gas .

[mrnumpty] 02/7/2022 21:39

According to Riverstone’s website , they have repeatedly been buying back shares in the last few days , so they presumably see the current share price weakness as overdone , but do your own research , and buybacks are no guarantee that the price will automatically rise

[the millipede] 24/6/2022 23:01

RSE don’t think oil and gas is smelly.

They think oil and gas currently generates bucket loads of cash, that can be put to good use in funding energy transition.

They also expect the discount to narrow with the switch but I think that will be some way off.

[mattybuoy] 21/6/2022 15:47

I have just discovered this, what a strange beastie.

The NAV is under-stated IMO.

Don't like the renewables push though. If they think O & G is smelly why not just wind the thing up so everyone gets full value?