Share Name Share Symbol Market Type Share ISIN Share Description
Riverstone Energy Limited LSE:RSE London Ordinary Share GG00BBHXCL35 ORD NPV
  Price Change % Change Share Price Shares Traded Last Trade
  9.00 2.95% 314.50 376,904 16:35:23
Bid Price Offer Price High Price Low Price Open Price
310.50 314.00 317.00 302.00 302.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments -188.97 -224.95 251
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:23 UT 8,836 314.50 GBX

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Date Time Title Posts
11/5/202014:20Riverstone Energy - Global Energy140

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Riverstone Energy Daily Update: Riverstone Energy Limited is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker RSE. The last closing price for Riverstone Energy was 305.50p.
Riverstone Energy Limited has a 4 week average price of 148p and a 12 week average price of 108p.
The 1 year high share price is 925p while the 1 year low share price is currently 108p.
There are currently 79,896,731 shares in issue and the average daily traded volume is 113,321 shares. The market capitalisation of Riverstone Energy Limited is £251,275,219.
konkel: Following results, surely share price should be gapping up? $211m in cash, probable return to shareholders in some shape or form and possible wind up.
lpavlou: Agreed the net asset value has been falling but the share price of CDEV has recovered from its low and we should now be close to the bottom. If they believe that values have further to fall then they won't be buying back the shares. Any buyback is still a way off. If they had real confidence in TH wot ability and could raise the funds, now would be a good time to be buying good quality assets at knock-down prices
hugepants: For the share price to go from 1200p share price to 400p in 12 months is not very good for what is basically an investment trust
rambutan2: From AVT (5.1% stake) annual report (y/e 30/09) which out today: Riverstone Energy (‘RSE’) was by far our largest detractor for the year (-293bps) with a share price fall of -54%. A sharp decline in the NAV (-36%) was compounded by a near-doubling of the discount to 42%. Over the year, the price of West Texas Intermediate oil declined by -26%, with geo-political concerns outweighed by continued strong production levels. Sentiment to the US Oil & Gas sector is at all-time negative levels, with energy’s share of the S&P 500 at just 5% (down from a peak of 13% in 2008). Multiple compression in publicly traded peers (the S&P E&P Index trades at 5x EV/EBITDA vs 12x less than three years ago) has translated into write-downs for RSE’s private investments. More specific pain has been felt at Canadian holding Hammerhead Resources, RSE’s largest investment, due to government caps placed on production for companies such as Hammerhead that operate in Western Alberta. A shortage of pipelines and other infrastructure has depressed oil prices (when oil cannot be transported out of the Basin, this depresses local oil prices) within the Basin and led to the government action. Overall, RSE’s holdings were valued at a MOIC (multiple of investment cost) of 0.9x at June 2019 – this compares to a MOIC of 1.4x during the third quarter of 2018. RSE’s woes were further compounded by a -79% decline in the share price of its sole listed holding, Centennial Resources (‘CDEV’, 7% of NAV). CDEV was hit by the decline in oil prices over the period, which was compounded by guidance from management that it would be reducing production estimates by more than expected in response to the oil price slide. While this move is sensible insofar as it leaves oil in the ground when it is priced too low, it also means that CDEV is unlikely to break-even until at least 2022; previously, management had projected break even profitability in 2020. There were some points of positive news over the past year, including the realisation of two assets – Sierra and Meritage Midstream – accounting for 7% of NAV, and an announcement with the June 2019 results that the board continues to “evaluate options with the goal of reducing the discount”, and that it has been “holding discussions [...] regarding potential changes to the terms of the investment management agreement.” The RSE investment has been a difficult one for your Company to date, with weak NAV growth since the position was initiated in 2015, and discount widening impairing shareholder returns. While we would not want to pre-judge the announcement of the board’s measures to reduce the discount, we believe that structural solutions will be required to narrow the discount sustainably and we continue to engage with the board and management of RSE in order to achieve a satisfactory outcome for all parties.
rambutan2: Not encouraging:
rambutan2: Hi Specto, I was wondering whether anyone else on here was watching! A bit like with WPCT, every time since launch I've revisited RSE, I've reminded myself why I didn't like it last time I looked. That jumbo discount got me reading through the website today, and whilst the chairman made a few slightly encouraging comments in the interims, imho it's still a horror show (see note 8, pg 26) with regard to costs, fees, taxes, the board, commitments etc etc. I think I will continue to sit on the sidelines for the time being, but bear in mind that there could be a continuation vote next Oct. Noted, a wrong call! In its interims (to 31/03), when the share price was circa 940p, BTEM (5% stake) said: Despite the recent disappointing performance, we continue to view RSE as an attractive asset with strong prospects for NAV growth over the medium to long term which, coupled with returns from discount contraction, holds out the prospect of compelling returns from here.
erogenous jones: Share price seems to have bottommed out. Hopefully, it will not be too long before the increase in oil is reflected in the share price. Many investment trusts trade within a few % either side of NAV and very few at such a deep discount. Currently I am fully invested so will need to wait until the next tranche of dividends arrives before averaging up.
xxnjr1: Wrt: So far, according to my calcs, Messrs David Leuschen and Pierre Lapeyre have purchased 389,833 shares in RSE at an ave weighted buying price of £12.83p per share. Quite remarkable they've managed to buy those shares without affecting the share price, given that crude oil price has risen significantly as well!
anley: When you have some one paying £10 per share and the share price is below 870p you have to ask the question - do they know something we do not know? No one chucks £50,000,000 into a duff stock..................
anley: Good progress being made by the company and its management BUT the share price does not seem to reflect this. Still around 900p..........
Riverstone Energy share price data is direct from the London Stock Exchange
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