Institutional Research Publications LOS ANGELES 10100 Santa Monica Boulevard Los Angeles, CA 90067 Equity and Industry Analysis Group (310) 246-3700/(800) 929-2299 For the Month of August 2019 NEW YORK 277 Park Avenue To obtain copies of any of our equity and industry research reports, including the 83 New York, NY 10172 published in August 2019, please contact your account executive on 1-800-929-2299 (212) 351-9700/(800) 371-7087 or click on any of the company names in this document.
LONDON Acushnet Holdings (GOLF In-Line) Imperial Capital (International) LLP One Eagle Place 2Q19 Review: Another Mixed Quarter—Maintaining Our In-Line Rating and $24 London SW1Y 6AF Price Target August 8, 2019 +44 (0) 207 650 5400 George Kelly, CFA (212) 351-9476 BOSTON [email protected] 265 Franklin Street Boston, MA 02110 (617) 478-7600/(888) 478-9696 ADT, Inc. (ADT: Outperform) 2Q19 Earnings Review—Heavy Investment in New Technology Offset by Buoyant CHICAGO and Expanding Commercial/Industrial Business; Maintaining Our Outperform 200 South Wacker Drive Rating and Lowering Our Price Target to $10 from $12 August 8, 2019 Chicago, IL 60606 Jeff Kessler (312) 674-4721 (212) 351-9701 [email protected] HOUSTON Edward P. Mally, CFA 1330 Post Oak Boulevard (212) 351-9768 Houston, TX 77056 [email protected] (713) 892-5601
MINNEAPOLIS Alarm.com Holdings, Inc. (ALRM: In-Line) 60 South Sixth Street 2Q19 Earnings Results—Company Faces Uncertainties Related to the Housing Minneapolis, MN 55402 Market and the Economy; Maintaining Our In-Line Rating and Lowering Our PT (612) 692-6900 to $58 from $64 August 13, 2019
Jeff Kessler PALM BEACH (212) 351-9701 3801 PGA Boulevard [email protected] Palm Beach Gardens, FL 33410 (561) 214-7901 Alaska Air Group (ALK: In-Line) STAMFORD 2Q19 Recap: Current Valuations Fairly Value Alaska’s Earnings Potential 1 Landmark Square Considering Its 2020 Margin Target May Not Be Achievable; Maintaining Our In- Stamford, CT 06901 Line Rating, Raising Our Price Target to $70 From $68 on Higher Than Expected (203) 428-3300 3Q18 Unit Revenues August 5, 2019
For more information, please contact: Edward P. Mally, CFA (212) 351-9768 [email protected]
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Allegiant Travel Company (ALGT: Outperform) California Resources Corp. (CRC: Outperform) 737MAX Groundings Due to Low Expectations and Unit 2Q19 Results Negatively Impacted by Lower NGL Revenue Upside Potential; Maintaining Our Outperform Prices, but CRC Should See Production Growth in 2H19 Rating and Our $41 Price Target August 7, 2019 as It Continues to Explore Larger Transactions to Improve the Financial Position; Maintaining Our For more information, please contact: Outperform Rating and Lowering Our Price Target to Edward P. Mally, CFA $20 from $28 August 2, 2019 (212) 351-9768 [email protected] Jason Wangler (713) 892-5603 [email protected] AMC Entertainment (AMC: Outperform) Earnings Preview: Management Set to Address a Number of Topics; Shares Up 33.4% Since Our Report Callon Petroleum Company (CPE: Outperform) on 7/9/19; Maintaining Our Outperform Rating and $23 2Q19 Review: Results Consistent with Expectations; Price Target August 1, 2019 Maintaining Our Outperform Rating and Price Target of $11 August 8, 2019 David W. Miller (310) 246-3682 Irene Haas [email protected] (713) 892-5606 [email protected] Axon Enterprise Inc. (AAXN: Outperform) Claire Ye 2Q19 Results—Raising Our Rating to Outperform from In- (713) 892-5608 Line, While Maintaining Our Price Target of $68; Results [email protected] Below Expectations Due to Battery Supply Shortage and Write-Down of Obsolete Inventory; Management Callaway Golf Company (ELY: Outperform) Maintains 2019 Revenue Guidance August 14, 2019 Positive 2Q19 Report; Forward Estimates Relatively Jeff Kessler Unchanged—Maintaining Our Outperform Rating and (212) 351-9701 $22 Price Target August 9, 2019 [email protected] George Kelly, CFA (212) 351-9476 Bonanza Creek Energy, Inc. (BCEI: Outperform) [email protected] 2Q19 Review: Differentiated Performance with Positive Surprises on Well Productivity; Company Realized CBS Corporation (CBS: Outperform) Some of the Strongest Oil and Gas Prices Within the DJ According to Widely Distributed Press Reports, CBS Basin; Maintaining Our Outperform Rating and Price and Viacom Agree to a Merger Ratio of 0.596 CBS Target of $30 August 9, 2019 Shares for Every VIAB Share; Maintaining Our Irene Haas Outperform Rating, but Lowering Our CBS Price Target (713) 892-5606 to $62 from $72 August 13, 2019 [email protected] Reversing the 2H19 and F2020 Equity Shrinkage Claire Ye Originally Built into Our Models; Cost Synergy Guidance (713) 892-5608 Likely to Be Revised Higher; Maintaining Our Outperform [email protected] Rating and Price Target of $62 August 26, 2019 David W. Miller The Brink’s Company (BCO: Outperform) (310) 246-3682 Argentine Peso Declines After Poor Primary Showing [email protected] by President Macri; If Conversion Rate Stabilizes at Current Low Levels, 3Q19 EPS May Be Adversely Centennial Resource Development, Inc. Affected; Maintaining Our Outperform Rating and Our (CDEV: In-Line) Price Target of $105 August 20, 2019 2Q19 Review: Strong Quarter, Raising Production Jeff Kessler Guidance for 2019, and Cutting Costs While Keeping (212) 351-9701 Spending Unchanged; Maintaining Our In-Line Rating [email protected] and Price Target of $8 August 7, 2019 Irene Haas (713) 892-5606 [email protected] Claire Ye (713) 892-5608 [email protected]
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Chaparral Energy, Inc. (CHAP: Outperform) Denbury Resources, Inc. (DNR: In-Line) 2Q19 Results Show Significant Sequential Production 2Q19 Results Exceed Expectations and Show Free and EBITDA Growth that Reduces the Cash Burn as Cash Flow From Operations as DNR Continues to Look CHAP Reduces 2019 Operating and Capital Expense at Debt Reduction While Funding Capex Ahead of the Guidance; Maintaining Our Outperform Rating and $10 Cedar Creek Anticline Project; Maintaining Our In-Line Price Target August 9, 2019 Rating and $2 Price Target August 8, 2019 Jason Wangler Jason Wangler (713) 892-5603 (713) 892-5603 [email protected] [email protected]
Chesapeake Energy Corp. (CHK: In-Line) Diamondback Energy, Inc. (FANG: Outperform) Pushing Further Into Oily Regions While Slowing Utilizing Cash Flow from Operations, Proceeds from Natural Gas Activity Given the Pricing Environment and Non-Core Asset Sales, and Funds Generated from Focus on Margins; Maintaining Our In-Line Rating and Subsidiaries to Reduce Debt, Provide Shareholder $2 Price Target August 7, 2019 Returns, and Focus on Continued Production Growth; We Are Maintaining Our Outperform Rating and $130 Jason Wangler Price Target August 8, 2019 (713) 892-5603 [email protected] Jason Wangler (713) 892-5603 [email protected] Cimarex Energy Co (XEC: In-Line) 2Q19 Review: Production Was Strong, but Results Came in Below Consensus Mainly Due to Weak Discovery, Inc. (DISCA: In-Line) Realized Natural Gas and NGL Prices; Maintaining Our In Light of Recent MSGN Fallout, There Is a Strong In-Line Rating and Lowering Our Price Target to $51 Argument for a Potential Combination of MSGN/DISCA; from $58 August 7, 2019 Maintaining Our In-Line Rating, Though Lowering Our PT to $29 from $30 August 27, 2019 Irene Haas (713) 892-5606 David W. Miller [email protected] (310) 246-3682 [email protected] Claire Ye (713) 892-5608 [email protected] Drive Shack (DS: Outperform) Story On-Track After 2Q19 Report and Our Visit to the Construction Partners (ROAD: Outperform) New Store in Raleigh—Maintaining Our Outperform Rating and $7 Price Target August 22, 2019 3Q19 Results Illustrate Strong Revenue and Earnings Growth; A Robust Backlog and Vertically Integrated George Kelly, CFA Business Model Provide a Good Foundation for (212) 351-9476 Expanding Market Share; Maintaining Our Outperform [email protected] Rating and Raising Our PT to $17.25 from $15.50 August 15, 2019 Earthstone Energy, Inc. (ESTE: Outperform) Edward P. Mally, CFA Adding Activity Using a New High-Spec Rig in the (212) 351-9768 Midland Basin With an Active Completion Schedule [email protected] Planned for 2H19; Maintaining Our Outperform Rating Megan Barnett and $8 Price Target August 8, 2019 (212) 351-9437 Irene Haas [email protected] (713) 892-5606 [email protected] Continental Resources, Inc. (CLR: Outperform) Claire Ye Large Projects Within Its Acreage Positions and (713) 892-5608 Shareholder Returns Using Free Cash Flow from [email protected] Operations Remain Unique Aspects; Maintaining Our Outperform Rating and $55 PT August 24, 2019
Jason Wangler (713) 892-5603 [email protected]
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EOG Resources, Inc. (EOG: Outperform) HighPoint Resources Corp. (HPR: Outperform) 2Q19 Review: EOG Aims to Generate the Highest 2Q19 Results Consistent with Expectations/Company Returns Within Its Peers in a Low Crude Price Guidance as HPR Enters an Important 2H19 Proving Environment; Maintaining Our Outperform Rating and Ground for its Strategy; Maintaining Our Outperform Price Target of $108 August 5, 2019 Rating and $3 Price Target August 7, 2019 Irene Haas Jason Wangler (713) 892-5606 (713) 892-5603 [email protected] [email protected] Claire Ye (713) 892-5608 Identiv, Incorporated (INVE: Outperform) [email protected] 2Q19 Earnings Preview—Becoming a One-Stop Force in Access and Identity; Maintaining Our Outperform Rating Extraction Oil & Gas, Inc. (XOG: Outperform) and $8.75 Price Target on INVE Shares August 2, 2019 Production Exceeded Expectations in 2Q19, but Weak Strong 2Q19: Despite One-Time Headwinds in Revenue, Natural Gas and NGL Prices Offset the Volume Growing Margins Still Help Beat Consensus on EBITDA Outperformance; Maintaining Our Outperform Rating and EPS; We Believe the Company Has Reached an and Price Target of $7 August 5, 2019 Inflection Point, and Expect a Strong 2H19. Maintaining Our Outperform Rating and Raising our Price Target to Irene Haas $9.50 from $8.75 August 12, 2019 (713) 892-5606 [email protected] Jeff Kessler Claire Ye (212) 351-9701 (713) 892-5608 [email protected] [email protected] iHeartMedia, Inc. (IHRT) Gulfport Energy Corp. (GPOR: Outperform) With a Market-Leading Broadcast Radio Portfolio, 2Q19 Results as Expected with GPOR Executing Growing Digital Platforms, Strong Free Cash Flow, and Operationally, Maintaining Guidance and Shifting to a Commitment to De-levering Balance Sheet, We Value Free Cash Flow Mode in 2H19 While Asset Sales Add IHRT at $8.3bn or $20/Share August 16, 2019 Incremental Dry Powder to Repurchase Debt and Kirk Ludtke Equity; Maintaining Our Outperform Rating and $11 (212) 351-9726 Price Target August 5, 2019 [email protected] Jason Wangler (713) 892-5603 Jagged Peak Energy, Inc. (JAG: In-Line) [email protected] 2Q19 Review: Slight Miss Due to Costs; Maintaining Our In-Line Rating and PT of $9 August 12, 2019 Halcón Resources Corp. (HK: In-Line) Irene Haas Company Enters a Restructuring Agreement to Reduce (713) 892-5606 Debt and Increase Liquidity; Maintaining Our In-Line [email protected] Rating and Lowering Our Price Target to $0.15 from $0.25 August 6, 2019 Claire Ye (713) 892-5608 Jason Wangler [email protected] (713) 892-5603 [email protected] Johnson Outdoors (JOUT: Outperform) 2Q19 Review: Reducing Our Estimates Slightly on Hawaiian Holdings (HA: Outperform) Tariffs and Weather—Maintaining Our Outperform 2Q19 Recap: FY19 Is Likely to Represent the Trough on Rating and Lowering Our Price Target to $80 from $95 Earnings Considering Significant Positive Catalysts in August 6, 2019 FY20, Including Main Cabin Basic and the Approval of Its Joint Venture WIth Japan Air Lines; We Are George Kelly, CFA Maintaining Our Outperform Rating and $40 Price (212) 351-9476 Target August 1, 2019 [email protected] For more information, please contact: Edward P. Mally, CFA (212) 351-9768 [email protected]
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Kimbell Royalty Partners, LP (KRP: Outperform) Mammoth Energy Services (TUSK: Outperform) Active Drilling Rigs and a Low PDP Decline Rate Working Through a Tough OFS Market and Transition Should Allow KRP to Continue Driving Cash Flow for in the Infrastructure Segment, but a Good Deal of Value Distributions; Maintaining Our Outperform Rating and Likely Remains in the Accounts Receivable; $20 Price Target August 9, 2019 Maintaining Our Outperform Rating and Lowering Our Price Target to $10 from $18 August 5, 2019 Jason Wangler (713) 892-5603 Jason Wangler [email protected] (713) 892-5603 [email protected] Lindblad Expeditions (LIND: Outperform) 2Q19 Report Shows Continued Progress—Maintaining Matador Resources Company (MTDR: Outperform) Our Outperform Rating and Raising Our Price Target to 2Q19 Review: Production Exceeded Expectations While $22 from $21 August 6, 2019 Costs Trended Down; Midstream Business Gathering Momentum; Maintaining Our Outperform Rating and George Kelly, CFA Price Target of $25 August 2, 2019 (212) 351-9476 [email protected] Irene Haas (713) 892-5606 [email protected] Lionsgate Entertainment (LGF.B: Outpeform) Raising Our Rating to Outperform from In-Line and Claire Ye Raising Our Price Target to $14 from $13; Worst Case (713) 892-5608 Scenario for Starz-Level Equity Raise Currently Built in [email protected] to the Stock August 19, 2019 David W. Miller MGM Holdings (MGMB: Outperform) (310) 246-3682 MGMB to Release “Bernadette” on ~3,600 Screens; [email protected] September Should Be an Exciting Programming Month at EPIX; Maintaining Our Outperform Rating and $102 Price Target August 16, 2019 Madison Square Garden (MSG: Outperform) Earnings Preview: Management Likely to Address David W. Miller Status of Sports Spin, Capex Levels for Sphere and (310) 246-3682 Knicks Player Personnel; Maintaining Our Outperform [email protected] Rating and PT of $377 August 14, 2019 MSG Misses Expectations on Multiple Levels, but It Is Montage Resources Corp. (MR: In-Line) Mostly Due to ASC Topic 606; Sports Spin Now Delayed 2Q19 Review: Very Strong Quarter; Company Raised Until 1Q20; Maintaining Our Outperform Rating, but Production Guidance and Reduced Spending; Lowering Our Price Target to $362 from $377 Maintaining Our In-Line Rating and Price Target of $6 August 20, 2019 August 8, 2019 David W. Miller Irene Haas (310) 246-3682 (713) 892-5606 [email protected] [email protected] Claire Ye Magnolia Oil & Gas Corp. (MGY: Outperform) (713) 892-5608 [email protected] 2Q19 Review: MGY Consistently Delivers Free Cash Flow, Despite Being A Public Company for Just One Year; Maintaining Our Outperform Rating and Price MSG Networks (MSGN: Outpeform) Target of $14 August 8, 2019 MSGN Misses Due to Lower Affiliate Fees; However, Irene Haas Maintaining Constructive Stance as We Believe the (713) 892-5606 Company Will Eventually Seek Strategic Alternatives; [email protected] Maintaining Our Outperform Rating, but Lowering Our PT to $24 from $32 August 22, 2019 Claire Ye (713) 892-5608 David W. Miller [email protected] (310) 246-3682 [email protected]
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Natural Gas Services Group (NGS: Outperform) OneSpaWorld (OSW: Outperform) As NGS Gets the Large Horsepower Units to the Field, Strong 2Q19 Report; Free Cash Can Provide Upside, in Higher Capital Spending and Reduced Margins Impact Our View—Maintaining Our Outperform Rating and Near-Term Results but Should Be a Long-Term Benefit Raising Our Price Target to $19 from $18 August 9, 2019 in Utilization and EBITDA; Maintaining Our Outperform George Kelly, CFA Rating and Lowering Our Price Target to $18 from $21 (212) 351-9476 August 7, 2019 [email protected] Jason Wangler (713) 892-5603 Outfront Media Inc. (OUT: Outperform) [email protected] Despite a 55% Gain So Far in 2019, Maintaining Our Outperform Rating and Raising Our Price Target to $32 Nautilus, Inc. (NLS: Outperform) from $30 on F2020 EBITDA Estimate Raise; NYC-MTA 2Q19 Review: We Believe Fundamental Challenges Are Deployments Continuing as Originally Profiled Priced Into NLS—Maintaining Our Outperform Rating August 23, 2019 and $4.50 Price Target August 2, 2019 David W. Miller George Kelly, CFA (310) 246-3682 (212) 351-9476 [email protected] [email protected] Parker Drilling Company (PKD: Outperform) Netflix Inc. (NFLX: Outperform) 2Q19 Results Show a Continued Ability to Generate Free Cash Flow in a Difficult Environment Due to Its Negotiations Between NFLX and Select Exhibitors Client Base and Exposure to Offshore and International Break Down Over Terms Behind “The Irishman;” Operations; Maintaining Our Outperform Rating and Maintaining Our Outperform Rating, Though Lowering $34 Price Target August 7, 2019 Our PT to $451 from $458 August 29, 2019 Jason Wangler David W. Miller (713) 892-5603 (310) 246-3682 [email protected] [email protected] Parsley Energy, Inc. (PE: Outperform) Noble Energy, Inc. (NBL: Outperform) 2Q19 Review: The “Treadmill” Is Slowing Down, 2Q19 Review: With Positive 2019 Guidance Revisions, Enabling PE to Generate Free Cash Flow Ahead of We Anticipate Sustainable Free Cash Flow Generation Schedule; Maintaining Our Outperform Rating and in the Near Term; Maintaining Our Outperform Rating Price Target of $22 August 8, 2019 and PT of $32 August 5, 2019 Irene Haas Irene Haas (713) 892-5606 (713) 892-5606 [email protected] [email protected] Claire Ye Claire Ye (713) 892-5608 (713) 892-5608 [email protected] [email protected] PDC Energy, Inc. (PDCE: Outperform) Northern Oil & Gas, Inc. (NOG: In-Line) 2Q19 Review: Moving Forward With a Leaner Cost 2Q19 Results and 2H19 Guidance Show the Operational Structure, Generating Free Cash Flow, and Buying Strength of NOG as It Remains Focused on Refinancing Back Shares; Maintaining Our Outperform Rating and the 2nd Lien Debt to Open Up Avenues for Returning Price Target of $50 August 9, 2019 Capital/Free Cash Flow to Shareholders in the Future; PDCE Announced an All-Stock Transaction with SRCI Maintaining Our In-Line Rating and $3 Price Target and Will Emerge as the Second Largest Producer in the August 5, 2019 Wattenberg Field. The Combined Company Expects to Jason Wangler Generate Free Cash Flow of $800mn Through 2021, Half (713) 892-5603 Allocated to Share Buyback and the Remainder to Debt [email protected] Reduction and Growth; Maintaining Our Outperform Rating and PT of $50 August 27, 2019
Irene Haas (713) 892-5606 [email protected]
Claire Ye (713) 892-5608 [email protected]
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Penn Virginia Corporation (PVAC: Outperform) Pyxus International, Inc. (PYX) 2Q19 Review: Results Are Consistent With Our Despite F1Q20 EBITDA Decline and Lower FY20 Expectations; Maintaining Our Outperform Rating and Guidance, Possible IPO in Canada or Strategic Price Target of $58 August 9, 2019 Investment in Its Fast Growing “NexGen” Businesses Provide Catalyst to Realize Value to PYX Shares – Irene Haas Maintaining Our Outperform Rating and Lowering Price (713) 892-5606 Target to $68 from $71 on Potential Tariff Headwinds in Its [email protected] Leaf Business Segment August 26, 2019 Claire Ye Mary Ross Gilbert, CFA (713) 892-5608 (310) 246-3757 [email protected] [email protected]
Pioneer Energy Services Corp. (PES: In-Line) Resideo Technologies, Inc. (REZI: Outperform) 2Q19 Results Were Consistent With Expectations, but It 2Q19 Earnings Results—Management Maintains Was Likely the Best Period for 2019 as Declining Guidance; Company Expects Stronger 2H19 on the Activity Is Expected in 2H19; Maintaining Our In-Line Back of New Products; We Are Maintaining Our Rating and $0.25 PT August 1, 2019 Outperform Rating on REZI Shares and Maintaining Our Price Target of $25 August 9, 2019 Jason Wangler (713) 892-5603 Jeff Kessler [email protected] (212) 351-9701 [email protected] Pioneer Natural Resources (PXD: Outperform) Edward P. Mally, CFA 2Q19 Review: Generating Sustainable Free Cash Flow (212) 351-9768 to Fund Share Repurchase, Higher Dividends, and Debt [email protected] Reduction; Maintaining Our Outperform Rating and Price Target of $158 August 8, 2019 Ring Energy, Inc. (REI: Outperform) Irene Haas 2Q19 Review: Focused on Improving the Operations (713) 892-5606 While Trending Toward Cash Flow Neutrality in the [email protected] Current Environment; Maintaining Our Outperform Rating and $6 PT August 9, 2019 Claire Ye (713) 892-5608 Mid-3Q19 Update Details that REI Is Seeing Good [email protected] Results from Its Northwest Shelf Properties While Moving Forward with Its Field Optimization Plans; Maintaining Our Outperform Rating and Lowering Our Planet Fitness (PLNT: In-Line) Price Target to $4 from $6 August 22, 2019 2Q19 Review: We Are Raising Our Estimates After Another Strong Quarter; Valuation Keeps Us On Jason Wangler Sidelines—Maintaining Our In-Line Rating and Raising (713) 892-5603 Our PT to $72.50 from $55 August 9, 2019 [email protected] George Kelly, CFA (212) 351-9476 Roan Resources, Inc. (ROAN: In-Line) [email protected] 2Q19 Review: Updated Guidance Slightly Improves Outspend Outlook While We Await Strategic Alternative Announcements; Maintaining Our In-Line Rating and Primo Water Corporation (PRMW: Outperform) Price Target of $2 August 9, 2019 2Q19 Review: After a “Messy” Quarter, We Are Maintaining Our Outperform Rating and Lowering Our Irene Haas Price Target to $15 from $18 August 7, 2019 (713) 892-5606 [email protected] George Kelly, CFA (212) 351-9476 Claire Ye [email protected] (713) 892-5608 [email protected]
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ShotSpotter, Inc. (SSTI: Outperform) Tech Enabled Services Industry Update 2Q19 Earnings Review—Longer Than Expected Lead Update on Residential Premises Monitoring: We Review Times for International Contracts, but Larger Than 1H19 and Provide an Outlook for Select Premises Control Expected Pipeline Discussions. Maintaining Our Out- Companies Under Our Coverage August 28, 2019 perform Rating and Our $48 Price Target August 8, 2019 Jeff Kessler Jeff Kessler (212) 351-9701 (212) 351-9701 [email protected] [email protected] Town Sports International Holdings Solaris Oilfield Infrastructure (SOI: Outperform) (CLUB: Outperform) 2Q19 Results: Ample Free Cash Flow From Operations Sell-Off Overdone, in Our View—Maintaining Our Should Allow SOI to Grow Its Cash Balance and Take Outperform Rating, but Lowering Our Price Target to $3 Advantage of Operational and Financial Opportunities from $5.50 August 20, 2019 When Appropriate; Maintaining Our Outperform Rating and Lowering Our Price Target to $20 from $22 George Kelly, CFA August 1, 2019 (212) 351-9476 [email protected] Jason Wangler (713) 892-5603 [email protected] Verint Systems, Inc. (VRNT: Outperform) Rebalancing Quarterly Cadence—Maintaining Our Outperform Rating and Our PT of $69 August 19, 2019 SRC Energy, Inc. (SRCI: Outperform) 2Q19 Review: Sustained High Line Pressure Impacted Jeff Kessler Operations in 2Q19; SRCI Will Run One Rig in 4Q19 but (212) 351-9701 Expect Robust Production in 2020; Maintaining Our [email protected] Outperform Rating and Price Target of $9 August 2, 2019 Irene Haas Viacom Inc. (VIAB: Outperform) (713) 892-5606 It’s Official: VIAB Merges Back Into CBS 13 Years After [email protected] Splitting Off in the First Place; Merger Is Likely to Close in December; Maintaining Our Outperform Rating and Claire Ye $37 Price Target August 14, 2019 (713) 892-5608 [email protected] David W. Miller (310) 246-3682 Sundance Energy Australia (SNDE: Outperform) [email protected] 2Q19 Review: Free Cash Flow Generation Is On Track to Begin by Year-End 2019; Maintaining Our Viper Energy Partners LP (VNOM: Outperform) Outperform Rating and Price Target of $5 August 19, 2Q19 Results: Significant Organic Production Growth 2019 Leads to a Strong Cash Distribution (and Significant Yield) While a Drop Down Transaction Adds Further Irene Haas Production Increases in 2H19 and 2020; Maintaining Our (713) 892-5606 Outperform Rating and $37 Price Target August 1, 2019 [email protected] Claire Ye Jason Wangler (713) 892-5608 (713) 892-5603 [email protected] [email protected]
Walt Disney Co. (DIS: In-Line) Superior Drilling Products (SDPI: Outperform) Observations Post Earnings: Integration of 21CF Will 2Q19 Review: Mitigating the Difficult Domestic Market Likely Require a High Degree of Patience on the Part of Through Increased Customer Penetration and Further Long Investors; Maintaining Our In-Line Rating and International Expansion; Maintaining Our Outperform $147 PT August 12, 2019 Rating and Lowering Our Price Target to $1.50 from $2 August 1, 2019 Lowering F4Q EPS Well Below Consensus on Tough College Football Comp; Maintaining Our In-Line Rating, Jason Wangler Though Lowering Our Price Target to $140 from $147 (713) 892-5603 August 20, 2019 [email protected] David W. Miller (310) 246-3682 [email protected]
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Whiting Petroleum Corporation (WLL: In-Line) Zebra Technologies Corp. (ZBRA: Outperform) Infrastructure Issues Continue to Adversely Affect 2Q19 Results: Growing Share in a Growing TAM: New Production and Pricing as WLL Reduces Headcount and Verticals and Products for New Vertical Markets; Guidance to Focus on Getting Back to Generating Free Maintaining Our Outperform Rating and Raising Our Cash Flow; Maintaining Our In-Line Rating and Lowering Price Target to $245 from $230 August 1, 2019 Our Price Target to $16 from $19 August 2, 2019 Jeff Kessler Jason Wangler (212) 351-9701 (713) 892-5603 [email protected] [email protected]
WPX Energy, Inc. (WPX: Outperform) 2Q19 Review: WPX Realized Strong Oil and Gas Prices from the Permian, Raised Production Guidance, and Announced a $400mn Share Buyback Program; Maintaining Our Outperform Rating and Raising Our Price Target to $14 from $13 August 7, 2019 Irene Haas (713) 892-5606 [email protected] Claire Ye (713) 892-5608 [email protected]
This publication lists companies on which we have previously published research reports, notes and briefs. These published research reports, notes or briefs may be obtained from our Web site (www.imperialcapital.com) or your account executive. No investment decision should be made in issuers with published research reports without first reviewing those related research reports. This summary is for informational purposes only and is not limited to companies on which we have published or may publish research now or in the future. Under no circumstances is it to be used or considered as an offer to sell or a solicitation of an offer to buy any security, bank debt or trade claim. While the information contained in this summary is believed to be current as of the date hereof, we do not represent or guarantee that the summary is current or complete, and it should not be relied upon as such. We reserve the right to add or drop coverage of a company or industry, or change the analyst covering any particular company or industry at our sole discretion. Decisions to publish or terminate coverage are based on a variety of factors. As a result, coverage of such issues frequently may be characterized either by’ isolated reports, long periods between reports, or no reports at all. Imperial Capital’s and Imperial Capital Asset Management’s views of a security, issuer, industry or sector may change without the issuance of a new report. If you would like to know whether Imperial Capital’s or Imperial Capital Asset Management’s views have changed, please call us at (310) 246-3700. Please contact your Imperial Capital account representative for copies of any available research reports, or visit www.imperialcapital.com. Imperial Capital, LLC is a member of FINRA (www.finra.org) and SIPC (www.sipc.org) © Copyright 2019 Imperial Capital, LLC and Imperial Capital Asset Management, LLC.
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