One of the U.K.’s largest rail freight operators, DB Cargo U.K. will operate an average of 60 trains per week from the ports of Immingham and Hull to Drax Power Station in Selby, Yorkshire.
Each train will carry around 1,650 metric tons of sustainable biomass to Drax Power Station, which provides flexible and reliable renewable power for millions of UK homes and businesses.
Drax supplies 12 percent of the U.K.’s renewable electricity. Using sustainable biomass instead of coal at Drax Power Station has reduced emissions by more than 80 percent and helped the U.K. power system decarbonize faster than any other country.
Roger Neary, head of Sales at DB Cargo U.K., said, “We are delighted that Drax has chosen to extend our existing contract with them for another five years. We are proud of the important role our people continue to play in delivering an efficient and sustainable source of renewable energy for use here in the U.K.”
Mike Maudsley, U.K. portfolio generation director at Drax, said, “These rail deliveries are a critical part of our global supply chain for sustainable biomass that supports thousands of jobs and has delivered economic growth across the north of England, while supplying renewable electricity to millions of homes and businesses.
“We’re very pleased to extend our existing contract with DB Cargo U.K. for another five years and look forward to continuing to work with the team.”
Left: Mike Maudsley, U.K. portfolio generation director at Drax
Drax Group’s purpose is to enable a zero carbon, lower cost energy future and in 2019 announced a world-leading ambition to be carbon negative by 2030.
Its 2,900-strong employees operate across three principal areas of activity – electricity generation, electricity sales to business customers and compressed wood pellet production.
Drax owns and operates a portfolio of flexible, low carbon and renewable electricity generation assets across Britain. The assets include the UK’s largest power station, based at Selby, North Yorkshire, which supplies five percent of the country’s electricity needs.
Having converted two thirds of Drax Power Station to use sustainable biomass instead of coal it has become the UK’s biggest renewable power generator and the largest decarbonisation project in Europe.
Its pumped storage, hydro and energy from waste assets in Scotland include Cruachan Power Station – a flexible pumped storage facility within the hollowed-out mountain Ben Cruachan. It also owns and operates four gas power stations in England.
Through its two B2B energy supply brands, Haven Power and Opus Energy, Drax supplies energy to 250,000 businesses across England, Scotland and Wales.
Drax owns and operates three pellet mills in the US South which manufacture compressed wood pellets (biomass) produced from sustainably managed working forests. These pellet mills supply around 20% of the biomass used by Drax Power Station in North Yorkshire to generate flexible, renewable power for the UK’s homes and businesses.
Energy group BP will increase its low-carbon spending to $5 billion a year by 2030 and boost its renewable power generation to 50 gigawatts (GW) while shrinking oil and gas output by 40% compared with 2019, it said on Tuesday. The portfolio it plans to build would include renewables, bioenergy and early positions in hydrogen and carbon capture and storage technology, with the bulk of the budget to be spent by 2025. BP's oil and gas production is expected to shrink by at least one million barrels of oil equivalent a day from 2019 levels, the company said, adding that it would cease exploring for oil and gas in new countries.
British low-cost airline easyJet plans to fly at 40% of its capacity over the rest of the summer thanks to stronger than expected bookings despite continuing pandemic uncertainty. "There still is uncertainty you know, also in September, and there's very little visibility for the whole of the industry on what's going to come in the winter," he told reporters on Tuesday.
BP cut its dividend for the first time in a decade after a record $6.7 billion second quarter loss when the coronavirus crisis hammered fuel demand and it sought to win over investors by speeding up its reinvention as a lower carbon company. All major oil companies suffered in the second quarter as lockdowns to contain the new coronavirus limited travel and oil prices fell to their lowest in two decades. Several, including Royal Dutch Shell and Norway's Equinor, cut their dividend in response.
Japan's Sony Corp surprised the market on Tuesday by reporting just a 1.1% profit fall for the cornonavirus-hit first quarter, as its gaming business thrived while consumers locked down at home looked for entertainment and downloaded more games. The gaming business "saw a positive impact from consumers nesting during the virus outbreak," Financial Officer Hiroki Totoki said at an earnings briefing. The electronics and entertainment firm posted April-June profit of 228.4 billion yen ($2.15 billion), beating the 143.21 billion yen average of 10 analyst estimates compiled by Refinitiv.
Regeneron Pharmaceuticals Inc (REGN) has revealed that its investigational COVID-19 antibody drug combination REGN-COV2 both prevented and treated the disease in monkeys and hamsters, says Reuters- an encouraging sign that the drug will also be effective in treating humans.According to the report, Regeneron stated that the double antibody cocktail was able to “almost completely block establishment of virus infection.” The study, which involved 36 monkeys and 50 hamsters, has not yet been peer reviewed.Regeneron also added that REGN-COV2 minimized infection in a second study with a much higher level of the virus- and that the results matched or exceeded animal studies of vaccine candidates.Moreover, the animals did not show increased viral load or worsening of pathology after treatment, indicating that it will not worsen symptoms in humans, Reuters reports.Clinical human trials of REGN-COV2 began in mid-June and the clinical program currently consists of three ongoing late-stage trials, including a Phase 3 trial for the prevention of COVID-19 in uninfected people who are at high-risk of exposure to a COVID-19 patient.“We are running simultaneous adaptive trials in order to move as quickly as possible to provide a potential solution to prevent and treat COVID-19 infections, even in the midst of an ongoing global pandemic,” said George D. Yancopoulos, CEO of Regeneron.The Phase 3 prevention trial is being jointly conducted with the National Institute of Allergy and Infectious Diseases (NIAID), part of the National Institutes of Health (NIH).In the run-up to finding a treatment against COVID-19, shares in Regeneron have skyrocketed 72% so far this year. As a result the $635 average price target now indicates 2% downside potential in the coming 12 months.Oppenheimer analyst Hartaj Singh recently raised the stock’s price target to $675 from $625 and maintained a Buy rating, saying that the company is one of his top biotech names, characterized by ongoing product launches, commercial execution, OPEX control, and a best-in-breed pipeline.“We believe this quality biotech name deserves a higher multiple,” Singh told investors. “Given COVID-19 effects on sales and clinical trial follow-through lacking in FY20 visibility, we caution that further performance could be accompanied by greater volatility. We view sustained weakness as a buying opportunity.”Overall, the rest of the Street is cautiously optimistic on the stock. The Moderate Buy consensus breaks down evenly between 9 Buys and 6 Holds. (See Regeneron stock analysis on TipRanks).Related News: GW Pharma Scores New FDA Approval For CBD Drug Epidiolex Incyte, MorphoSys Win FDA Nod For ‘Key Revenue Driver’ Tafasitamab Moderna Could Charge $50-$60 Per Covid-19 Vaccine Course- Report More recent articles from Smarter Analyst: * Five9 Continues Winning Streak With Strong Q2 Earnings * Alphabet Issues $10 Billion Bond At Low Borrowing Costs * Plug Power Spikes A Further 19% On Major UK Supermarket Deal * Mosaic Rises 7% In After-Market As 2Q Earnings Top Estimates
Alphabet Inc borrowed $10 billion in the investment-grade corporate debt market on Monday, the Google parent's largest ever bond issue, which it secured at its lowest-ever cost of financing. Of the $10 billion on offer, the $1 billion five-year tranche was issued at a coupon of 0.45%, the lowest coupon seen at that maturity since Apple Inc issued a $1.5 billion five-year note at 0.45% in 2013. Investor appetite was fierce for the tech giant's six-part bond, as low interest rates and corporate bond buying from the Federal Reserve continues to support issuance.
The 10 most profitable companies in America in 2020 have combined net profits exceeding $329 billion, while their total assets are worth nearly $3 trillion, all thanks to the capitalist's dream that is America. Every year, in fact every day, the gap between the rich and the poor in the US increases. The difference between the 1% […]
Shares of Virgin Galactic Holdings slipped as much as 9% on Monday following the release of its second-quarter results, which fell below investors' expectations. The company announced that it would be offering an additional 20.5 million in shares to raise about $460 million. Yahoo Finance’s Jared Blikre breaks down the company’s quarterly report on The Final Round.
Sorrento Therapeutics (SRNE) enjoyed yet another stellar day. Sure, there have been plenty of good weeks so far in 2020 – shares are up by a resounding 190% year-to-date. And according to H.C. Wainwright analyst Ram Selvaraju, there’s plenty more to come.Selvaraju reiterated a Buy rating on SRNE shares and boosted his price target to $30. If the market plays nice with Selvaraju’s forecast, investors could be adding a massive 207% to their portfolios over the next 12 months. (To watch Selvaraju’s track record, click here)That’s an extremely bullish call, so what lies behind it? Last week, Sorrento announced it had inked a licensing deal with Columbia University for an innovative new COVID-19 test. The university has given Sorrento the rights to a fast, one-step diagnostic test that samples saliva and can detect the SARS-CoV-2 virus in 30 minutes.COVI-TRACE – the test’s name – will be marketed by Sorrento. What sets it apart from other diagnostic products is that all testing materials are held in a single tube, eliminating the need for any laboratory equipment. The advantages are obvious, as this means the test is mobile and can be used in various settings - either on site, for point-of-care or even for home testing.With the number of COVID-19 cases spiking, laboratories across the country are finding it difficult to meet the demand. As a result of the current backlog, average turnaround times for test results are reportedly between several days to over a week. Selvaraju expects Sorrento to file for EUA certification immediately. The 5-star analyst said, “We believe that the incentive to facilitate the large-scale and indeed ubiquitous deployment of the COVI-TRACE test is extremely high and governments worldwide may seek to implement this in their respective regions. Our current assumptions viewed in this context may be considered conservative—we utilize a $15 price per test (payable on a cash basis, which obviates the reimbursement part of the equation) and anticipate that roughly 56.5 million such tests could be conducted at peak annually, resulting in total sales of roughly $1 billion."Overall, only one other analyst has thrown the hat in with a review of the high-flying biotech over the past three months. The extra Buy provides Sorrento with a Moderate Buy consensus rating. At $27, the average price target implies upside potential of 181%. (See Sorrento stock analysis on TipRanks)To find good ideas for healthcare stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.
On Monday, Take-Two Interactive reported a strong first-quarter that easily beat analysts’ expectations. The video game company reported a fiscal first quarter record in GAAP net revenue, thanks in part to its Grand Theft Auto franchise, NBA 2K20 and Social Point’s mobile offerings, among others. Take-Two also increased its outlook for the fiscal year 2021. Myles Udland breaks down the company’s quarterly results on The Final Round.
In this time of pandemic, stock markets have mostly been – rising. Yes, we had a crash in February/March, part of that initial ‘panic mode’ when Federal, state, and local governments shut down economic activity and ordered social lockdown policies, but that turned around at the end of March. We’ve had a bullish rally since then. The S&P 500 stands just above 3,200, only 4.5% below its all-time peak.With this in mind, Canaccord's Chief US Strategist Tony Dwyer looked at some historical data, and found that when over 90% of the S&P 500 components trade above their 50-day moving averages for at least ten straight days, the market usually moves sideways for multiple weeks, with the trend sometimes persisting for up to three months.“Ultimately, such consolidation periods following these breadth-thrust ramps studied take place early in a new bull market and are resolved to the upside. Our tactical game plan since June 5 has been to add risk when the market moves back down to SPX 3000, and we have used the two opportunities to do just that,” Dwyer noted.Using Dwyer’s strategy to provide concrete recommendations, Canaccord’s top analysts have honed in on two small-caps, stocks with market caps of less than $400 million, poised to post big gains in the coming months. After running the tickers through TipRanks’ database, it’s clear the names are also getting support from the rest of the Street.CRH Medical Corporation (CRHM)Serving the Gastroenterology (GI) community, CRH Medical provides physicians with a wide range of products designed to improve the procedural experience. The company, which sports a market cap of only $166 million and $2.30 share price, has earned Canaccord’s praise thanks to its impressive pipeline and strong M&A strategy.Representing the firm, 5-star analyst Richard Close points out that company has been making headway on the acquisition front. Throughout the pandemic, management has been continuing discussions with M&A targets.“The pipeline has actually grown during this time given that more GI's had free time due to reduced volume and were available to discuss M&A opportunities. We believe this could bode well for an acceleration of deals in 2021,” Close noted.Speaking to these efforts, three purchases were made by the company during COVID. Along with the acquisition of a 75% stake in Lake Lanier Anesthesia Associates, which could see annualized revenue of $2.7 million, and its start-up joint venture with a 51% ownership in Oconee River Anesthesia Associates, CRHM revealed it had snapped up a 75% stake in Metro Orlando Anesthesia Associates, a company that provides services to one ASC in Orlando. Metro Orlando Anesthesia is set to generate $1.9 million in annualized revenue.Weighing in on these buys, Close commented, “We did not expect the company to resume acquisitions so quickly, having already completed three transactions in June. We are encouraged by the company's quick rebound and now have a positive outlook for our 2020E forecasts considering we had no acquisitions forecasted in our model for the rest of 2020.”Reflecting another positive, the company is pursuing contracted status for those payer relationships that are currently non-contracted, and even though the crisis delayed these discussions, CRHM remains committed to pushing for on-contract rates. “Getting through this process will remove an overhang on the stock that has created variability in results over the last several years,” Close stated.In line with his optimistic take, Close rates CRHM a Buy along with a $3.50 price target. A twelve-month gain of 52% could be in store, should the analyst’s thesis play out in the year ahead. (To watch Close’s track record, click here) Similarly, the rest of the Street is getting onboard. 4 Buy ratings and 1 Hold assigned in the last three months add up to a Strong Buy analyst consensus. In addition, the $3.37 average price target puts the potential gain at 46%. (See CRHM stock analysis on TipRanks)Amryt Pharma (AMYT)Boasting a market cap of $364.9 million, Amryt Pharma develops therapies that could potentially improve the lives of patients with rare, debilitating conditions. With operational tailwinds set to propel it forward, it’s no wonder Canaccord gave it a thumbs up.5-star analyst Michelle Gilson points to AMYT’s expanding base business as being a key component of her bullish thesis. She highlights that lomitapide, which is approved in the U.S. and EU for homozygous familial hypercholesterolemia (HoFH), drove revenues of $45 million in Q1 2020 and metreleptinm, its asset for generalized lipodystrophy (GL) and partial lipodystrophy (PL), generated $157 million in 2019. It should also be noted that AMYT achieved adjusted EBITDA profitability and cash flow positivity in Q1, demonstrating the build-out of a more efficient infrastructure following the acquisition of Aegerion has been effective, in the analyst’s opinion.“With a strengthened B/S to support the new business model (reduced debt burden, increased cash with equity raise), the Amryt team has been able to focus on and invest in the EU launch of metreleptin and re-establishment of medical affairs to reduce unnecessary discontinuations, which should support continued organic growth,” Gilson explained.In addition, the company has placed a significant focus on expanding the labels for these two drugs. Gilson told clients, “Studies are underway/planned for metreleptin in PL (U.S.), lomitapide in familial chylomicronemia syndrome (FCS), and lomitapide in pediatric HoFH... If successful, these indications could double the market opportunity in the US for metreleptin and WW for lomitapide.”When it comes to Filsuvez (AP101), its topical therapeutic designed for use in epidermolysis bullosa (EB), Gilson also sees a major opportunity. Filsuvez has already shown that it can speed up healing times in partial thickness wounds, so the analyst has high hopes ahead of the Phase 3 data readout, which is slated for late Q3 or early Q4. As such, this event could be an important near-term catalyst. If that wasn’t enough, the company’s pipeline includes a polymer-based, topical gene therapy platform, with the lead candidate, AP103, for dystrophic EB expected to enter clinical development in 2H21. Based on all of the above, Gilson rates AMYT a Buy rating, along with a $40 price target. This figure implies shares could soar 269% in the next year. (To watch Gilson’s track record, click here)AMYT has stayed relatively under-the-radar, with its Moderate Buy consensus rating breaking down into 2 Buys and no Holds or Sells. At $42.50, the average price target indicates upside potential in the shape of a whopping 287%. (See AMYT stock analysis on TipRanks)To find good ideas for small-cap stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.