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Fundamental data is updated weekly, as of the prior weekend. Please download the Full Report and Dividend Report for any changes.
Nov 11, 2024
Ameresco’s Backlog Continues to Build
Image: Ameresco’s backlog of future business remains strong and growing. Looking to full year 2024 guidance, Ameresco expects revenue in the range of $1.7-$1.8 billion, up 27% at the midpoint of the range. Gross margin is targeted in the range of 16%-16.5%, while adjusted EBITDA is targeted to grow 35% at the midpoint of the range, to $210-$230 million. Non-GAAP earnings per share is targeted in the range of $1.15-$1.35. We continue to like Ameresco’s backlog build, as we continue to monitor its debt position and adjusted operating cash flow trends closely. The firm remains an idea in the ESG Newsletter portfolio.
Nov 8, 2024
Dividend Increases/Decreases for the Week of November 8
Let's take a look at firms raising/lowering their dividends this week.
Nov 7, 2024
Energy Transfer Now Covers Distributions with Traditional Free Cash Flow
Image: Energy Transfer’s units have done quite well the past couple years, as the pipeline giant now covers distributions with traditional free cash flow. For the nine months ended September 30, Energy Transfer generated $8.9 billion in cash flow from operations, as it spent $2.7 billion in capital expenditures, resulting in traditional free cash flow generation of $6.2 billion, which is well in excess of its distributions to partners, noncontrolling interests, and redeemable noncontrolling interests of $4.9 billion. Energy Transfer ended the third quarter with $299 million in cash and total debt of $59.3 billion. We liked Energy Transfer’s third quarter results, and we’re huge fans of its newfound ability to cover distributions with traditional free cash flow.
Nov 7, 2024
Gilead Raises Revenue and Non-GAAP Diluted EPS Guidance
Image Source: Gilead. At the end of the quarter, Gilead had $5 billion in cash and marketable securities compared to $8.4 billion at the end of the year, the decline primarily due to its $3.9 billion acquisition of CymaBay Therapeutics. For the full year 2024, Gilead raised its guidance for product sales to the range of $27.8-$28.1 billion, up from $27.1-$27.5 billion previously. Non-GAAP diluted earnings per share is now targeted in the range of $4.25-$4.45, up from $3.60-$3.90 previously. We liked Gilead’s revenue growth in the quarter, as well as its raised financial outlook for 2024. The high end of our fair value estimate range stands at $111 per share.
Nov 7, 2024
Albemarle Pursues Efficiency in the Wake of Lower Lithium Prices
Image Source: Albemarle. Albemarle is working hard in the face of weak lithium pricing, and the firm is driving cost and productivity improvements across its business. The firm noted that it is reducing its workforce by 6%-7%, which will help the company cut costs in the range of $300-$400 million, and it plans to decrease its fiscal 2025 capital spending by roughly half versus fiscal 2024 ($1.7-$1.8 billion), to an expected range of $800-$900 million. Total liquidity was $3.4 billion at the end of the quarter, including $1.7 billion in cash equivalents, while total debt was $3.6 billion. We continue to include Albemarle in the ESG Newsletter portfolio.
Nov 6, 2024
Realty Income’s AFFO Covers Dividends Paid in Third Quarter
Image: Realty Income’s shares have seen better days. Realty Income reported mixed third quarter results November 4 with revenue exceeding the consensus forecast but funds from operations coming up short. Revenue advanced 28.1% in the quarter on a year-over-year basis, with same store rental revenue up modestly (0.2%). However, net income per share and FFO per share fell to $0.30 and $0.98, respectively, from $0.33 and $1.04 in the same period a year ago. Adjusted funds from operations (AFFO) came in at $1.05 per share in the period, up from $1.02 in last year’s quarter, and comfortably higher than dividends paid per share of $0.789 over the same time. Our fair value estimate for Realty Income stands at $61 per share.
Nov 6, 2024
Cash-Rich Vertex Pharma Raises 2024 Product Revenue Guidance
Image: Vertex Pharma’s shares have done quite well the past couple years. We continue to like Vertex’s established position in cystic fibrosis and its opportunity in gene-editing therapies as well as a new class of medicine for acute pain (VX-548) that’s without the limitations of opioids. The company’s pipeline is also progressing nicely with three additional programs advancing to Phase 3 – suzetrigine in painful diabetic peripheral neuropathy (DPN), povetacicept in immunoglobulin A nephropathy (IgAN), and VX-880 in Type 1 diabetes (T1D). The high end of our fair value estimate range for Vertex stands at $640 per share.
Nov 4, 2024
Public Storage’s Core FFO Comfortably Covers Its Dividend
Image: Public Storage is bouncing off lows hit in late 2023. Public Storage’s core FFO allocable to common shareholders in the quarter came in at $4.20, down 3% on a year-over-year basis, but in excess of its regular common quarterly dividend of $3.00. Looking to 2024, management is targeting revenue to fall 0.5%-1.3%, with expense growth in the range of 2%-3.5%, and net operating income to fall 1.3%-2.7%. Non-same store operating income is targeted in the range of $480-$495 million, while core FFO per share for 2024 is expected in the range of $16.50-$16.85, down 0.2%-2.3% from last year but comfortably above the $12.00 annual dividend per share run rate. Shares yield 3.7% at the time of this writing.
Nov 4, 2024
Berkshire Hathaway’s Operating Earnings, Free Cash Flow Fall in Third Quarter
Image: Berkshire Hathaway has reduced its stake in Apple and Bank of America. Berkshire’s third quarter operating results weren’t great, and the firm noted that it expects pre-tax incurred losses from Hurricane Milton to be between $1.3-$1.5 billion and be reflected in its fourth quarter earnings. Free cash flow has faced some pressure during the first nine months of the year, and Buffett continues to cash out of Apple and Bank of America. Berkshire’s cash balance continues to swell, perhaps indicating that Buffett views the market as overheated at the moment. Total shareholders’ equity was $631.8 billion at the end of September, translating into a price-to-book ratio of 1.54. Shares of Berkshire are not cheap, in our view, but the company remains a key holding in the Best Ideas Newsletter portfolio.
Nov 4, 2024
Amazon’s Operating Profit Surprises to the Upside
Image: Amazon’s shares have done quite well since the beginning of 2023. Looking to the fourth quarter of 2024, Amazon's net sales are expected to be between $181.5 billion and $188.5 billion, growing 7%-11% compared with the fourth quarter of 2023 and the midpoint slightly below consensus of $186.4 billion. The top line guidance assumes an unfavorable impact of roughly 10 basis points from currency fluctuations. Operating income in the quarter is targeted in the range of $16-$20 billion, compared with $13.2 billion in the fourth quarter of 2023 and the midpoint above consensus of $17.5 billion. Amazon ended the quarter with $88 billion in cash and marketable securities and $54.9 billion in long-term debt.


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