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December 24, 2024

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DP Trading Room: Deceptive Volume Spikes

In today’s free DecisionPoint Trading Room Carl discusses volume spikes and how we have to analyze big volume spikes carefully to determine whether they express a confirmation of a move or whether they are a special case and do not really provide insight.

Carl goes over the signal tables and notes there are quite a few signals getting ready to change. The Bias Table reveals short-term weakness.

A complete market review follows with a look at the SPY and all the relevant DP indicators. Carl covers not only the market, but also the Dollar, Gold, Bitcoin, Crude Oil, Yields and Bonds among other asset classes.

After market coverage, Carl walks us through the Magnificent Seven’s charts to find strength and weakness in the short and intermediate terms with a look at both the daily and weekly charts.

Erin takes the show over and covers the current configuration of the sectors to determine where sector rotation is occurring. Defensive areas of the market are not performing very well so investors don’t seem to be hedging bets just yet.

The pair finish the program with a review of viewers symbol requests that included AMD, AVGO and PLTR.

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01:12 DP Signal Tables

03: 50 Market Overview (05:16 – Volume Spikes)

15:05 Magnificent Seven

23:26 Questions

30:20 Sector Rotation

39:34 Symbol Requests

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Technical Analysis is a windsock, not a crystal ball. –Carl Swenlin

(c) Copyright 2024 DecisionPoint.com

Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.

DecisionPoint is not a registered investment advisor. Investment and trading decisions are solely your responsibility. DecisionPoint newsletters, blogs or website materials should NOT be interpreted as a recommendation or solicitation to buy or sell any security or to take any specific action.

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Price Momentum Oscillator (PMO)

On Balance Volume

Swenlin Trading Oscillators (STO-B and STO-V)

ITBM and ITVM

SCTR Ranking

Bear Market Rules

Why Now Might Be the Best Time to Invest in META Stock

When quickly glancing at the StockCharts Technical Rank (SCTR) Reports Dashboard panel, one stock that popped up on Monday, albiet briefly, was Meta Platforms, Inc. (META). The stock has a year-to-date performance of over 70% according to the StockCharts Symbol Summary page and, after its recent pullback, the stock could be one to consider adding to your portfolio. You can gain exposure to META either with the underlying or via options.

Analyzing META’s Stock Chart

The weekly chart below shows the uptrend in META stock is at a crossroads — it could go up or down. The stock is trading above its 21-day exponential moving average (EMA), the SCTR score is at 79 — it has crossed above my 76 threshold level — and the relative strength index (RSI) has been moving sideways between the 50 and 70 levels since April 2024.

FIGURE 1. WEEKLY CHART OF META STOCK PRICE. The stock is in an uptrend with a rising SCTR score. The RSI needs to move higher to indicate rising momentum.Chart source: StockCharts.com. For educational purposes.

Turning to the daily chart, META pulled back from its all-time high and could be ready for a reversal to the upside. Last Friday, the stock closed at its 50-day SMA and bounced higher from there on Monday. It closed shy of $600 per share, at the top of its daily range. These are early signs of an upside move, but the SMA appears to be flattening.

FIGURE 2. DAILY CHART OF META STOCK. The uptrend isn’t obvious on the daily chart; META’s stock price could go in either direction. The PPO in the lower panel needs to show bullish momentum and there needs to be upside follow-through in price to confirm a reversal to the upside.Chart source: StockCharts.com. For educational purposes.

The trading volume is relatively low, but, given it’s a short holiday week, it’s probably not a good representation of momentum. The percentage price oscillator (PPO) is still negative. There should be upside follow-through in META’s stock price, which could result in the shorter moving average crossing above the longer moving average in the PPO. This would confirm a bullish reversal.

META is in a spot where the price could move in either direction. The stock is trading between its 50-day SMA and a resistance level it hit twice in October. A break below the 50-day SMA would mean watching the $575 level, its next support level. This coincides with its December 2 breakout and previous support and resistance levels. Two lower support levels are its 100-day SMA and the $550 level.

If META’s stock price were to reverse and move higher, its price point of around $600 a share would be steep. Buying 50 shares will cost you about $30,000. An alternative would be to consider options on META.

Options Trade Ideas for META

Looking at the OptionsPlay Explorer (click Options under Tools & Resources in the menu to the left of the chart, then the OptionsPlay button), buying a Feb 21 595/695 call vertical spread would cost $3,335 and have a potential return of almost 200%. But this can change, so you want to monitor any open position carefully.

FIGURE 3. A CALL VERTICAL SPREAD FOR META. The return of 199.85% is respectable, but remember, things change especially as the option approaches expiration so you still need to monitor your trade carefully.Image source: OptionsPlay Strategy Center from StockCharts.com. For educational purposes.

The biggest risk with this trade is META will report earnings before expiration. With a stock like META, volatility tends to be high ahead of earnings, which could drastically impact your trading results. In such a scenario, you have several choices. You could close the position before expiration, especially if you’ve made a decent profit; you could roll the trade to a further expiration; or you could modify the trade and select an expiration date before the earnings report. Click the Modify button and change the expiration dates and/or strike prices of the legs.

If META’s stock price moves lower, consider applying bearish options strategies. Click the bearish button above the risk graphs to see the three optimal strategies to apply. Buying a Feb 21 600/505 put vertical would generate a return of over 200%, with the trade costing you $2,875.

Options are very flexible instruments, and your cash outlay is much lower than buying shares of META. Regardless of which way META’s price moves, there’s an options strategy you can apply.  So add META to your ChartLists and, if you have an options-enabled trading account, it’s worth exploring the OptionsPlay Strategy Center on StockCharts.com.

Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.

Metals Australia

Overview

Metals Australia (ASX:MLS) is a mineral exploration company with a high-quality portfolio of advanced battery minerals and metals projects in Tier 1 mining jurisdictions of Western Australia and Canada. The portfolio comprises two critical minerals projects in Quebec, Canada — the Lac Carheil flake graphite project and the Corvette River lithium (and gold) project. The Australian portfolio comprises four projects: Tennant Creek (copper-gold) in the Northern Territory and Warrambie (lithium, nickel-copper, gold), Murchison (gold) and Manindi (lithium, vanadium-titanium, zinc) – all in Western Australia.

The push for net zero targets and the call from policymakers to transition to cleaner energy has intensified the focus on electric vehicles (EVs) and battery storage. The EV automakers and battery manufacturers, rely on essential materials such as graphite and metals, including lithium, nickel, copper and cobalt, to manufacture the batteries that are used in these vehicles and storage batteries generally. This has driven carmakers and battery manufacturers to partner with battery material suppliers under direct off-take agreements. Further, some automakers/battery manufacturers are buying equity stakes in miners, involving them directly in financing decisions for the development of mining projects. This is encouraging for companies such as Metals Australia as it actively advances its projects towards development.

Figure 2 – Graphite is a Critical Mineral required for the mass electrification of auto transportation.

Metals Australia is focused on progressing its flagship Lac Carheil flake graphite project in Quebec, Canada. The project is well-positioned to supply high quality graphite products, including battery-grade graphite to the North American market – including for lithium-ion and EV battery production in the future. The company announced positive sampling results across a 36-km strike length of identified graphite trends at Lac Carheil, including many values over 20% Cg and an exceptionally high-grade sample containing over 63% Cg. The company has planned a drilling program to test new high-grade zones identified from the sampling program, which will form the basis for upgrading the existing Lac Carheil Mineral Resource. An application for the drilling program is progressing with the Quebec regulator. Additionally, the company has recently commenced a Flake Graphite concentrate prefeasibility study with Lycopodium in Ontario and a downstream battery anode plant design with ANZAPLAN in Germany.

Metals Australia is also advancing its lithium, gold and silver exploration project at Corvette River, which is adjacent to Patriot Battery Metals’ world-class lithium project. Further, the company carries out aggressive exploration programs at its other projects, including Manindi, Warrambie & the Murchison in Western Australia and Tennant Creek in the Northern Territory region of Australia.

Metals Australia is well-funded to complete all its planned exploration and project studies. The cash position at the end of Q1 2024 was AU$17.86 million, which we note was higher than the company’s market capital at current share price. Metals Australia benefits from a team of professionals boasting extensive expertise in geology and mining. The appointment of experienced mining executive Paul Ferguson as the CEO is positive for the company. Since joining in January 2024, he has significantly advanced planning and preparation for the exploration, metallurgical test work programs, and design studies required to move its flagship Lac Carheil high-grade graphite project towards development. The Corvette Project has also completed exploration planning and is now fully permitted for drilling and trenching work during the northern hemisphere summer.

Company Highlights

  • Metals Australia is rapidly advancing its flag ship Lac Carheil Graphite Project in Quebec, Canada. In addition, the company has a suite of high-quality exploration projects – including Lithium, Gold and Silver in Quebec, Canada and Lithium, Gold, Copper & Vanadium in Western Australia (WA) and the Northern Territory (NT).
  • All projects are in Tier-1 mining jurisdictions (Canada and Australia) with world-class prospectivity and stable geo-politically.
  • The company has six key exploration and development projects:
  • two in Canada: the Lac Carheil high-grade flake graphite project and the Corvette River lithium and gold-silver-copper exploration project, and,
  • four in Australia: Warrambie (lithium, nickel-copper, gold), Murchison (gold) and Manindi (lithium, vanadium-titanium, zinc-silver) in WA, and Tennant Creek (Warrego East copper-gold) in the NT.
  • The focus is to rapidly advance its flagship Lac Carheil Graphite Project towards development. A drilling program is already contracted to substantially increase the existing JORC 2012 Mineral Resource of 13.3 Mt @ 11.5 percent graphitic carbon (Cg) and test the potential of the many other identified high-grade graphite trends.
  • The 2020 Scoping Study on Lac Carheil based on the existing resource, representing only 1km of drilling out of the total 36kms of identified graphite trends, indicates a 14-year mine life with a production of 100,000 tons per annum and a pre-tax NPV @ 8 percent of US$123 million (~AUD$190 million).
  • Furthermore, other projects in Canada including the Corvette River lithium and gold targets, and exploration in Australia at Manindi, Warrambie, Murchison and Warrego – are all seeing active progress.
  • The company is well-funded to complete all its planned exploration and project studies. The cash position at the end of Q1 2024 was AU$17.86 million.
  • Metals Australia is led by a seasoned board and management team possessing extensive mining sector experience and a proven track record of successful discoveries and project developments. With funding in place, the company is well-positioned to capitalise on growth prospects.

Figure 1 – Location of Metals Australia’s projects in the Tier 1 Mining Jurisdictions in Quebec, Canada and Australia’s Western Australia and the Northern Territory.

Key Projects

Canada

Lac Carheil Flake Graphite Project (MLS 100%)

Conceptual 3D Mining layout from February 2021 Scoping Study (Lac Carheil Project formerly named Lac Rainy Project)

The Lac Carheil Graphite Project is located in eastern Quebec, Canada, a tier 1 mining jurisdiction with access to excellent infrastructure, including hydroelectric power facilities. The project hosts an existing JORC 2012 mineral resource of 13.3 million tons (Mt) @ 11.5 percent graphitic carbon, which was announced in 2020 and a scoping study was completed and reported on in early 2021. Battery test work followed, in Germany, and this demonstrated the Lac Carheil Graphite concentrate could be shaped, purified, coated and used in battery applications with excellent results. Given the above work, the company carried out further field work, recently announcing exceptionally high-grade sampling results from 80 samples on 10 identified graphitic trends across the property. This included a sample containing 63 percent graphitic carbon, and 10 samples containing over 20% Cg. The average grade of the sampling was 11% Cg, which is comparable to the current high-grade resource. The combined strike length of the identified high-grade graphitic zones is over 36 kms. This compares to just 1 km of drilling on 1.6 kms of graphite trend that was utilised to obtain the existing resource. The potential for expanding and upgrading the existing resource remains enormous.

Figure 4 –Lac Carheil Graphite Project – Electromagnetic imagery outlining graphite trends and the resource

Additional drilling and development studies are either planned or are already underway, including a pre-feasibility study for a high grade Flake graphite concentrate product – which has commenced and a downstream purification options assessment and a scoping study for a battery anode facility in North America, which has been contracted. The company also announced it is contract ready for its planned drilling program and will fast-track the program as soon as permits are received from the Quebec regulator.

Corvette River Lithium Project (MLS 100%)

Corvette River Lithium, gold and silver Project is located in Quebec’s James Bay region Metals Australia recently announced that it is fully permitted to advance an extensive field exploration program across its holdings which include the wholly owned East Pontois, Felicie and West Pontois projects, situated within Patriot Battery Metals’ (ASX:PMT) CV Lithium Trend, as well as tenements at West and East Eade in the company’s parallel Corvette River South Trend. A field mapping and sampling program concluded last year and identified large, potentially lithium-bearing pegmatites immediately along strike from Patriot Battery Metals’ world-class lithium pegmatite discoveries. Additionally, the company has flagged significant gold and silver samples from its review of work previously completed across the field as is illustrated in the diagram below.

Figure 5 – The Corvette Projects in the James Bay region of Canada. Prospective for Lithium, Gold & Silver

Australian Projects

Warrambie Project (MLS 80%)

The Warrambie project is located in the Pilbara region of Western Australia. It is 20 kms west of the Andover Lithium discovery (Azure Minerals (ASX:AZS). Metals Australia has completed geophysical surveys across the area and is identifying targets for further field exploration and drilling.

Warrego East Project (MLS 80%)

Metals Australia acquired the tenements as part of a package purchased from Payne Gully Gold in 2022. The company’s tenements include a granted exploration license (E32725) directly along strike to the east of the Warrego copper-gold deposit, which has a production of 1.45 Million Ounces of gold at 8 grams per tonne and over 90,000 tonnes of Copper at 2%. The Warrego mine operated from the late 1950’s through until 1989. It was found under sedimentary cover. The area and this land package is under detailed review utilizing available geophysical surveys. The company aims to identify further targets hidden under shallow sediment cover.

Big Bell North Project (MLS 80%)

The Murchison tenements were also acquired as part of the Payne Gully Gold transaction. Metals Australia owns exploration licenses at the Murchison gold project, which is adjacent to the >5 million ounces (Moz) Big Bell gold deposit. The company plans to conduct detailed magnetics and gravity surveys to test for extensions and repeats of high-grade gold deposits.

Manindi Project (MLS 80%)

The Manindi project is located in the Murchison District, approximately 500 kms northeast of Perth in Western Australia. The project comprises three mining leases and has an established high-grade zinc mineral resource. The metallurgical test work has located spodumene in samples from a high-grade lithium intersection of 12m @ 1.38 percent lithium oxide, including 3m @ 2.12 percent lithium oxide. The company also made a new vanadium-titanium discovery at the Manindi project.

Management Team

Paul Ferguson – Chief Executive Officer

A Mining Engineer, Paul Ferguson has over three decades of experience in the resources and energy sectors across North America, Asia and Australia. He has extensive project development and operational experience working in Canada. He has worked in oil & gas major ExxonMobil across project stages, including feasibility, design, construction, and operation. He has worked in Executive level roles within Australia, including at GMA Garnet and held increasingly more senior roles with BHP (Iron Ore & Coking Coal) and then with Exxon Coal Minerals and Mobil Oil Australia during the early stages of his career.

Tanya Newby – CFO and Joint Company Secretary

Tanya Newby is a finance and governance professional with over 20 years experience in various corporate and commercial roles. She has a strong background in the resources sector and has provided financial advice and assistance to a number of publicly listed entities through exploration, project development through to the production stage. Tanya is a member of the Institute of Chartered Accountants, Member of the Governance Institute of Australia and a Graduate Member of the Institute of Company Directors.

Michael Muhling – Joint Company Secretary

Michael Muhling has over two decades of experience in the resources, including 15 years in senior roles with ASX-listed companies. He is a fellow of CPA Australia, The Chartered Governance Institute, and the Governance Institute of Australia.

John Dugdale – Technical Advisor

John Dugdale is a geologist with over 35 years of experience in the discovery and development of graphite, lithium, gold, nickel and copper projects. His corporate experience includes serving as a director and CEO of several junior resource companies focused on nickel-cobalt, graphite and copper-gold projects. Additionally, he has experience in funds management with Lion Selection Group.

Chris Ramsay – General Manager Geology

Chris Ramsay is a geologist and project manager with over 25 years of experience in the global mining industry. He has been involved in exploration, mine development and operations for mining projects in Australasia, Southeast Asia, and parts of Africa and North America.

Board

Michael Scivolo – Non-executive Chairman

Michael Scivolo has extensive accounting and taxation experience for corporate and non-corporate entities. He was a partner/director at a CPA firm until 2011 and has since been consulting in accounting and taxation. Scivolo is on the boards of several ASX-listed mining companies, including Sabre Resources, Golden Deeps and Tennant Minerals Ltd.

Alexander Biggs – Non-executive Director

Alexander Biggs has over 20 years of experience in the mining and engineering sector. During his career, he has been involved in various activities, including operations, consulting, finance and capital raising. He is currently the managing director of Lightning Minerals (ASX) and was previously the managing director of Critical Resources (ASX:CRR). Biggs is a member of the Australian Institute of Mining and Metallurgy and a graduate of the Western Australian School of Mines.

Rachelle Domansky – Non-executive Director

Rachelle Domansky is an ESG specialist and a consulting psychologist for businesses, governments and educational institutions in the Asia-Pacific region. In addition to Metals Australia, Rachelle holds non-executive board positions at Quebec Lithium and Access Plus WA Deaf.

Basil Conti – Non-executive Director

Basil Conti has been associated with the mining industry for over 25 years. He is a fellow of the Institute of Chartered Accountants Australia & NZ and was a partner/director of a chartered accounting firm in West Perth until 2015.

This post appeared first on investingnews.com

5 Best-performing Canadian Oil and Gas Stocks in 2024

The 2024, the oil market experienced notable fluctuations influenced by global economic trends and geopolitical events. Early in the year, prices remained relatively stable, with Brent crude averaging around US$80 per barrel.

However, as the year progressed, several factors contributed to increased volatility. A significant slowdown in China’s economy led to reduced demand growth, prompting the International Energy Agency (IEA) to revise its global oil demand growth estimate for 2024 down to 910,000 barrels per day.

Simultaneously, global oil production saw modest increases. The IEA also reported a rise of 0.6 million barrels per day in global liquid fuels production for 2024, with non-OPEC+ countries contributing significantly to this uptick.

Geopolitical tensions, particularly involving major oil-producing nations, added layers of complexity to the market. Despite these challenges, the market displayed resilience, with prices fluctuating within a relatively narrow range. By mid-December, crude oil prices had risen to approximately US$74 per barrel, marking a six-week high.

Looking ahead, forecasts suggest that oil prices may average around $75 per barrel in 2025, with potential declines in subsequent years.

Against that backdrop, the five top-performing oil and gas stocks on the TSX and TSXV have seen share price growth. All year-to-date performance and share price data was obtained on December 19, 2024, using TradingView’s stock screener, and the oil and gas companies listed all had market caps above C$10 million at that time.

1. Sintana Energy (TSXV:SEI)

Company Profile

Year-to-date gain: 234.85 percent
Market cap: C$410.61 million
Share price: C$1.11

Sintana Energy, an oil and gas exploration and development company, operates across five highly prospective onshore and offshore petroleum exploration licenses in Namibia and Colombia.

The company saw tailwinds early in the year after releasing updates on exploration in Namibia’s Orange Basin. It made two significant light oil discoveries in January at petroleum exploration license 83.

February saw more share price growth when Sintana was listed on the TSX Venture 50 as the top energy performer.

In June, the company finalized its acquisition of a 49 percent interest in Giraffe Energy Investments as per an agreement dated April 24. Giraffe Energy holds a non-operating 33 percent stake in petroleum exploration license 79 in Namibia, and the remaining 67 percent of the license is owned by operator National Petroleum of Namibia.

Shares of Sintana marked a year-to-date high on June 11 to trade for C$1.42.

In late August, the company released its financial results for Q2 2024, which saw an overall net loss of C$2.7 million primarily driven by general and administrative expenses.

Recently Sintana announced a new exploration and appraisal campaign in Namibia’s Orange Basin, targeting blocks 2813A and 2814B under petroleum exploration license 83.

2. Arrow Exploration (TSXV:AXL)

Company Profile

Year-to-date gain: 26.56 percent
Market cap: C$117.2 million
Share price: C$0.40

Arrow Exploration, through its wholly owned subsidiary Carrao Energy, operates in Colombia with a focus on developing its portfolio of oil assets in the country. The company’s strategy is to target the expansion of oil production in key basins, including the Llanos Basin, Middle Magdalena Valley and Putumayo Basin.

Arrow Exploration holds high working interests in its assets, which are predominantly linked to Brent pricing.

In June, Arrow announced that it had successfully brought the first of four planned Ubaque horizontal wells into production, reporting that the Carrizales Norte B pad (CNB HZ-1) was producing 3,150 barrels of oil per day (bpd) gross, with 1,575 bpd net to Arrow, and has a water cut of less than 1 percent.

This news sent Arrow’s share price significantly upward registering a year-to-date high of C$0.60 on August 25.

The company released its Q2 results on August 29, reporting total oil and gas revenue of C$15.1 million for the period, up 47 percent year-on-year. Its current production is 5,000 barrels of oil equivalent per day.

In late September, after bringing another two wells online, Arrow announced that CNB HZ-5, its fourth horizontal well on the Carrizales Norte B pad in Colombia, is now producing over 2,700 barrels of oil per day gross. The company expects strong long-term performance.

For Q3 2024 Arrow reported its “strongest quarter” driven by record production, revenue, EBITDA, and cash flow. The company successfully drilled three horizontal development wells in the Carrizales Norte field, boosting operational momentum.

Arrow also posted C$21.3 million in oil and natural gas revenue, net of royalties, a 53 percent increase compared to Q3 2023.

3. Condor Energies (TSX:CDR)

Company Profile

Year-to-date gain: 23.24 percent
Market cap: C$114.68 million
Share price: C$1.75

Condor Energies concentrates on the exploration, development and production of natural gas in Turkey, Kazakhstan and Uzbekistan. The company is currently building Central Asia’s inaugural liquefied natural gas (LNG) facility.

In late January, Condor secured a natural gas allocation from the Kazakhstan government for its maiden modular LNG production facility. The gas allocation will be instrumental in liquefying feed gas to produce up to 350 metric tons per day of LNG, equivalent to about 210,000 gallons per day, the company said.

Condor’s shares reached a year-to-date high in February to trade for C$2.76.

In March, the energy company began a production-enhancement operation for eight natural gas condensate fields in Uzbekistan. Gas output will be directed to the domestic market through state entity agreements. Condor has agreed to cover project costs and receive a share of the generated revenues. The company launched a multi-well workover program at the fields in June.

In July, Condor signed its first LNG framework agreement for producing and utilizing LNG to power rail locomotives in Kazakhstan.

In mid-August, Condor released its Q2 report, highlighting that Uzbekistan production averaged 10,052 barrels of oil equivalent per day (boe/d) for the period, consisting of 59.03 million cubic feet per day and 213 barrels of oil per day of condensate. Q2 sales of gas and condensate from Uzbekistan totaled C$18.95 million.

Condor recently secured a second natural gas allocation from Kazakhstan’s state authority for its planned LNG facility near the Kuryk Port on the Caspian Sea. The allocation will fuel a low-carbon LNG production site capable of producing the energy equivalent of 565,000 liters of diesel per day, according to a September announcement.

The company’s Q3 results highlighted positive results for its gas field enhancement project in Uzbekistan, with production averaging 10,010 boe/d and sales reaching C$19 million. Results from the multi-well workover program have exceeded expectations,

Condor reported, increasing gas flow rates by 100 percent to 300 percent.

Earlier this month the company closed a brokered financing raising C$19.4 million.

4. Imperial Oil (TSX:IMO)

Company Profile

Year-to-date gain: 18.62 percent
Market cap: C$48.47 billion
Share price: C$90.34

Calgary-based Imperial Oil is a prominent Canadian energy company involved in the exploration, production, refining and marketing of petroleum products. With a history spanning over 140 years, Imperial operates diverse assets across Canada, including oil sands, conventional crude oil and natural gas assets.

On February 2, Imperial released its Q4 2023 results, highlighting upstream production of 452,000 barrels of oil equivalent per day, “marking its highest level in over three decades.”

Additionally, Imperial initiated steam injection at Cold Lake Grand Rapids, pioneering the industry’s first deployment of solvent-assisted SAGD technology. Downstream operations performed strongly, with refinery capacity utilization reaching 94 percent following the successful completion of the largest planned turnaround at the Sarnia site.

In this year’s Q2 results, Imperial reported quarterly net income of C$1.13 billion along with operating cashflow of C$1.63 billion, or C$1.51 billion when excluding working capital. According to the company, its upstream production reached 404,000 gross boe/d, its highest second quarter production in over 30 years. The Kearl project matched its highest-ever second quarter production at 255,000 gross boe/d, with Imperial’s share being 181,000 barrels. Cold Lake also performed strongly, with production of 147,000 bpd.

During the period, the company achieved first oil at Grand Rapids and renewed its annual share repurchase program, aiming to buy back up to 5 percent of its outstanding common shares.

On November 1, Imperial announced a quarterly dividend of C$0.60 per share, payable on January 1, 2025, to shareholders of record as of December 3, 2024. This matches its previous quarterly dividend.

Imperial saw its shares reach a year-to-date of C$108.03 on November 21, 2024.

In mid-December the company released its 2025 guidance. In it Brad Corson, chairman, president and chief executive officer laid out Imperial’s plans for the year ahead.

“Our 2025 plan builds on our momentum and positions the company to achieve even stronger operating performance with higher volumes and lower unit cash costs at Kearl and Cold Lake,” he said. “In the Downstream, a lighter turnaround schedule supports higher refinery throughput year-over-year, and start-up of the Strathcona Renewable Diesel project is expected to increase product sales.”

5. Athabasca Oil (TSX:ATH)

Press ReleasesCompany Profile

Year-to-date gain: 15.68 percent
Market cap: C$2.55 billion
Share price: C$4.87

Athabasca Oil is focused on developing thermal and light oil assets within Alberta’s Western Canadian Sedimentary Basin. The company has established a substantial land base with high-quality resources. Its light oil operations are managed through its private subsidiary, Duvernay Energy, in which the company holds a 70 percent equity interest.

At the end of July, Athabasca released its Q2 results, reporting average Q2 production of 37,621 boe/d, resulting in an increase in its annual production guidance to 36,000 to 37,000 boe/d. The company also achieved record adjusted funds flow of C$166 million and cashflow from operating activities of C$135 million.

Athabasca Oil’s Q3 results, released in late October, underscored a strong third quarter with average production of 38,909 boe/d, an 8 percent year-over-year increase. Adjusted funds flow reached C$164 million, marking a 25 percent increase per share.

In early December Athabasca Oil announced its 2025 budget, focusing on enhancing cash flow per share and committing 100 percent of free cash flow to shareholder returns through share buybacks.

The company also plans to invest approximately C$335 million in capital expenditures, aiming for an average production of 37,500 to 39,500 barrels of oil equivalent per day, with an exit rate of around 41,000 boe/d.

Athabasca shares rose to a year-to-date high in August when they were trading for C$5.66.

Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

Stock Futures Lower after S&P 500 futures ticked down 0.18%

Stock futures are trading slightly lower Monday morning as investors gear up for the final month of 2024. S&P 500 futures slipped 0.18%, alongside declines in Dow Jones Industrial Average futures and Nasdaq 100 futures, which dropped 0.13% and 0.17%, respectively. The market’s focus is shifting to upcoming economic data, particularly reports on manufacturing and construction spending, ahead of this week’s key labor data releases.

November was a standout month for equities, with the S&P 500 futures rallying to reflect the index’s best monthly performance of the year. Both the S&P 500 and Dow Jones Industrial Average achieved all-time highs during Friday’s shortened trading session, with the Dow briefly surpassing 45,000. Small-cap stocks also saw robust gains, with the Russell 2000 index surging over 10% in November, buoyed by optimism around potential tax cuts.

As trading kicks off in December, investors are keeping a close eye on geopolitical developments in Europe, where France’s CAC 40 index dropped 0.77% amid political concerns, while Germany’s DAX and the U.K.’s FTSE 100 showed smaller declines.

S&P 500 futures will likely continue to act as a key barometer for market sentiment, particularly as traders assess the impact of upcoming economic data and global market developments.

S&P 500 Index Chart Analysis

This 15-minute chart of the S&P 500 Index shows a recent trend where the index attempted to break above the resistance level near 6,044.17 but retraced slightly to close at 6,032.39, reflecting a minor decline of 0.03% in the session. The candlestick pattern indicates some indecisiveness after a steady upward momentum seen earlier in the day.

On the RSI (Relative Strength Index) indicator, the value sits at 62.07, having declined from the overbought zone above 70 earlier. This suggests that the bullish momentum might be cooling off, and traders could anticipate a short-term consolidation or slight pullback. However, with RSI above 50, the overall trend remains positive, favoring buyers.

The index’s recent low of 5,944.36 marks a key support level, while the high at 6,044.17 could act as resistance. If the price sustains above the 6,020 level and RSI stabilizes without breaking below 50, the index could attempt another rally. Conversely, a drop below 6,020 could indicate a bearish shift.

In conclusion, the index displays potential for continued gains, but traders should watch RSI levels and price action near the support and resistance zones for confirmation.

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S&P 500 climbed 0.3%, and Nasdaq-100 futures jumped 0.7%

Stock futures climbed on Wednesday, driven by strong performances from Salesforce and Marvell Technology, following upbeat quarterly earnings. Futures tied to the Dow Jones Industrial Average rose by 215 points (0.5%), while S&P 500 futures gained 0.3%, and Nasdaq-100 futures advanced by 0.7%.

Salesforce surged 12% after reporting fiscal third-quarter revenue that exceeded expectations, showcasing robust demand in the enterprise software sector. Meanwhile, chipmaker Marvell jumped 14% after surpassing earnings estimates and providing optimistic fourth-quarter guidance, indicating resilience in the semiconductor industry.

This movement follows a mixed session on Wall Street, where the S&P 500 and Nasdaq closed with small gains, while the Dow dipped slightly. The broader market has experienced a modest start to December, contrasting with November’s robust rally, but analysts anticipate a resurgence in momentum. LPL Financial’s George Smith pointed out that December historically sees strong market performance, particularly in the latter half of the month.

However, economic data introduced some caution. ADP’s report revealed that private payrolls grew by just 146,000 in November, missing estimates of 163,000. This signals potential softness in the labor market, with investors now awaiting Friday’s November jobs report for further clarity.

S&P 500 Index Chart Analysis

Based on the provided stock chart, which appears to be a 15-minute candlestick chart for the S&P 500 Index, here’s a brief analysis:

The chart shows a clear upward trend, with higher highs and higher lows indicating bullish momentum over the analyzed period. The index has steadily climbed from a low of approximately 5,855 to a recent high of 6,053.58, suggesting strong buying interest.

Key resistance is observed near 6,050-6,053 levels, as the price has struggled to break above this zone in the most recent sessions. If the index breaches this level with strong volume, it could lead to further upward movement. Conversely, failure to break out may lead to a pullback, with potential support around the 6,000 psychological level and 5,980, where consolidation occurred previously.

The candlestick patterns show relatively small wicks, indicating limited volatility, which could imply steady market confidence. However, the bullish rally could be overextended, warranting caution for traders, especially if any negative catalysts emerge.

In summary, the short-term trend is bullish, but traders should monitor resistance levels and volume for signs of a breakout or reversal. It’s also essential to watch broader market factors, as indices are often influenced by macroeconomic data and sentiment.

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