Canada Hot Stocks: First Uranium, North American Energy, Monterey, Iteration
February 3rd, 2010 - Posted in Energy SavingAmong the companies whose shares are making notable moves in Tuesday’s session are First Uranium Corp. (FIU.T), North American Energy Partners Inc. (NOA), Monterey Exploration Ltd. (MXL.T) and Iteration Energy Ltd. (ITX.T).
First Uranium (C$1.45, -C$0.43, -23%) is reviewing strategic options after the recent unexpected withdrawal of environmental authorization for a new mine waste-storage facility in South Africa.
North American Energy ($8.11, $1.04, 15%) swung to a third-quarter profit of 57 Canadian cents a share from a loss of 41 Canadian cents a year earlier. Excluding items, it earned 40 Canadian cents in the latest period.
Monterey (C$4.19, -C$0.28, -6.3%) plans to sell 4.8 million shares at C$4.20 each to raise about C$20 million.
Iteration (C$1.37, C$0.09, 7.0%) released findings of a 2009 reserve report, which puts total proved reserves at 33.3 million barrels of oil equivalent and proved plus probable reserves at 50.99 million. (source)
Among the companies whose shares are making notable moves in Tuesday’s session are Absolute Software Corp. (ABT.T), Cinram International Income Fund (CRW.UN.T), Ivanhoe Energy Inc. (IVAN), Coalcorp Mining Inc. (CCJ.T) and Boralex Inc. (BLX.T).
Absolute (C$6.04, -C$0.20, -3.2%) cut its sales contract view for fiscal 2010 to C$76-C$82 million from its previous view of C$80-C$86 million, citing the devaluation of the U.S. dollar.
Cinram International (C$1.11, -C$0.05, -4.3%) is extending Monday’s 60% share-price drop, which came after it said it will lose Warner Home Video Inc. as a customer as of July 31. The Warner business represented about 28% of Cinram’s total revenue last year.
Ivanhoe Energy’s (C$3.56, C$0.30, 9.2%) first appraisal well in the Pungarayacu field in Ecuador has reached total depth with extensive oil shows in both the Napo and Hollin formations. The initial results from this well are “highly significant,” the company said.
More than 10 million Coalcorp (C$0.20, C$0.04, 28%) shares have changed hands Tuesday after it said it has agreed to settle a dispute with Xira Investment Inc., former Coalcorp management and other parties.
Boralex (C$9.80, C$0.40, 4.3%) said its wood-residue thermal power stations in the U.S. qualify for the Biomass Crop Assistance Program. The company said it will reduce its wood-residue supply costs by about US$12 million annually, for a period of two years.
