13:06:45 EDT Tue 07 Jul 2020
Enter Symbol
or Name

Login ID:
Chemtrade Logistics Income Fund
Symbol CHE
Shares Issued 92,596,006
Close 2019-11-07 C$ 11.01
Recent Sedar Documents

Globe says Newman moves Chemtrade to "buy" from "hold"

2019-11-08 07:49 ET - In the News

The Globe and Mail reports in its Friday, Nov. 8, edition that in response to a "solid" third quarter beat, Desjardins Securities analyst David Newman upgraded Chemtrade Logistics Income Fund, citing "strength in legacy chemicals and a focus on operational improvement." The Globe's David Leeder writes in the Eye On Equities column that on Wednesday after the bell, Chemtrade Logistics announced quarterly adjusted earnings before interest, taxes, depreciation and amortization of $90-million, exceeding both Mr. Newman's $84-million estimate and the consensus of $86-million. Mr. Newman says in a note: "3Q19 results were positively impacted by higher realized pricing in SPPC [Sulphur Products & Performance Chemicals] and WSSC [Water Solutions & Specialty Chemicals] and a lack of material operational issues (easy comp), offset by expected softness in EC [Electrochemicals]. Benchmark caustic soda prices appear to have found a footing (at close to cash costs)." Moving Chemtrade to "buy" from "hold," Mr. Newman increased his unit target to $12 from $11.50. Analysts on average target the units at $11.88. Mr. Newman says he likes Chemtrade's "attractive distribution yield of 12 per cent."

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