Scott Barbour/Getty Images News Shell ( SHEL ) said Monday it agreed to acquire Canadian energy company ARC Resources ( AETUF ) in a deal valued at US$16.4B, including debt, in a deal it said will increase its exposure to the Motney shale basin in British Columbia and Alberta . Arc's ( AETUF ) operations are located in the same region as Shell's ( SHEL ) existing Groundbirch asset in British...
Scott Barbour/Getty Images News Shell ( SHEL ) said Monday it agreed to acquire Canadian energy company ARC Resources ( AETUF ) in a deal valued at US$16.4B, including debt, in a deal it said will increase its exposure to the Motney shale basin in British Columbia and Alberta . Arc's ( AETUF ) operations are located in the same region as Shell's ( SHEL ) existing Groundbirch asset in British Columbia and Gold Creek project in Alberta. Under the deal terms, Shell ( SHEL ) said it will pay ARC ( AETUF ) shareholders C$8.20/share in cash and 0.40247 Shell ( SHEL ) shares for each ARC share, representing ~25% cash and 75% shares; based on Shell's latest closing share price, the deal equates to C$32.80/share, which represents a 20% premium to ARC's 30-day volume-weighted average price . Shell ( SHEL ) will take on ~US$2.8B in net debt and leases, resulting in a total enterprise value of ~US$16.4B. The company said the deal adds 370K boe/day of production, raising its production compound annual growth rate from 1% as previously outlined at its 2025 Capital Markets Day to 4%, and 2B barrels of reserves, and supports its aim to sustain material liquids production of ~1.4M bbl/day towards 2030 and beyond. Shell ( SHEL ) said it expects the deal to bring annualized synergies of ~$250M within a year of closing. More on Shell and ARC Resources Shell: The Company Should Be A Buy, But Near-Term Risks Warrant Patience Shell's Earnings Still Tied To Oil, Not Growth ARC Resources: Still Not Noticed By The Market
Meta said Monday that the transaction "complied fully with applicable law" and that it anticipates "an appropriate resolution to the inquiry." (Image credit: Jeff Chiu/AP)
Meta said Monday that the transaction "complied fully with applicable law" and that it anticipates "an appropriate resolution to the inquiry." (Image credit: Jeff Chiu/AP)
Countries are scrambling to diversify their energy mix in the wake of what International Energy Authority chief Fatih Birol called the "largest oil price shock in history." South Korea has announced its intention to commit to nuclear power since the Iran war devastated supplies of oil and gas, and more countries could follow suit. Birol told CNBC last week that nuclear power would get a "boost" fr...
Countries are scrambling to diversify their energy mix in the wake of what International Energy Authority chief Fatih Birol called the "largest oil price shock in history." South Korea has announced its intention to commit to nuclear power since the Iran war devastated supplies of oil and gas, and more countries could follow suit. Birol told CNBC last week that nuclear power would get a "boost" from the supply crisis. "I don't see a world where demand doesn't increase," Ben Kumar, head of strategy at Seven Investment Management, told CNBC. "I think the last few years have made any country that's reliant on imported energy realize that nuclear power has to be part of their future." Investors have several ways of getting potential exposure to this theme. Uranium production Global production of uranium, the key fuel source for fission reactions that generate nuclear power, is led by Kazatomprom. Based in Kazakhstan but listed in London, the company accounted for around 21% of global output in 2024, according to the World Nuclear Association. Its closest rival, Cameco, accounted for 17%. Its shares have tripled in the last 12 months and are up over 60% year-to-date as it capitalizes on a structural deficit in the uranium market. Demand has long outpaced supply as years of underinvestment in new mines kept production low. Since 2022, Western buyers have sought to divest from Russian producers, further boosting Kazatomprom's share price. KAP-GB 1Y mountain Kazatomprom share price. More broadly, investors could consider funds that comprise a broad bucket of uranium miners, refiners and explorers, such as the Global X Uranium UCITS ETF. The largest nuclear-related fund by assets under management, it tracks the 50+ companies in the Solactive Global Uranium & Nuclear Components index. Its largest exposure is to Canadian giant Cameco Corporation, which comprises 15% of the portfolio. Seven Investment Management's Kumar said he expected Canadian miners to become "very popular",...
Getty Images Harley-Davidson, Inc. ( HOG ) is an iconic motorcycle manufacturer facing tariff impact, secular decline, an aging customer base, and declining market shares. The company's stock continues to be heavily shorted despite being undervalued—even for a declining company. We will now revisit HOG ahead of their Q1 earnings release and strategic plan presentation on May 5th. This article is a...
Getty Images Harley-Davidson, Inc. ( HOG ) is an iconic motorcycle manufacturer facing tariff impact, secular decline, an aging customer base, and declining market shares. The company's stock continues to be heavily shorted despite being undervalued—even for a declining company. We will now revisit HOG ahead of their Q1 earnings release and strategic plan presentation on May 5th. This article is an update to our previous article on the company. Since our article, the stock has performed well, with a total return of over 17% in under 3 months, compared to an S&P 500 change of just under 3% over the same period. This move was supported by some notable insider purchases . However, the company is still trading well below our valuation target, and we still haven't seen large-scale short-covering. Seeking Alpha Secular Decline Looking back at the beautiful illustration of Harley-Davidson Unit Registration from a 2025 article by fellow Seeking Alpha contributor Caffital Research , the secular decline since the highs in the 2010s becomes clear. I also recommend checking out their latest article on HOG , providing valuable insights. Caffital Research Based on updated data from the company's most recent 10-K , the trend continues with both registrations and market share declining compared to 2024. HOG 2025 10-K The latest registration data shows a grim picture: the company has a declining market share in a declining market—both overall industry new motorcycle registrations declined, and their market share declined as well. We covered the decline and financial metrics over the years in depth in our last article. The overall big picture remains unchanged: the company is still in secular decline. The decline is even accelerating based on the latest 10-K. In this article, however, we want to focus on the company's recently presented strategic plan and the continued short-selling of the stock. Short-Selling As extensively shown, Harley-Davidson is very visibly in long-term decline...
peshkov/iStock via Getty Images As of this writing, the Strait of Hormuz remains effectively closed since February 28. Roughly 20% of the world’s seaborne oil stopped moving through the chokepoint. The International Energy Agency described the event as “the largest supply disruption in the history of the global oil market.” Gulf producers shut in nearly 9 million barrels a day of production. U.S. ...
peshkov/iStock via Getty Images As of this writing, the Strait of Hormuz remains effectively closed since February 28. Roughly 20% of the world’s seaborne oil stopped moving through the chokepoint. The International Energy Agency described the event as “the largest supply disruption in the history of the global oil market.” Gulf producers shut in nearly 9 million barrels a day of production. U.S. gasoline at the pump jumped from $2.98 to over $4.00. Every historical template for this kind of shock, 1973, 1979, 1990, pointed to a stagflationary body blow that breaks markets. After 30 years of watching cycles play out, I’ve learned that when the tape refuses to confirm a catastrophe narrative, it’s usually seeing something the headlines miss. That’s exactly what is happening with the Strait of Hormuz. Brent peaked near $120 and now sits around $96, well below the $132 the Dallas Fed modeled for a closure lasting three quarters. The S&P 500 is grinding higher. China, which takes roughly a third of its crude through the waterway, hasn’t buckled. So the question isn’t why the catastrophists were wrong. It’s what they missed and where the real risks now sit. Why The Headline Was Worse Than The Reality The “20% of global oil closed” framing was always misleading. In reality, the reduction in impact came primarily from four forces, and the primary source documents each. First, Middle Eastern producers rerouted crude around the strait. Rystad Energy’s Tom Liles estimates that 5 to 6 million barrels a day can flow through Saudi and UAE pipelines terminating at the Red Sea and the Gulf of Oman. That’s roughly a third of the region’s normal seaborne exports, redirected within weeks. By late March, Iran had also granted transit rights to tankers flagged by China, Russia, India, Iraq, and Pakistan. In other words, Iran’s move to close the Strait of Hormuz served as a rationing mechanism rather than a closure. Secondly, the strategic reserves finally worked as designed. The IEA co...
mechanick/iStock via Getty Images Iridium Communications Overview Two quarterly reports have been released since my last article on Iridium Communications ( IRDM ), in which I rated it a Sell. The stock is now up about 135% since then, so it is obviously time to review my thesis and either validate and strengthen or capitulate and reverse my Sell rating, as the case may be. I would urge readers to...
mechanick/iStock via Getty Images Iridium Communications Overview Two quarterly reports have been released since my last article on Iridium Communications ( IRDM ), in which I rated it a Sell. The stock is now up about 135% since then, so it is obviously time to review my thesis and either validate and strengthen or capitulate and reverse my Sell rating, as the case may be. I would urge readers to look beyond price performance and take a hard look at the numbers. Now that we see a few catalysts in place that were absent when I last wrote, it would be prudent to check the bathwater thoroughly before emptying the tub. In other words, has the market overextended IRDM beyond fair value or upside potential, in which case I would retain the Sell rating, or have the fundamentals shifted permanently in IRDM's favor and there is still value to be captured, in which case I should upgrade my rating accordingly? The tl;dr version of this article is that I upgrade IRDM to Hold and await tangible results in terms of executing on key catalysts in FY 2026. Q1 2026 Earnings Reported April 23, 2026 I shall now look for any telling developments that will have prompted a rating reversal between my last coverage and now. We can begin with the latest earnings report, and there appear to be some interesting nuances at play. At first glance, one is hit by the weakness in the Q1 print . Revenue is up just 2%, OEBITDA is down 4.8% (to be fair, this was due to a change in how yearly incentives will be paid), and EPS is down 7 cents, or 26%. The company missed Q1 2026 consensus figures on both lines and only added 18,000 billable subscribers on a sequential basis for a 0.7% quarter-on-quarter growth rate. Understandably, management highlighted the year-on-year growth rate of 5% instead, but one should watch quarterly progress to see if a slowdown is ahead. The reported numbers tell us very little, unfortunately, so after the initial parse for headline figures, I shall look at the real drivers ...