-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师的观点总结如下：欧文斯科宁（Owens Corning）公布第一季度销售额为22.65亿美元（同比下降10%），调整后每股收益为1.22美元。受全面疲软的影响，所有业务板块均出现下滑，其中屋面材料业务下降14%至9.6亿美元，保温材料业务下降5%至8.67亿美元，门窗业务下降12%至4.75亿美元。各业务板块的EBITDA利润率下降了600个基点，综合利润率为16%。经营现金流转为负值，为1.54亿美元，自由现金流恶化至3.87亿美元。该公司以约2.8亿美元的现金完成了玻璃纤维增强材料业务的战略出售，所得款项将用于支持内生增长和股东回报，助力欧文斯科宁转型为专注于建筑产品的平台。管理层预计第二季度营收为26亿至27亿美元，调整后EBITDA利润率为20%至22%（第一季度为16%），并预计伊朗冲突将带来6000万美元的通胀不利影响。住宅建设和非必需的房屋改造市场预计将持续承压，在没有重大风暴的情况下，屋顶需求将略有下降，但潜在的2500万美元关税退款将带来未计入业绩指引的额外增长。
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Research Alert: CFRA Lifts View On Shares Of H.f. Sinclair To Buy From Hold
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Our 12-month target price of $87, raised $31, reflects a combination of relative valuation and DCF models. On a relative basis, we apply a 7.0x multiple of enterprise value to projected 2027 EBITDA. The applied multiple is above DINO's historical forward average, but below peers. We think a modest discount to peers is reasonable on the basis of below-average return on invested capital. Still, a multiple above normal levels for DINO is also reasonable, because we think refining margins will be high in both 2026 and 2027. This approach yields a value of $85 per share. Meanwhile, our DCF model, using medium-term free cash flow growth of 5%, 2% terminal growth, discounted at a WACC of 7.2%, yields intrinsic value of $89 per share. We lift our 2026 EPS estimate by $2.87 to $7.30 and 2027's by $1.66 to $6.26. In our view, DINO has above-average exposure to middle distillates, which is where we think refining margins will be relatively stronger. Shares yield 2.8%.
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Commodities
Fortis Reports Mixed Q1 Utility Sales, Growth Projects Advance
Fortis (FTS) reported Q1 earnings on Wednesday, with electricity and gas sales falling across several utility units, while advancing major transmission, LNG, and data center projects across North America.Fortis' unit, UNS Energy, delivered 2,148 gigawatt-hours of retail electricity sales in Q1, compared with 2,136 GWh a year earlier, while wholesale electricity sales fell to 998 GWh from 1,157 GWh, the company said.The Canadian electric and gas utility company reported that its FortisBC Energy unit delivered gas sales of 76 petajoules in Q1, down from 81 PJ a year earlier.FortisAlberta increased electricity deliveries to 4,665 GWh in Q1, up from 4,597 GWh a year earlier.Central Hudson sold 1,387 GWh of electricity for the quarter ended March 31, compared with 1,375 GWh a year earlier. Gas sales rose to 10 petajoules from 9 PJ over the year.FortisBC Electric reported electricity sales of 957 GWh in the quarter, down from 1,016 GWh a year earlier.Other electric operations sold 3,154 GWh in the quarter, down from 3,165 GWh a year earlier.Fortis spent CA$1.4 billion ($1.03 billion) on capital projects during the quarter and said its CA$5.6 billion annual capital plan remains on track.The company targets rate base growth to CA$57.9 billion by 2030 from CA$42.4 billion in 2025.ITC completed a substation in March to support 300 megawatts of load growth tied to a data center at the Big Cedar Industrial Center.Fortis also continues transmission upgrades to serve another 1,600 MW by 2028.Fortis also secured credit support in April for an energy supply agreement linked to a planned Arizona data center with an initial electricity demand of about 300 MW.Price: $56.74, Change: $-0.70, Percent Change: -1.22%
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Mining & Metals
Metallis Resources Provides Update on 2026 Drill Program at Greyhound Project, Idaho
Metallis Resources (MTS.V) said Wednesday that an technical review and reinterpretation of the Greyhound project in Idaho, has allowed it to more precisely target the high-grade portions of a 3.5 km trend as the company plans the 2026 drill program.A 2026 drill program of about 3,000 meters is planned, focused on high-grade shoots within the Rufus Zone, and surface mineralization at Birdie, Bulldog, and Idaho, a statement added."We have identified multiple priority target areas along the 3.5 km trend, along with new geochemical anomalies that suggest the system may extend beyond what was previously recognized," said vice president of exploration, Dave Nuttall."With a strengthened geological model and more clearly defined targeting criteria, we are entering the upcoming season with increased confidence in the scale of the opportunity and the potential to continue building long-term value at Greyhound."Metallis Resources were last seen unchanged at $0.17, on the TSX Venture Exchange.
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