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Research
Research Alert: CFRA Reiterates Sell Opinion On Shares Of The New York Times Company
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We raise our 12-month price target by $3 to $76, based on 27x our 2026 EPS estimate, a discount to shares' 30x five-year average forward multiple. We raise our 2026 EPS estimate from $2.69 to $2.83 and 2027's from $2.82 to $2.89. Q1 2026 results included strong subscriber growth to 13.1M (+12.2% Y/Y), adding 310K new subscribers while also growing 2.4% to $9.77. Advertising revenue grew 32% to $93.3M, a significant acceleration from 2025. While this was encouraging, the company expects advertising revenue growth to decelerate to a high-teens percentage range. This has had a material impact on operating margins (Q1 margins expanded 200 bps Y/Y). Additionally, the key investor concern remains on growing average revenue per user while supporting subscriber acquisition momentum. We maintain our Sell rating primarily on valuation, as we think shares fully reflect ongoing momentum in subscriber growth and price in a more durable growth trajectory on historically cyclical ad revenues.
$NYT
Research
Research Alert: Pembina: A Modest Q1 Beat And Progress On Cedar Lng
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:PPL posted Q1 EPS of CAD0.81 vs CAD0.79, beating consensus by CAD0.02, though adjusted EBITDA declined 3.1% to CAD1.13B and net revenues fell 3.9% to CAD1.29B reflecting a challenging pricing environment. Volume performance was mixed, with Pipeline volumes up 0.9% to 2.83 mmboe/d, Facilities flat at 899,000 boe/d, and Marketing down 4.9% to 369,000 boe/d. Pipeline earnings dropped CAD29M primarily due to Alliance Pipeline's new toll structure, while Facilities and Marketing segments improved by CAD14M and CAD15M respectively, driven by stronger PGI asset performance and lower Cedar LNG losses. Major growth projects remain on track, with Cedar LNG's floating vessel construction over 50% complete for late 2028 commercial service and RFS IV Fractionator's rail facility entering service in February 2026. Multiple pipeline expansion projects including Fox Creek-to-Namao, Birch-to-Taylor, and Taylor-to-Gordondale have been sanctioned with construction activities commencing during the quarter.
$PPL
Equities
Shell CEO Says Oil Market Faces Nearly 1 Billion Barrel Shortage Due to Iran War
Shell (SHEL) CEO Wael Sawan said the global oil market faces a shortage of nearly 1 billion barrels of crude due to the ongoing Iran conflict, warning that the supply deficit is "deepening every single day."Speaking during Shell's first-quarter earnings call on Thursday, Sawan said the market has lost significant volumes either through "locked-in barrels or unproduced barrels," adding that the recovery process would take time.He said Shell was already seeing the impact across the refining market, with some demand destruction emerging in sectors such as aviation.Sawan added that the extent of future demand weakness remained uncertain and would depend on how the conflict evolved in coming months.The comments come as disruptions linked to the Iran conflict continue to tighten global crude and fuel markets, particularly around the Strait of Hormuz, a key route for oil and LNG shipments.Shell executive said up to 15% of global crude supplies have been disrupted by the conflict.
$SHEL