Core Insights - Perimeter Solutions, S.A. (NYSE:PRM) specializes in fire safety and oil additives, operating in a competitive landscape with peers like Montrose Environmental Group, Inc. (MEG) and The E.W. Scripps Company (SSP) [1] - The analysis of Return on Invested Capital (ROIC) and Weighted Average Cost of Capital (WACC) is crucial for understanding the efficiency of these companies in generating returns [1] Financial Performance - Perimeter Solutions has a ROIC of 3.78% and a WACC of 11.30%, resulting in a ROIC to WACC ratio of 0.33, indicating inefficiency in generating returns [2][5] - Montrose Environmental Group has a negative ROIC of -2.82% and a WACC of 10.47%, leading to a ROIC to WACC ratio of -0.27, which is less efficient than Perimeter Solutions [2] - The E.W. Scripps Company stands out with a ROIC of 5.78% and a WACC of 6.50%, resulting in a ROIC to WACC ratio of 0.89, indicating the highest efficiency among peers [3][5] - Scholastic Corporation has a ROIC of 1.74% and a WACC of 7.77%, with a ROIC to WACC ratio of 0.22, which is lower than that of Perimeter Solutions [3] - Lee Enterprises, Incorporated, and Unifi, Inc. both exhibit negative ROICs of -2.95% and -11.80%, respectively, with WACCs of 4.50% and 6.78%, resulting in ROIC to WACC ratios of -0.66 and -1.74, indicating significant inefficiencies [4][5]

Core Points - The special meeting of MEG Energy shareholders was convened with a quorum of 92% of outstanding common shares represented [2] - The meeting was recessed until 2:00 p.m. to address a regulatory inquiry that arose late the previous evening [3] Group 1 - The Chair of the Board of Directors, Jim McFarland, opened the meeting and confirmed the presence of scrutineers [1] - A total of 97 shareholders holding 234,321,021 shares were present, confirming the meeting's proper constitution for business [2] - The meeting will reconvene at the same location and webcast link later in the day [3]

Core Insights - Baron Discovery Fund's year-to-date performance is up 10.75%, slightly trailing the Russell 2000 Growth Index's return of 11.65% [1] - In Q3 2025, the fund gained 2.85%, while the Index rose by 12.19% [1] Company Overview: Montrose Environmental Group, Inc. (NYSE:MEG) - Montrose Environmental Group, Inc. is an environmental services company with a market capitalization of $940.032 million, closing at $26.64 per share on October 29, 2025 [2] - The stock experienced a one-month return of -5.40% and a 52-week decline of 3.65% [2] Performance and Outlook - Montrose Environmental Group's shares have shown a significant rebound since Q2 2025, with diminishing fears regarding adverse policy changes from the Environmental Protection Agency [3] - Baron Discovery Fund has trimmed its investment in Montrose to manage position size but maintains a positive long-term outlook, particularly regarding its PFAS cleanup technology [3] Hedge Fund Interest - Montrose Environmental Group is held by 11 hedge fund portfolios at the end of Q2 2025, down from 14 in the previous quarter [4] - While the company has potential, other AI stocks are considered to offer greater upside with less downside risk [4] Contribution to Fund Performance - Montrose Environmental Group contributed positively to Baron Discovery Fund's performance in the previous quarter [5]

Group 1 - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2][3] - The news team covers key finance and investing hubs including London, New York, Toronto, Vancouver, Sydney, and Perth [2] - Proactive focuses on medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [2][3] Group 2 - The team delivers news and insights across various sectors including biotech, pharma, mining, natural resources, battery metals, oil and gas, crypto, and emerging technologies [3] - Proactive adopts technology to enhance workflows and improve content production [4][5] - All content published by Proactive is edited and authored by humans, ensuring adherence to best practices in content production and search engine optimization [5]

Core Points - Cenovus Energy Inc. has acquired an additional 3,276,460 common shares of MEG Energy Corp., increasing its total ownership to 25,000,000 shares, which represents 9.8% of MEG's total outstanding shares [1][2] - The acquisition is part of a previously announced transaction, and Cenovus intends to vote the acquired shares in favor of this transaction [2] Company Overview - Cenovus Energy Inc. is an integrated energy company engaged in oil and natural gas production in Canada and the Asia Pacific region, as well as upgrading, refining, and marketing operations in Canada and the United States [4]

Group 1: Oil Market Outlook - The entire 2026 WTI futures curve is trading below $60 per barrel, which is below breakeven levels for most new shale wells, raising concerns about a potential contango situation [1][5] - TotalEnergies CEO and Vitol's CEO warn that such low prices could lead to a reduction in U.S. shale output by 200,000 to 300,000 barrels per day next year, tightening supply as demand stabilizes [1] - Backwardation, previously a feature of the market, is now only extending until February 2026, indicating a shift in market dynamics [5] Group 2: Market Movements - US LNG developer Venture Global reached an arbitration settlement with China's Unipec, avoiding litigation over cargo delivery failures [3] - Strathcona Resources has abandoned its hostile takeover bid for MEG Energy, potentially facilitating a merger between MEG and Cenovus [3] - Chevron is nearing an exploration deal with the Greek government for deepwater blocks south of Crete, with surveying set to begin in 2026 [4] Group 3: Price Trends and Sentiment - The current market sentiment is negative, with hedge fund net length in WTI futures and options at 29,410 contracts, which is 15% of the level at the beginning of the year [5] - Resurgent US-China trade tensions and the reimposition of tariffs are negatively impacting oil sentiment, with ICE Brent prices at $62 per barrel seen as temporary before a potential decline [6]

Core Points - Montrose Environmental Group, Inc. is focused on environmental protection and economic development [1] - The company has announced the planned dates for its third quarter 2025 results and conference call [1] - The third quarter results will be released on November 4, 2025, after the close of trading on the New York Stock Exchange [1]

Core Viewpoint - Strathcona Resources Ltd. has terminated its takeover bid for MEG Energy Corp due to changes in the arrangement with Cenovus Energy Inc, and plans to distribute $10.00 per share to its shareholders as part of a corporate update [1][2][6]. Termination of MEG Offer - The termination of the takeover bid is attributed to the revised agreement between MEG's board and Cenovus, which Strathcona believes makes the conditions for its offer unachievable [2]. - The MEG Board's actions, including allowing Cenovus to vote shares acquired after the record date, are seen as unprecedented and anti-competitive, leading Strathcona to conclude that a better offer is impractical [3]. Special Distribution - Strathcona plans to pay a special distribution of $10.00 per share to its common shareholders, which will be part of a statutory plan of arrangement [6]. - Shareholders of record as of October 17, 2025, will vote on the plan at a special meeting scheduled for November 27, 2025, with support expected from significant shareholders [7]. Corporate Update - Following the sale of MEG, Strathcona will be the only pure play oil company in North America producing over 50,000 barrels per day without mines or refineries [9]. - The company aims for organic growth from 120,000 barrels per day to 195,000 barrels per day by 2031, with a capital budget of $1.0 billion for 2026 [10]. Financial Position - After the special distribution, Strathcona expects to have approximately $2.0 billion in debt net of marketable securities and over $1.0 billion in available liquidity [11]. - Excess free cash flow will be allocated between debt repayment, mergers and acquisitions, and further shareholder returns [11]. Share Pass-Through - Waterous Energy Fund intends to distribute up to approximately 13% of Strathcona's outstanding shares to its limited partners in two stages, reducing its ownership from 79.6% to approximately 66.6% [12].

Core Viewpoint - Montrose Environmental Group (MEG) is highlighted as a strong investment opportunity in the environmental services sector, benefiting from regulatory tailwinds and robust profit margins despite being in a less glamorous industry [1][2]. Company Overview - Montrose is a comprehensive environmental services platform that offers consulting, lab testing, air measurement, remediation, and renewable energy solutions [2]. - The company is actively involved in addressing environmental challenges such as PFAS contamination and methane monitoring, positioning itself at the forefront of sustainability trends [2][4]. Financial Performance - Analysts have raised earnings estimates for Montrose, with the current year's consensus estimate increasing from $0.66 to $1.34 and next year's from $0.83 to $1.36 [3]. - Montrose has consistently exceeded earnings expectations for four consecutive quarters, averaging a surprise of $0.15 [3]. - Revenue growth is projected to exceed 15% this year, driven by industrial demand and heightened regulatory enforcement [3]. Market Position - The environmental services sector, where Montrose operates, is relatively insulated from economic downturns, as compliance with environmental regulations remains a priority for industries [4]. - The increasing scrutiny on ESG (Environmental, Social, and Governance) practices is expanding Montrose's testing and remediation backlog [4]. Technical Analysis - The stock has shown strong recovery from recent lows, with the 50-day moving average providing significant support [5]. - Montrose's stock is currently approaching a swing high just above $31, indicating positive technical momentum [5].

Group 1: Montrose Environmental Group, Inc. (MEG) - The company is classified as an environmental services provider and holds a Zacks Rank of 1 [1] - The Zacks Consensus Estimate for its current year earnings has increased by 100% over the last 60 days [1] - Montrose has a PEG ratio of 1.16, significantly lower than the industry average of 5.07, and possesses a Growth Score of A [1] Group 2: Ralph Lauren Corporation (RL) - This company operates in the lifestyle products sector and also carries a Zacks Rank of 1 [2] - The Zacks Consensus Estimate for its current year earnings has risen by 6.5% over the last 60 days [2] - Ralph Lauren has a PEG ratio of 1.62 compared to the industry average of 2.67, and it has a Growth Score of A [2] Group 3: Primoris Services Corporation (PRIM) - Primoris is categorized as an infrastructure services company and holds a Zacks Rank of 1 [3] - The Zacks Consensus Estimate for its current year earnings has increased by 6.2% over the last 60 days [3] - The company has a PEG ratio of 2.18, which is lower than the industry average of 5.54, and it possesses a Growth Score of B [3]