Financial Data and Key Metrics Changes - Adjusted EBITDA for Q3 2024 reached $279 million, a 14% increase year-on-year, driven by higher gas deliveries and strong performance in the Power Generation segment [7][19] - Net debt decreased to $539 million, down 20% year-on-year, marking the lowest ratio in the last eight years at 0.8x to the last 12 months EBITDA [19] - Free cash flow for Q3 was $80 million, supported by improved working capital [17] Business Line Data and Key Metrics Changes - Power Generation segment posted an EBITDA of $112 million, a 23% increase year-on-year, attributed to higher legacy prices and operational outperformance [9] - E&P business recorded an EBITDA of $122 million, an 8% decrease year-on-year, primarily due to higher operating costs and reduced exports [11] - CapEx in Q3 was 59% lower year-on-year, mainly due to the shale gas ramp-up and PEPE 4 construction [8] Market Data and Key Metrics Changes - Gas production increased by 8% year-on-year, with significant contributions from Shell [6] - Average gas price for the quarter was $4.4 per MBTU, a 6% decrease due to lower exports to Chile [14] - Total production averaged nearly 88,000 BOE per day, an 8% increase compared to last year [12] Company Strategy and Development Direction - The company is focusing on the Rincon de Aranda project, targeting a production plateau of 45,000 barrels per day by 2027 [15] - Pampa Energia is interested in LNG projects to monetize competitive dry gas reserves, prioritizing Vaca Muerta Sur before pursuing LNG [28][29] - The company plans to invest over $700 million in 2025, with a total of $1.5 billion in CapEx between 2025 and 2027 [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the gas evacuation capacity improvements and ongoing discussions for the Vaca Muerta Sur project [25][27] - The company expects to maintain a solid cash position and does not foresee immediate needs for market financing [51] - Management highlighted the importance of regulatory changes in the energy market and expressed readiness to adapt to a free market environment [53][54] Other Important Information - The company issued a $410 million international bond maturing in 2031 to improve its debt profile [17] - The civil works for PEPE 6 expansion are completed, with full commercial operation expected soon [10] Q&A Session All Questions and Answers Question: Can you talk about the initial performance of Rincón de Aranda, and how should we think about the path of drilling in the coming quarters through the end of 2025? - The company plans to drill around 28 wells from November 2024 to December 2025, expecting production to reach 12,000 barrels by mid-2025 and 18,000 barrels by September 2025 [21][22] Question: Regarding the evacuation capacity, can you remind us Pampa's and Argentina's capacity today and how that should evolve into 2025? - The evacuation capacity of the Nestor Kirchner plant will increase to 21 million cubic meters per day by next winter, with ongoing discussions about additional infrastructure [25] Question: How have discussions about LNG projects evolved? Is Pampa still interested in being directly involved? - The company is very interested in LNG projects to monetize its gas reserves, prioritizing Vaca Muerta Sur before pursuing LNG [28][29] Question: What is the current status of Pampa and its subsidiaries receivables with CAMMESA? - Receivables from CAMMESA have been paid on time, with payments occurring within three to four days of billing [44] Question: Do you see any chance of renewing Mendoza's hydros concessions? - The government has not yet decided on the concessions, but the company is interested in hydro concessions if they are auctioned again [45][46] Question: What are the negotiations or extension plans for the concession of OCP Ecuador? - The government has decided that the asset should be returned to the state at the end of the concession on November 30, with plans for a new bidding process [47] Question: How do you see the upsides from gas from the local market and exports to Brazil in terms of production and pricing? - The company is developing contacts with Brazilian traders, but the competitiveness of Argentinian gas will depend on final transportation tariffs [48][49] Question: Could you give us guidance related to gas production for 2025 and onwards? - The company forecasts average production to increase slightly in 2025, reaching peaks of around 14.5 million cubic meters per day [50]

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to capitalize on established price movements for profitable trades [1] Company Overview: Pampa Energia (PAM) - Pampa Energia currently holds a Momentum Style Score of B and a Zacks Rank of 1 (Strong Buy) [2] - Stocks rated Zacks Rank 1 and 2 with Style Scores of A or B have historically outperformed the market over the following month [2] Price Performance - PAM shares have increased by 3.03% over the past week, while the Zacks Utility - Electric Power industry has decreased by 1.47% [3] - Over the past month, PAM's price change is 8.72%, significantly outperforming the industry's 0.6% [3] - In the last quarter, PAM shares rose by 48.66%, and over the past year, they gained 61.63%, compared to the S&P 500's increases of 4.9% and 35.3%, respectively [4] Trading Volume - PAM's average 20-day trading volume is 213,596 shares, indicating a bullish sign when combined with rising stock prices [4] Earnings Outlook - In the past two months, one earnings estimate for PAM has increased, raising the consensus estimate from $8.95 to $9.55 [5] - For the next fiscal year, one estimate has also moved upwards with no downward revisions [5] Conclusion - Given the strong performance metrics and positive earnings outlook, PAM is positioned as a promising momentum pick for investors [5]

Core Viewpoint - Pampa Energia S.A. (PAM) is positioned as a strong investment option in the utility sector due to its focus on maintaining asset quality and expanding its generation portfolio, particularly in electricity generation, transmission, and distribution in Argentina [1] Growth Projections - The Zacks Consensus Estimate for 2024 earnings per share (EPS) has increased by 20.6% to $9.54 over the past 90 days [2] - The Zacks Consensus Estimate for 2024 sales is projected at $1.92 billion, reflecting a year-over-year growth of 11% [2] - PAM has achieved an average earnings surprise of 62% in the last four quarters [2] Return on Equity (ROE) - PAM's current ROE stands at 12.59%, surpassing the industry average of 10.45%, indicating more effective utilization of shareholders' funds compared to peers in the electric power utility sector [3] Debt Position - PAM's total debt to capital ratio is 34.73%, which is significantly better than the industry average of 60.05% [4] - The time-to-interest earned ratio was 2.8 at the end of Q2 2024, demonstrating the company's capability to meet future interest obligations comfortably [4] Liquidity - The company's current ratio is 2.33, outperforming the industry average of 0.86, suggesting sufficient short-term assets to cover liabilities if necessary [5] Focus on Clean Power Generation - Since 2018, PAM has been actively developing wind energy, establishing itself as a leading renewable energy company in Argentina [6] - In Q2 2024, PAM's net power generation reached 5,067 gigawatt-hours, including hydro, wind, and thermal sources [6] - The PEPE VI project is expected to add 140 megawatts (MW) of wind power, with three additional turbines commissioned in September 2024, contributing a combined capacity of 13.5 MW to the existing 94.5 MW [6] - PAM's investment exceeding $250 million aims to increase its total installed wind power capacity to 427 MW, enhancing its position as a top renewable power producer in the country [6] Stock Price Performance - Over the past three months, PAM's shares have surged by 47.1%, compared to a 10.6% increase in the industry [7]

Partnership Overview - Badge Inc. has announced a partnership with CyberArk to enhance identity security and user experience by eliminating vulnerable attack surfaces [1][5] - The integration is now available in the CyberArk Marketplace, allowing specified users to authenticate into CyberArk Identity and its downstream applications using Badge [2][4] Technology and Security Benefits - The integration allows for user-centric privacy, enabling users to issue and revoke digital identities and keys on-demand using biometrics and other factors [2] - By eliminating the storage of user credentials, organizations can achieve unprecedented security while maintaining a positive user experience [3][5] - The partnership aims to provide phishing-resistant authentication, particularly in account recovery workflows [4] Company Profiles - CyberArk is recognized as a global leader in identity security, focusing on intelligent privilege controls across various environments, including hybrid cloud and DevOps [6] - Badge specializes in privacy-preserving authentication without storing user secrets or personally identifiable information (PII), utilizing patented technology developed by experts from MIT [7]

Core Viewpoint - Pampa Energia (PAM) is currently identified as a strong value stock, supported by its favorable valuation metrics and strong earnings outlook [4][8]. Valuation Metrics - PAM has a P/E ratio of 7.03, significantly lower than the industry average of 16.81, indicating potential undervaluation [4]. - The stock's P/B ratio stands at 1.05, compared to the industry's average of 2.74, suggesting a solid market value relative to its book value [5]. - PAM's P/S ratio is 1.84, which is lower than the industry average of 2.13, reinforcing the notion of undervaluation [6]. - The P/CF ratio for PAM is 5.02, well below the industry's average of 12.83, highlighting its attractive cash flow outlook [7]. Investment Outlook - Given the combination of PAM's strong valuation metrics and positive earnings outlook, it is positioned as a compelling investment opportunity for value investors [8].

Core Insights - Addex Therapeutics has launched Neurosterix with a Series A financing of $63 million led by Perceptive Advisors to accelerate the development of M4PAM for schizophrenia [1][2] - The company reported significant financial results for the first half of 2024, including a net profit from discontinued operations of CHF 11.98 million [5][6] Financial Performance - Total income for Q2 2024 was CHF 115,000, a decrease of CHF 517,000 from Q2 2023, while half-year income was CHF 350,000, down by CHF 784,000 compared to H1 2023 [4][9] - R&D expenses for H1 2024 were CHF 584,000, an increase of CHF 37,000 from H1 2023, while G&A expenses rose to CHF 1.45 million, up by CHF 102,000 [4][10] - The total operating loss for H1 2024 was CHF 1.69 million, compared to a loss of CHF 764,000 in H1 2023, indicating a significant increase in losses [4][11] Operational Highlights - Addex successfully completed its research agreement with Indivior, allowing both companies to select drug candidates for independent development [3][4] - The company holds a 20% equity interest in Neurosterix, which is advancing a portfolio of allosteric modulator programs [15] Cash Flow and Equity - Cash and cash equivalents decreased to CHF 3.8 million as of June 30, 2024, down from CHF 7.2 million a year earlier, primarily due to cash used in operating activities [8] - Shareholders' equity increased to CHF 12.65 million as of June 30, 2024, compared to CHF 6.13 million in the previous year [4]

Core Viewpoint - Pampa Energia S.A. (PAM) is positioned as a strong investment option in the utility sector due to its strategic investments that enhance asset quality and expand its generation portfolio [1] Growth Projections & Surprise History - The Zacks Consensus Estimate for PAM's 2024 earnings per share (EPS) has increased by 20.6% to $9.54 over the past 60 days [2] - The sales estimate for 2024 is projected at $1.88 billion, reflecting a year-over-year growth of 8.5% [2] - PAM has achieved an average earnings surprise of 62% in the last four quarters [2] Return on Equity (ROE) - PAM's current ROE stands at 12.59%, surpassing the industry average of 10.34%, indicating more effective utilization of shareholders' funds compared to peers [3] Debt Position - PAM's total debt to capital ratio is 34.73%, which is significantly better than the industry's average of 60.86% [4] - The time-to-interest earned ratio was 2.8 at the end of Q2 2024, demonstrating the company's capability to meet future interest obligations [4] Liquidity - The current ratio for PAM is 2.33, well above the industry average of 0.85, suggesting sufficient short-term assets to cover liabilities [5] Focus on Clean Power Generation - Since 2018, PAM has been actively developing wind energy, establishing itself as a leading renewable energy company in Argentina [6] - In Q2 2024, PAM's net power generation reached 5,067 gigawatt-hours, including hydro, wind, and thermal sources [6] Wind Power Projects - The PEPE VI project is expected to add 140 megawatts (MW) of wind power, with completion anticipated by October 2024 [7] - PAM's investment exceeding $250 million will increase its total installed wind power capacity to 427 MW, enhancing its position in the renewable energy sector [7] Stock Price Performance - Over the past three months, PAM's shares have increased by 31%, outperforming the industry's growth of 12% [8]

Pampa Energia (PAM) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices. The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system. ...

Momentum investing is all about the idea of following a stock's recent trend, which can be in either direction. In the 'long' context, investors will essentially be "buying high, but hoping to sell even higher." And for investors following this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving in that direction. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades. Eve ...

Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers. Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use a variety of methods, including tried-a ...