Diversified Energy Company adds another deal to the hopper, expands footprint in East Texas - UPDATE Proactive uses images sourced from Shutterstock Diversified Energy Company PLC (LSE:DEC, NYSE:DEC, FRA:DG20) has announced its latest acquisition, with a deal to buy 'high' working interests in natural gas assets and related facilities in East Texas. The $245 million cash deal with Sheridan Production adds low-decline production that DEC says fits tightly with its existing regional footprint. The London ...

Key Takeaways Ovintiv posted Q4 EPS of $1.39, beating estimates as output and gas prices rose.Revenues fell 1.9% Y/Y to $2.1B on lower oil volumes and weaker realized oil prices.OVV closed the NuVista buy, sold Anadarko assets and plans up to 75% FCF returns in 2026.Ovintiv Inc. (OVV) reported fourth-quarter 2025 adjusted earnings per share of $1.39, which beat the Zacks Consensus Estimate of 98 cents. The bottom line also increased from the year-ago level of $1.35. The outperformance was driven by higher p ...

Financial Data and Key Metrics Changes - For Q4 2025, Core FFO was $15.8 million, an increase of $1.6 million compared to $14.2 million in Q4 2024, with a per-share increase from $0.46 to $0.49 [13] - For the full year 2025, Core FFO reached $60.5 million, up $12.6 million from $47.9 million in 2024, with per-share figures slightly decreasing from $1.88 to $1.87 due to reduced leverage [14] - Same-property NOI for shopping centers increased by 4.3% in Q4 2025, driven by leasing activity and reduced maintenance costs [16] Business Line Data and Key Metrics Changes - The company signed leases for 189,000 sq ft in Q4 2025, including 167,000 sq ft of comparable leases, with a cash rent increase of 31% [4] - For the full year, a record 671,000 sq ft was leased, with 592,000 sq ft being comparable leases and a cash rent increase of 24% [5] - The signed, not open pipeline stands at $6.1 million, representing approximately 5.8% of annual cash base rents, with expectations for significant earnings growth [7] Market Data and Key Metrics Changes - The company acquired Pompano Citi Centre for $65.2 million, which is currently 92% occupied and presents future leasing opportunities [8] - The acquisition of Ashley Park and structured investments during 2025 totaled $166 million at a weighted average initial cash yield of 9% [9] Company Strategy and Development Direction - The strategic focus is on shopping centers in high-growth Southeast and Southwest U.S. markets, with proactive asset management yielding strong results [4] - The company is under contract to acquire a 384,000 sq ft shopping center in Texas for approximately $83 million, indicating ongoing expansion efforts [10] - Six outparcels for development have been identified, with investments expected to average about $5 million each, targeting low double-digit yields [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future earnings growth, particularly from leasing and capital recycling strategies [11] - Initial earnings guidance for 2026 is set at $1.98-$2.03 for Core FFO per diluted share, with same-property NOI growth for shopping centers projected at 3.5%-4.5% [19][20] Other Important Information - The company ended 2025 with $167 million in liquidity, providing ample capacity for future acquisitions [18] - The net debt to EBITDA ratio improved to 6.4 times, down from 6.7 times, indicating better leverage management [19] Q&A Session Summary Question: Timing for backfilling vacant anchor centers and rent commencement - Management indicated that they expect to resolve the remaining vacancies within six months, with rent contributions ramping up in 2026 and 2027 [22][24][26] Question: Value and opportunity for disposing of the New Mexico office property - Management noted that the property is now marketable due to new leases and is considering reinvesting proceeds into open-air centers [27][28] Question: Insights on Pompano Citi Centre's lease-up opportunities - Management highlighted significant lease-up potential, particularly with JCPenney, which currently pays minimal rent [32][33] Question: Acquisition pipeline and market conditions - Management is actively seeking larger shopping center acquisitions, noting limited availability in the market [46] Question: CapEx expectations moving forward - Management indicated that the elevated CapEx in Q4 was due to specific leases and that future run rates would likely be lower [52][54] Question: Timing and recognition of signed, not open leases - Management clarified that the recognition of these leases would be ratable, with a slight ramp-up expected in the latter half of 2026 [38][58] Question: Market allocation strategy for new properties - Management stated that they are not looking to add to Atlanta and will focus on other high-growth markets [60] Question: Relative merits of different property types - Management discussed the advantages of lifestyle and power centers over grocery anchors, emphasizing higher yields and growth potential [64][66]

You can find original article here WealthManagement. Subscribe to our free daily WealthManagement newsletters. Neuberger Berman Group agreement to purchase MIO Partners, McKinsey & Company's asset and wealth manager for current and former employees of the New York City-based consultancy. The deal is subject to closing conditions. The move for MIO would add $26 billion in AUM, including about $20 billion in alternative investment strategies, to Neuberger Berman’s assets, which were $563 billion as of lat ...

Core Viewpoint - The company, Wuhan Changying Tong Optoelectronic Technology Co., Ltd., is acquiring 100% equity of Wuhan Shengyisheng Optoelectronic Technology Co., Ltd. through a combination of issuing shares and cash payment, with the transaction approved by regulatory authorities [1][2]. Group 1: Transaction Details - The transaction involves three parties: Wuhan Chuanglian Zhiguang Technology Co., Ltd., Li Longqin, and Ningbo Chengfenghao Enterprise Management Co., Ltd. [1] - The acquisition was approved by the China Securities Regulatory Commission on September 5, 2025, and the business license for the target company was updated on September 29, 2025 [2]. Group 2: Transition Period and Profit/Loss Arrangement - The transition period for the asset is defined from January 1, 2025, to September 30, 2025, with the valuation benchmark date set as December 31, 2024 [2][3]. - During the transition period, profits generated by the target assets will belong to the company, while any losses will be the responsibility of the transaction parties [3]. Group 3: Audit Results - The audit conducted by Zhongshun Zhonghuan Accounting Firm revealed that the net profit attributable to the parent company during the transition period was approximately 16.82 million yuan, with no operational losses reported [3].

Fourth quarter 2025 earnings call January 30, 2026 © 2026 Chevron Leviathan Platform Cautionary statement and additional information CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 © 2026 Chevron 2 Building a bigger stronger Chevron in 2025 Execution Record production 12% increase Projects & milestones TCO, Permian, GOA, Geismar Portfolio Hess acquisition premier upstream portfolio Future growth ...

Core Insights - Flowserve Corporation (FLS) is experiencing growth driven by strong demand in its aftermarket business across North America, the Middle East, and Africa, contributing to the success of its Pumps Division [1] - The company anticipates total revenues to increase by 4-5% in 2025 compared to the previous year, supported by solid momentum in both original equipment and aftermarket businesses [1] Group 1: Business Performance - The Flow Control Division is benefiting from increased demand across various regions, including North America, Latin America, Asia Pacific, and Europe [1] - FLS completed the acquisition of MOGAS Industries in October 2024, enhancing its valve and automation product portfolio and increasing its exposure to mining and mineral extraction [2] - The acquisition of intellectual property and R&D from NexGen Cryogenic Solutions in July 2024 expanded FLS' LNG product portfolio, complementing its existing offerings [2] Group 2: Shareholder Returns - In the first nine months of 2025, FLS distributed $82.7 million in dividends and repurchased shares worth $197.9 million [3] - The company increased its quarterly dividend by approximately 5% to 21 cents per share in the first quarter of 2024 [3] Group 3: Financial Performance - FLS shares have gained 38.7% over the past six months, outperforming the industry growth of 7.1% [4] - The cost of sales increased by 1.5% year over year to $2.35 billion in the first nine months of 2025, with selling, general, and administrative expenses rising by 12.1% [5] Group 4: Risks and Challenges - Currency headwinds negatively impacted net earnings by $36.8 million in the first nine months of 2025, with the strong U.S. dollar affecting the company's top line [8]

Core Insights - Cerity Partners and Carson Group have initiated their first deals of the year, indicating a strong start for wealth managers in 2026 [1] - Cerity Partners has acquired Austin Private Wealth, adding $1.4 billion in assets under management [1][2] - Carson Group has fully acquired a partner firm in Minneapolis, which manages approximately $395 million in advisory and brokerage assets [5] Group 1: Cerity Partners - The acquisition of Austin Private Wealth will allow Cerity to expand its presence in Austin, a key growth market for the firm [3] - Following a busy 2025, Cerity added two RIAs, one based in Albany with $4.5 billion and another in Boston with $4.1 billion in client assets [4] - Cerity now manages over $140 billion in client assets across various wealth and retirement plan assets [3] Group 2: Carson Group - Carson Group's acquisition of the Minneapolis firm follows a record 19 transactions in 2025 [5] - The firm has integrated the acquired practice into a full W-2 employee model, a trend among its partner firms [6] - Burt White, CEO of Carson Group, highlighted the entrepreneurial spirit of the acquired firm's leader, Jeremy Willner, who has been part of the Carson community for over two decades [7]

Core Viewpoint - Shenhua Energy is acquiring twelve assets from its parent company, China National Energy Group, for a total consideration of RMB133.6 billion, which is expected to significantly enhance its coal resources and production capacity [1][3]. Acquisition Details - The acquisition will be financed with 30% of the consideration paid through the issuance of 1,363 million new A shares at RMB30.38, while the remaining 70% will be paid in cash [2]. - The deal is subject to approvals from relevant government authorities and independent shareholders [4]. Impact on Company Metrics - The acquisition is projected to increase Shenhua's coal resources by 65%, recoverable coal reserves by 98%, and coal output by 57% [3]. - Installed power generation capacity will rise by 28%, and production capacity of polyolefin will increase by 2.1 times [3]. - The proforma EPS is expected to enhance by 6% in 2024 and 5% in the first seven months of 2025 [3]. Shareholder Protection - To protect minority shareholders, profit guarantees have been secured for various coal assets for the next three to six years, although there are no guarantees for power and coal-chemical operations [4][6]. Financial Considerations - The target assets will require total capital expenditure of RMB70-80 billion over the next five years, but the operating cash flow from these assets is expected to cover this expenditure [5]. - The consideration values the target assets at 17 times the estimated earnings for 2025 based on annualized earnings for the first seven months of 2025 [4]. Concerns - Approximately 60% of the coal resources from the target assets are located in Xinjiang Autonomous Region, where Shenhua currently has no operations, and coal prices are lower compared to Inner Mongolia and Shaanxi Province, potentially affecting long-term profitability [6]. Rating and Target Price - The company's forecasts and HOLD rating remain unchanged, with a target price for Shenhua's H shares set at HK$42.5, reflecting a 5% average dividend yield for 2025-2027 [7].

Core Insights - Ovintiv Inc. (OVV) has experienced a slight decline of 0.6% in its share price over the past month, outperforming its sector's decline of 3.1% and sub-industry's loss of 6.2%, indicating relative strength and favorable positioning [1][7] - The company has shifted its focus from natural gas to higher-margin crude oil, enhancing its status among North American exploration and production players [2] - Investors are debating whether OVV's recent strong performance can continue or if it has already priced in much of the potential upside [3] Positive Factors - The 12-year Cedar LNG agreement with Pembina secures 0.5 million tons per annum (mtpa) of liquefaction capacity starting in 2028, expanding Ovintiv's access to premium Asian LNG markets and improving long-term pricing and cash flow visibility [4] - The acquisition of NuVista Energy is projected to increase free cash flow per share by 10%, while being leverage-neutral at close and enhancing inventory quality in the Montney oil window [5] - Ovintiv controls a deep inventory in top-tier basins, with nearly 15 years of drilling runway, supporting sustained production and long-term value creation [8] Operational Efficiencies - The NuVista acquisition is expected to generate $100 million in annual synergies, enhancing margins and returns through capital savings and operational efficiencies [9] - Ovintiv's integration strategy leverages AI-driven drilling and centralized operations, which have previously led to rapid synergy capture [9] Challenges - Ovintiv recorded a $108 million after-tax ceiling test impairment in Q3, indicating sensitivity to commodity pricing and potential long-term valuation risks [10] - The company's growth outlook is heavily reliant on the successful execution of large acquisitions, with integration risks that could impact projected free cash flow [11] - The Zacks Consensus Estimate for Ovintiv's 2025 earnings is projected at $4.35 per share, reflecting a 25.4% year-over-year decline, raising concerns about cash flow durability [12] Earnings Estimates - The Zacks Consensus Estimate for Ovintiv's earnings has been revised downward by about 3% over the past 30 days, indicating increased caution among analysts regarding the company's near-term outlook [12][15] - Current estimates for earnings per share in the upcoming quarters show a significant decline compared to the previous year, with a year-over-year growth estimate of -36.3% for the current quarter [13][15] Final Assessment - Ovintiv has demonstrated strong performance relative to its sector and is strengthening its fundamentals through strategic acquisitions, but faces headwinds from non-cash impairments and reliance on successful integration of acquisitions [16][17]