NuStar Energy LP
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Energy : Oil, Gas & Consumable Fuels | Small Cap Value
Company profile

NuStar Energy L.P. is engaged in the transportation of petroleum products and anhydrous ammonia; the terminalling and storage of petroleum products, and the marketing of petroleum products. The Company's segments include pipeline, storage and fuels marketing. The pipeline segment consists of the transportation of refined petroleum products, crude oil and anhydrous ammonia. The storage segment consists of facilities that provide storage, handling and other services for petroleum products, crude oil, specialty chemicals and other liquids. The fuels marketing segment involve the purchase of crude oil, fuel oil, bunker fuel, fuel oil blending components and other refined products for resale. It conducts its operations through its subsidiaries, primarily NuStar Logistics, L.P. and NuStar Pipeline Operating Partnership L.P. It has approximately 10,000 miles of pipeline and 73 terminal and storage facilities that provide approximately 72 million barrels of storage capacity.

Price
Delayed
$18.15
Day's Change
-0.42 (-2.26%)
Bid
--
Ask
--
B/A Size
--
Day's High
18.74
Day's Low
18.10
Volume
(Below Average)

Today's volume of 282,214 shares is on pace to be lower than NS's 10-day average volume of 447,379 shares.

282,214

Aphria and Tilray cannabis merger moves a step closer to approval

1:38 pm ET April 16, 2021 (MarketWatch)
Print

Ciara Linnane

Analyst has good conviction deal will go through and create world's second-biggest weed company by revenue

The proposed merger of Canadian cannabis companies Tilray Inc. and Aphria Inc. moved a step closer to approval on Friday, when Tilray revised its bylaws to reduce its shareholder vote quorum.

The British Columbia-based company (TLRY) said it will now require one-third of the voting power of the outstanding shares entitled to vote to approve the deal, instead of a majority of the voting power of the outstanding shares.

Cantor Fitzgerald analyst Pablo Zuanic said the change gives him good conviction that the deal will go through and create what's expected to be the world's biggest cannabis company, measured by revenue.

Zuanic estimates that insiders grouped under Privateer Holdings and institutional investors own about 25% of Tilray stock.

Read also: Canopy Growth to acquire Supreme Cannabis in latest tie-up in busy weed sector (https://www.marketwatch.com/story/canopy-growth-to-acquire-supreme-cannabis-in-latest-tie-up-in-busy-weed-sector-11617902661)

"So, now with today's change, the company has to find "only" another roughly 8% of the voters to reach the desired quorum (we think with insiders and institutional they will have enough votes in favor to get to two thirds)," he wrote in a note to clients.

The analyst acknowledged that Tilray has a large day-trader component to its investor base, who may not care about voting. But proxy solicitors and others tools should help Tilray get the needed quorum, he said.

Read now: U.S., not Canada, should be driver of value in Canopy Growth shares, analyst says (https://www.marketwatch.com/story/u-s-not-canada-should-be-driver-of-value-in-canopy-growth-shares-analyst-says-11612811702?mod=cannabis-watch)

Tilray earlier this week pushed the date of the special shareholder meeting to April 30 from April 16.

Aphria (APHA.T) shareholders, meanwhile, voted overwhelmingly in favor of the deal on Thursday with a total of 99.38% of shares voted approving it. Under the terms of the proposed deal, Aphria shareholders will receive 0.8381 of a Tilray share of class 2 common stock for each Aphria share owned.

Zuanic said the arbitrage gap has narrowed since February, when Aphria shares were trading at a 51% discount over the merger conversion price, (https://www.marketwatch.com/story/to-profit-from-planned-merger-of-tilray-and-aphria-buy-aphria-says-this-analyst-11613482075?mod=cannabis-watch) but said he would still play the deal via Aphria, and not Tilray. At current prices, Aphria is only trading at a 2.2% discount over the conversion price of C$13.96.

Don't miss: Organigram's first deal since securing $176 million investment from BAT will expand cannabis edibles line (https://www.marketwatch.com/story/organigrams-first-deal-since-securing-176-million-investment-from-bat-will-expand-cannabis-edibles-line-11617728456?mod=cannabis-watch)

"So despite the sector volatility and heavy retail ownership, it seems arbitrage efficiency is working, and the market seems to be saying the deal will happen," he wrote. Cantor rates Aphria as overweight.

See now:New York's 13% cannabis tax may be too high, since state has 'one of the most sophisticated' black markets in U.S., expert says (https://www.marketwatch.com/story/new-york-legalizes-cannabis-in-move-thats-expected-to-shake-up-the-business-and-advance-federal-reforms-11617216381?mod=cannabis-watch)

On Monday, Aphria reported a wider-than-expected fiscal third-quarter loss (https://www.marketwatch.com/story/aphria-stock-falls-after-wider-than-expected-loss-revenue-misses-as-covid-19-reduced-demand-2021-04-12) and revenue that rose less than forecast, citing reduced demand resulting from the COVID-19 pandemic.

But Stifel analysts led by W. Andrew Carter were sanguine, sticking with a hold rating on the stock while lowering their price target to C$18 from C$22.

"With the upcoming merger with Tilray, we believe the combined company will be well positioned to leverage a leading Canadian market position to capture global cannabis category growth," they wrote in a note.

Aphria shares were up 2% Friday, and have gained 100% in the year to date. Tilray was down 0.2% and is up 105% year-to-date. The Cannabis ETF (THCX) has gained 41% and the S&P 500 is up 10%.

-Ciara Linnane; 415-439-6400; AskNewswires@dowjones.com

	

(END) Dow Jones Newswires

April 16, 2021 13:38 ET (17:38 GMT)

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