$JSEMKR - Montauk Renewables: Down, Down, Down, She Goes
See link below for previous analysis.
Montauk recently released it FY'23 annual results and they were not pretty.
The renewable-energy company posted fiscal 2023 earnings of $14.9 million, or 11 cents a share, down from $35.2 million, or 25 cents a share, in the same quarter last year.
Analysts polled by FactSet were looking for earnings of $20 million, or 15 cents a year.
Revenue for 2023 was $174.9 million, down from last year's $205.6 million and below the $185 million analysts were expecting.
The company said lower prices for natural gas and renewable identification numbers, used to track renewable transportation fuels, resulted in lower revenue for the year.
For 2024, Montauk expects renewable natural gas revenue to be $195 million to $215 million, and expects RNG production volumes of 5.8 million to 6.1 million MMBtu, above this year's RNG production of 5.5 million MMBtu.
Technically, the big bear Elliott Wave pattern looks to be unfolding as a zig zag with the stock in wave 3 of (C).
I will maintain a bearish stance until the completion of wave 5 of (C).
Montauk recently released it FY'23 annual results and they were not pretty.
The renewable-energy company posted fiscal 2023 earnings of $14.9 million, or 11 cents a share, down from $35.2 million, or 25 cents a share, in the same quarter last year.
Analysts polled by FactSet were looking for earnings of $20 million, or 15 cents a year.
Revenue for 2023 was $174.9 million, down from last year's $205.6 million and below the $185 million analysts were expecting.
The company said lower prices for natural gas and renewable identification numbers, used to track renewable transportation fuels, resulted in lower revenue for the year.
For 2024, Montauk expects renewable natural gas revenue to be $195 million to $215 million, and expects RNG production volumes of 5.8 million to 6.1 million MMBtu, above this year's RNG production of 5.5 million MMBtu.
Technically, the big bear Elliott Wave pattern looks to be unfolding as a zig zag with the stock in wave 3 of (C).
I will maintain a bearish stance until the completion of wave 5 of (C).
