Boyd Gaming (NYSE:BYD) Surges After Hours; Hill International (NYSE:HIL), Atlas Financial Holdings Inc. (NASDAQ:AFH), Summit Midstream Partners, LP (NYSE:SMLP), American Eagle Energy (NYSEMKT:AMZG)



Boyd Gaming (NYSE:BYD) is surging in after-hours trading after activist hedge fund Elliott Associates disclosed a stake in the casino operator.

In a filing with the SEC, Elliott disclosed it owns 4.99% of Boyd’s outstanding common stock, with a 2.05% exposure to common shares via derivatives. Elliott said its combined economic exposure to Boyd (NYSE:BYD) is 7%, with its voting power in the company coming to 4.99%. Elliott’s filing status allows the fund to seek talks with Boyd’s management or its board regarding a variety of strategic alternatives, but the filing said the fund has no present plan or proposal to engage management.

According to theflyonthewall.com some of Elliott’s recent activist investments include Riverbed Technologies (NASDAQ:RVBD) and Juniper Networks (NYSE:JNPR). Elliott has been seeking to purchase Riverbed, of which it owns about 10.5%, with its most recent offer coming to $21 per share, which the company has rebuffed. Earlier this year, Elliott sent a letter to Juniper’s board outlining a variety of value creation actions the company could undertake. Following Elliott’s letter, Juniper announced a series capital actions including initiation of a dividend and a share repurchase program. Shares of both companies have seen gains following Elliott’s involvement.

Shares of Boyd (NYSE:BYD) are sharply higher following Elliott’s disclosure, up $1.10, or 9.32%, to $12.90 in after-hours trading.

In Other After-Market News

Hill International (NYSE:HIL) late Monday reports mixed financial results for Q4 and provides consulting fee revenue guidance for fiscal 2014. The project management and construction claims service provider reported a Q4 loss of $0.03 per share, compared with the prior-year period’s $0.58 loss per share. Total revenue for Q4 was $145 million, an increase of 15.4% from a year earlier.

Consulting fee revenue was a record $130.9 million, an increase of 18.2% from Q4 of the prior year. Analysts polled by Capital IQ were expecting a loss of $0.01 on revenues of $139.36 million. The company expects consulting fee revenue for fiscal 2014 will be between $575 million and $600 million. Capital IQ looks for $590 million in revenue but it’s not clear if that compares to the consulting figure. Hill International (NYSE:HIL) shares closed at $4.95 with a 52-week range of $2.52 – $5.07.

Summit Midstream Partners, LP (NYSE:SMLP) said it has started an underwritten public offering of 8 million common units representing limited partner interests in SMLP, of which 5.3 million common units are being offered by SMLP and 2.7 million common units are being offered by Summit Midstream Partners Holdings, LLC. The underwriters will be granted a 30-day option to purchase up to an additional 1.2 million common units from SMP Holdings. Summit Midstream Partners owns and operates midstream energy infrastructure in North America.

Summit Midstream Partners, LP (NYSE:SMLP) after-hours Monday reported total revenues were $69.3 million, up from $48.6 million and higher than the $66.6 million the Street expected. Earnings were $0.29 per share; the analyst earnings estimate was not available. Summit Midstream Partners, LP (NYSE:SMLP) revised its 2014 adjusted EBITDA guidance to $190.0 million to $210.0 million from an original range of $170.0 million to $180.0 million. SMLP is trading in a 52-week range of $18.26 to $40.47, a high that it hit in Monday’s session before closing down 0.3%.

Atlas Financial Holdings Inc. (NASDAQ:AFH) was unchanged in Monday’s after-market and the property and casualty insurer reporting per-share earnings during the three months ended Dec. 31 that beat analyst forecasts. Atlas (NASDAQ:AFH) earned $2.2 million, or $0.22 per share during its fiscal Q4, up from a $0.15 per share gain in the year-ago period and topping analyst estimates for the period by $0.01 per share.

Book value on Dec. 31, 2013 was $6.54 per share, down from $6.55 per share at the end of 2012. Gross premium written rose 106.2% year over year to $22.1 million. The improved results includes a $11.4 million increase from year-ago levels in commercial automobile premiums and $2.5 million from the company’s acquisition of Gateway Insurance Co. in January 2013.

American Eagle Energy (NYSEMKT:AMZG) is lower in late trading Monday after the company said it will sell stock and is exercising its option to purchase increased working interests in its Spyglass Area. Shares are down 14% at $1.75, with a 52-week range of $1.60 – $3.00. American Eagle Energy (NYSEMKT:AMZG) will exercise its option to purchase increased working interests in its Spyglass Area from 44% to 55% in its total Spyglass Area and from 51% to 60% in its proved area of Spyglass for $47 million, it said as part of an update to its 2014 capital budget. The increased working interest equates to 8,244 net acres and is estimated to contribute 450 barrels of oil equivalent per day of production.

The company and Ryder Scott estimate that the acquired interests at closing will have total proved reserves of 2.3 MMboe and a Pre-Tax PV-10 of $55 million. The company also said it intends to commence an underwritten public offering of 10 million shares of the company’s common stock after giving effect to a 1 for 4 reverse stock split that will occur concurrently with pricing of the offering. American Eagle Energy (NYSEMKT:AMZG) will use the net proceeds from this offering to fund the exercise of its purchase option to acquire a portion of its JV partner’s interests in its existing acreage and wells in the Spyglass Area; to fund a portion of its capital budget for the 12-month period ending December 31, 2014; and for general corporate purposes, including working capital and additional leasehold acquisitions. The company has granted the underwriters a 30-day option to purchase up to an additional 1.5 million shares of common stock.

 

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