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The largest global industrial wood pellet supplier filed for Chapter 11 bankruptcy protection on Wednesday, announcing its intention to cut about $1 billion of debt by restructuring agreements with creditors, including those who have invested heavily in new facilities. The announcement came two months after Fitch Ratings downgraded Enviva’s default rating following a missed interest payment of $24.4 million. Construction will continue at its location in Epes, Alabama, Enviva said in a March 12 statement. The Dogwood Alliance urged the Biden Administration this fall to prevent wood pellet producers from accessing a tax credit that received additional funding under the Inflation Reduction Act, which marked the most substantial federal investment to date in the fight against climate change. Report for America is a nonprofit national service program that places journalists in local newsrooms to report on undercovered issues.

Persons: Enviva, ”, ” Glenn Nunziata, Danna Smith, Smith, ” Smith, ” ___ Pollard Organizations: Fitch, Dogwood Alliance, Biden, Associated Press, America Statehouse News Initiative, America Locations: Maryland, Delaware, Mississippi, Alabama, U.S, Epes , Alabama, Bond

☆ Activist investor Ubben shutting down Inclusive Capital-sources
▼ + stars: | 2023-11-29 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +4 min

Jeffrey Ubben, Founder & CEO at ValueAct Capital, speaks on the Reuters Newsmaker event "The Future of Shareholder Activism" in Manhattan, New York, U.S., February 22, 2017. Ubben told investors in a memo he was winding down some funds and returning capital, two people familiar with the matter said on Wednesday. Ubben and Inclusive Capital, known as InCap, did not respond to calls and emails for comment. Last year more hedge funds closed their doors than launched, data from Hedge Fund Research show. More than two decades ago, Ubben, 61, who started his career at mutual fund giant Fidelity, founded ValueAct Capital in San Francisco.

Persons: Jeffrey Ubben, Andrew Kelly, Jeff Ubben, Ubben, InCap, Martha Stewart, John Paulson, Louis Bacon, Svea Herbst, Bayliss, Sabrina Valle, Josie Kao Organizations: ValueAct, Reuters, REUTERS, Capital Partners, Inclusive, Hedge Fund Research, Fidelity, Microsoft, Street Journal, Exxon, Rad Laboratories, Unifi Inc, Bayer, Svea, Thomson Locations: Manhattan , New York, U.S, San Francisco, Houston

☆ The Trade That Backfired for America’s Biggest Wood-Pellet Exporter
▼ + stars: | 2023-11-22 | by ( Ryan Dezember | ) www.wsj.com time to read: 1 min

A wrong-way bet on the price of wood pellets has jeopardized America’s biggest exporter of the fuel, even though demand has never been higher among the European and Asia power plants burning wood instead of coal. Enviva said its gambit to buy pellets from a customer, and resell them for more, backfired when prices fell, and that nine-figure losses could trigger a default with its lenders by year-end.

Persons: Enviva Locations: Asia

Friday's early calls include an upgrade to a restaurant software stock and a big downgrade to a solar name. The bank downgraded Unity stock to neutral from outperform, also slashing its target price to $20 from $55. Analyst Doug Anmuth's updated price target of $510 could mean that there's still 17% room for the stock to go. Analyst Jonathan Block's price target of $70 signifies a 13% upside from the stock's Thursday closing price of $62.16. Koning has a price target of $18 per share, implying upside of nearly 30% over the next 12 months.

Persons: Baird, Tim Nollen, Lisa Kailai Han, Carlo Santarelli, — Lisa Kailai Han, JPMorgan downgrades, Drew Chamberlain, Doug Anmuth's, Anmuth, NFLX, Henry Schein, Jonathan, Freyr, BTIG, Gregory Lewis, FREY, Lewis, Stephens, Joshua Long . Long, Long, Portillo's, Mgmt, Chris Dendrinos, Dendrinos, Baird Baird, David Koning, Koning, — Fred Imbert, Julien Dumoulin, Smith, Fred Imbert Organizations: CNBC, Bank of America, Macquarie, Unity, Wynn Resorts, Deutsche Bank, JPMorgan, JPMorgan downgrades Enviva, Netflix, FR, European Union, RBC Capital, FTC Solar Bank of America, FTC Solar, FTC Locations: Macquarie, Unity, UAE, Boston, Norway, Portillo's, Thursday's

Recent market volatility and uncertainty regarding the U.S. economy has Wall Street analysts torn about where some stocks are headed in the upcoming months. The stock has buy or overweight ratings from 20% of analysts, while another 20% rates it as sell or underweight. More than half of the analysts covering the stock give it a buy rating. Nonetheless, 24% of analysts have a sell rating on it. More than 30% of analysts have buy ratings on the stock, whereas 23% have a sell rating.

Organizations: ~$ $

☆ Shares of this bioenergy play could rally more than 50%, Raymond James says
▼ + stars: | 2022-10-18 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Wood pellet producer Enviva' s environmental attributes are being misunderstood – and that's unfairly harming its share value, Raymond James said. The company makes wood pellets that can be burned for energy instead of coal. That has made the entry point even more attractive as it stands to gain value with the value of wood pellets becoming increasingly understood. He also clarified wood pellets are cleaner-burning than coal, thus making their use better for air quality compared to coal. Molchanov pointed to wood pellets' role in Europe's clean energy transition, while calling Enviva "the world's largest player in this space."

☆ Here are Tuesday's biggest analyst calls of the day: Tesla, Amazon, Alphabet, Carvana, Target & more
▼ + stars: | 2022-10-18 | by ( Michael Bloom | ) www.cnbc.com time to read: +5 min

Wedbush downgrades Carvana to neutral from buy Wedbush said in its downgrade of Carvana that it sees severe cash burn and deteriorating market conditions. Jefferies upgrades Target to buy from hold After a change in analyst coverage, Jefferies upgraded the big box retailer and said it sees "margin improvement." Goldman Sachs reiterates Chipotle as buy Goldman said the stock is too compelling to ignore heading into earnings next week. " Deutsche Bank reiterates Microsoft as buy Deutsche Bank said Microsoft is still the "best house on the block" heading into earnings next week. " Barclays reiterates Amazon as overweight Barclays sad investors should buy the stock ahead of earnings later this month.

☆ Stocks making the biggest moves midday: Hasbro, Salesforce, Carnival, Lockheed Martin & more
▼ + stars: | 2022-10-18 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

Hasbro — Shares of the toy company dipped 2.3% after the company reported third-quarter earnings that missed expectations. Salesforce — Salesforce shares gained 5.2% after Starboard Value revealed to CNBC that it has taken a "significant" stake in the software giant. Carnival Corporation — Shares of the cruise company jumped more than 12% after one of Carnival's subsidiaries began an offering of $1.25 billion of senior priority notes due 2028. Goldman Sachs — Goldman Sachs rallied 3% after beating third-quarter analyst expectations for profit and revenue on better-than-expected trading results. Lockheed Martin — Shares of the aerospace company jumped 8.5% after Lockheed reported third-quarter earnings of $6.87 per share excluding items, which was higher than a Refinitiv estimate of $6.66 per share.

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