Latest news for Farfetch (OTC:FTCHQ) Stock

Farfetch is an online platform connecting sellers and buyers of personal luxury goods. It was founded in 2008. The company partners with over 1,000 luxury goods sellers to offer their inventory on the platform. When making the retailers' stock available to almost a million active customers, the company charges a cut of over 30% (third-party take rate). The company operates digital marketplace platform Farfetch, Browns stores, acquired branded company New Guard Group and Farfetch solutions, powering e-commerce operations of luxury brands.

Farfetch Ltd

GeoPark Limited (&quot;GeoPark&quot; or the &quot;Company&quot;) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GPRK#NYSE">GPRK</a>), a leading independent Latin American oil and gas explorer, operator and consolidator, today announces its operational update for the three-month period ended June 30, 2024 (&quot;2Q2024&quot;).
Oil and Gas Production and Operations
<ul>
<li>2Q2024 consolidated average oil and gas production of 35,608 boepd, up slightly versus 1Q2024</li>
<li>Production increased&nbsp;11%&nbsp;in Ecuador and&nbsp;3%&nbsp;in Colombia, offsetting suspended production at the Manati gas field in Brazil (GeoPark non-operated,&nbsp;10%&nbsp;WI) due to unscheduled maintenance</li>
<li>As of July 1, 2024,1&nbsp;GeoPark is producing over 41,000 boepd, adding approximately 5,700 boepd on a proforma basis from the Mata Mora Norte Block (GeoPark non-operated,&nbsp;45%&nbsp;WI) in Argentina</li>
<li>11 rigs currently in operation (7 drilling rigs and 4 workover rigs), including one drilling rig in Argentina</li>
</ul>
Llanos 34 Block (GeoPark operated,&nbsp;45%&nbsp;WI): Secondary Recovery Underway
<ul>
<li>2Q2024 average production of 23,039 bopd net (51,198 boepd gross),&nbsp;3%&nbsp;lower than 1Q2024 due to sporadic blockades and weather-associated flooding</li>
<li>Three horizontal wells were drilled in 2Q2024, including the first two in the Jacana field which initiated testing in April and June 2024, respectively</li>
<li>Eight horizontal wells in aggregate have been put on production since the beginning of the horizontal well drilling program in early 2023, currently contributing&nbsp;16%&nbsp;of total production in the block</li>
<li>Waterflooding projects performing above plan, delivering around 3,700 bopd in 2Q2024,&nbsp;13%&nbsp;of total production in the block</li>
</ul>
CPO-5 Block (GeoPark non-operated,&nbsp;30%&nbsp;WI): Record High Quarterly Production
<ul>
<li>2Q2024 record average production of 7,921 boepd net (26,403 boepd gross) after putting the Indico-3 development well on production</li>
<li>The Lark 1 exploration well in the northern part of the block reached total depth in July 2024 and will delineate hydrocarbon potential in the Ubaque and the Guadalupe Formations, initiating testing by the end of July</li>
<li>Increased seismic coverage to&nbsp;85%&nbsp;after completing the acquisition of 232 sq. km of 3D seismic,2&nbsp;currently being processed</li>
</ul>
Llanos Exploration: Drilling Success Continues
<ul>
<li>Llanos 123 Block (GeoPark operated,&nbsp;50%&nbsp;WI):
<ul>
<li>Drilled the Toritos Norte 1 appraisal well during June 2024, testing the Barco Formation and currently producing 520 bopd gross</li>
<li>The Toritos 2 appraisal well reached total depth in July 2024, and will initiate testing in the Barco Formation in August 2024</li>
</ul>
</li>
<li>Llanos 86 and Llanos 104 Blocks (GeoPark operated,&nbsp;50%&nbsp;WI):
<ul>
<li>Processing 650+ sq. km of 3D seismic, targeting exploration drilling in 1Q2025</li>
</ul>
</li>
</ul>
Ecuador: Stepping up Production and Exploration
<ul>
<li>Perico Block (GeoPark non-operated,&nbsp;50%&nbsp;WI):
<ul>
<li>Production increased&nbsp;11%&nbsp;compared to 1Q2024, reaching 1,652 bopd net during the quarter due to the contribution from the Perico Centro 2 appraisal well in May 2024</li>
</ul>
</li>
<li>Espejo Block (GeoPark operated,&nbsp;50%&nbsp;WI):
<ul>
<li>Drilled the Espejo Sur 3 exploration well in June 2024, testing the U-Sand Formation, currently producing 400 bopd gross</li>
</ul>
</li>
</ul>
Argentina: Vaca Muerta Adds Pro forma Production
<ul>
<li>2Q2024 average production of 12,508 bopd gross from the Mata Mora Norte Block</li>
<li>Encouraging initial results of Mata Mora Norte 2223 well, producing an average of 2,136 boepd gross during 2Q2024, in line with the best producing well in the block</li>
<li>Transaction effective date July 1, 2024. Regulatory closing of acquisition is expected by end of 3Q2024</li>
</ul>
Upcoming Catalysts 3Q2024
<ul>
<li>Drilling 8-10 gross wells in 3Q2024 for the base business and 6-8 gross wells in Argentina, targeting conventional, unconventional, short-cycle development, injector, appraisal and exploration projects</li>
<li>Key projects include:
<ul>
<li>Llanos 34 Block: Drilling the first well with short radius design, the first horizontal well targeting the Guadalupe Formation and two additional waterflooding injection patterns</li>
<li>CPO-5 Block: Drilling one appraisal well</li>
<li>Llanos 123 Block: Drilling one appraisal well</li>
<li>Perico Block: Executing workover campaign</li>
<li>Espejo Block: Drilling one exploratory well</li>
<li>Mata Mora Norte Block: Drilling four unconventional horizontal wells</li>
<li>Confluencia Norte Block (GeoPark non-operated,&nbsp;50%&nbsp;WI): Drilling three unconventional exploration wells</li>
</ul>
</li>
</ul>

News

GPRK

GeoPark Reports 35,608 Barrels Of Oil Equivalent Per Day in Q2 with 11% Growth in Ecuador, 11 New Rigs

Piper Sandler analyst Kashy Harrison maintains Itron (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ITRI#NASDAQ">ITRI</a>) with a Neutral and raises the price target from $109 to $110.

Price Target

Analyst Ratings

ITRI

Piper Sandler Maintains Neutral on Itron, Raises Price Target to $110

Piper Sandler analyst Kashy Harrison maintains Generac Hldgs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GNRC#NYSE">GNRC</a>) with a Overweight and raises the price target from $150 to $175.

GNRC

Piper Sandler Maintains Overweight on Generac Hldgs, Raises Price Target to $175

Piper Sandler analyst Kashy Harrison maintains First Solar (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NASDAQ">FSLR</a>) with a Overweight and raises the price target from $219 to $250.

FSLR

Piper Sandler Maintains Overweight on First Solar, Raises Price Target to $250

UBS analyst William Grippin initiates coverage on EVgo (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EVGO#NASDAQ">EVGO</a>) with a Neutral rating and announces Price Target of $4.

Initiation

EVGO

UBS Initiates Coverage On EVgo with Neutral Rating, Announces Price Target of $4

WIIM

Rentokil shares are trading higher following a report suggesting former BT CEO Philip Jansen is in talks to acquire the company.

Piper Sandler analyst Kashy Harrison maintains Fluence Energy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FLNC#NASDAQ">FLNC</a>) with a Neutral and lowers the price target from $18 to $16.

FLNC

Piper Sandler Maintains Neutral on Fluence Energy, Lowers Price Target to $16

<a href="https://www.bloomberg.com/news/articles/2024-07-20/former-bt-ceo-in-talks-to-buy-rentokil-initial-the-sunday-times?srnd=telecom" title="https://www.bloomberg.com/news/articles/2024-07-20/former-bt-ceo-in-talks-to-buy-rentokil-initial-the-sunday-times?srnd=telecom">https://www.bloomberg.com/news/articles/2024-07-20/former-bt-ceo-in-talks-to-buy-rentokil-initial-the-sunday-times?srnd=telecom</a>

Rumors

Rentokil Shares Higher Premarket; Report From This Weekend Suggests Former BT CEO Philip Jansen Is In Talks To Acquire Co.

Piper Sandler analyst Kashy Harrison maintains Enphase Energy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ENPH#NASDAQ">ENPH</a>) with a Neutral and raises the price target from $111 to $120.

ENPH

Piper Sandler Maintains Neutral on Enphase Energy, Raises Price Target to $120

GE Aerospace (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GE#NYSE">GE</a>) and Oak Ridge National Laboratory have teamed up under a new CRADA to boost supercomputing capabilities, aiming to advance next-generation <a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/n39873885/ge-aerospace-and-u-s-department-of-energy-reach-agreement-to-expand-supercomputing-capability-for-" rel="noreferrer noopener">aircraft engine technologies like Open Fan</a>.
Oak Ridge National Laboratory, home to Frontier—the fastest supercomputer at over a quintillion calculations per second—is renowned for its advanced computing expertise.
Oak Ridge will enhance GE Aerospace&#8217;s ability to handle large simulations, extract data efficiently, leverage AI tools for better result interpretation, and improve physics visualization.
GE Aerospace plans to hire over 900 engineers in 2024 to drive innovation and support both current engine programs and future flight technologies.
The company developed computational fluid dynamics software for Frontier to model the aerodynamic and acoustic performance of its full-scale Open Fan engine.
Mohamed Ali, senior vice president of engineering for GE Aerospace said, &#8220;Supercomputing and access to Frontier is changing the way we design jet engines, allowing us to solve previously impossible problems. We&#8217;re now able to digitally fly components of an Open Fan at full-scale in a simulated environment before the hardware is built.&#8221;
&#8220;Our expanded research collaboration through a new cooperative agreement with Oak Ridge National Laboratory will accelerate our engine design and testing, building confidence that Open Fan architecture is the most promising engine technology to help the aviation industry meet its net zero ambitions.&#8221;
Today, Kratos Defense &amp; Security Solutions, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KTOS#NASDAQ">KTOS</a>) and GE Aerospace have signed a Memorandum of Understanding to develop and produce cost-effective small engines for unmanned <a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/g39877552/ge-aerospace-and-kratos-partner-on-small-affordable-engines" rel="noreferrer noopener">aerial systems and collaborative combat aircraft</a>.
The partnership builds on an existing joint development agreement and includes full-scale engine production.
Last week, GE Aerospace announced plans to invest over $1 billion over the next five years to expand its global Maintenance, Repair, and&nbsp;Overhaul (MRO) <a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/39860866/ge-aerospace-commits-1b-to-enhance-global-repair-and-overhaul-facilities" rel="noreferrer noopener">and component repair facilities</a>.
Earlier this month, the company disclosed that it had extended CEO Larry Culp's tenure until the end of 2027, with the option for <a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/39597343/steering-the-course-ge-aerospace-keeps-ceo-culp-at-the-helm-through-2027" rel="noreferrer noopener">an additional one-year&nbsp;extension</a>.
GE stock has gained over 80% in the last 12 months. Investors can gain exposure to the stock via IShares U.S. Aerospace &amp; Defense ETF&nbsp;(BATS:<a class="ticker" href="https://www.benzinga.com/stock/ITA#BATS">ITA</a>)&nbsp;and TCW Transform Systems ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NETZ#NYSE">NETZ</a>).
Price Action: GE shares are up 0.51% at $159.94 premarket at the last check Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image via Unsplash/ Headway

Equities

Large Cap

iShares Dow Jones US Aerospace & Defense Index Fund

KTOS

Engine No. 1 ETF Trust Engine No. 1 Transform Climate ETF

NETZ

GE Aerospace Invests In Supercomputing Talent: Plans To Hire 900 Engineers

Piper Sandler analyst Kashy Harrison maintains Bloom Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BE#NYSE">BE</a>) with a Neutral and raises the price target from $10 to $11.

Piper Sandler Maintains Neutral on Bloom Energy, Raises Price Target to $11

Seaport Global analyst Laurie Havener Hunsicker upgrades Independent Bank (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INDB#NASDAQ">INDB</a>) from Neutral to Buy and announces $65 price target.

Upgrades

INDB

Seaport Global Upgrades Independent Bank to Buy, Announces $65 Price Target

Needham analyst Mayank Tandon downgrades Open Lending (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LPRO#NASDAQ">LPRO</a>) from Buy to Hold.

Downgrades

LPRO

Needham Downgrades Open Lending to Hold

Southern States (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SSBK#NASDAQ">SSBK</a>) reported quarterly earnings of $1.00 per share which beat the analyst consensus estimate of $0.89 by 12.36 percent. This is a 26.58 percent increase over earnings of $0.79 per share from the same period last year. The company reported quarterly sales of $22.947 which missed the analyst consensus estimate of $22.600 million by 100.00 percent. This is a 100.00 percent decrease over sales of $26.294 million the same period last year.

Earnings

Earnings Beats

Earnings Misses

SSBK

Southern States Q2 2024 Adj EPS $1.00 Beats $0.89 Estimate, Sales $22.947 Miss $22.600M Estimate

Citigroup analyst Ben Gerlinger downgrades Texas Capital Bancshares (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TCBI#NASDAQ">TCBI</a>) from Neutral to Sell and announces $60 price target.

TCBI

Citigroup Downgrades Texas Capital Bancshares to Sell, Announces $60 Price Target

Piper Sandler analyst Kashy Harrison maintains Ameresco (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMRC#NYSE">AMRC</a>) with a Overweight and raises the price target from $30 to $37.

AMRC

Piper Sandler Maintains Overweight on Ameresco, Raises Price Target to $37

While Tesla Inc&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) sales in the U.S. have been <a href="https://www.benzinga.com/markets/equities/24/07/39595720/tesla-deliveries-fall-for-second-straight-quarter-but-stock-takes-off-as-q2-numbers-exceed-expec">dropping since the start of the year</a>, South Korean automaker Hyundai Motor (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HYMTF#OTC">HYMTF</a>) and Japanese player Toyota Motor Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TM#NYSE">TM</a>) have been gaining ground in the country. 
Tesla Sales Drop: Tesla sales in the U.S. fell by nearly 10% since the start of the year and through the end of the second quarter, according to Kelley Blue Book estimates. Tesla does not segment its deliveries geography-wise, leaving third-party data as the sole means of tracking their sales in the country. 
As per the data, Tesla sold 304,451 units in the first half of the year as opposed to 336,892 vehicles in the corresponding period of last year.
While the sales drop was experienced across Tesla&#8217;s lineup, Model 3 sales took the largest hit. The company sold only 73,552 Model 3 sedans in the first half of this year as opposed to 112,791 units in the first half of 2023, likely due to the production ramp of the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38511618/tesla-researcher-thinks-ev-giants-biggest-challenge-in-q2-comes-from-one-of-its-cas">updated Model 3</a> at the company&#8217;s Fremont factory.
Tesla introduced the updated version of the Model 3 in the U.S. market <a href="https://www.benzinga.com/news/24/01/36570546/you-can-finally-order-teslas-new-model-3-in-america-heres-its-starting-price">in January.</a> 
Foreign Players Sell More EVs: But despite the American EV giant dropping in sales, foreign players have gained ground. Toyota sold 9,468 EVs in the period, marking a jump of 159% year-on-year. Toyota&#8217;s luxury brand Lexus, meanwhile, saw EV sales jump about 405% to 5,639 units, owing to the rise in popularity of its Lexus RZ electric SUV.
South Korea&#8217;s Hyundai too is rising in popularity in the region. While Hyundai saw its EV sales surge 34% to 29,105 units owing to the popularity of its <a href="https://www.benzinga.com/news/24/07/39630731/mustang-mach-e-drives-fords-q2-ev-sales-ahead-of-gm-but-its-still-just-a-fraction-of-elon-musks-tesl">Ioniq models</a>, its sister brand Kia saw sales jump 104% to 27,634 units.
Hyundai&#8217;s luxury brand Genesis also marked a nearly 27% growth in sales to 3,241 units, with the popularity of its GV70 Performance SUV making up for the drop in sales of its other EVs including the G80.
Other Domestic Player Performance: Foreign brands are not alone in their EV sales growth. Michigan-based Ford Motor Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) <a href="https://www.benzinga.com/news/24/07/39630731/mustang-mach-e-drives-fords-q2-ev-sales-ahead-of-gm-but-its-still-just-a-fraction-of-elon-musks-tesl">saw a 71.8% jump in EV sales</a> in the first six months of 2024 to 44,180 units, while American EV startup Rivian Automotive (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) registered a 33% rise in sales to 27,378, according to Kelley Blue Book data.
General Motors&#8216; (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) Cadillac brand also <a href="https://www.benzinga.com/news/24/07/39612749/60-000-cadillac-lyriq-drives-gms-q2-ev-sales-after-bolt-is-discontinued">saw sales rise by 465% to 13,094 units, owing to a rise in sales of its Lyriq SUV</a> while Chevrolet EV sales dropped by nearly 41% to 19,918 units, likely due to the stop in production of its Bolt EV in December.
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More:
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39877043/tesla-fsd-to-allow-users-to-wear-sunglasses-starting-with-version-12-5-elon-musk-tells-quake-video-g">Tesla FSD To Allow Users To Wear Sunglasses Starting With Version 12.5, Elon Musk Tells Quake Video Game Developer: &#8216;Tesla Has Done So Much&#8230;&#8217;</a></li>
</ul>
Image made via photos on Shutterstock

Tech

HYMTF

RIVN

TSLA

Should Elon Musk Be Worried? Toyota, Hyundai, And Ford Challenge Tesla On Home Turf With More EVs On US Roads As Billionaire's Auto Giant Faces Sales Slump

Morgan Stanley analyst Benjamin Swinburne downgrades Interpublic Gr of Cos (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IPG#NYSE">IPG</a>) from Equal-Weight to Underweight and lowers the price target from $34 to $28.

Morgan Stanley Downgrades Interpublic Gr of Cos to Underweight, Lowers Price Target to $28

Biotricity Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BTCY#NASDAQ">BTCY</a>), a Technology-as-a-Service (TaaS) company operating in the remote cardiac monitor sector of consumer healthcare, today announced ongoing improvements in operational efficiency, scalability and margin performance driven by the latest enhancements to the company&#39;s proprietary AI Cloud platform.
The latest version of Biotricity&#39;s AI Cloud has improved the company&#39;s tech stack efficiency by&nbsp;20%, which is expected to result in a topline margin improvement of 200 to 300 basis points (2 to&nbsp;3%) in the coming quarters. The next version of the AI Cloud, currently under development, is anticipated to enhance the tech stack by another&nbsp;20%, contributing to an additional margin improvement of 100 to 200 basis points (1 to&nbsp;2%). These across-the-board improvements are accelerating Biotricity&#39;s path to breakeven and achieving positive cash flow.
&quot;Our focus on AI and technology-driven efficiencies continues to bear fruit,&quot; said Dr. Waqaas Al-Siddiq, founder and CEO of Biotricity. &quot;The latest upgrades to our AI Cloud platform are not just technical achievements; they are key drivers in improving our operational margins, supporting scale and expediting our path to profitability. With each iteration, we are pushing the boundaries of what&#39;s possible in remote cardiac monitoring and healthcare technology.&quot;
Biotricity is developing one the most comprehensive AI Cloud platforms for cardiac care. The platform leverages over 500 billion beats of anonymized data to build predictive cardiac AI models for improved diagnoses and faster interventions. These models enable more accurate analyses and improved operational efficiency, supporting physicians in diagnosing more patients with the same resources.
Biotricity is targeting a&nbsp;$35 billion&nbsp;total addressable market opportunity. With its solutions utilized daily by cardiologists across 35 states and hundreds of centers, Biotricity is capturing a growing market share in cardiology. This growth is bolstered by a high retention rate of approximately&nbsp;99%&nbsp;and a recurring revenue base with strong LTV-to-CAC ratios.

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