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Commercial National Financial Corporation (CNAF)

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19.75-0.09 (-0.45%)
At close: 12:31PM EDT
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Previous close19.84
Open19.75
Bid20.59 x 100
Ask23.89 x 100
Day's range19.74 - 19.75
52-week range15.60 - 20.60
Volume1,743
Avg. volume2,326
Market cap56.504M
Beta (5Y monthly)0.46
PE ratio (TTM)9.89
EPS (TTM)2.00
Earnings date27 Apr 2018 - 30 Apr 2018
Forward dividend & yield1.04 (5.24%)
Ex-dividend date25 Feb 2021
1y target estN/A
  • Bloomberg

    ‘Death Squad’ That Tossed 2,000 Patents Challenged at High Court

    (Bloomberg) -- The U.S. Supreme Court will consider whether to declare unconstitutional a system that technology companies, including Apple Inc. and Google Inc., have used to invalidate hundreds of patents and head off litigation.In an argument at the intersection of intellectual property and the separation of powers, the justices on Monday will consider a challenge to a congressionally-created board that critics have dubbed a “death squad” because of its tendency to toss out patents.The Patent Trial and Appeal Board has invalidated more than 2,000 patents since it began work in 2012. Apple says it alone has used the board to successfully attack almost 200 patents, many held by entities interested only in filing lawsuits and extracting royalties. Congress set up the board, known as PTAB, in 2011 as a faster and cheaper alternative to litigation.But some smaller inventors see a chance to undercut the board, saying it’s become an anticompetitive tool for large companies.The case “has the potential to shut down the PTAB, if only for a moment until Congress can do something to get it back on course,” said Jim Carmichael, a former PTAB judge and now managing director of Carmichael IP. “For many inventors and patent owners, that’s a very exciting prospect.”At issue is whether more than 250 PTAB judges are serving in violation of the Constitution. The federal appeals court that handles most patent disputes said the judges have important enough powers that they need to be appointed directly by the president.Should the Supreme Court agree, it could go as far as barring the board from continuing to review and invalidate patents. The justices could also issue a more limited ruling that would strip the judges of their job protections but leave the board’s powers intact. Either way, a decision against the board could mean that hundreds of cases would have to be reconsidered.Constitutional FightThe U.S. Court of Appeals for the Federal Circuit said the judges are “principal officers,” a constitutional category that requires presidential appointment and Senate confirmation. The court said it reached that conclusion in part because patent judges’ decisions, typically issued by three-person panels, aren’t subject to review by a presidentially appointed official at the agency.The Justice Department is urging the Supreme Court to leave the system in place, saying patent judges are “inferior officers,” who the Constitution says don’t have be presidential appointees. In a brief filed before leaving office, President Donald Trump’s administration said the Patent & Trademark Office director and the Commerce secretary together have broad control over the work of the judges. Among other tools, the patent office director can decide which judges sit on a review panel.The Supreme Court said in a 1997 case involving Coast Guard judges that inferior officers are people “whose work is directed and supervised at some level by others who were appointed by presidential nomination with the advice and consent of the Senate.”The case before the justices involves an Arthrex Inc. surgical device patent invalidated by PTAB after a challenge by Smith & Nephew Plc. The court has deferred action in dozens of other cases likely to be affected by its ruling.Technology CompaniesApple, the single biggest user of the review boards, filed a brief backing Arthrex. The iPhone maker said it relies “on Congress’s promise of a fair and efficient forum to challenge what often prove to be woefully weak patents that should not have issued in the first instance.”Other companies backing PTAB include Intel Corp. and an alliance whose members include Alphabet Inc.’s Google, Cisco Systems Inc., Microsoft Corp., Oracle Corp. and Samsung Electronics Co.A group describing itself as “39 aggrieved inventors” said intellectual property rights are “under attack by large corporations that are motivated to devalue patents and quell competition.”“There is no place for overlooking constitutional violations and contrived, convoluted administrative shortcuts when the future of small businesses and their owners’ livelihoods hang in the balance,” the group said.The drug industry is largely staying out of the fight, though a trade group for the generic-drug industry urged the court to preserve the PTAB.So many patents have been invalidated that it’s been called a “death squad,” a term coined by Randall Rader, the former chief judge of the Federal Circuit, which oversees all patent disputes in the country. The patent office has since altered its rules, giving patent owners a better shot at surviving the challenges.PTAB already survived one challenge at the Supreme Court. In 2018, justices found the panel wasn’t unconstitutionally wielding powers that belong to the courts.The court is scheduled to rule by late June. The lead case is U.S. v. Arthrex, 19-1434.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Globe Newswire

    DNO Releases 2020 Annual Statement of Reserves and Resources

    Oslo, 16 February 2021 - DNO ASA, the Norwegian oil and gas operator, today announced it replaced 87 percent of 2020 production through additions to its proven (1P) reserves notwithstanding reduced activity in the wake of low oil prices. In the Kurdistan region of Iraq, the Company replaced 111 percent of last year’s production through additions to 1P reserves. Yearend 2020 Company Working Interest (CWI) 1P reserves totaled 201 million barrels of oil equivalent (MMboe) compared to 206 MMboe at yearend 2019, after adjusting for 35 MMboe of production and 30 MMboe of upward technical revisions. DNO exited the year with 332 MMboe of CWI proven and probable (2P) reserves and 507 MMboe of CWI proven, probable and possible (3P) reserves. DNO’s CWI contingent (2C) resources stood at 152 MMboe. At yearend 2020, DNO's 1P reserves life stood at 5.8 years, its 2P reserves life at 9.6 years and its 3P reserves life at 14.6 years; all were up slightly from 2019 levels. On a gross basis, yearend 1P reserves at the Tawke license in Kurdistan containing the Tawke and Peshkabir fields climbed to 234 million barrels of oil (MMbbls) from 228 MMbbls a year earlier. Tawke license 2P reserves stood at 394 MMbbls at yearend 2020 (400 MMbbls in 2019) and 3P reserves at 605 MMbbls (641 MMbbls in 2019). Across its North Sea portfolio at yearend 2020, on a CWI basis, DNO’s 1P reserves stood at 41 MMboe, 2P reserves at 64 MMboe and 3P reserves at 96 MMboe. The Company’s North Sea 2C resources totaled 120 MMboe. At yearend 2020 and on a gross basis, at the Baeshiqa license in Kurdistan containing two large structures with multiple independent stacked target reservoirs, 2C resources stood at 43 MMbbls, following successful drilling and testing of the exploration Baeshiqa-2 and Zartik-1 wells. No reserves were recorded at the Baeshiqa license at yearend 2020 pending conclusion of the ongoing appraisal activities to determine commerciality. “All things considered, from a reserves replacement perspective DNO had a stellar year in 2020 notwithstanding the sharp cuts in our spend and the challenges of keeping operations going in the face of Covid restrictions in movement of our people, contractors and supplies,” said Bijan Mossavar-Rahmani, DNO’s Executive Chairman. International petroleum consultants DeGolyer and MacNaughton (D&M) carried out an independent assessment of the Tawke and Baeshiqa licenses in Kurdistan. Gaffney, Cline & Associates (GCA) carried out an independent assessment of DNO's licenses in Norway and the United Kingdom. The 2020 Annual Statement of Reserves and Resources, prepared and published in accordance with Oslo Stock Exchange listing and disclosure requirements (Circular No. 1/2013), is attached and is also available on the Company's website at www.dno.no. – For further information, please contact: Media: media@dno.no Investors: investor.relations@dno.no – DNO ASA is a Norwegian oil and gas operator focused on the Middle East and the North Sea. Founded in 1971 and listed on the Oslo Stock Exchange, the Company holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Kurdistan region of Iraq, Norway, the United Kingdom, Netherlands, Ireland and Yemen. This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. Attachment DNO 2020 Annual Statement of Reserves and Resources