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Fly News Breaks for January 26, 2016
APC
Jan 26, 2016 | 08:38 EDT
Citi analyst Robert Morris attributes the 33% year-to-date decline in shares of Anadarko Petroleum to concerns over the company's balance sheet and "perceived cash flow outspend." In a research note titled "Does Anadarko Belong In The 'Bad Balance Sheet Bucket'?", Morris reiterates a Buy rating on Anadarko with a $62 price target. The company is adamant that it will not outspend cash flow in 2016, which, like 2015, includes asset sales, Morris tells investors. The analyst believes Anadarko could fund up to $1B or more with asset sales. In almost any scenario, Morris does not think Anadarko will breach its financial covenant or seek to issue equity.
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