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Fly News Breaks for June 14, 2017
APC
Jun 14, 2017 | 05:37 EDT
Barclays analyst Thomas Driscoll downgraded Anadarko Petroleum to Underweight and lowered his price target for the shares to $42 from $52. The analyst believes low multiples are appropriate for Anadarko's "short-lived" Gulf of Mexico assets and thinks investors should value the master limited partnership assets at less than market prices. He notes that only one-third of the company's Q1 oil volumes were from the U.S. onshore. Driscoll pegs fair value for the shares at $37.
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