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Fly News Breaks for August 31, 2017
OXY, EOG, FANG, CXO, EGN
Aug 31, 2017 | 08:58 EDT
Morgan Stanley analyst Drew Venker noted that Corvex recently increased its stake in Energen (EGN) while the Wall Street Journal said Elliott Management has also acquired a stake and also supports a sale of the company. The list of potential public acquirers that could pay a typical 30%-40% premium and still see a deal for Energen be accretive include Concho Resources (CXO), Diamondback Energy (FANG), EOG Resources (EOG) and Occidental Petroleum (OXY), Venker tells investors. Separate from that hypothetical deal analysis, the analyst revised his 2018 estimates for a higher oil mix and raised his price target on Energen shares to $56 from $52, while keeping an Equal Weight rating on the stock.