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Fly News Breaks for December 16, 2019
WPX
Dec 16, 2019 | 07:22 EDT
SunTrust analyst Neal Dingmann downgraded WPX Energy to Hold from Buy with a price target of $12, down from $16, after the Bloomberg report late on Friday that the company was in talks to buy Felix Energy's upstream assets for $2.5B. The analyst notes that while the deal may make strategic sense longer term, the stock could underperform its peer group until the deal is executed and Felix's private-equity sponsor sells its new shares since recent similar transactions have seen "virtually no lockup that soon caused tremendous stock price declines."
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