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Fly News Breaks for December 23, 2019
WPX
Dec 23, 2019 | 07:19 EDT
BMO Capital analyst Phillip Jungwirth raised his price target on WPX Energy to $15 and kept his Outperform rating after its $2.5B acquisition of Felix disclosed last week, noting that the company's actual announcement regarding its 2020 guidance was even better than expected. The analyst adds that the deal also removes the "M&A overhang" on the stock as well as reducing concerns over its running room in the Bakken, stating that the company long-term outlook for $450M-$550M in free cash flows marks a "differentiated and leading outlook."
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