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NBL

Noble Energy

$37.39

0.21 (0.56%)

, CWEI

Clayton Williams

$103.98

-2.42 (-2.27%)

15:10
01/16/17
01/16
15:10
01/16/17
15:10

Noble Energy to acquire Clayton Williams Energy in $2.7B cash, stock deal

Noble Energy (NBL) and Clayton Williams Energy (CWEI) announced a definitive agreement under which Noble will acquire the outstanding stock of Clayton Williams for $2.7B in stock and cash. "We have been very disciplined in assessing expansion opportunities in the Delaware Basin and are extremely pleased to have reached this agreement... The midstream assets and planned buildout provide significant synergies and substantial dropdown potential in association with our ownership in Noble Midstream Partners (NBLX)... The acquired assets are expected to be self-funding and accretive to Noble Energy's earnings and cash flow per share beginning next year," remarked CEO David Stover. Clayton Williams shareholders will receive roughly 2.79 shares of Noble Energy stock and $34.75 in cash for each share held, totalling 55M shares of Noble and $665M in cash. The value of the transaction, based on Noble's closing stock price as of January 13, is approximately $139 per Clayton Williams share, or $3.2B in the aggregate, including assumption of $500M in debt. Noble intends to fund the acquisition through a draw on its revolving credit. As of the end of 2016, the company's $4B facility was completely undrawn. "Through ongoing portfolio management/optimization, Noble Energy anticipates the company will generate in excess of $1B in proceeds in 2017," it said. The company also anticipates retiring outstanding debt of Clayton Williams assumed as part of the transaction at or following closing. This, along with general and administrative cost elimination, will result in annual cost synergies to Noble Energy of approximately $75M. "As part of the company's valuation assessment, Noble Energy identified significant value relating to existing production and midstream opportunities. After adjusting for these items and net debt assumed, the purchase price represents approximately $32,000 per core Southern Delaware acre. The midstream valuation reflects the planned infrastructure buildout and the value of future cash flows," the company added.

NBL

Noble Energy

$37.39

0.21 (0.56%)

CWEI

Clayton Williams

$103.98

-2.42 (-2.27%)

NBLX

Noble Midstream

$38.07

-0.16 (-0.42%)

  • 14

    Feb

NBL Noble Energy
$37.39

0.21 (0.56%)

01/11/17
BMOC
01/11/17
UPGRADE
BMOC
Outperform
Noble Energy upgraded on valuation, multiple catalysts at BMO Capital
As noted earlier, BMO Capital upgraded Noble Energy to Outperform from Market Perform. Among the reasons provided by analyst Philli Jungwirth for the upgrade are valuation, the coming startup of the Leviathan natural gas field in Israel, his belief that its 2017 guidance is conservative, his belief that its 2017-2018 debt-adjusted production growth will be in-line with that of its peers, and its productivity improvements. Target to $50 from $45.
01/11/17
BMOC
01/11/17
UPGRADE
BMOC
Outperform
Noble Energy upgraded to Outperform from Market Perform at BMO Capital
01/04/17
DBAB
01/04/17
DOWNGRADE
Target $43
DBAB
Hold
Noble Energy downgraded to Hold from Buy at Deutsche Bank
Deutsche Bank analyst Ryan Todd downgraded Noble Energy to Hold citing valuation as the analyst sees greater value elsewhere. He keeps a $43 price target for the stock.
12/09/16
GHSC
12/09/16
DOWNGRADE
GHSC
Sell
Noble Energy downgraded to Sell from Neutral at Seaport Global
CWEI Clayton Williams
$103.98

-2.42 (-2.27%)

10/25/16
SPHN
10/25/16
NO CHANGE
Target $126
SPHN
Overweight
Clayton Williams price target raised to $126 from $110 at Stephens
Stephens analyst Will Green raised his price target for Clayton Williams to $126 from $110 after the company agreed to sell its Giddings asset for $400M. The analyst reiterates an Overweight rating on the shares.
08/09/16
ROTH
08/09/16
UPGRADE
Target $49
ROTH
Neutral
Clayton Williams upgraded to Neutral from Sell at Roth Capital
Roth Capital analyst John White upgraded Clayton Williams to Neutral from Sell saying the company surprised to the upside with its recent drilling results in Reeves County, Texas. The analyst raised his price target on the shares to $49 from $12.
08/09/16
ROTH
08/09/16
UPGRADE
Target $49
ROTH
Neutral
Clayton Williams upgraded to Neutral from Sell at Roth Capital
Roth Capital analyst John White upgraded Clayton Williams Energy to Neutral after examining the recent drilling results on the initial wells in Reeves County, Texas. The analyst materially raised his estimate of proved undeveloped and probable reserves and upped his price target for the shares to $49 from $12.
08/04/16
NORL
08/04/16
UPGRADE
NORL
Outperform
Clayton Williams upgraded to Outperform from Market Perform at Northland
NBLX Noble Midstream
$38.07

-0.16 (-0.42%)

10/10/16
MUFG
10/10/16
INITIATION
Target $32
MUFG
Overweight
Noble Midstream initiated with an Overweight at MUFG
MUFG analyst Barrett Blaschke started Noble Midstream Partners LP with an Overweight rating and $32 price target.
10/10/16
10/10/16
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Netflix (NFLX) initiated with a Sell at Deutsche Bank. 2. Noble Midstream (NBLX) initiated with an Overweight at Barclays, a Hold at Deutsche Bank, an Overweight at JPMorgan, an Outperform at Baird, a Buy at Mizuho, a Buy at Citi, and an Overweight at MUFG. 3. AB InBev (BUD) reinstated with a Buy at Goldman. 4. First Solar (FSLR) initiated with a Neutral at Piper Jaffray. First Solar (FSLR) initiated with a Neutral at Piper Jaffray. 5. Molson Coors (TAP) reinstated with a Buy at Goldman and resumed with a Buy at BofA/Merrill. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
10/11/16
HOWW
10/11/16
INITIATION
Target $38
HOWW
Outperform
Noble Midstream initiated with an Outperform at Scotia Howard Weil
Scotia Howard Weil initiated Noble Midstream with an Outperform and a $38 price target.
10/31/16
WELS
10/31/16
INITIATION
WELS
Outperform
Noble Midstream initiated with an Outperform at Wells Fargo
Wells Fargo analyst Praneeth Satish started Noble Midstream Partners LP with an Outperform rating and $36-$40 price target range.

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13:34
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ILG

$25.87

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, VAC

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MSFT

Microsoft

$74.94

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$NSD

NASDAQ Market Internals

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$NYE

NYSE Market Internals

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XOP

SPDR Oil Exploration and Production Fund

$32.88

0.02 (0.06%)

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TRIP

TripAdvisor

$43.92

0.32 (0.73%)

13:05
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Zogenix

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IPXL

Impax

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CAR

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GIS

General Mills

$51.80

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ERIC

Ericsson

$5.60

-0.08 (-1.41%)

12:29
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NOK

Nokia

$6.09

-0.095 (-1.54%)

12:29
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Downgrade
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