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GST

Gastar Exploration

$2.02

0.17 (9.19%)

, ARES

Ares Management

$21.00

-0.041 (-0.19%)

12:42
02/17/17
02/17
12:42
02/17/17
12:42

Gastar Exploration jumps after announcing funding pact with Ares

Shares of Gastar Exploration (GST), a Mid-Continent independent energy company, are jumping after earlier reporting that it was in a $425M financing pact with Ares Management (ARES). The pact is in the form of a $250 million secured term loan, $125 million secured convertible notes and a $50 million common stock issuance. Proceeds from the Ares Investment will be used to fully repay Gastar's existing $70.4 million revolving credit facility and redeem its $325 million senior secured notes due May 2018. The closing and funding of the Ares Investment is expected this month.Commenting on the transaction, J. Russell Porter, Gastar's President and Chief Executive Officer, said, "We are extremely pleased to welcome Ares as a financing partner and as an equity sponsor. This transaction will allow Gastar to fully delineate our STACK position across multiple productive formations, as well as to pursue strategic M&A opportunities in the Mid-Continent. While this new capital structure does not provide an immediate, comprehensive resolution to our leverage position, we believe it establishes a very achievable path toward further de-levering our balance sheet through a combination of increasing cash flow from drilling operations as well as the potential conversion of the $125 million secured convertible notes, which were priced at an attractive premium to our current share price."...Gastar also announced additional well results from recent STACK drilling activities. Under its previously announced drilling joint venture, Gastar has now drilled and completed eight Meramec wells and has drilled, but not yet completed, seven Meramec wells and one Osage well. Of the eight wells, six wells are in various stages of initial flow back prior to reaching their initial peak production rates. Shares of Gastar Exploration are up 10.54% or 20c to $2.05 in afternoon trading.

GST

Gastar Exploration

$2.02

0.17 (9.19%)

ARES

Ares Management

$21.00

-0.041 (-0.19%)

  • 17

    Feb

  • 01

    Mar

GST Gastar Exploration
$2.02

0.17 (9.19%)

10/20/16
WILL
10/20/16
UPGRADE
WILL
Buy
Gastar Exploration upgraded to Buy from Hold at Williams Capital
10/21/16
10/21/16
DOWNGRADE

Market Perform
Gastar Exploration downgraded to Market Perform from Outperform at FBR Capital
FBR Capital analyst Chad Mabry downgraded Gastar Exploration to Market Perform citing valuation after the stock rallied 25% yesterday to $1.39.
10/21/16
10/21/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Yahoo (YHOO) downgraded to Hold from Buy at Jefferies with analyst Brian Fitzgerald citing valuation. 2. Skechers (SKX) downgraded to Neutral from Buy at Citi with analyst Corinna Van der Ghinst saying visibility over the next 12 months is "challenging." 3. Signature Bank (SBNY) downgraded to Market Perform from Outperform at BMO Capital with analyst Lana Chan saying the New York taxi portfolio is a lingering concern and a proactive reserve build or mark down would relieve an overhang. 4. Union Pacific (UNP) downgraded to Market Perform from Outperform at Cowen with analyst Walter Spracklin saying trends in pricing and margins are a concern and appear to be company specific. 5. Gastar Exploration (GST) downgraded to Market Perform from Outperform at FBR Capital analyst Chad Mabry citing valuation after the stock rallied 25%. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
02/17/17
WILL
02/17/17
DOWNGRADE
WILL
Hold
Gastar Exploration downgraded to Hold from Buy at Williams Capital
Williams Capital analyst Gabriele Sorbara downgraded Gastar Exploration to Hold with a $2 price target.
ARES Ares Management
$21.00

-0.041 (-0.19%)

08/10/16
08/10/16
DOWNGRADE
Target $18

Neutral
Ares Management downgraded to Neutral on valuation at BofA/Merrill
As previously reported, BofA/Merrill downgraded Ares Management to Neutral and raised its price target to $18 from $17. Analyst Michael Carrier said Ares reported a good quarter and decent outlook but said the recent move in shares makes valuation more balanced.
12/16/16
BOFA
12/16/16
UPGRADE
Target $19
BOFA
Buy
Ares Management upgraded to Buy from Neutral at BofA/Merrill
BofA/Merrill analyst Michael Carrier upgraded Blackstone to Buy and raised its price target to $19 from $18. The analyst views valuation as attractive given Ares' business mix and healthy growth with management fees. Further, Carrier expects Ares to benefit from U.S. tax reform and potential deregulation.
12/21/16
WELS
12/21/16
INITIATION
WELS
Outperform
Ares Management resumed with an Outperform at Wells Fargo
Wells Fargo analyst Christopher Harris resumed coverage of Ares Management with an Outperform rating and $19-$21 price target range. The company is well positioned for fee earnings growth, the analyst contends.
01/25/17
FBCO
01/25/17
INITIATION
Target $21
FBCO
Neutral
Ares Management reinstated with a Neutral at Credit Suisse
Credit Suisse analyst Craig Siegenthaler reinstated coverage of Ares Management with a Neutral rating and $21 price target, saying he is positive on fundamentals and growth, but noting that valuation is "now fair."

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SHOO

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  • 07

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PG

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HPE

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ETP

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