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PVAC

Penn Virginia

$38.10

-0.08 (-0.21%)

, DVN

Devon Energy

$33.21

-0.26 (-0.78%)

08:22
07/31/17
07/31
08:22
07/31/17
08:22

Penn Virginia acquires Eagle Ford assets from Devon Energy

Penn Virginia (PVAC) announced that it has entered into a definitive agreement to acquire Eagle Ford assets located primarily in Lavaca County, Texas for $205M in cash from Devon Energy (DVN). The company anticipates the acquisition will close on or before September 30, 2017, with an effective date of March 1, 2017. Penn Virginia expects the purchase price will be adjusted downwards by approximately $15 million to reflect estimated net cash flows from the effective date to closing, resulting in a net purchase price of approximately $190 million. The acquisition will be funded with new $150 million of committed debt financing and borrowings under the company's credit facility. Accretive to Penn Virginia under all measures, including earnings, cash flow and net asset value per share.

PVAC

Penn Virginia

$38.10

-0.08 (-0.21%)

DVN

Devon Energy

$33.21

-0.26 (-0.78%)

  • 02

    Aug

PVAC Penn Virginia
$38.10

-0.08 (-0.21%)

03/15/17
JRCO
03/15/17
INITIATION
JRCO
Buy
Penn Virginia initiated with a Buy at Johnson Rice
Johnson Rice analyst Welles Fitzpatrick started Penn Virginia with a Buy rating.
03/31/17
ADAM
03/31/17
INITIATION
Target $49
ADAM
Hold
Penn Virginia reinstated with a Hold at Canaccord
Canaccord analyst Stephen Berman re-initiated coverage on Penn Virginia with a Hold and a $49 price target citing valuation and low relative trading liquidity.
DVN Devon Energy
$33.21

-0.26 (-0.78%)

06/21/17
GHSC
06/21/17
DOWNGRADE
GHSC
Devon Energy downgraded Neutral at Seaport Global
07/06/17
BERN
07/06/17
DOWNGRADE
BERN
Market Perform
Devon Energy downgraded to Market Perform from Outperform at Bernstein
Bernstein analyst Bob Brackett downgraded Devon Energy based on reductions in his oil price forecast and his belief that the company lacks "strong catalysts." Target to $33 from $54.
07/17/17
PIPR
07/17/17
INITIATION
Target $48
PIPR
Neutral
Devon Energy assumed with a Neutral at Piper Jaffray
Piper Jaffray analyst David Kistler assumed coverage of Devon Energy with a Neutral rating and $48 price target.
07/17/17
07/17/17
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. General Electric (GE) resumed with an Equal Weight at Morgan Stanley. 2. Post Holdings (POST) initiated with a Buy at Goldman Sachs. 3. Devon Energy (DVN) assumed with a Neutral at Piper Jaffray. 4. Baker Hughes (BHGE) initiated with a Market Perform at FBR Capital. 5. Altice USA (ATUS) was initiated with an Outperform at RBC Capital, an Overweight at JPMorgan, a Buy at Citi, an Equal Weight at Morgan Stanley and Barclays, as well as a Neutral at BofA/Merrill and Goldman Sachs. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

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CVM

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TRN

Trinity Industries

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LPTN

Lpath

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PGR

Progressive

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TMO

Thermo Fisher

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  • 06

    Sep

SMBC

Southern Missouri Bancorp

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IEP

Icahn Enterprises

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-0.2 (-0.40%)

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IEP

Icahn Enterprises

$50.00

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IEP

Icahn Enterprises

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IEP

Icahn Enterprises

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NVTA

Invitae

$9.60

0.05 (0.52%)

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NVTA

Invitae

$9.60

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MU

Micron

$30.38

0.76 (2.57%)

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INSY

Insys Therapeutics

$9.17

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AKTX

Akari Therapeutics

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JMBA

Jamba

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HIL

Hill International

$4.50

0.2 (4.65%)

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TGT

Target

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Options
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NBEV

New Age Beverages

$3.51

-0.49 (-12.25%)

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  • 28

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ATW

Atwood Oceanics

$6.26

0.22 (3.64%)

, ESV

Ensco

$4.28

0.12 (2.88%)

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ATW

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ESV

Ensco

$4.28

0.12 (2.88%)

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NSRGY

Nestle

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