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FANG

Diamondback Energy

$133.75

1.84 (1.39%)

, EGN

Energen

$73.15

1.76 (2.47%)

16:19
08/14/18
08/14
16:19
08/14/18
16:19

Diamondback Energy to acquire Energen in all-stock deal valued at about $9.2B

Diamondback Energy, Inc. (FANG) and Energen Corporation (EGN) announced that they have entered into a definitive agreement under which Diamondback will acquire Energen in an all-stock transaction valued at approximately $9.2B, including Energen's net debt of $830M as of June 30, 2018. The consideration will consist of 0.6442 shares of Diamondback common stock for each share of Energen common stock, representing an implied value to each Energen shareholder of $84.95 per share based on the closing price of Diamondback common stock on August 13, 2018. The transaction was unanimously approved by the Board of Directors of each company. Under the terms of the definitive merger agreement, shareholders of Energen will receive 0.6442 shares of Diamondback common stock in exchange for each share of Energen common stock, representing an implied value to each Energen shareholder of $84.95 per share based on the closing price of Diamondback common stock on August 13, 2018. The consideration represents an approximately 19% premium to Energen's closing price of $71.36 on August 13, 2018. Upon closing the transaction, Diamondback shareholders will own approximately 62% of the combined company, and Energen shareholders will own approximately 38%. The resulting capital structure is consistent with Diamondback's strategy of maintaining a conservative financial profile and will accelerate the Company's path to an investment grade credit rating profile. The transaction, which is expected to be completed by the end of the fourth quarter of 2018, is subject to the approval of both Diamondback and Energen shareholders, the satisfaction of certain regulatory approvals and other customary closing conditions. Upon closing, Diamondback's Board of Directors and executive team will remain unchanged. Additionally, the Company will continue to be headquartered in Midland, Texas.

FANG

Diamondback Energy

$133.75

1.84 (1.39%)

EGN

Energen

$73.15

1.76 (2.47%)

FANG Diamondback Energy
$133.75

1.84 (1.39%)

06/19/18
JEFF
06/19/18
NO CHANGE
Target $177
JEFF
Buy
Diamondback Energy price target raised to $177 from $170 at Jefferies
Jefferies analyst Mark Lear raised his price target for Diamondback Energy to $177 after a new slide presentation provided detail on the company's new marketing arrangements that assure 70% of gross projected volumes move to the Gulf Coast in the second half of 2018 and 2019. The analyst notes that the deal locks in $5.5 per barrel better pricing in the second half of 2018 and $4 per barrel better in the first half of 2019 compared to his prior estimates. Diamondback's transportation agreements not only assure volume growth through 2019 but also lock in better pricing relative to Midland-Cushing basis futures, Lear tells investors in a research note.He keeps a Buy rating on the shares.
06/20/18
RHCO
06/20/18
NO CHANGE
Target $165
RHCO
Buy
Diamondback Energy pullback offers buying opportunity, says SunTrust
SunTrust analyst Neal Dingmann kept his Buy rating and $165 price target on Diamondback Energy, saying the 7% selloff in the stock price relative to the 2% gain in the Oil&Gas Exploration Sector ETF offers a buying opportunity for investors. The analyst cites the company's recently announced transportation oil agreements to the Gulf Coast to go along with its industry leading operations, adding that 70% of its production will have a fixed discount to Gulf pricing by the end of Q3. Dingmann also states that Diamondback Energy continues to generate industry leading well returns thanks to its strong rates and low operating costs.
08/03/18
GSCO
08/03/18
DOWNGRADE
Target $21
GSCO
Neutral
WPX Energy downgraded to Neutral from Conviction Buy at Goldman Sachs
Goldman Sachs analyst John Nelson downgraded WPX Energy (WPX) to Neutral and removed the shares from his firm's Conviction List. The analyst believes the company's secular growth outlook remains intact and cites valuation for the downgrade. WPX's valuation is less differentiated at current share levels, and investors should rotate into Diamondback Energy (FANG) and PDC Energy (PDCE), which offer greater upside potential, Nelson tells investors in a research note. The analyst has a $21 price target for WPX shares.
08/14/18
STFL
08/14/18
NO CHANGE
Target $38
STFL
Hold
Viper Energy price target raised to $38 from $32 at Stifel
Stifel analyst Timothy Howard raised his price target for Viper Energy (VNOM) to $38 from $32 after the company posted above-expectation results for Q2 last week, telling investors in a research note that results were less impacted by differentials than had been assumed and given recent commentary by Diamondback Energy (FANG), he believes Viper's exposure is largely capped. Howard maintains a Hold rating on the shares.
EGN Energen
$73.15

1.76 (2.47%)

07/12/18
MSCO
07/12/18
DOWNGRADE
MSCO
Equal Weight
Energen downgraded to Equal Weight from Overweight at Morgan Stanley
07/12/18
07/12/18
DOWNGRADE
Target $76

Equal Weight
Energen downgraded to Equal Weight on valuation at Morgan Stanley
As previously reported, Morgan Stanley analyst Drew Venker downgraded Energen to Equal Weight from Overweight citing valuation after the stock's year-to-date outperformance compared to its Permian Basin peers. He lowered his price target on Energen shares to $76 from $93.
07/20/18
WILL
07/20/18
DOWNGRADE
WILL
Hold
Energen downgraded to Hold from Buy at Williams Capital
08/08/18
IMPC
08/08/18
DOWNGRADE
Target $74
IMPC
In-Line
Energen downgraded to In-Line from Outperform at Imperial Capital
Imperial Capital analyst Irene Haas downgraded Energen to In-Line with an unchanged price target of $74. The analyst views the company's Q2 results as "strong" but finds the stock fairly valued at current levels.

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AMC Entertainment

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Equifax

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