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FTK

Flotek

$1.42

-0.025 (-1.74%)

, ADM

Archer Daniels

$43.38

0.31 (0.72%)

06:47
01/11/19
01/11
06:47
01/11/19
06:47

Flotek Industries to sell Florida Chemical to ADM for $175M in cash

Flotek Industries (FTK) announced it has entered into a definitive agreement to sell Florida Chemical Company, its Consumer and Industrial Chemistry Technologies segment, to Archer Daniels Midland Company (ADM) for total consideration of $175M in cash, subject to post-closing working capital and other adjustments. With this transaction, Flotek has established itself as a leading specialty chemistry provider of custom, full-fluid solutions to the upstream oil and gas industry. Flotek will retain all of its patents. In connection with the sale of FCC, Flotek and ADM have entered into long-term reciprocal supply agreements. The first will secure Flotek's long-term supply of d-limonene. Additionally, Flotek will manufacture differentiated chemistries for Florida Chemical's industrial customers. Finally, the companies will explore opportunities to jointly develop next-generation chemistry technologies for the oil and gas and agricultural industries. The closing of the transaction is expected during the first quarter of 2019 and is subject to customary closing conditions, including obtaining necessary approval related to the Hart-Scott-Rodino Act. Flotek anticipates that the transaction will have a negligible cash tax effect, as the gain on this sale should be substantially offset by the company's outstanding net operating losses.

FTK

Flotek

$1.42

-0.025 (-1.74%)

ADM

Archer Daniels

$43.38

0.31 (0.72%)

  • 27

    Mar

FTK Flotek
$1.42

-0.025 (-1.74%)

08/08/18
GHSC
08/08/18
DOWNGRADE
GHSC
Neutral
Flotek downgraded to Neutral from Buy at Seaport Global
Seaport Global analyst Mike Urban downgraded Flotek to Neutral from Buy following the Q2 miss. Urban said "everything that could have gone wrong did" as the company missed "badly" on revenue and margins. The analyst does not see any positive catalysts in the short-to-intermediate term and said shares will likely be "dead money" at best until results improve.
ADM Archer Daniels
$43.38

0.31 (0.72%)

08/16/18
SPHN
08/16/18
NO CHANGE
Target $57
SPHN
Overweight
Archer Daniels price target raised to $57 after Brazilian deal at Stephens
Stephens analyst Farha Aslam noted that terms of Archer Daniels' deal to purchase Brazilian assets from Algar Agro were not disclosed, but she estimates the transaction to be valued at $200M-$300M. Aslam, who sees the deal strengthening Archer Daniels' positioning in the key agriculture market of Brazil, raised her price target on the stock to $57 from $52 and keeps an Overweight rating on Archer Daniels shares.
11/08/18
ARGS
11/08/18
UPGRADE
ARGS
Buy
Archer Daniels upgraded to Buy from Hold at Argus
11/08/18
ARGS
11/08/18
UPGRADE
Target $53
ARGS
Buy
Archer Daniels upgraded to Buy from Hold at Argus
Argus analyst Deborah Ciervo upgraded Archer Daniels to Buy with a price target of $53, citing the company's recent strong performance and improvement in its Oilseeds, Origination, and Nutrition divisions. The analyst also raised his FY18 EPS view by 10c to $3.59 and FY19 view by 8c to $3.66 thanks to the impact of its cost savings efforts. Ciervo has a positive view of the company's long-term strategy, which includes "global expansion through acquisitions and joint ventures, the sale of underperforming businesses, and cost-cutting initiatives".
11/08/18
11/08/18
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Archer Daniels (ADM) upgraded to Buy from Hold at Argus with analyst Deborah Ciervo citing the company's recent strong performance and improvement in its Oilseeds, Origination, and Nutrition divisions. 2. Ultragenyx (RARE) upgraded to Neutral from Sell at Citi with analyst Yigal Nochomovitz saying his long-standing concerns on Ultragenyx's valuation "have substantially played out with recent pipeline disclosures having rapidly reset the valuation." 3. Medifast (MED) upgraded to Buy from Neutral at Sidoti. 4. Knight-Swift (KNX) upgraded to Buy from Neutral at Goldman Sachs with analyst Matthew Reustle saying he is bullish on Knight citing incremental evidence that the merger with Swift Transportation will deliver margin improvement through the end of the decade, reduced investor expectations following recent estimate revisions, and a view that Knight is more defensive through a down-cycle with a de-risked valuation. 5. Axon (AAXN) Enterprise upgraded to Overweight from Neutral at JPMorgan with analyst Mark Strouse saying the stock pulled back 16% yesterday following the company's Q3 results and guidance that implies a dip in revenue growth during Q4. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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