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CVX

Chevron

$120.09

0.27 (0.23%)

16:30
04/15/19
04/15
16:30
04/15/19
16:30

Dutch Supreme Court rules in favor of Chevron on Ecuador dispute

The Supreme Court of the Netherlands has ruled in favor of Chevron, rejecting the Republic of Ecuador's attempts to annul decisions of an international arbitral tribunal in The Hague that ordered Ecuador to take all steps necessary to prevent enforcement of a $9.5B Ecuadorian judgment against Chevron anywhere in the world. The Ecuadorian judgment previously was found by the international arbitral tribunal and by U.S. courts to have been obtained through fraud, bribery and corruption. The arbitral tribunal, administered by the Permanent Court of Arbitration in The Hague, issued interim and partial awards in favor of Chevron in 2012 and 2013 in proceedings brought by Chevron to hold the Republic of Ecuador accountable for the fraudulent and corrupt litigation against the company in that country. The arbitral awards ordered the Republic of Ecuador "to take all measures necessary to suspend or cause to be suspended the enforcement and recognition within and without Ecuador" of the fraudulent Ecuadorian judgment against Chevron. The decision by the Supreme Court of the Netherlands upholds the rulings of two Dutch lower courts that rejected the Republic of Ecuador's attempts to annul those awards. The Dutch Supreme Court found that the challenged arbitral awards are consistent with public policy and justified to prevent irreversible harm to Chevron. The court rejected the Republic of Ecuador's argument that the awards should be annulled because they violated Ecuador's sovereignty and the rights of the Ecuadorian plaintiffs who procured the fraudulent judgment against Chevron.

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CVX Chevron
$120.09

0.27 (0.23%)

04/15/19
04/15/19
DOWNGRADE
Target $65

Sector Perform
Anadarko downgraded to Sector Perform at RBC Capital on Chevron deal
As previously reported, RBC Capital analyst Scott Hanold downgraded Anadarko (APC) to Sector Perform and kept his $65 price target following the company's acquisition by Chevron (CVX). The analyst says he does not expect competing bids to emerge and believes that shareholders will accept the offer. Hanold adds that the deal came out from the "meaningful discount" for Anadarko shares related to the "combination of concern over political-driven changes in Colorado that could impact long-term development in the DJ Basin and the capital outlay required for the Mozambique LNG project upon sanction."
04/15/19
MKMP
04/15/19
DOWNGRADE
Target $65
MKMP
Neutral
Anadarko downgraded to Neutral from Buy at MKM Partners
MKM Partners analyst John Gerdes downgraded Anadarko (APC) to Neutral from Buy and lowered his price target to $65 from $66 after its acquisition by Chevron (CVX). The analyst says the deal looks like a "near certainty" and also views its valuation at 6.1-times expected FY19 EBITDA as "full and fair". Gerdes adds that the business combination is "eminently logical", combining "asset/organization capabilities in the Delaware Basin, deep water Gulf of Mexico, and as to global LNG."
04/15/19
SBSH
04/15/19
NO CHANGE
Target $142
SBSH
Buy
Chevron price target raised to $142 from $135 at Citi
Citi analyst Alastair Syme raised his price target for Chevron (CVX) to $142 from $135 to reflect the company's acquisition of Anadarko Petroleum (APC). The analyst sees the acquisition as an "opportunistic deal" to acquire a "discounted resource that acts to lower the cost-curve position of the new entity." He keeps a Buy rating on Chevron shares.
04/15/19
MSCO
04/15/19
NO CHANGE
MSCO
Overweight
Chevron shares should be bought on Anadarko deal weakness, says Morgan Stanley
Morgan Stanley analyst Devin McDermott said he believes that Chevron's (CVX) agreement to acquire Anadarko (APC) is a "win-win for shareholders of both companies" given what he views as "clear strategic benefits and attractive accretion." Chevron was able to acquire the company "that offers the best strategic fit at what could prove to be the best relative valuation" ahead of what could be the start of a broader round of consolidation, contends McDermott, who recommends being a buyer of Chevron shares on the weakness seen after the deal was announced. In terms of who may be next, McDermott said he thinks Pioneer Natural (PXD), Concho Resources (CXO) and Parsley Energy (PE) could be potential targets for other oil majors.

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CNC

Centene

$50.20

0.04 (0.08%)

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APHA

Aphria

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-0.17 (-2.18%)

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ALGN

Align Technology

$296.77

-0.35 (-0.12%)

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AAPL

Apple

$205.28

-1.82 (-0.88%)

18:21
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Periodicals
Several veterans leave Apple's design team, WSJ reports »

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FB

Facebook

$193.23

10.59 (5.80%)

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NOV

National Oilwell

$26.44

-0.04 (-0.15%)

18:17
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National Oilwell reports Q1 EPS (20c), consensus (8c) »

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FB

Facebook

$193.23

10.59 (5.80%)

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FB

Facebook

$193.23

10.59 (5.80%)

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AMZN

Amazon.com

$1,902.53

1.81 (0.10%)

18:09
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Amazon.com says had 'a lot of good customer wins' in Q1 »

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FIBK

First Interstate

$41.94

-0.63 (-1.48%)

18:08
04/25/19
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Earnings
First Interstate reports Q1 EPS 69c, consensus 72c »

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F

Ford

$9.41

-0.17 (-1.77%)

18:03
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PUB

People's Utah Bancorp

$28.02

0.09 (0.32%)

18:01
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Earnings
People's Utah Bancorp reports Q1 EPS ,55c consensus 55c »

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AEGN

Aegion

$19.44

-0.58 (-2.90%)

17:57
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Aegion subsidiary awarded three contracts valued at $13M total »

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  • 02

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AMZN

Amazon.com

$1,902.53

1.81 (0.10%)

17:55
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F

Ford

$9.41

-0.17 (-1.77%)

17:53
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CIR

Circor

$34.53

-2 (-5.48%)

17:48
04/25/19
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Earnings
Circor sees Q2 adjusted EPS 40c-48c, consensus 54c »

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F

Ford

$9.41

-0.17 (-1.77%)

17:48
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Hot Stocks
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CIR

Circor

$34.53

-2 (-5.48%)

17:46
04/25/19
04/25
17:46
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17:46
Earnings
Circor reports Q1 adjusted EPS 38c, consensus 37c »

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F

Ford

$9.41

-0.17 (-1.77%)

17:45
04/25/19
04/25
17:45
04/25/19
17:45
Hot Stocks
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ARGO

Argo Group

$74.21

-0.245 (-0.33%)

17:43
04/25/19
04/25
17:43
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17:43
Upgrade
Argo Group rating change at William Blair »

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ILMN

Illumina

$318.91

4.47 (1.42%)

17:36
04/25/19
04/25
17:36
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Earnings
Illumina raises FY19 adj. EPS view to $6.63-$6.73 from $6.50-$6.60 »

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HTH

Hilltop Holdings

$19.90

-0.19 (-0.95%)

17:35
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Earnings
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F

Ford

$9.41

-0.17 (-1.77%)

17:35
04/25/19
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Hot Stocks
Ford backs long-term revenue growth target view exceeding global GDP »

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ILMN

Illumina

$318.91

4.47 (1.42%)

17:32
04/25/19
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Earnings
Illumina reports Q1 adj. EPS $1.60, consensus $1.34 »

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GIB

CGI Group

$71.16

0.36 (0.51%)

17:30
04/25/19
04/25
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Downgrade
CGI Group rating change at CIBC »

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