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OXY

Occidental Petroleum

$62.35

-0.69 (-1.09%)

, APC

Anadarko

$64.12

-0.06 (-0.09%)

07:05
04/24/19
04/24
07:05
04/24/19
07:05

Occidental Petroleum makes $76 per share offer for Anadarko

Occidental Petroleum Corporation (OXY) delivered a letter to the Board of Directors of Anadarko Petroleum Corporation (APC) setting forth the terms of a superior proposal by Occidental to acquire Anadarko for $76.00 per share, in which Anadarko shareholders would receive $38.00 in cash and 0.6094 shares of Occidental common stock for each share of Anadarko common stock. Occidental's proposal represents a premium of approximately 20% to the value of Anadarko's pending transaction as of April 23, 2019. Occidental said in a statement that it believes its proposal is "superior both financially and strategically for Anadarko's shareholders, creating a global energy leader with the scale and geographic diversification to drive growth and deliver compelling value and returns to the shareholders of both companies. The combined company will be uniquely positioned to leverage Occidental's demonstrated operational and technical expertise, producing greater anticipated synergies than Anadarko's pending transaction. The 50-50 cash and stock transaction is valued at $57 billion, based on Occidental's closing price on April 23, 2019, including the assumption of net debt and book value of non-controlling interest." "Occidental is a leader in using technological innovation to create value, and we will deploy our expertise to enhance the performance and productivity of Anadarko's assets not only in the Permian, but globally," said Vicki Hollub, President and CEO of Occidental. "Occidental and Anadarko have a highly complementary asset portfolio, providing us with a unique opportunity to realize significant operating, cost, and capital allocation synergies and achieve near-term cash flow accretion."

OXY

Occidental Petroleum

$62.35

-0.69 (-1.09%)

APC

Anadarko

$64.12

-0.06 (-0.09%)

CVX

Chevron

$122.00

0.13 (0.11%)

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    May

OXY Occidental Petroleum
$62.35

-0.69 (-1.09%)

03/26/19
OPCO
03/26/19
INITIATION
OPCO
Perform
Occidental Petroleum initiated with a Perform at Oppenheimer
Oppenheimer analyst Tim Rezvan started Occidental Petroleum with a Perform rating, stating that he is constructive on the company's strong Delaware Basin well results and improving efficiency metrics, but he sees near-term headwinds for earnings growth after peak 2018 earnings from the Chemicals and Midstream segments.
04/22/19
MZHO
04/22/19
DOWNGRADE
Target $70
MZHO
Neutral
Occidental Petroleum downgraded to Neutral from Buy at Mizuho
Mizuho analyst Paul Sankey downgraded Occidental Petroleum (OPC) to Neutral from Buy and lowered his price target for the shares to $70 from $83. The analyst says reports of Occidental bidding for Anadark (APC) are "well outside" his "prior understanding of company strategy." A bid for Anadarko would imply either a total change in strategy or a need for free cash flow that would be provided by Anadarko on the part of Occidental, Sankey tells investors in a research note. The latter would imply Occidental's future "dividend growth or even dividend cover is not as strong as we had assumed," he adds.
04/22/19
04/22/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Tesla (TSLA) downgraded to Underperform from In Line at Evercore ISI with analyst Arndt Ellinghorst citing his more cautious view on demand for its vehicles, in particular the recent "severe decline" in demand for the Model S and Model X. 2. Schlumberger (SLB) downgraded to Sell from Hold at Tudor Pickering. 3. Dunkin' Brands (DNKN) downgraded to Hold from Buy at Maxim. 4. D.R. Horton (DHI) downgraded to Market Perform from Outperform at Keefe Bruyette with analyst Jade Rahmani citing valuation. 5. Occidental Petroleum (OXY) downgraded to Neutral from Buy at Mizuho with analyst Paul Sankey saying reports of Occidental bidding for Anadarko (APC) are "well outside" his "prior understanding of company strategy." This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
03/27/19
03/27/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Qualcomm (QCOM) initiated with a Neutral at JPMorgan. 2. Occidental Petroleum (OXY) initiated with a Perform at Oppenheimer. 3. Boeing (BA) resumed with a Buy at Citi. 4. Square (SQ) initiated with an Outperform at Macquarie. 5. Frontdoor (FTDR) initiated with an Outperform at William Blair. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
APC Anadarko
$64.12

-0.06 (-0.09%)

04/17/19
SUSQ
04/17/19
DOWNGRADE
SUSQ
Neutral
Anadarko downgraded to Neutral after Chevron deal at Susquehanna
As previously reported, Susquehanna analyst Biju Perincheril downgraded Anadarko (APC) to Neutral, stating that he sees stronger risk/reward in other E&P names following the announcement of a deal to be acquired by Chevron (CVX). He raised his target on Anadarko shares to $65 from $62.
04/22/19
PIPR
04/22/19
DOWNGRADE
Target $65
PIPR
Neutral
Anadarko downgraded to Neutral from Overweight at Piper Jaffray
Piper Jaffray analyst Ryan Todd downgraded Anadarko Petroleum(APC) to Neutral from Overweight while raising his price target for the shares to $65 from $57 after the company reached an agreement to be bought by Chevron (CVX).
04/17/19
SUSQ
04/17/19
DOWNGRADE
SUSQ
Neutral
Anadarko downgraded to Neutral from Positive at Susquehanna
CVX Chevron
$122.00

0.13 (0.11%)

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.
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."

TODAY'S FREE FLY STORIES

FDX

FedEx

$156.00

-4.88 (-3.03%)

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ACST

Acasti Pharma

$1.08

0.065 (6.44%)

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ACST

Acasti Pharma

$1.08

0.065 (6.44%)

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  • 26

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MJARF

MJardin Group

$0.00

(0.00%)

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KAMN

Kaman

$62.28

1.31 (2.15%)

08:47
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  • 26

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CDNA

CareDx

$35.67

1.44 (4.21%)

08:46
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TRUP

Trupanion

$33.46

-0.35 (-1.04%)

08:45
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  • 12

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ORIT

Oritani Financial

$16.23

0.14 (0.87%)

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QSR

Restaurant Brands

$69.64

-0.655 (-0.93%)

, IWM

iShares Trust Russell 2000 Index Fund

$151.14

-0.95 (-0.62%)

08:45
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Options
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QSR

Restaurant Brands

$69.64

-0.655 (-0.93%)

IWM

iShares Trust Russell 2000 Index Fund

$151.14

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XON

Intrexon

$7.34

0.17 (2.37%)

RAD

Rite Aid

$6.85

0.55 (8.73%)

ZM

Zoom Video

$84.88

-4.63 (-5.17%)

JDST

Direxion Daily Junior Gold Miners Index Bear 3x Shares

$26.45

1.43 (5.72%)

ERI

Eldorado Resorts

$43.76

-2.1 (-4.58%)

AXGT

Axovant

$6.39

-0.04 (-0.62%)

ODP

Office Depot

$1.85

-0.045 (-2.38%)

03/08/13
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GOLD

Barrick Gold

$16.02

-0.23 (-1.42%)

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TRUP

Trupanion

$33.46

-0.35 (-1.04%)

08:41
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ATU

Actuant

$24.15

0.48 (2.03%)

08:40
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PAYX

Paychex

$84.76

-1.41 (-1.64%)

08:39
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ATU

Actuant

$24.15

0.48 (2.03%)

08:39
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BYND

Beyond Meat

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9.76 (6.93%)

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ATU

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0.48 (2.03%)

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PAYX

Paychex

$84.76

-1.41 (-1.64%)

08:38
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FPAY

FlexShopper

$1.02

0.025 (2.51%)

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CTVA

Corteva

$27.68

-0.31 (-1.11%)

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NUE

Nucor

$54.30

0.57 (1.06%)

, AKS

AK Steel

$2.17

0.03 (1.40%)

08:37
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NUE

Nucor

$54.30

0.57 (1.06%)

AKS

AK Steel

$2.17

0.03 (1.40%)

STLD

Steel Dynamics

$29.87

0.71 (2.43%)

TMST

TimkenSteel

$7.45

0.17 (2.34%)

X

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$14.93

0.48 (3.32%)

MT

ArcelorMittal

$17.20

0.34 (2.02%)

CLF

Cleveland-Cliffs

$9.82

(0.00%)

CMC

Commercial Metals

$16.75

-0.16 (-0.95%)

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  • 19

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XFOR

X4 Pharmaceuticals

$14.49

-0.7 (-4.61%)

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X4 Pharmaceuticals initiates Phase 3 clinical trial of mavorixafor »

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ZIOP

Ziopharm

$5.61

0.19 (3.51%)

08:36
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Ziopharm completes enrollment of controlled IL-12 plus Opdivo Phase 1 trial »

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