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OXY

Occidental Petroleum

$60.88

-1.47 (-2.36%)

, APC

Anadarko

$71.60

7.48 (11.67%)

13:04
04/24/19
04/24
13:04
04/24/19
13:04

Occidental's raised offer for Anadarko 'not entirely surprising,' says JPMorgan

Occidental Petroleum (OXY) made a $76 per share offer this morning for Anadarko (APC), which is "not entirely surprising," JPMorgan analyst Phil Gresh tells investors in a research note, adding that the new tidbits were the magnitude of synergies that Occidental proposed, which was materially higher than Chevron's (CVX), and Occidental's corresponding asset sale plan of $10B-15B. Gresh believes the merits of this transaction hinge entirely on the execution of the large synergy number being proposed, but also says he would not be surprised if Chevron raised its $65 per share bid for Anadarko and correspondingly raised its synergy target. The analyst maintains a Neutral rating and $74 price target on Occidental Petroleum.

OXY

Occidental Petroleum

$60.88

-1.47 (-2.36%)

APC

Anadarko

$71.60

7.48 (11.67%)

CVX

Chevron

$118.85

-3.15 (-2.58%)

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OXY Occidental Petroleum
$60.88

-1.47 (-2.36%)

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.
04/24/19
KEYB
04/24/19
DOWNGRADE
KEYB
Sector Weight
Occidental Petroleum downgraded to Sector Weight from Overweight at KeyBanc
04/24/19
RAJA
04/24/19
NO CHANGE
RAJA
Raymond James says Occidental bid 'unambiguously bad' in near-term for stock
After Occidental (OXY) revealed that it has sent a letter to the Anadarko (APC) board offering to outbid Chevron (CVX) with a proposed buyout of $76 per share in cash and stock, Raymond James analyst Pavel Molchanov called this "unambiguously bad news" for Occidental shares in the very near term, including today's trading. By setting up "a virtually unprecedented scenario" of a true bidding war in the E&P industry, Occidental has put its shareholders "in a difficult position," added the analyst, who said this is a hard situation to call but he thinks Chevron is more likely to emerge as the winning suitor in the end.
APC Anadarko
$71.60

7.48 (11.67%)

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).
CVX Chevron
$118.85

-3.15 (-2.58%)

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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