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APC

Anadarko

$71.41

7.29 (11.37%)

, OXY

Occidental Petroleum

$62.00

-0.35 (-0.56%)

07:48
04/25/19
04/25
07:48
04/25/19
07:48

Strategic value of Occidental bid less clear than Chevron's, says Morgan Stanley

Morgan Stanley analyst Devin McDermott estimated that Occidental's (OXY) cash and stock bid for Anadarko (APC) implies about $73 per share, net of the breakup fee and yesterday's move in the share price of Occidental, which is roughly a 16% premium to Chevron's (CVX) previously accepted offer. However, Occidental's proposal comes with higher risk as it relies on asset sales for funding, requires a vote by Occidental's shareholders and carries more integration risk, the analyst tells investors. He continues to believe that a deal with Chevron represents a better potential strategic combination, citing his view that Chevron would ultimately be able to extract more synergies from a transaction than Occidental. If Chevron hypothetically matched Occidental's terms, the deal accretion would still be strong and leverage would stay low, said McDermott, who noted that he has no knowledge of any intention by Chevron to increase its bid.

APC

Anadarko

$71.41

7.29 (11.37%)

OXY

Occidental Petroleum

$62.00

-0.35 (-0.56%)

CVX

Chevron

$118.31

-3.69 (-3.02%)

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    May

APC Anadarko
$71.41

7.29 (11.37%)

04/25/19
SCOT
04/25/19
DOWNGRADE
SCOT
Sector Perform
Anadarko downgraded to Sector Perform from Outperform at Scotiabank
04/25/19
JEFF
04/25/19
DOWNGRADE
Target $79
JEFF
Hold
Anadarko downgraded to Hold from Buy at Jefferies
Jefferies analyst Mark Lear downgraded Anadarko Petroleum to Hold from Buy with a price target of $79.
04/24/19
JPMS
04/24/19
NO CHANGE
Target $74
JPMS
Neutral
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.
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.
OXY Occidental Petroleum
$62.00

-0.35 (-0.56%)

04/25/19
ATLE
04/25/19
DOWNGRADE
ATLE
Neutral
Occidental Petroleum downgraded to Neutral from Overweight at Atlantic Equities
04/24/19
KEYB
04/24/19
DOWNGRADE
KEYB
Sector Weight
Occidental Petroleum downgraded to Sector Weight from Overweight at KeyBanc
CVX Chevron
$118.31

-3.69 (-3.02%)

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).
04/15/19
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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UAA

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HSY

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AKRO

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Slack Technologies

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$NSD

NASDAQ Market Internals

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11:17
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