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APC

Anadarko

$71.51

0.1 (0.14%)

11:10
04/25/19
04/25
11:10
04/25/19
11:10

Bullish three-way spread in Anadarko targets an 8% move

Bullish three-way spread in Anadarko targets an 8% move. The stock up 12c to $71.52 and 10K May 64 puts sold at 15c and 10K May 72.5 - 77.5 call spreads bought for $1.20. The position offers a max payout on a rally to $77.5 through the May expiration. Occidental's (OXY) recent bid for the company values APC at roughly $76.40 per share, in cash and stock transaction, or $38.00 per share in cash and 0.6094 shares of OXY stock per share of Anadarko.

  • 14

    May

APC Anadarko
$71.51

0.1 (0.14%)

04/25/19
SCOT
04/25/19
DOWNGRADE
SCOT
Sector Perform
Anadarko downgraded to Sector Perform from Outperform at Scotiabank
04/25/19
MSCO
04/25/19
NO CHANGE
MSCO
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.
04/25/19
JEFF
04/25/19
DOWNGRADE
Target $79
JEFF
Hold
Jefferies downgrades Anadarko to Hold, sees limited upside from here
Jefferies analyst Mark Lear downgraded Anadarko Petroleum (APC) to Hold from Buy with an unchanged price target of $78. Occidental Petroleum (OXY) yesterday confirmed weeks of speculation that a superior bid for Anadarko had been disregarded in favor of Chevron's (CVX) $65 per share offer, Lear tells investors in a research note. The analyst says that while he awaits Anadarko's response to the hostile bid, he believes Occidental's offer better recognizes the value of the company's underlying assets. Lear thinks it is possible that Chevron could come back with a slightly higher bid. However, he sees limited upside potential to Anadarko shares at this point.
04/25/19
JRCO
04/25/19
DOWNGRADE
JRCO
Hold
Anadarko downgraded to Hold from Buy at Johnson Rice

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VEC

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CMBM

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BAX

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FB

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PCG

PG&E

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19:01
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KMI

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MU

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FDX

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QD

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FDX

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$156.00

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, AMZN

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$156.00

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$1,879.26

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FDX

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$156.00

-4.88 (-3.03%)

17:56
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FDX

FedEx

$156.00

-4.88 (-3.03%)

17:51
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FDX

FedEx

$156.00

-4.88 (-3.03%)

17:46
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FDX

FedEx

$156.00

-4.88 (-3.03%)

17:43
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FDX

FedEx

$156.00

-4.88 (-3.03%)

17:38
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FDX

FedEx

$156.00

-4.88 (-3.03%)

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