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OXY

Occidental Petroleum

$58.74

0.77 (1.33%)

, CVX

Chevron

$118.36

1.17 (1.00%)

07:46
05/07/19
05/07
07:46
05/07/19
07:46

Anadarko price target raised to $76 from $65 at RBC Capital

RBC Capital analyst Scot Hanold raised his price target on Anadarko (APC) to $76, saying the proposal by Occidental Petroleum (OXY) will be deemed superior. The analyst believes that Occidental now has a stronger likelihood of acquiring Anadarko, adding that while Chevron (CVX) has the capacity to boost its offer, its management will likely remain disciplined.

OXY

Occidental Petroleum

$58.74

0.77 (1.33%)

CVX

Chevron

$118.36

1.17 (1.00%)

APC

Anadarko

$75.50

2.8 (3.85%)

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OXY Occidental Petroleum
$58.74

0.77 (1.33%)

04/30/19
04/30/19
DOWNGRADE

Market Perform
Anadarko downgraded to Market Perform at Bernstein
As previously reported, Bernstein analyst Bob Brackett downgraded Anadarko (APC) to Market Perform from Outperform after the company said in a SEC filing that Chevron Corporation (CVX) had issued a statement on April 29, 2019 noting that, "We believe our signed agreement with Anadarko provides the best value and the most certainty to Anadarko's shareholders." The analyst believes that this language means that Chevron is either not going to counter offer, or is attempting some form of psychology to test what Anadarko/Occidental Petroleum (OXY) shareholders think. Brackett suspects the former but as Anadarko's shares approach Occidental's offer price, he would recommend investors "take money off the table."
05/03/19
PIPR
05/03/19
NO CHANGE
Target $155
PIPR
Overweight
Chevron in 'enviable position' with Anadarko deal, says Piper Jaffray
After spending time with management, Piper Jaffray analyst Blake Fernandez believes Anadarko (CVX) is in an "enviable position" as it relates to the potential acquisition of Anadarko Petroleum (APC). Should the Anadarko board opt to take the Occidental Petroleum (OXY) bid and Chevron walks, it demonstrates discipline and the company exits with $1B, Fernandez tells investors in a research note titled "Potential to Win Under Either Scenario." Conversely, most shareholders feel the Anadarko portfolio fits nicely with Chevron, and the accretion math still works if the cash component of the company's bid is increased, adds the analyst. The one consistent theme gleaned from investors is to avoid overpaying and participating in an all-out bidding war, says Fernandez. And he senses Chevron management "is acutely aware of this." Fernandez keeps an Overweight rating on Chevron shares with a $155 price target.
05/06/19
MSCO
05/06/19
NO CHANGE
MSCO
Chevron shares attractive with or without Anadarko deal, says Morgan Stanley
New developments, including the reported involvement of activist investor Carl Icahn and Occidental's (OXY) plans to sell Anadarko's (APC) African assets to Total (TOT) for $8.8B contingent on a deal, are likely positive for Occidental, Morgan Stanley analyst Devin McDermott said. However, he sees a "clear consensus" forming that should Occidental successfully acquire Anadarko the stock likely remains under pressure due to execution and integration risk and leverage concerns and if the proposed deal doesn't occur any short-term move higher would likely be limited by concerns around dividend coverage and the potential for other acquisitions. While uncertainty remains for Occidental, McDermott thinks Chevron (CVX) remains an attractive investment with or without an acquisition of Anadarko, he noted. McDermott has Overweight ratings on Chevron and Occidental and an Equal Weight rating on Anadarko.
05/07/19
STFL
05/07/19
DOWNGRADE
Target $76
STFL
Hold
Anadarko downgraded to Hold from Buy at Stifel
Stifel analyst Michael Scialla downgraded Anadarko Petroleum (APC) to Hold from Buy while raising his price target for the shares to $76 from $68. Chevron (CVX) is unlikely to counter Occidental Petroleum's (OXY) latest takeover bid for Anadarko, Scialla tells investors in a research note. He believes Chevron will turn to one of several other Permian Basin-weighted options instead of getting into a bidding war for Anadarko. Cheaper alternatives for Chevron, such as Concho Resources (CXO), Parsley Energy (PE), Pioneer Natural Resources (PXD), or Cimarex Energy (XEC), are available, says the analyst.
CVX Chevron
$118.36

1.17 (1.00%)

APC Anadarko
$75.50

2.8 (3.85%)

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DB

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BA

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