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OXY

Occidental Petroleum

$50.42

1.05 (2.13%)

, APC

Anadarko

$70.50

0.41 (0.58%)

18:16
06/26/19
06/26
18:16
06/26/19
18:16

Icahn says it is 'important' to add new directors to Occidental's board

Activist investor Carl Icahn said in a regulatory filing that his firm believes Occidental Petroleum's (OXY) board of directors "have made a number of mistakes in how and at what cost they pursued the Anadarko (APC) transaction." "In the opinion of the Icahn Participants, the path to greater value for the Company's stockholders is through good governance," Icahn said. "More specifically, the Icahn Participants believe it is important to add new directors to Occidental's Board of Directors to oversee future extraordinary transactions like the Anadarko transaction and to ensure that they are not consummated without stockholder approval when appropriate. The Icahn Participants believe that the election of new directors will also help to ensure the achievement of the Board's and management's projected stated cost savings and deal synergies for the Anadarko transaction. Finally, the Icahn Participants believe that the election of new directors, together with the formation of a new Strategic Review Committee of the Board, will help ensure that alternatives to maximize value for stockholders will be considered and, if appropriate, pursued by the Board and management of the Company."

OXY

Occidental Petroleum

$50.42

1.05 (2.13%)

APC

Anadarko

$70.50

0.41 (0.58%)

  • 27

    Aug

OXY Occidental Petroleum
$50.42

1.05 (2.13%)

06/24/19
06/24/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Sonoco (SON) downgraded to Sell from Neutral at Goldman Sachs with analyst Brian Maguire citing valuation. 2. Occidental Petroleum (OXY) downgraded to Equal Weight from Overweight at Morgan Stanley with analyst Devin McDermott saying he believes covering the 2020 dividend at current oil prices will require meaningful capital expenditure cuts, even though the Anadarko (APC) deal looks accretive to cash flow. 3. International Paper (IP) downgraded to Equal Weight from Overweight at Stephens with analyst Mark Connelly saying RISI decided to cut the price of containerboard $10 "just three days after investors breathed a sigh of relief on encouraging supply-demand fundamentals." 4. Shopify (SHOP) downgraded to Neutral from Buy at Roth Capital with analyst Darren Aftahi saying he remains positive on its underlying business prospects following the company's Unite conference and investor day but not on the stock's valuation, which has increased in the wake of the event. 5. Spotify (SPOT) downgraded to Underperform from In Line at Evercore ISI with analyst Kevin Rippey saying the recent rally in the stock "reflects an overly optimistic view" on the company's gross margin path and potential label negotiation outcomes. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
06/24/19
MSCO
06/24/19
DOWNGRADE
Target $55
MSCO
Equal Weight
Occidental Petroleum downgraded to Equal Weight at Morgan Stanley
As previously reported, Morgan Stanley downgraded Occidental Petroleum (OXY) to Equal Weight from Overweight. Analyst Devin McDermott believes covering the 2020 dividend at current oil prices will require meaningful capital expenditure cuts, even though the Anadarko (APC) deal looks accretive to cash flow. Oil price volatility presents a key risk given that the company's pro forma leverage is among the highest of any company he covers, said McDermott, who cut his price target on Occidental shares to $55 from $69.
06/24/19
MSCO
06/24/19
DOWNGRADE
MSCO
Equal Weight
Occidental Petroleum downgraded to Equal Weight from Overweight at Morgan Stanley
06/14/19
MZHO
06/14/19
INITIATION
Target $34
MZHO
Buy
Western Gas Partners initiated with a Buy at Mizuho
Mizuho analyst Gabriel Moreen started Western Gas Partners (WES) with a Buy rating and $34 price target. The analyst's base case scenario is for Occidental Petroleum (OXY) to divest most or all of Anadarko's (APC) 55.5% ownership of Western Gas Partners common units. However, there is no reason Western Gas "cannot succeed on its own two feet," Moreen tells investors in a research note. The analyst sees visibility to "attractive" distribution growth through 2022.
APC Anadarko
$70.50

0.41 (0.58%)

05/29/19
GHSC
05/29/19
DOWNGRADE
GHSC
Neutral
Anadarko downgraded to Neutral from Buy at Seaport Global
Seaport Global analyst John Aschenbeck downgraded Anadarko (APC) to Neutral pending the acquisition by Occidental Petroleum (OXY) for $59/share in cash and .2934 of stock for each share of Anadarko.
05/22/19
05/22/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Activision Blizzard (ATVI) downgraded to Equal Weight from Overweight at Stephens with analyst Jeff Cohen saying recent reporting from Kotaku about issues in the Call of Duty pipeline have begun to make bull case for Activision shares "look like less of a certainty." 2. Mallinckrodt (MNK) downgraded to Hold from Buy at Jefferies with analyst Anthony Petrone saying the company's risk profile "continues to heighten" given Medicare's reduced funding for Acthar, unknowns around opioid litigation, and its balance sheet health. 3. Anadarko (APC) downgraded to Market Perform from Outperform at Cowen with analyst David Deckelbaum citing the increased takeout bid that was accepted from Occidental Petroleum (OXY). 4. Expedia (EXPE) downgraded to Hold from Buy at Argus with analyst John Staszak citing its "mixed" Q1 results that showed bookings growth at the company's Vrbo unit slowing to "just 5%" from 46% in Q1 of last year. 5. Zayo Group (ZAYO) downgraded to Market Perform from Outperform at Raymond James. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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CMG

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AMZN

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AMZN

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AMZN

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GSK

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BHVN

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$44.16

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CE

Celanese

$107.01

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F

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RTN

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UTX

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LMT

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ARES

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HAFC

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PAYS

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MEOH

Methanex

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  • 01

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SHIP

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SONM

Sonim

$13.42

0.24 (1.82%)

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KINS

Kingstone Companies

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BA

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$377.34

16.17 (4.48%)

, MSFT

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$136.62

0.33 (0.24%)

16:24
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Fly Intel: Wall Street's top stories for Friday »

Stocks were tentatively…

BA

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$377.34

16.17 (4.48%)

MSFT

Microsoft

$136.62

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AMZN

Amazon.com

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AAPL

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DIS

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GCI

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CRWD

Crowdstrike

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10.75 (14.78%)

SKX

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$39.00

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PACB

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$5.34

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ILMN

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CHWY

Chewy

$30.70

-2.09 (-6.37%)

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