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OXY

Occidental Petroleum

$44.44

-0.56 (-1.24%)

, APC

Bought by OXY

$72.83

(0.00%)

14:20
08/13/19
08/13
14:20
08/13/19
14:20

Icahn says Occidental performance record 'should give stockholders the chills'

Carl Icahn issued an open letter to Occidental Petroleum (OXY) shareholders, saying that holders should demand that the company set a record date for the proposed consent solicitation and remove four Occidental directors, elector four new directors, and fix the company's bylaws to provide "basic stockholder rights." "OXY has repeatedly pledged to act prudently and has repeatedly pledged to exercise capital discipline," Icahn said in the letter. "But, how quickly OXY's pledges were abandoned when CEO Vicki Hollub and the Board, in my opinion, believed their company could become an acquisition target, and therefore quickly pivoted to purchase Anadarko (APC) at almost any cost, which they believed, would serve as a de facto poison pill against an acquiror." The investor said that he and large stockholders are "extremely concerned" that CEO Hollub may make "other disastrous M&A mistakes" and that she and the board may go to "great lengths" to rebuff and prevent an acquisition of the company. "If we do not have Board representation, we are very concerned that either or both of these situations may occur to the detriment of OXY stockholders," Icahn continued. "Even though numerous other companies in the energy sector and other industries allow stockholders to call special meetings and set record dates for consent solicitations with far simpler mechanics i.e. they simply allow stockholders to vote FOR or AGAINST an issue, OXY's corporate governance imposes severe restrictions that effectively disenfranchise OXY stockholders." "In our view, this performance record alone should give stockholders the chills; it shows a company in urgent need of changes on the Board; it shows something has failed at OXY," he added. "But even worse, the combination of this performance and Hollub's and the Board's relentless pursuit of Anadarko; paying way too much to complete a transformational transaction without a stockholder vote, creates an URGENT REQUIREMENT for Board change, accountability and oversight."Reference Link

OXY

Occidental Petroleum

$44.44

-0.56 (-1.24%)

APC

Bought by OXY

$72.83

(0.00%)

  • 27

    Aug

OXY Occidental Petroleum
$44.44

-0.56 (-1.24%)

08/12/19
EVER
08/12/19
DOWNGRADE
EVER
In Line
Occidental acquisition of Anadarko 'destroyed value,' Evercore says in downgrade
Evercore ISI analyst Doug Terreson downgraded Occidental Petroleum to In-Line from Outperform without a price target after resuming coverage of the name. The company's "pledge" for greater capital discipline and enhanced corporate governance "proved fleeting" with the significant decline in return on capital employed due to the Anadarko acquisition, Terreson tells investors in a research note. The purchase of Anadarko makes Occidental larger but "significantly less valuable," contends the analyst. He says the deal "destroyed value" and is 30% dilutive to return on capital employed. As such, Terreson finds Occidental shares fairly valued at current levels.
08/12/19
08/12/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. NetEase (NTES) downgraded to Neutral from Buy at Goldman Sachs with analyst Bill Liu citing the company's Q2 revenues miss, mainly on soft online games growth. 2. Occidental Petroleum (OXY) downgraded to In Line from Outperform at Evercore ISI with analyst Doug Terreson saying the company's "pledge" for greater capital discipline and enhanced corporate governance "proved fleeting" with the significant decline in return on capital employed due to the Anadarko acquisition. 3. Adesto Technologies (IOTS) downgraded to Market Perform from Outperform at Northland with analyst Gus Richard saying the company has $34M of high interest debt and needs $10M to pay an earnout by year end, but he thinks the company is holding off on an offering until it reports a "strong" third quarter that will be boosted by an airpod win at Apple (AAPL). 4. Bluebird Bio (BLUE) downgraded to Market Perform from Outperform at William Blair with analyst Raju Prasad saying he's taking a conservative view on the company's transition from a development-stage company to a commercial-stage company. 5. Cemex (CX) downgraded to Market Perform from Outperform at BBVA. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
08/13/19
JPMS
08/13/19
DOWNGRADE
Target $50
JPMS
Underweight
Occidental reinstated with an Underweight from Neutral at JPMorgan
JPMorgan analyst Phil Gresh reinstated coverage of Occidental Petroleum following a period of restriction and downgraded the shares to Underweight from Neutral with a price target of $50, down from $74. Despite the 33% stock price decline since before the Anadarko deal was announced, Occidental's total return potential of 15% is roughly half that of the peer group, Gresh tells investors in a research note. The company's estimated 2021 free cash flow to enterprise value yield of 5.2% at $60 per barrel Brent is still not compelling enough to compensate investors for its elevated dividend as a percentage of free cash flow, says the analyst.
08/13/19
08/13/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Pampa Energia (PAM) downgraded to Equal Weight from Overweight at Morgan Stanley and to Neutral from Buy at BofA/Merrill. 2. NextEra Energy (NEE) and Xcel Energy (XEL) downgraded to Equal Weight from Overweight at Barclays. 3. Seadrill (SDRL) downgraded to Neutral from Buy at BTIG with analyst Gregory Lewis saying the company emerged from bankruptcy with too much debt, and its options to increase liquidity are costlier today than they were last year owing to increasing concerns about the pace of the recovery of offshore drilling. 4. Occidental downgraded to Underweight from Neutral at JPMorgan with analyst Phil Gresh reinstated coverage of Occidental Petroleum following a period of restriction and downgraded the shares to Underweight from Neutral, saying despite the 33% stock price decline since before the Anadarko deal was announced, Occidental's total return potential of 15% is roughly half that of the peer group. 5. SPX Flow (FLOW) downgraded to Neutral from Buy at Seaport Global with analyst Walt Liptak saying he believes that the company will be impacted by sector slowing in its Food & Beverage and Industrial segments. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
APC Bought by OXY
$72.83

(0.00%)

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.
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.
08/01/19
MUFG
08/01/19
DOWNGRADE
Target $37
MUFG
Neutral
MUFG downgrades Western Midstream Partners to Neutral after Q2 miss
MUFG analyst Barrett Blaschke downgraded Western Midstream Partners (WES) to Neutral from Overweight and lowered his price target for the shares to $37 from $42. The company's Q2 missed expectations and its guidance came down, Blaschke tells investors in a research note. Further, there is ongoing uncertainty around the future of the partnership as the Occidental Petroleum (OXY) acquisition of Western Midstream's parent Anadarko (APC) moves forward, says Blaschke. He believes potential new dollars into Western Midstream will be held back until Occidental clarifies its longer term plans for the partnership, which he notes could include an outright sale.
08/05/19
RBCM
08/05/19
NO CHANGE
Target $28
RBCM
Outperform
Western Midstream price target lowered to $28 from $40 at RBC Capital
RBC Capital analyst Elvira Scotto lowered her price target on Western Midstream (WES) to $28 after its Q2 earnings miss and lowered FY19 guidance. The analyst also notes that the stock no longer warrants a premium given the likely "change in sponsor", assuming the Occidental Petroleum (OXY) acquisition of Western Midstream's parent Anadarko (APC) closes as expected. Scotto is keeping her Outperform rating on the stock however, given some longer term visibility on performance after Western Midstream's deal with DCP Midstream (DCP) in the DJ Basin.

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ULTA

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$322.34

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AMZN

Amazon.com

$1,752.00

-52 (-2.88%)

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F

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$8.76

-0.27 (-2.99%)

GM

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$36.06

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DDAIF

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$0.00

(0.00%)

HMC

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$22.90

-0.32 (-1.38%)

TM

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$127.94

-1.69 (-1.30%)

VWAGY

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$0.00

(0.00%)

AAPL

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$202.73

-9.82 (-4.62%)

FB

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$177.69

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TWTR

Twitter

$41.01

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GOOGL

Alphabet Class A

$1,154.66

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GOOG

Alphabet

$1,151.72

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ADM

Archer Daniels

$37.44

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REGI

Renewable Energy

$11.65

0.61 (5.53%)

GPRE

Green Plains

$7.34

-0.68 (-8.48%)

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AMAT

Applied Materials

$45.12

-1.92 (-4.08%)

, AMD

AMD

$29.55

-2.35 (-7.37%)

04:55
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Conference/Events
MUFG Securities to hold a tour »

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$45.12

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AMD

AMD

$29.55

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CHKP

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MXIM

Maxim Integrated

$52.14

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Maxim Integrated's Jain sells 12,683 common shares »

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  • 10

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GLD

SPDR Gold Shares

$144.15

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17:42
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AUMN

Golden Minerals

$0.27

0.0159 (6.38%)

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DMPI

DelMar Pharmaceuticals

$0.77

0.0047 (0.61%)

17:25
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Intracoastal Capital reports 9.99% passive stake in DelMar Pharmaceuticals »

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RTN

Raytheon

$180.58

-6.44 (-3.44%)

17:22
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UHAL

Amerco

$339.43

-2.97 (-0.87%)

17:21
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NTLA

Intellia Therapeutics

$15.77

-1.08 (-6.41%)

17:20
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Breaking Syndicate news story on Intellia Therapeutics »

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GD

General Dynamics

$183.42

-4.19 (-2.23%)

17:19
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NVLN

Novelion Therapeutics

$0.66

-0.0523 (-7.37%)

17:17
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LMT

Lockheed Martin

$376.85

-8.91 (-2.31%)

17:14
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17:14
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ONCS

OncoSec

$1.84

-0.03 (-1.60%)

17:14
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Breaking Syndicate news story on OncoSec »

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TNXP

Tonix Pharmaceuticals

$0.42

-0.0249 (-5.60%)

17:09
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Breaking Syndicate news story on Tonix Pharmaceuticals »

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  • 25

    Sep

SPX

S&P 500

$0.00

(0.00%)

, SPY

SPDR S&P 500 ETF Trust

$284.86

-7.5 (-2.57%)

17:08
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17:08
General News
Trump to raises tariff rates on Chinese goods, CNBC says »

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S&P 500

$0.00

(0.00%)

SPY

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$284.86

-7.5 (-2.57%)

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ATIS

Attis Industries

$1.03

-0.08 (-7.21%)

17:06
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17:06
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Attis Industries provides update on status of Nasdaq listing »

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CVEO

Civeo

$1.32

-0.07 (-5.04%)

17:04
08/23/19
08/23
17:04
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17:04
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Breaking Syndicate news story on Civeo »

Civeo files $300M mixed…

03/08/13
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AGO

Assured Guaranty

$42.56

-1.09 (-2.50%)

16:58
08/23/19
08/23
16:58
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16:58
Hot Stocks
Assured Guaranty CEO sells 30,300 common shares »

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Get real-time updates on events that are moving the market—from conferences and calls to syndicate announcements.
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Create up to 12 portfolios with 150 stocks each, and see how active they are in market news.